Single Entry and Double Entry Accounting

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Single entry accounting/Cash accounting. This system records only cash movement of transactions and that too up to the extent of recording one aspect of the transactions. This means that only receipt or payment of cash is recorded and no separate record is maintained (about the source of receipt and payment) as to from whom the cash was received or to whom it was paid. Double entry book keeping/Commercial accounting. Double entry or commercial accounting system records both aspects of transaction i.e. receipt or payment and source of receipt or payment. It also records credit transactions i.e. recording of Electricity Bill or accruals of Salary payment etc. This concept will be explained in detail in the next lectures but for the time being it should be noted that in cash accounting date of receipt / payment of actual cash is important while in commercial accounting the date on which the expense is caused (whether paid or not) as well as the spreading of the cost of c
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Human Resource Strategies and Policies

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Managers call the specific human resource management policies and practices they use to support their strategic aims  human resource strategies. The Shanghai Portman's human resource strategy aimed to produce the service-oriented employee behaviors the hotel needed to improve significantly the hotel s level of service. Its HR policies included installing the Ritz-Carlton Company s human resource system, having top management personally interview each candidate, and selecting only employees who cared for and respected others. The accompanying HR as a Profit Center feature presents another example.

HR AS A PROFIT CENTER

Several years ago, Albertsons Markets had to improve performance, and fast. With 2,500 stores and 230,000 workers, it faced competition not only from grocery chains, but also from Walmart and online sites. Albertsons overall strategic aims included reducing costs, maximizing financial returns, becoming more customer-focused, and energizing employees. Albertsons turned to its human resource man-agers to help achieve these strategic aims. Its new human resource strategy entailed
new screening, training, pay, and other human resources policies and practices, and using more technology to reduce its HR activities costs. The Albertsons human resource team s efforts helped Albertsons to cut costs, and to boost customer service by hiring and motivating customer-focused applicants.

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