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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Introduction to Human Resource Management

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An organization consists of people with formally assigned roles who work together to achieve the organization s goals. A  manager is the person responsible for accomplishing the organization s goals, who does so by managing the efforts of the organization s people.
Managing involves five functions: planning, organizing, staffing, leading, and controlling. In total, these functions represent the management process. Some of the specific activities involved in each function include:

*Planning. Establishing goals and standards; developing rules and procedures; developing plans and forecasting.
* Organizing. Giving each subordinate a specific task; establishing departments; delegating authority to subordinates; establishing channels of authority and communication; coordinating subordinates work.
* Staffing. Determining what type of people you should hire; recruiting prospective employees; selecting employees; training and developing employees; setting performance standards; evaluating performance; counseling employees; compensating employees.
* Leading. Getting others to get the job done; maintaining morale; motivating subordinates.
* Controlling. Setting standards such as sales quotas, quality standards, or produc-tion levels; checking to see how actual performance compares with these standards; taking corrective action, as needed.

In this course, we are going to focus on one of these functions the staffing, per-sonnel management, or  human resource management (HRM)  function . Human resource management is the process of acquiring, training, appraising, and com-pensating employees, and of attending to their labor relations, health and safety, and fairness concerns. The topics we ll discuss should therefore provide you with the concepts and techniques you need to perform the  people or personnel aspects of
your management job. These include:

* Conducting job analyses (determining the nature of each employee s job)
* Planning labor needs and recruiting job candidates
* Selecting job candidates
* Orienting and training new employees
* Managing wages and salaries (compensating employees)
* Providing incentives and benefits
* Appraising performance
* Communicating (interviewing, counseling, disciplining)
* Training and developing managers
* Building employee commitment

And what a manager should know about:

* Equal opportunity and affirmative action
* Employee health and safety
* Handling grievances and labor relations

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