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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STRATEGIC HUMAN RESOURCE MANAGEMENT

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Once a company decides how it will compete, it turns to formulating functional departmental strategies to support its competitive aims. One of those departments is human resource management. Its functional strategies are  human resource management strategies.

Defining Strategic Human Resource Management

Every company needs its human resource management policies and activities to make sense in terms of its broad strategic aims. Strategic human resource management means formulating and executing human resource policies and practices that produce the employee competencies and behaviors the company needs to achieve its strategic aims. Figure shows the link between human resource strategy and the company s strategic plans.
The basic idea behind strategic human resource management is this: In formu-lating human resource management policies and activities, the aim must be to produce the employee skills and behaviors that the company needs to achieve its strategic goals.
Figure below graphically outlines this idea. Management formulates a strategic plan and measurable strategic goals or aims. These plans and aims imply certain workforce requirements, in terms of the employee skills and behaviors required to achieve the firm s strategic aims. Given these workforce requirements, human resource manage-ment formulates  HR strategies (policies and practices) to produce the desired workforce skills, competencies, and behaviors.
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