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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Why Is Human Resource Management Significant to All Managers?

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AVOID PERSONNEL MISTAKES; First, having a command of this knowledge will help you avoid the sorts of personnel mistakes you  don t want to make while managing. For example, no manager wants to:
* Hire the wrong person for the job
* Experience high turnover
* Have your people not doing their best
* Waste time with useless interviews
* Have your company taken to court because of your discriminatory actions
* Have your company cited under federal occupational safety laws for unsafe practices
* Have some employees think their salaries are unfair relative to others in the organization
* Allow a lack of training to undermine your department s effectiveness
* Commit any unfair labor practices

IMPROVE PROFITS AND PERFORMANCE Similarly, effective human resource management can help ensure that you get results through people. Remember that you can do everything else right as a manager lay brilliant plans, draw clear organization charts, set up world-class assembly lines, and use
sophisticated accounting controls but still fail, by hiring the wrong people or by not motivating subordinates. On the other hand, many managers presidents, generals, governors, supervisors have been successful even with inadequate plans, organizations, or controls. They were successful because they had the knack of hiring the right people for the right jobs and motivating, appraising, and developing them. Remember as you read this book that getting results is the bottom line of managing, and that, as a manager, you will have to get those results through people. As one company president summed up:

"For many years, it has been said that capital is the bottleneck for a developing industry. I don't think this any longer holds true. I think it s the work force and the company s inability to recruit and maintain a good work force that does constitute the bottleneck for production. I don t know of any major project backed by good ideas, vigor, and enthusiasm that has been stopped by a shortage of cash. I do know of industries whose growth has been partly stopped or hampered because they can t maintain an efficient and enthusiastic labor force, and I think this will hold true even more in the future."

YOU TOO MAY SPEND SOME TIME AS AN HR MANAGER Here is a third reason to be familiar with this book s contents. You may well make a planned (or unplanned) stopover as a human resource manager. After General Motors emerged from bankruptcy a few years ago, it replaced its human resource director with Mary Barra, GM s vice president for global manufacturing engineering, an executive with no human resource management experience.
One survey found that about one-fourth of large U.S. businesses appointed managers with no human resource management experience as their top human resource executives. Reasons given include the fact that these people may give the firms HR efforts a more strategic emphasis, and the possibility that they re sometimes better equipped to integrate the firm s human resource efforts with the rest of the business.

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