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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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TURNING GROUPS INTO EFFECTIVE TEAMS

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Work teams are formal groups made up of interdependent individuals, responsible for attaining goals. Organizations are increasingly designing work around teams rather than individuals. Why? Most of us are probably familiar with the concept of a team. However, we may not be as familiar with work teams. All work teams are groups, but only formal groups can be work teams. There are different types of teams. Four characteristics can be used to distinguish different types of teams.   1.  Teams can vary in their purpose or goal. 2. The duration of a team tends to be either permanent or temporary. 3.  Team membership can be either functional or cross-functional. 4.  Finally, teams can either be supervised or self-managed. 5.  Given these four characteristics, some of the most popular types of teams used today include the following: a. A functional team is a type of work team that is composed of a manager and his or her subordinates from a particular functional area....
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GROUP CONCEPTS, STAGES OF GROUP DEVELOPMENT AND TEAM EFFECTIVENESS

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Work Group Inputs A.   Work group inputs are those that are necessary for the group to operate. B.  The composition of a work group has a strong bearing on the group’s ultimate success, so careful consideration should be made in making group assignments. 1.  Characteristics of members that influence group effectiveness include task-relevant expertise, interpersonal skills, and diversity in the makeup of the group to include sufficient individual skills and interest. 2.  Individuals may be attracted to a group because of friendships, interest in the activities of the group, shared values, the need for affiliation, and the need to fulfill objectives outside those of the group. C.   An input into the group is the members’ assumption of roles, set of behaviors expected of individuals who occupy particular positions in a group. 1.  Group task roles are roles that help a group develop and accomplish its goals. a.  The initiator-contributor proposes g...
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UNDERSTANDING GROUP DYNAMICS IN ORGANIZATIONS

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INTRODUCTION Work groups are a common arrangement within today’s business organizations. Work is being restructured around groups of all kinds and in all sizes of organizations. Managers need an understanding of group behavior and the concept of teams in order to appreciate what groups can and cannot do within organizations and how groups function. Any one member in group can influence the behavior of the individuals in the group and teamwork. We will examine some basic characteristics of groups including the types of work groups, the development of informal groups, and the manner in which groups operate. UNDERSTANDING GROUP BEHAVIOR Groups exhibit different behavior—more than just the sum total of each group member’s individual behavior. In this section, we’re going to look at various aspects of group behavior. What is a Group? A group is defined as two or more interacting and interdependent individuals who come together to achieve particular objectives. 1.  Groups diffe...
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BASIC CONCEPTS OF ACCOUNTING

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Financial accounting is the maintenance of daily record of All financial transactions in such a manner that it would help in the preparation of suitable information regarding the financial affairs of a business or an individual. The need for recording financial transactions arises because the individual or business wants to know the  performance of the business and to assist the person in making decisions related to the business. Transactions In accounting or business terms, any dealing between two persons involving money or a valuable thing is called transaction .   Human beings are social animals and are bound to adopt a community living style. Living in a community, essentially means that people interact with other people and are dependent on each other to fulfill their needs. Every person cannot fulfill all his needs like food, clothing, housing etc. on his own. He, therefore, depends on other people for his needs, in return to this providing others with some of t...
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RECORD KEEPING AND SOME BASIC CONCEPTS

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We can maintain a diary of transactions and note the daily transactions like sale, purchase etc. in it. Problems Faced in Maintaining Diary of Transactions • How will we come to know the income and expenses from various sources? • We only have a sheet / page on which daily transactions are listed. • We do not know which product is selling better and which is not. Available Alternate One can go through all the transactions at the end of the month and note different types of transactions on different pages. So that every page gives complete detail for a different type of transaction like sales of different products and expenses of different types now try to go through these transactions and separate transactions of different types.   But what if the number of transactions is large? Is it really possible to go through hundreds or thousands of transactions at the month end and analyse them to obtain required results.  Sales and purchase are not always for cash...
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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 ...
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