Understanding Accounting: Concepts and Applications
Accounting Concepts
Accounting involves techniques used to produce structurally systematic and quantitative information, expressed in monetary terms, about transactions carried out by an economic entity. It also includes certain identifiable and measurable economic events that affect it. The objective is to provide stakeholders with information for decision-making regarding the economic entity.
Cost Accounting
Cost accounting is a classified information system that collects, controls, and allocates
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Annual Accounts
Annual accounts are useful for financial reporting of assets, financial position, and results of a company. The annual accounts must be prepared within a maximum of three months from the closing date of the financial year. The annual accounts are:
- Balance sheet: Shows the company’s financial situation at the closing of the financial year.
- Income statement: Shows the company’s performance during a financial year.
- Statement of cash flows: Shows the change in monetary position from one
Key Management Theories and Concepts Explained
Key Management Theories and Concepts
Here’s a breakdown of essential management theories and concepts:
Equity Theory
An assumption that how much people are willing to contribute to an organization depends on their assessment of the fairness, or equity, of the rewards they will receive in exchange.
Expectancy Theory
The assumption that motivation depends not only on how much a person wants something but also on how likely they are to get it.
Flextime
A program that allows employees to choose their starting
Business Administration and Process Control
Classification of Employee Records
Classification of employee records: Men, machines, money, goods, materials, and methods are all involved in the record time, which affects positively or negatively.
Administrative Process Parties
Parties in the administrative process:
- Planning: Objectives, policies, procedures, programs, and budgets.
- Organization: Jobs, personnel, authority, and responsibility.
- Integration: Selection, induction, training, and development.
- Execution: Motivation, communication, direction,
Total Design: From Market Needs to Final Product
Total Design: From Market to Sales
Total Design: A systematic approach starting from identifying consumer market needs to delivering a satisfactory final product.
Total Design Phases:
Market Requirements, Conceptual Design, Detailed Design, Manufacturing, Sales
Collaborative Development: Teamwork
To develop innovative product designs, two approaches are used: Synchronous and Asynchronous.
Phase 1: Market Demand
Techniques:
Parametric Analysis: This technique identifies the product’s position in the market
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Titanic: A Classic Love Story and Disaster Film
Titanic is a famous movie directed by James Cameron. The film stars Leonardo DiCaprio as Jack and Kate Winslet as Rose. The story is about a young couple who fall in love on the RMS Titanic, a luxury ship that sinks on its maiden voyage. Jack and Rose come from different social classes, which adds drama to their romance. The movie shows their love story and the tragic disaster. The special effects, music, and performances are amazing, making “Titanic”
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