Append below a listing of topics covered under the heading Computerized Accounting System:- Content Page 1.0 What are the advantages and disadvantages of computerized accounting systems 2.0 Comparison of the steps of an accounting cycle under the Manual system and under the Computerized system. 3.0 Internal Control in a Manual and Computerized Accounting Environment 4.0 … Read more
Append below a listing of topics covered under the heading Depreciation Of Fixed Assets Content Page 1.0 What is Depreciation and the reasons to provide for depreciation 2.0 Methods Of Accounting for Depreciation –using Straight line basis, Reducing balance and Sum Of Digit method (Part 1of 2) Methods of Account for Depreciation-using Revaluation method, … Read more
In Part 1, we saw how Henry Fayol classifies operations of a business organization. In this article, he advocated the fourteen principles of management: Henry Fayol’s 14 Principles Of Management Theory Division of work:-the more staff socialized, the more efficient they can perform their work Authority and Responsibility:-Authority is the right to command and the … Read more
Henry Fayol is described as the father of modern management theory. He emphasized that management skills are universal. In fact, a number of current ideas and practises in management can be directly attributed to him. Henry Fayol is the managing director of a large French coal mining firm where he developed a blueprint of a … Read more
Delegation is a process of devolution of authority or simply the dispersal of authority for decision making from superior to subordinates. It is common to see that the more decentralized an organization, the more you can see the process of delegation. Effective delegation can improve the behavioral aspects:-freedom to make decision, to make mistakes and … Read more
Append below some guiding principles for preparing reports for management: 1. Report should be addressed to those for whom it has been prepared; it should state by whom it is submitted, be dated and name of preparer. 2. Report should not be too long; complex tabulations should be avoided 3. Report should show … Read more
Listed below are the major type of presentation media used for reports:- Broadly classified into: Written: Formal financial statements Tabulated statistics Narration and exposition using words Graphic: Charts Diagrams and pictures Oral: Group meetings Conference with individuals Salient points to note: · Normally a combination of the above is used as presentation media … Read more
Append below listed the different level of users(Management) and the requirements of the reports:- Broadly classified into three level namely Top management, middle management and lower level management. Top Management Prepared reports that give a complete and readily comprehensive summary of the overall aspects of operations and an indentification of major events. Summaries … Read more
Listed below some relevant criteria in the design and application of Performance report for management control:- Tailored to the organization structure and controllability re: responsibility centers Designed to implement the exception principle in management ( management by exception) Repetitive and relate to short time span Adapted to the requirements of the principal user Simple, … Read more
It is important to understand the reporting structure in a medium to large size firm to ensure that it satisfies the major interested parties. Reports can be broadly classified as: External Reports Reports to government agencies, regulatory commissions, creditors, investigative agencies and other groups external to the firm. Normally reports are quite extensive … Read more