Tabulated below comparison between Line, Functional And Line And Staff Organization: For Line organization Line managers are generalists. The line of authority is vertical as it follows the principle of scalar chain There is strict discipline It is not based upon planned specialization There is unity of command It is suitable for small scale operations … Read more
Earlier article on informal organization and its features. Below article look at the famous management expert, Bernard Elton Mayo pertaining to his views on formal and informal organization: View Of Management Expert, Bernard Elton Mayo on Formal Organization: Referred to an organization as formal when the activities of two or more individuals are … Read more
There are many interpretation of the term organization. Some regard it as the human relationship in group activity equivalent to social structure. Chris Argyris refers to this as the notion that an organization includes all the behaviour of the participant, others use organization in the sense of an enterprise, organized to accomplish certain objectives. In … Read more
This article deals with expenses unpaid for which are adjusting entries that for the final accounts or balance sheet First, we look at what are some instances of expenses unpaid for, how we take up such expenses and understand the accounting entries for over or under taking up of such accruals/accrued expenses. Instances Of … Read more
In earlier accounting articles, we have discussed many accounting concepts/principles one of which is the FULL DISCLOSURE concept, however we should also know any delay/late or improper disclosure of information are also vital as the below case showed. Read the following case reported in the Reuter :23/10/2008: Citic Pacific Under Probe Over Losses … Read more
Where a company organizes its sales by establishing a branch or branches in the country, its head office either run it as a selling agency branch and or autonomous branch. The characteristics or features of these two type of branches are tabulated as follows: Selling Agency Branch Autonomous Branch Goods for resale are supplied by … Read more
Below is a snapshot of the definition, similarity and differences between Islamic Accounting and Conventional Accounting. Definition Of Islamic Accounting the “accounting process” which provides appropriate information (not necessarily limited to financial data) to stakeholders of an entity which will enable them to ensure that the entity is continuously operating within the bounds … Read more
Once a Trial Balance has been extracted, next it is necessary to adjust the ledger accounts before preparing the final accounts and Balance Sheet APPEND BELOW SOME OF THE ADJUSTMENTS TO THE FINAL ACCOUNTS AND BALANCE SHEET Expenses paid in advance/ Prepayments Expenses incurred but have not been paid Income received in Advance Accruing … Read more
When admitting a new partner/change in partnership, sometimes there is a need to assess true assets value of the existing partnership. This article deals with any profit or loss arising from such revaluation. Revaluation Of Assets · Open a Revaluation Account to show the increase or decrease of the firm’s assets value: Revaluation … Read more
Append below a summary of articles on Partnership Accounting: INTRODUCTION TO PARTNERSHIP Types Of Organization-Structure -Partnership Difference Of The Financial Statement Between Sole Proprietorship And Partnership FORMATION OF PARTNERSHIP Accounting For Partnership-Formation Of Partnership And Capital Account Accounting For Partnership-Partner’s Withdrawal Account Valuation or Computation Of Goodwill In A Partnership ACCOUNTING FOR … Read more