Purchase Management
Purchase Management is a process of managing the whole purchase
and related activities in an organization. The purchasing of an organization is
highly depends on the re order level of the stocks for
the further process of business activities. In the case of
manufacturing companies the purchase is about 70 percent of the turn over of
the business but in the case of service organizations it is limited to 40
percent of the turn over of the company.
Process or Steps involved in the purchasing
Basically the purchase management process involves three major
things such as (1) Purchasing planning (2) Purchasing...
Friday, 22 March 2013
8 Purchase management and the steps involved in the purchase management.
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purchase management
Monday, 18 March 2013
15 Strategic Business Planning and steps involved in the Strategic Planning process.

Strategic Business Planning
Strategic planning is a process of identifying the important
things which we need to accomplish in the future course of business as per the
priority basis. This planning will bring the entire organization in to a single
set of ideas for the effective execution of plans and procedures Strategic
planning helps to improves the performance of the organization and solves major
issues at a macro level.
Strategic planning should have the following qualities:-
(1)
It should
be Specific
(2)
It should be Measurable
(3)
Strategic planning should...
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Strategic Business planning
Monday, 4 March 2013
7 Meaning of Financial Statements- Need or Importance and Limitations of Financial statements.
Financial Statements
Financial
statements are those statement which includes the income statement, balance
sheets, statement of retained earnings and the statement of sources and uses of
funds. The income statement includes the trading account and the profit &
loss account of the business concern and the balance sheet includes the assets
and liabilities of the business.
The
financial statement provides the vital information relating to the
profitability, liquidity and solvency of the business. The main aim of the financial statement is to
provide reliable information relating to the economic resources, business
obligations,...
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Financial management
Tuesday, 26 February 2013
3 Meaning of Depreciation in accounting with the Objectives, the causes and Methods of depreciation.
Depreciation
Depreciation
refers to the decline of the value of any kind of property due to use, normal
wear and tear, obsolescence or efflux ion of time. Depreciation of any kind of
assets or property are allocated so as to charge a reasonable proportion of the
depreciable amount in each accounting period during the expected useful life
time of the asset.
Objectives of providing Depreciation
The main
objective of providing depreciation to the concerned property are as follows:-
1. To ascertain true profit of the
business.
2. To show the proper value of assets.
3. ...
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Financial management
Thursday, 21 February 2013
8 Meaning of Balance sheet and Classifications of Assets and Liabilities.

Balance Sheet
Balance sheet is a statement of assets and liabilities as on
a particular date. The balance sheet
shows the sources and applications of capital. On the left hand side of the
balance sheet shows the liabilities and capital and the right hand side of the
balance sheet shows all the assets. Both sides of the balance sheet should be
always equal, that means, assets must be equals with liabilities.
Format of Balnce sheet
Format of Balance Sheet
Classification of Assets and
Liabilities
The
classification of different assets and liabilities are as shown below;
Classification of
Assets
Assets represents the possession...
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Financial management
Sunday, 17 February 2013
50 Meaning and Types of accounting Errors and procedure for rectifying accounting errors.

Accounting Errors
Accounting errors are those mistakes which occurs in the
book keeping or accounting, relating to a routine activity or relating to the
principle of accounting. The Accounting errors happens in entering the
transactions in journal or subsidiary books or at the time of posting of
entries in to the ledger. The accounting errors may happen because of the
omission, commission, principle or as a compensating of errors.
Classification of Accounting errors
Accounting errors are classified in to four types on the basis of nature of Errors. They are (1) Errors of Omission, (2) Errors of Commission, (3) Errors of Principles...
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Financial Accounting
Friday, 15 February 2013
10 Meaning and Types of Subsidiary books detailed study report.
Subsidiary Books
Most of the big companies are recording the business
transactions in one journal and the posting of the same to the concerned ledger
accounts are very difficult tasks and which require more clerical labour also.
For avoiding such kind of difficulties most of the business organizations are
subdividing the journal in to subsidiary journals or subsidiary books. Subsidiary books are those books of original
entry in which similar nature of transactions are recording in a chronological
order.
Kinds of Subsidiary Books
There are different kinds of subsidiary books which includes
purchase day book, Sales day book,...
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Financial management
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