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Ledger- The Second Step of Accounting

Related : Accounts

Answer: What is ledger? Ledger is the book in which the accounts are maintained. In general, one sheet of the ledger has one account opened on it, but, the transactions with regard to that particular account are more, the account may extend onto the next sheet. Make a note, that if one journal entry has 2 accounts involved, then it will be posted in 2 accounts. When the information is...

JOURNAL–The Base of Accounting

Related : Accounts

Answer: What is Journal? The initial stage of the accounting process is journaled and journalizing. Journal refers to the primary book that records and keeps a track of the accounts and other transactions that are carried out in any business. The book where all the transactions are recorded in a sequential order according to the dates after explaining about the debit and credit transa...

6 Principles of Accounting

Related : Accounts

Answer: The rules and the instructions that the different companies must follow at the time of recording the financial statements. The principles of accounting help in leading the whole process of accounting with the general directions and the various perceptions. The accounting principles create the base for the more intricate, comprehensive and the legalistic rules of accounting. The...

5 Different Types of Accounting

Related : Accounts

Answer: There are various types of accounting methods that are used for the auditing and also for the preparation of the tax returns. The accountants are the ones who are responsible for carrying out the accounting process in the business organization. therefore, the accountants should be specialized in any one of these fields as this leads to the different career tracks. Here are som...

5 Key Objectives of Accounting

Related : Accounts

Answer: With the help of the accounting systems and processes, there are many organizations that are able to accomplish their goals by offering a consistent structure that produces correct financial information. Company or an organization is able to achieve myriad of objectives. Here are some of those points. Recording Keeping an orderly, comprehensive, precise and perpetual trac...

What is Accounting? Is it a Science or an Art?

Related : Accounts

Answer: Accounting Definition An organized method of finding out and recording all the transactions that are being carried out in a business or any other corporate is known as Accounting. Accounting is known as the “Language of Business”. The main aim of the accounting process is to measure the outcomes of the economic events in any organization. The practitioners of the a...

Economic Environment

Related : Management

Answer: All the fiscal factors which influence the commercial sector and the consumers alludes to economic environment. All the factors which are external to the business in the competitive market place and in the extensive economy forms part of economic environment. How a business unit can operate and what is the probability of it, becoming successful is broadly dependent on these fac...

Dimensions of Business Environment

Related : Management

Answer: For improving the performance of a business environment and for taking various crucial decisions, there are some factors which play a vital role and are known as dimensions of business environment. It includes technological, social, economic, political and legal conditions. These factors help in explaining general environment from which various enterprises get influenced. Being...

The relevance of Business Environment

Related : Management

Answer: Business organizations cannot exist in segregation. In the presence of environmental forces, the business enterprises try to live, survive and grow. Adapting the environmental forces is the only option left to survive in the market. Hence, it is imperative for the business managers to identify and examine the forces which form part of the external environment. Related Article:...

The concept of Business Environment

Related : Management

Answer: When all the people, associations and some other forces are combined together and are not in the control of an enterprise but affect its performance adversely refers to the business environment. Thus, it can be said that factors like economic, social, technological, and political function outside the business organizations but forms part of its environment. Though these forces ...

Effect of Blockchain on Online Advertising

Related : Information Technology

Answer: Hike in the competition has been emphasizing every field, and in digital marketing one of the most impacted sectors is of advertising. The business owners are making it a stronger part of the pushing the sales and as per the recent study by Forrester, the importance of the online advertising is increasing. The budget for the advertisers has also seen a shift from a small amount...

Role of Blockchain in Manufacturing Industry

Related : Information Technology

Answer: Cryptocurrencies make their ICO, and that is why the Blockchain technology is getting more and more media coverage. The technology is a ledger plus the features like tokenization and smart contracts with impeccable potential to disrupt several industries. In the manufacturing industry as well, the technology is all set to show its magic and make it better. Blockchain helps in b...

How the AI is Future of Manufacturing Industries

Related : Information Technology

Answer: In 2016, more than 40% of the businesses have adopted the technology, and the number is increasing at a fast rate. The technology is taking over all the headlines of business. The adoption rate is the proof. The increase in the research and development of the technology is projected to change the workforce. The power of Artificial Intelligence is projected to boost the producti...

7 Must-Have Gadgets for a Tech Geek

Related : Information Technology

Answer: Technology and the gadgets it introduced to the world are changing the game and winning every time. The technology has transformed the lives of the people and has made it a place where virtual reality sounds more appealing than the recent state of affairs. All the tech giants, Apple, Microsoft, Samsung, aspire to lead the tech market and all the time introducing something new t...

F.W Taylor’s Principles of Scientific Management

Related : Management

Answer: In 1875, F.W Taylor’s career got started as a mechanist. In an evening college, he pursued engineering and then worked as a chief engineer in his business enterprise. He spent most of the time span of his life as a consulting engineer and also designed various tools for steel cutting that too of high-speed. He is considered as the father of Scientific Management who expe...

Fayol’s Principles of Management

Related : Management

Answer: “Delegating work works, provided the one delegating works, too.” said, Robert Half. The delegation of work is essential in every business organization. Henri Fayol, one of the most prominent theorists, have given several theories of management. Fayol published “14 Principles of Management” in the year 1916 in the book named “Administration Indust...

Levels of Management

Related : Management

Answer: There are various managerial positions in a company, and there is a line of segregation between them which refers to levels of management. There is a direct relation between the size of the organization and the levels of management. Every employee having a managerial position has some authority, accountability, status and a chain of command. At every level, employees perform di...

Functions of Management

Related : Management

Answer: To achieve the objectives, management plays a vital role as it drives the human efforts towards a particular path.  When it comes to managing an enterprise, management always plays an imperative role. Management is a dynamic process which includes numerous activities which are related to one another. “To manage is to forecast and plan, to organize, to command, and ...

Distinction between Memorandum of Association and Articles of Association

Related : Management

Answer: For commencing a company and managing its operations and tasks, two legal documents are used known as Memorandum of Association and Articles of Association. Both the documents are considered as the charter of the company. Memorandum of Association curtailed as MOA, is the core document of the company in which all the elementary information is contained. On the contrary, Articl...

Articles of Association

Related : Management

Answer: Articles of Association commonly known as AOA is the legal document of the company. Just like the Memorandum of Association, AOA works as a company’s constitution. Let’s understand the term in more detail: Articles of Association includes the rules and protocols that manage the internal affairs of the company. The Articles of Association governs the relationshi...

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