What is Management ? Evolution of management thoughts.

MANAGEMENT 

Management is the art of getting the things done through peoples..

Evolution of Management Thoughts 

"The conventional definition of management is getting work done through peoples , real management is developing people through work.   By AGHA HASAN ABEDI

INTRODUCTION :-

Management has developed and grown in leaps and bounds from a nearly insignificant topic in the previous centuries.  Management has evolved into a powerful and innovation force on which our  society depends for material support  and national well being. 

                       In recent times, management has become a more scientific discipline having certain standardised principles and practices.

The following iska breakdown of the evolution of management thoughts during  its development period. 

• Early management approaches which are represented by scientific management, the administrative management theory and the human relations movement. 
• Modern management approaches which are represented  scientific management, the administrative /management science approach, the systems approach and the contingency approach. 

MEANING :- 

Management is as old as human society, since men started  their social living, there has been a need for management to do any group work. In fact the concept of management developed. Out of experience and evolved out of practical complexity. 

                     With the separation of management from ownership ,owning tobthe growth of joint stock companies,and with the advancement of technical knowledge, people increasingly realized the need for development of managerial knowledge. 

                    A manager has to think and act through planning ,organizating ,directing  and controlling.  He has to take decisions which means he has to build a pattern of judgement.  

         The approaches to management have been different at different times. The first approach or Traditional approach was based on the principle of rule of thumb and guesswork. 

DEFINITION :- 

The term "Management "means getting the things done through other peoples.

It is an art of managing peoples and observed them carefully. 

                             The result of management depends upon various skills of manager like:-attitude,behavior and characteristic

Depending upon the situation and circumstance management skill practice differ .The art of manager is essential to make the best use of managing peoples. 

MANAGEMENT IS AN ART AS WELL AS SCIENCE :- 

Management can be regarded as a science because it has developed certain  principle which are universal applicable and management is an art because the results of management depends upon various skills of manager like, attitude, behavior and characteristic. Depending upon the situation and circumstances management skills practices differ that's why it is regarded as an art, so the art of the manager is essential to make the best use of management science. After analysing the various aspects of the management, we may come to the conclusion that management is both art as well as science. Management is not pure art and not pure science. It is social science. 

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What is Economics ? Definition and scope of economics

Fundamental of Economics 

Definition of Economics :-

The analysis of economics environment requires the knowledge of economics decision making and hence the study of "Economics " is significant. 

There are 4 Definitions of Economics  :- 

i. Wealth Definition 

ii. Welfare Definition 

iii. Scarcity Definition 

iv. Growth Oriented Definition 

WEALTH DEFINITION :-

ADAM SMITH defined "Economics as a science which inquired into the nature and cause of wealth of the Nation. "

                According to this definition, Economics is a science of study of wealth only which deals with production, Distribution and Consumption. 

 This wealth centered definition deals with the cause behind the creation of wealth and only considers material wealth. 

WELFARE DEFINITION :- 

According to ALFRED MARSHALL "ECONOMICS is the study of the man inthe ordinary business of life."

It examine how a person  gets his income and how he invests it.  Thus on one side it is a study of wealth and on the other most important side, it is a study of well being. 

SCARCITY DEFINITION :-

ROBBINS defines that "Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. 

FEATURES :- 

• Human wants are unlimited 
• Alternative use of scarce resources 
• Efficient use of scarce resources 

Need for optimization 

GROWTH ORIENTED DEFINITION :-

By PAUL. A. SAMUELSON "Economics is the study of how man and society choose with or without the use of money to employ the scarce productive resources, which have alternative uses ,to produce various commodities over time and distributing them for consumption. 

                   It analysis the costs and benefits of improving patterns of resources allocation. 

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SCOPE OF ECONOMICS :-

economics is a social science. It studies man's behavior as a rational social being. For a long time  the scope of economics was kept confined within narrow limits. Traditional economist considered it as a science of wealth in relation to human welfare .Earning and spending of income was considered to be the end of all economics activities. 

             ALFRED MARSHALL'S ,subsequently reduced the taint of gross materialism from economics , by bringing human welfare side into its scope. 

                       It was redefined as a science of wealth in relation to human welfare. According to Alfred the subject isbmore a study of man's welfare than wealth.  Wealth was considered as a means to an end -the end being human welfare. 

In a situation where resources are limited, how an individual, either as a consumer orbas aproducer, can optimize his goal is an economic decision. 

                 Actually, the scope of economics lies in analysing economics problems and suggesting policy measures.

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What is Depreciation? Definition, nature, cause and methods.

ACCOUNTING FOR DEPRECIATION 

The word Depreciation is derived from a latin word "DEPRETIUM" where "De " means decline and " pretium " means price.

INTRODUCTION :-

A business or concern holds fixed assets for regular use and not for resale. The capability of a fixed asset to render service cannot be unlimited. Except land ,all other fixed assets have a limited useful life. The benefit of a fixed asset is received throughout its useful life. 

                          DEPRECIATION means a gradual decrease in the value of an asset due to normal wear and tear, obsolescence etc. In short ,Depreciation means the gradual diminution, loss or shrinkage in the utility value of an asset to due to wear and tear in use, effluxion of time or introduction of technology inthe market. 

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MEANING :-

The word Depreciation is derived from a latin word "DEPRETIUM" where "De " means decline and " pretium " means price.thus ,the word Depreciation stands for Decline in the value of an asset. 

                         Any continuous and gradual decrease in the value of fixed asset due to their use or any other reason is called DEPRECIATION. 

DEFINITION:-

Depreciation is a decline in the book value of depriciable asset during the estimated useful life of the asset . It may be due wear and tear, effluxion of time, obsolescence, depletion ect. 

                      It is a non cash but operating expenses. However the land is not subject to depreciation. 

INDIAN ACCOUNTING STANDARD (AS 6) states that Depreciation is allocated so as to charge a fair proportion of the depriciable amount in each accounting period during the ecpected useful life of the asset. 

NATURE OF DEPRICIATION :- 

Depriciation is a term applicable in case of plant, building, equipment, furniture, fixtures, vehicle, tools etc. These long term or fixed assets have a limited useful life. ie.-They will provide services to the entity over a limited number of future accounting periods.

                                    Depriciation implies gradual decrease in the value of an asset due to normal wear and tear ,obsolescence, depletion etc. It makes a part of the cost of assets chargeable as an expense in profit and loss account of the accounting period. 

CAUSE OF DEPRICIATION :-

A.  INTERNAL CAUSE 

   i.Wear and Tear 

   ii. Depletion (or Exhaustion) 

B. External or Economic cause 

   i. Obsolescence 

   ii. Inadequacy 

C. Time element

D.Abnormal occurrence

METHODS OF DEPRICIATION :-

CAPITAL /SOURCE OF FUND 

i. Sinking fund method 

ii. Annuity method 

iii. Insurance policy method 

TIME BASE 

i. Fixed installment method 

ii. Reducing Balance method 

iii. Sum of years'Digit method 

iv. Double Declining method 

Use Base 

i. Working Hours method 

ii. Mileage method

iii. Deplition Service Hour method unit method 

Price Base 

i. Revaluation method 

ii. Repairs provision method 

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CHARACTERISTICS OF DEP'n. 

i. Dep'n is a non cash expense 

ii.Dep'n maybbe physical or functional 

iii. Dep'n is charged in respect of fixed assets only, accept on land .

iv. It is charged to the revenue to find out the net profit or net loss. 

v. The total dep'n of an asset cannot exceeds its depriciable value. (cost -scrap value)

vi. The current asset is beyond the purview of charging dep'n..

Basic Accounting Terms

In order to understand the subject matter clearly, one must grasp the concept of common expressions always used in business accounting.  
                      You may note that these terms can be applied to any business activity with the same connotation. 

BASIC  ACCOUNTING  TERMS 

1. Transactions:- It means an event or a business activity which involves exchange of money or money's worth between parties. Transactions could be a cash transaction or credit transaction .when the parties settle the transaction immediately by making payment in cash or by cheque, it is called a cash transaction . In credit transaction ,the payment is settled at a future date as per agreement between the parties. 
2. Goods and services :- These are tangible article or commodity in which a business deals .These articles or commodities are either bought and sold or produced and sold. Services are intangible in nature which are rendered with or without the object of earning profits. 
3. Profit :- The excess of Revenue income over expenses is called profit. It could be calculated for each transaction or for business as a whole. 
4. Loss :- The excess of expenses over income is called loss. It could be calculated for each transaction or for business as a whole. 
5. Assets :- These are the properties belonging to the business and which are ment for the use in the course of business activity. Assets can be Tangible and Intangible. Tangible assets are the Capital assets which have some physical existence. Eg: Plant, Machinery, Furniture and Fitting, Land and Building ect. The capital assets which have no physical existence and whose value is limited by the rights and anticipated benefits upon the owner are known as Intangible assets. Eg: Goodwill, patents, Trademark, copyrights etc. 
6. Liabilities :- These are the amount owned by the business to the outsiders and these are repayable to them by the business. It is an obligation of financial nature to be settled at a future date. It represents amount of money that the business owes to the other parties.Eg : when a loan is taken from bank or when goods are bought on credit, the firm will create an obligation to pay to the suppliers on a agreed future date. 
7. Trading Account :- Trading account is a part of Final account which shows the trading results or profitability in purchase or sale. 
8. Final Account :- The account which shows the trading results of a business is called a Final account. 
9. Profit and Loss account / Income Statement :- This account is also a part of Final account which Shows the net results of a business organization. This account is prepared usually for a particular accounting period of time ,which could be a month ,half year or a year. 
10. Marshalling :- The sequence of assets and liabilities shown in the Blance sheet is termed as Marshalling. 
11. 
12. Accounting cycle :- A period consisting of 12 months called as Accounting cycle. It starts from recording the business transactions and ends with preparations of Balance sheet.
13. .Financial statements :- These are the statement which shows the profitability position and financial position of the business .It is of two types.:-a. Income statement  b. Position statement 
14. Debtors :- Debtors are those persons from whom a business has to recover Money on account of goods sold or service rendered on credit. These debtors classified as under 
15. 1. Good debts : The debts which are sure tobbe realized are called good debts. 
16. 2.Doubtful Debts :- The debts which may or may not be realized are called Doubts Debts. 
17. 3.Baddebts :-The debts which cannot be realized at all are called Baddebts. 
18. creditor:- A creditor is a person to whom the business owes money or money's worth .
19. Capital :- It is the amount invested in the business by its owners.It may be in the form of cash, goods, or any other assets which the proprietor or partners of the business invest in the business activity. 
20. Balance sheet:- It is a statement which shows the financial position of the business entity on a particular date. It lists all assets, liabilities and capital .
21. This is not  the end  ,there a lot of basic accounting terms which i left  but these are mere usefull and important. 
22. 
    
    1. 1. What is accounting ?Meaning and definition 
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What is accounting? Meaning and Definition.

     "Accounting is the language of the business. 

Luca Pacioli is considered to be the father of accounting.  

Accounting is the process of recording, classifying and summarizing of business transactions in a significant and systematic manner is called Accounting. 

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We needn't go to the History of the accounting .so we directly learn the basic Introduction ,Meaning ,Definition and the main objectives of accounting. 

• INTRODUCTION  :

Business is an economic activity undertaken with the motive of earning profits and to maximize the wealth for the owners .Business cannot run in isolation.The business activities are carried out by people coming together with a purpose to serve a common cause. The basic purpose of a business is to add value to a product or service to satisfy customer demands...

                         Every business activities require resources ie. materials ,labour ,machinery, factories and other services. The success of business depends on how peoples are efficiently and effectively managed these resources. 

The professional accounting bodies have been doing intensive research to came up with accounting rules that will be applicable to us. The modern business is certainly more complex and continuous updating of these rules is required. 

 MEANING :

Accounting  is a systamatic process of  identifying, recording ,measuring, classifying, verifying ,summarizing ,interpreting and communicating financial information. It provides profit and loss for a given period of time and the value and nature of a firm's assets, liabilities and owner's equity.  

DEFINITION:

Accounting as "an art of recording, classifying and summarizing of business transactions in a significant manner and in terms of money is termed as Accounting.

Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities, such as businesses and corporations. The modern field was established by the Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, managent, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.

Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accountingand cost accounting

• The first step in the cycle of accounting is to identify transactions that which find place in the books of accounts. The transactions having financial impact only are to be recorded. 
• Secondly, the recording of the business transactions is done based on the Golden Rules of accounting in a systamatic manner. 

• Thirdly, as the transactions increased in number, it will be difficult to understand the combined effects of the same by referring to individual records.  

                    Therefore ,the art of accounting also involves the step of summarizing them.

• Lastly, the accounting process provides the people with a statements which will describe what has happened to the business .

It can be noted that although accounting is often referred tobas an art but it is a science also, this is because it is based on universal applicable set of rules. 

            However ,Accounting is both art as well as science. 

OBJECTIVES OF ACCOUNTING :

The main objectives of accounting is to provide financial information to stakeholders. This financial information is normally given via financial statements which are prepared on the basis of Generally Accepted Accounting Principles (GAAP).  

                The following objectives of accounting will explain the width of the application of this knowledge stream:-

1.To maintain full and systematic records of the business transactions 
 Accounting is the language of business transactions. Given the limitations of human memories, the main objectives of accounting is to maintain a full and systematic records of all business transactions. 
                          The fundamental role of accounting is to maintain a complete systematic, accurate and permanent record of all transactions of a business which could be retrieved and reviewed whenever necessary. 

2.To ascertain profit or loss of the business. 
 Business is run to earn profits. Wheather the business earned profit or incurred loss is ascertained by accounting by preparing profit and loss account or income statements. A comparison of income and expenditure gives either profit or loss. 

3.To know the financial position of the business. 
 A business is also interested in ascertain his financial position at the end of a given period. 
                             For this purpose a position statement called Balance sheet is prepared which shows the current position of assets and liabilities. 
4. To disclose information needed by different stakeholders. 
  Apart from the owner of the business enterprise, there are various stakeholders who are interested in accounting informations 
                         These are bankers, creditors, tax authorities , prospective investors ,researchers etc.  
           So one of the objectives of accounting is to make the accounting information available to these interested parties to enable them to take sound and realistic decisions.

Movies which are mind blowing

Bollywood movies

Bollywood is now an another track. The industry understand the key of success and changed the idea of making films .as compared to Hollywood, Bollywood has some mind blowing and awesome collection of movies. Bollywood industry made a different way and saw us some remarkable gems .Here's a list of Bollywood movies which were engaging throughout and even more mind flipping at the end ..
1.Taare zameen par (2007)

Produced and directed by Amir khan. The film explores the life and imagination of Ishaan, an 8-year-old dyslexic child. Although he excels in art, his poor academic performance leads his parents to send him to a boarding school. Ishaan's new art teacher suspects that he is dyslexic and helps him to overcome his disability.Ishaan( Darsheel Safary ) cannot seem to get anything right at his boarding school. Fortunately, a new unconventional art teacher helps him realise he has dyslexia and uncover his hidden 
potential.                                                  

2.A Wednesday (2008)

What Neeraj Pandey achieved with A Wednesday paved his way up the Bollywood ranks. A Wednesday follows a very tried and tested format of narrative which shows a terrorist blackmailing the Mumbai police into agreeing to his demands. However, what if a terrorist demand actually pushes you to think outside of your comfort zone and question your own system? Watch its climax carefully to know how a simple phone call can bring the entire city on its toes.

 3. 3 Idiots (2009 )
Rancho, Aamir Khan's character in 3 Idiots takes a light-hearted dig at the education system of India. His character in the movie is fun, practical, inspiring and most importantly honest. He sings and dances his way through the audience's heart and becomes the darling of all of his friends. But where does he disappear? Where was he from? Who was he? All the answers to this amazing tale lies in the beautiful climax of 3 Idiots which reveals a shocking truth which changes the complete dynamics of the movie!

4. ‎'Gangs of Wasseypur' (2012)

‎'Gangs of Wasseypur' is a visceral epic! Not the kind of regular rubbish that is churned out every now and then. Mr.Anurag Kashyap has brought us something that can be categorized in a special zone ..
Manoj Bajpayee is rocking and superbly supported by a fabulous Richa Chadda, Reema Sen and Piyush Mishra. And final cherry on the acting caked is Nawazzuddin as a vulnerable young lad who is basically a romantic at heart but is getting transformed into a ruthless gangster

 

5.Special 26 (2013)

A classic Bollywood twist yet done so beautifully. Neeraj Pandey once again pulls off a beautiful win for the protagonists when you think they were losing all along. Akshay Kumar and Co. hatch a plan to loot a high profile jewellery shop and retire forever. However, Manoj Bajpai and Co. have all ploys ready to nab them at the crime scene and spoil their party. While your heart hopes Akshay to get away, your mind forever supports Manoj Bajpai to do the right thing. But who wins? There's only one way to know - watch the movie!

6.Drishyam (2015)

What extent are you willing to go to save your family? This remake of the Malayalam film by the same name tracks Vijay's (Ajay Devgn) journey to save his family when the situation goes haywire. What follows is a series of unfortunate happenings which lead the police to arrest Vijay and his family and beat them to pulp. But what is the secret that the family is hiding? Would their body break first or their spirit? Does Vijay pull off the biggest upset for police force ever? The answer is 'buried' in the climax of the movie.

7.Padmaavat (2017)
With a production budget of ₹2.15 billion(US$31 million),Padmaavat is one of the most expensive Indian films ever made.Initially scheduled for release on 1 December 2017, Padmaavat faced numerous controversies. Padmavati is happily married to a Rajput ruler until a tyrant Sultan, Alauddin Khilji, enters their life and calls a war on their kingdom due to his obsession with the queen.

8.Sanju (2018)

Sanju ranks as the highest grossing Bollywood film of 2018, the second highest-earning Hindi film in India of all time, and one of the highest-grossing Indian films.The film follows the life of Bollywood actor Sanjay Dutt, his addiction with drugs, arrest for alleged association with the 1993 Bombay bombings, relationship with his father, comeback in the industry, the eventual drop of charges from bombay blasts, and release after completing his jail term. Ranbir Kapoorstars as Dutt, along with an ensemble cast which features Paresh Rawal as Sunil Dutt,