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What are Characteristics of Accounting?
Mike Johnson
Comparability: Accounting provides information that can be compared with other firms. Reliability: Accounting information is reliable as it only considers only financial transactions. Relevance: It is very relevant to the user, internal users use this for managing the organization whereas external uRead more
Explain management is science or art.
Mike Johnson
Management is both art and science Art is managing things with there experiencing it change when manager change. whereas the science which as applicable to the whole universe and remains same. 1. Management is an art as the manager needs to use their experience to get work done. 2. Management is alsRead more
what are the five elements in the management process?
Mike Johnson
Five Elements in the Management Process Planning: Setting up plans in advance, what to do? who will do? How are they going to complete the task? Organizing: In organizing, we provide it with those assets that will use in the production or running the organization example: raw material, machines, caRead more
What is function of management?
Mike Johnson
Planning: First we plan, What is to be done? Who is going to do it? How are they going to complete the task? Organizing: To organize a business is to provide it with everything useful or its functioning example: raw material, machines, capital, and staff. Staffing: Hiring the employee providing themRead more
Explain the Qualitative Characteristics of Accounting Information.
Mike Johnson
These are Qualitative Characteristics of Accounting Information Relevance: Information should be available on time and improve decision making. Reliability: Information should be free from error and biasedness. Comparability: Information should be enough so we can compare it with the other Firm. ConRead more
What are the three major functions of a distribution channel?
Mike Johnson
Three major functions of a distribution channel Storing and Distributing Products- Contacting Customers- Marketing of Products-
why are Banks Important to the Economy
Mike Johnson
Importance of bank Provide Finance of Firm to run there business smoothly. Encourages Saving habits of the citizen. Helps in export and import business in exchange in currency. Transfer Savings into Investment Bring Economic Stability Read the full artice
what are the 3 depreciation methods?
Mike Johnson
3 methods of depreciation Straight-line Depreciation Method: In this method, the fixed amount is considered as the depreciation on fixed assets. Units of production depreciation method: In this method, the production is considered when the production is low at that time depreciation is low when prodRead more
What is the Most Common Method of Depreciation?
Mike Johnson
There are two common methods of Depreciation. Straight-line Depreciation Method: Under this method, the fixed amount is considered as the depreciation on fixed assets. Written Down Value Method(WDV): Under this method, fix percentage calculates on the opening value of the fixed and considered as theRead more
what is the main Objective of Service Management?
Mike Johnson
Main Objective of Service Management Proper Utilization of Funds: The main objective of service management is to proper utilization of funds. By making proper decisions Better Decision Making: Service management helps in decision making by providing the managerial function from planning to controlliRead more