Messages

31

Business & Entrepreneurship / Differences Between Single Entry And Double Entry System

« on: July 22, 2015, 09:57:30 AM »

The following are the differences between single entry and double entry system:

1. Meaning
Single entry system is an incomplete system of recording financial transactions. Double entry system is a complete system of recording and reporting financial transactions.

2. Duality
Single entry system is not based on the concept of duality. Double entry system is based on the concept of duality.

3. Accounts
Single entry system maintains only personal accounts of debtors and creditors and cash book. Double entry system all personal, real and nominal accounts.

4. Trial Balance
Single entry system can not prepare a trial balance and hence, arithmetical accuracy of books of accounts can not be checked. Double entry system prepares trial balance and hence, arithmetical accuracy of the books of accounts can be checked.

5. Profit Or Loss
Single entry system can not ascertain the true amount of profit or loss of the business as it does not maintain nominal accounts. Double entry system ascertains true profit or loss of the business as it maintains all nominal accounts.

6. Financial Position
Single entry system can not ascertain the true financial position of the business because it does not maintain real accounts except cash book. Double entry system ascertains financial position of the business as it maintains all personal and real accounts.

7. Suitability
Single entry system is suitable to a small business where only limited number of transactions are performed. Double entry system is suitable for a large business.

8. Tax Purpose
Single entry system is not acceptable for the purpose of assessment of tax. Double entry system is acceptable for the purpose of assessment of tax

32

Business & Entrepreneurship / Re: Difference between reserve and provision

« on: July 22, 2015, 09:55:25 AM »

The following are the main differences between reserve and provision:

1. Mode Of Creation
Reserve is created against the charge of the profit and loss appropriation account. Provision is created against the charge of the profit and loss account.

2. Objective
Main objective of reserve is to strengthen the financial position and to meet future unknown losses and liabilities. Objective of provision is to meet known losses and liabilities the amount of which is not certain.

3. Accounting Treatment
Reserve is shown on debit side of profit and loss appropriation account and liabilities side of balance sheet. Provision is shown on debit side of profit and loss account and assets side of balance sheet as deduction from the concerned asset.

4. Relation With Profit
Reserve is created when there is enough profit in the business. Provision is created even if there is loss in the business.

5. Distribution
Reserve can be distributed to shareholders as dividend. Provision can not be distributed as dividend to shareholders.

6. Future Requirement
Reserve is created without considering the future requirement of the business. Provision is created by estimating the future requirement of the business.

7. Impact
Impact of reserve will be on financial position. Impact of provision will be on profit or loss of the business.

33

Business & Entrepreneurship / Re: Difference between product costs and period costs

« on: July 22, 2015, 09:52:35 AM »

What are Product Costs?

Costs incurred in the process of acquiring or manufacturing a product are considered product costs. Since these costs are often treated as inventory and do not appear on a company's income statement until the final product is sold, you may sometimes see these referred to as "inventoriable costs." A classic manufacturing firm has product costs consisting of materials used in the production process, or direct materials; labor expenses that are directly tied to manufacturing; and indirect costs such as manufacturing overhead. These are general concepts; the actual field of assigning costs to inventory can be very complex.

What are Period Costs?

All costs not included in product costs are called period costs. Since these costs are not involved in the production process, they are not treated differently on an income statement following a sale. Rather, they are treated as actual expenses in the period in which they arise, which is why they are called period costs.

According to U.S. generally accepted accounting principles, or GAAP, all selling and administrative costs are treated as period costs. Common examples of period costs include marketing expenses, rent, office depreciation and indirect labor. Even if physical inventories are composed of items that are treated as product costs, the actual administration of warehouses and inventory management expenses are considered period costs.

Read more: http://www.investopedia.com/ask/answers/102714/what-are-differences-between-period-costs-and-product-costs.asp#ixzz3gaZFZaLC
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34

Business & Entrepreneurship / Re: What is the cost of goods sold?

« on: July 22, 2015, 09:49:39 AM »

Cost of goods sold is the cost of the merchandise that was sold to customers. The cost of goods sold is reported on the income statement when the sales revenues of the goods sold are reported.

A retailer's cost of goods sold includes the cost from its supplier plus any additional costs necessary to get the merchandise into inventory and ready for sale. For example, let's assume that Corner Shelf Bookstore purchases a college textbook from a publisher. If Corner Shelf's cost from the publisher is $80 for the textbook plus $5 in shipping costs, Corner Shelf reports $85 in its Inventory account until the book is sold. When the book is sold, the $85 is removed from inventory and is reported as cost of goods sold on the income statement.

35

Business & Entrepreneurship / Re: What is the difference between gross profit margin and gross margin?

« on: July 22, 2015, 09:47:07 AM »

Gross profit margin and net profit margin are two separate profitability ratios used to assess a company's financial stability and overall health.

Profit margin is a percentage measurement of profit that expresses the amount a company earns per dollar of sales. Obviously, if a company makes more money per sale, it has a higher profit margin.

The gross profit margin shows total revenue minus the cost of goods (the amount it cost the company to produce the goods or services that it sold, commonly referred to as cost of goods sold, or COGS). The calculation to arrive at gross profit margin is:

Gross profit margin = (revenue - cost of goods) / revenue

As a simple example, if a company sells goods for $100, and the cost to the company to produce the goods is $70, the company's gross profit margin is 30%. Gross profit margin provides a general indication of a company's profitability, but it is not a precise indication.

The net profit margin is a more accurate measure of a company's profitability, as it reveals the percentage of revenue that actually reflects a company's profit per dollar of sales. Net profitability is an important distinction, since increases in revenue do not necessarily translate into actual increased profitability. Net profit is the gross profit (revenue minus cost of goods) minus operating expenses and all other expenses, such as taxes and interest paid on debt. The formula for net profit margin is as follows:

Net profit margin = (revenue - cost of goods - operating expenses - other expenses - interest - taxes) / revenue

Examining its net profit margin can help a company gain a much clearer picture of its overall expenses compared to revenue. It is often much easier for a company to increase its profitability by reducing costs than by increased sales, especially if the company operates in a very competitive market.

Read more: http://www.investopedia.com/ask/answers/021215/what-difference-between-gross-profit-margin-and-net-profit-margin.asp#ixzz3gaXu1eRw
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36

Business Administration / Re: Management

« on: July 08, 2015, 10:05:16 AM »

compensation management is something that companies must take seriously if they are to achieve a competitive advantage in the market for talent.

37

Business Administration / Tools & Techniques for Quality Management

« on: July 08, 2015, 09:58:24 AM »

The tools and techniques for quality management are grouped in to three categories:

   Tools for data collection
   Tools for planning
   Tools for continuous improvement



1. Tools for data collection:
Any systematic approach attempt to manage quality in a manufacturing activity must rely upon data collection and interpretation to measure progress and understanding of customers needs. Business regularly collects market and customer data using many tools from many sources and it is important to evaluate the quality of each data source.

Jeff Israel describes the data inputs in five full categories:
•   Customer records
•   Complaints
•   Surveys
•   Benchmarking
•   Transaction data



2. Tools for planning:
A number of tools used in quality planning. Those are as follows:

•   Quality Function Development:
           QFD is one of the best devices created to tie product and service design decisions directly to customer’s wants and needs. QFD is design to display throughout the design, production, marketing and delivery facts of a given product or service.
•   Simultaneous Engineering:
          Concurrent engineering is the systematic approach, concurrent design of products and related processes including manufacturing and support. This approach is intended to consider all elements of the product. life cycle including quality, cost, schedule and user requirements.

•   Seven New Management Tools:
           In 1976, the union of Japanese Scientists and Engineers saw the need for tools to communicate information and successfully plan major projects. A team researched and developed the seven new quality control tools often called the seven management tools are as follows:

•   Affinity Diagram
•   Relations diagram
•   Tree Diagram
•   Matrix Diagram
•   Matrix data analysis
•   Arrow Diagram
•   Process decision program chart



3. Tools for continuous improvement:
People need tools to help them identify quality problems and plan corrective action. The tools for continuous improvement are as follows:
•   Check Sheet
•   Histogram
•   Pareto Chart
•   Cause and effect diagram
•   Control Chart
•   Flow Chart

38

Business & Entrepreneurship / Re: Credit Balance

« on: July 07, 2015, 10:59:03 AM »

In a margin account, the amount of funds deposited in the customer's account following the successful execution of a short sale order. The credit balance amount includes both the proceeds of the short sale itself and the specified margin amount the customer is required to deposit under Regulation T.

Read more: http://www.investopedia.com/terms/c/creditbalance.asp#ixzz3fB8KowkD
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39

Business & Entrepreneurship / Re: Debit Balance

« on: July 07, 2015, 10:57:42 AM »

DEFINITION of 'Debit Balance'

In a margin account, money owed by the customer to the broker for funds advanced to purchase securities. The debit balance is the amount of funds the customer must put into his or her margin account, following the successful execution of a security purchase order, in order to properly settle the transaction.

Read more: http://www.investopedia.com/terms/d/debitbalance.asp#ixzz3fB7z0ZNS
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40

Business & Entrepreneurship / Re: Income Statement

« on: July 02, 2015, 11:05:56 AM »

A summary of a management's performance as reflected in the profitability (or lack of it) of an organization over a certain period. It itemizes the revenues and expenses of past that led to the current profit or loss, and indicates what may be done to improve the results.

In contrast to a balance sheet, an income statement depicts what happened over a month, quarter, or year. It is based on a fundamental accounting equation (Income = Revenue - Expenses) and shows the rate at which the owners equity is changing for better or worse. Along with balance sheet and cash flow statement it forms the basic set of financial information required to manage an organization. Also called earnings report, operating statement, or profit and loss account.

Read more: http://www.businessdictionary.com/definition/income-statement.html#ixzz3ehYZkb1B

41

BBA Discussion Forum / Re: Benefits of Total Quality Management (TQM)

« on: March 01, 2015, 08:52:03 AM »

The advantages of total quality management (TQM) include:

    Cost reduction:
When applied consistently over time, TQM can reduce costs throughout an organization, especially in the areas of scrap, rework, field service, and warranty cost reduction. Since these cost reductions flow straight through to bottom-line profits, there can be a startling increase in profitability.

    Customer satisfaction:
Since the company has better products and services, and its interactions with customers are relatively error-free, there should be fewer customer complaints. Fewer complaints may also mean that the resources devoted to customer service can be reduced. A higher level of customer satisfaction may also lead to increased market share.

    Defect reduction:
TQM has a strong emphasis on improving quality within a process, rather than inspecting quality into a process. This not only reduces the time needed to fix errors, but makes it less necessary to employ a team of quality assurance personnel.

    Morale:
The ongoing and proven success of TQM, and in particular the participation of employees in that success can lead to a noticeable improvement in employee morale, which in turn reduces employee turnover, and therefore reduces the cost of hiring and training new employees.

42

Business Administration / Re: Product Diffusion Curve

« on: January 22, 2015, 09:51:14 AM »

Consumers can be grouped according to how quickly they adopt a new product. On the one extreme, some consumers adopt the product as soon as it becomes available. On the other extreme, some consumers are among the last to purchase a new product. As a whole, the new product adoption process can be modeled in the form of a bell-shaped diffusion curve similar to the following:

New Product Diffusion Curve


Defining bins one standard deviation wide about the mean, five different product adoption groups can be defined:

    Innovators - well-informed risk-takers who are willing to try an unproven product. Innovators represent the first 2.5% to adopt the product.

    Early adopters - based on the positive response of innovators, early adopters then begin to purchase the product. Early adopters tend to be educated opinion leaders and represent about 13.5% of consumers.

    Early majority - careful consumers who tend to avoid risk, the early majority adopts the product once it has been proven by the early adopters. They rely on recommendations from others who have experience with the product. The early majority represents 34% of consumers.

    Late majority - somewhat skeptical consumers who acquire a product only after it has become commonplace. The late majority represents about 34% of consumers.

    Laggards - those who avoid change and may not adopt a new product until traditional alternatives no longer are available. Laggards represent about 16% of consumers.

43

Allied Health Science / ভিটামিনের উপকার অপকার

« on: January 14, 2015, 09:00:07 AM »

আমাদের প্রতিদিনকার শারীরিক চাহিদার অনেক খাদ্য উপাদান দরকার। যেমন, আমিস, শর্করা, চর্বি, মিনারেল, ভিটামিন ইত্যাদি। কিন্তু সাধারণভাবে আমরা সবাই ভিটামিন নিয়ে বেশি ভাবি। আমরা চিন্তিত হই আমাদের শরীরে কি পর‌্যাপ্ত ভিটামিন আছে?

আমি যা খাচ্ছি এগুলোতে ভিটামিন আছে তো? একজন আরেকজনকে পরামর্শ দেই, এটা খান, ওটা খান, প্রচুর ভিটামিন পাবেন।

কোনো কারণে চিকিৎসকের শরণাপন্ন হলে তাকেও পরামর্শ দেই ডাক্তার সাহেব আমার শরীরে ভিটামিন কম, আমাকে ভিটামিনের ওষুধ দেন।

তাহলে আসুন জানি ভিটামিন কী?

ভিটামিন হচ্ছে জৈবিক উপাদান যা আমাদের শরীরে একেবারে তৈরি হয় না বা দরকারের চেয়ে কম তৈরি হয়। এই জৈবিক উপাদান অল্প পরিমাণে লাগে কিন্তু ধারাবাহিকভাবে শরীরের জোগান দিতে হয়। এই ভিটামিনের ঘাটতি হলে শরীরে নানা ধরনের উপসর্গ দেখা দেয়।

ভিটামিন কতো প্রকার

এ পর‌্যন্ত তেরো ধরনের ভিটামিনের অস্তিত্ব পাওয়া গেছে। যেমন—

১. ভিটামিন A

২. ভিটামিন B

৩. ভিটামিন B2

৪. ভিটামিন B3

৫. ভিটামিন B5

৬. ভিটামিন B6

৭. ভিটামিন B7

৮. ভিটামিন B9

৯. ভিটামিন B12
১০. ভিটামিন C

১১. ভিটামিন D

১২. ভিটামিন E

১৩. ভিটামিন K

ভিটামিন কী কাজ করে?

এক. ভিটামিন শরীরে বিভিন্ন কোষের স্বাভাবিকতায় সহায়তা করে।

দুই. কিছু কিছু হরমোনের কাজে সহায়তা করে।

তিন. এন্টি-অক্সিডেন্ট হিসেবে কাজ করে। যা ক্যান্সার প্রতিরোধে সহায়তা করে।

চার. ত্বকের স্বাভাবিক কাজকর্ম নিয়ন্ত্রণ করে।

পাঁচ. স্নায়ুর কাজ স্বাভাবিকভাবে করতে ভূমিকা রাখে।

ছয়. রক্তের কাজ নিয়ন্ত্রণে ভূমিকা রাখে।

ভিটামিনের স্বল্পতার প্রভাব

১. রাতকানা
২. রক্তস্বল্পতা
৩. চর্মরোগ
৪. রিকেট ও অস্টিওম্যালিসিয়া (হাড়ের রোগ)
৫. স্বায়ুরোগ

এই যে এতো দরকারী উপাদান ভিটামিন কিন্তু কখনো কখনো এর আধিক্য শরীরের জন্য ক্ষতিকর হতে পারে।

অধিক ভিটামিনের ক্ষতিকর প্রভাব

এক. হাইপারভিটামিনসিস (ভিটামিন A)

দুই. তন্দ্রাভাব (ভিটামিন B1)

তিন. লিভারে বিরূপ প্রভাব (ভিটামিন B3)

চার. বমি বমিভাব ও ডায়রিয়া (ভিটামিন B5)

পাঁচ. হার্ট ফেইলিওর (ভিটামিন E)

কাজেই ভিটামিনের ঘাটতি যেমন কাম্য নয় এর আধিক্যও তেমনি কাম্য নয়। দরকার না হলে জোর করে বেশি ভিটামিনের ওষধ না খাওয়াই ভালো। - See more at: http://www.banglanews24.com/beta/fullnews/bn/357077.html#sthash.4DURrUUi.dpuf

44

Business Administration / Five dimensions of personality as well as locus control

« on: December 29, 2014, 08:46:44 AM »

Personality dimensions can be categorized into one or five categorizes:

Extraversion:
Extraversion defined a person is outgoing or shy. People who are extroverts feel comfortable in social situations where as introverts or shy people tend to avoid social situations.

Agreeableness:
Agreeableness defined a person is approachable or friendly. People who are defined as a agreeable tend to be welcoming, warm people. Less agreeable people make a point of remaining distant from social situations.

Conscientiousness:
It represents the degree to which a person is approachable, reliable, dependable and organized. People who trend to be low on this scale are unreliable.

Emotional Stability:
Emotional Stability implies that people can understand and manage stress levels well. People low on this scale show sings of nervousness, anxiety & insecurity.

Openness to experience:
Openness to experience is a dimension that characterizes fascination and range of interests. People who are very open to experience are curious and creative. People who are less to open to experience tend to be conventional and appreciate the status quo.

45

Business Administration / Types of Conflict:

« on: December 29, 2014, 08:45:09 AM »

The Types of Conflict are as follows:

   Interpersonal:
This is conflict between two or more individuals who do not share the same goal or values. For example, One manager might argue that the organization must need more MBAs to increase performance, while another manager may insist that MBAs are too expensive and not required. 

   Intergroup:
This type of conflict is most often seen between groups, teams and departments. These groups may not be willing to share information freely. Members of groups might clash with members of others groups as well.

   Intragroup:
Intragroup conflict arises within groups, teams and departments. For example, some members may believe that a successful marketing campaign necessary a larger allocation to television advertising, while other members insists that print advertising would be more effective.

   Interorganisational:
This type of conflict arises among organizations. Interorganisational is also often seen between businesses that operate in the same market.