Accounting functions include systematically tracking, storing, recording, analyzing, summarizing and reporting a company's financial transactions. These accounting functions maintain a fiscal history that is accessible for audits.
Revenue management is a technique used to maximize profits by understanding basics like revenues, costs, and profits. It started in the late 1970s when the airline industry in the US was deregulated and American Airlines introduced a discounted pricing system based on flight demand. This concept expanded to hospitality and can now be applied to any product using dynamic pricing, inventory management, restrictions, and tracking customer and market data. Revenue management connects business data to concepts of demand, supply, pricing, and uses data analytics to leverage inventories at both the macro and micro levels.
The document provides an overview of accounting concepts and principles for an MBA course. It defines bookkeeping and accounting, explains the double-entry system of bookkeeping, and covers key accounting concepts like the accounting equation, revenue and expense recognition, and accounting conventions like materiality and consistency. It also provides examples of journal entries and how to record transactions in ledger accounts.
Dr. Rajapriya M joined as a faculty member in July 2023 and has started working towards achieving various targets set for the academic year 2023-24. This includes publishing research papers, books and attending faculty development programs. As a mentor, Dr. Rajapriya M is guiding students on their projects, internships and academic performance, but currently does not have any mentees assigned. The workload includes teaching 3 courses with around 80% of the syllabus completed for two courses.
This document discusses different types of internal communication in organizations. It describes formal communication as the official sharing of information through defined channels like business letters and reports. Informal communication, also known as grapevine, refers to information shared without following formal paths and can take forms like single strand chains, gossip chains, probability chains or cluster chains. The document highlights the difference between formal and informal internal communication methods.
An ethnicity is defined by a shared cultural identity including factors like language, religion, customs, traditions, ancestry and history. Customs are specific behaviors or practices that are traditionally accepted within a particular society, location or time period. Cultures can also be classified based on their communication style, with high context cultures relying more on body language and implicit understanding versus low context cultures that are more explicit and straightforward. Discrimination occurs when groups or individuals are treated unequally or marginalized due to characteristics such as gender, age or skin color.
The document outlines 12 generally accepted accounting principles (GAAP) that are universally followed in accounting. These principles include: 1) money measurement, 2) separate entity, 3) duality, 4) going concern, 5) cost, 6) accounting period, 7) conservation, 8) realization, 9) accrual, 10) matching, 11) consistency, and 12) materiality. The principles provide guidelines for recording transactions, valuing assets and liabilities, preparing financial statements, and ensuring accuracy and consistency over time.
NetSolutions records business transactions using double-entry accounting. Transactions include Chris Clark investing $25,000 cash in the business, purchasing $20,000 of land, buying $1,350 of supplies on account, earning $7,500 in fees, paying $3,650 in expenses, paying $950 to creditors, using $800 of supplies, and Chris Clark withdrawing $2,000 cash. Debits and credits are equal for each transaction to maintain the accounting equation of assets = liabilities + owner's equity.
The document provides an overview of cost accounting concepts. It defines cost accounting as the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information to permit informed judgments and decisions by users of the information. It discusses the objectives, scope, importance and limitations of cost accounting. It also covers the classification of costs based on different criteria such as nature, variability, controllability, and managerial functions. The document provides examples and explanations of key cost accounting terms and concepts.
Revenue management is a technique used to maximize profits by understanding basics like revenues, costs, and profits. It started in the late 1970s when the airline industry in the US was deregulated and American Airlines introduced a discounted pricing system based on flight demand. This concept expanded to hospitality and can now be applied to any product using dynamic pricing, inventory management, restrictions, and tracking customer and market data. Revenue management connects business data to concepts of demand, supply, pricing, and uses data analytics to leverage inventories at both the macro and micro levels.
The document provides an overview of accounting concepts and principles for an MBA course. It defines bookkeeping and accounting, explains the double-entry system of bookkeeping, and covers key accounting concepts like the accounting equation, revenue and expense recognition, and accounting conventions like materiality and consistency. It also provides examples of journal entries and how to record transactions in ledger accounts.
Dr. Rajapriya M joined as a faculty member in July 2023 and has started working towards achieving various targets set for the academic year 2023-24. This includes publishing research papers, books and attending faculty development programs. As a mentor, Dr. Rajapriya M is guiding students on their projects, internships and academic performance, but currently does not have any mentees assigned. The workload includes teaching 3 courses with around 80% of the syllabus completed for two courses.
This document discusses different types of internal communication in organizations. It describes formal communication as the official sharing of information through defined channels like business letters and reports. Informal communication, also known as grapevine, refers to information shared without following formal paths and can take forms like single strand chains, gossip chains, probability chains or cluster chains. The document highlights the difference between formal and informal internal communication methods.
An ethnicity is defined by a shared cultural identity including factors like language, religion, customs, traditions, ancestry and history. Customs are specific behaviors or practices that are traditionally accepted within a particular society, location or time period. Cultures can also be classified based on their communication style, with high context cultures relying more on body language and implicit understanding versus low context cultures that are more explicit and straightforward. Discrimination occurs when groups or individuals are treated unequally or marginalized due to characteristics such as gender, age or skin color.
The document outlines 12 generally accepted accounting principles (GAAP) that are universally followed in accounting. These principles include: 1) money measurement, 2) separate entity, 3) duality, 4) going concern, 5) cost, 6) accounting period, 7) conservation, 8) realization, 9) accrual, 10) matching, 11) consistency, and 12) materiality. The principles provide guidelines for recording transactions, valuing assets and liabilities, preparing financial statements, and ensuring accuracy and consistency over time.
NetSolutions records business transactions using double-entry accounting. Transactions include Chris Clark investing $25,000 cash in the business, purchasing $20,000 of land, buying $1,350 of supplies on account, earning $7,500 in fees, paying $3,650 in expenses, paying $950 to creditors, using $800 of supplies, and Chris Clark withdrawing $2,000 cash. Debits and credits are equal for each transaction to maintain the accounting equation of assets = liabilities + owner's equity.
The document provides an overview of cost accounting concepts. It defines cost accounting as the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information to permit informed judgments and decisions by users of the information. It discusses the objectives, scope, importance and limitations of cost accounting. It also covers the classification of costs based on different criteria such as nature, variability, controllability, and managerial functions. The document provides examples and explanations of key cost accounting terms and concepts.
This document provides an introduction to cost accounting. It defines cost accounting as the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information to permit informed judgments and decisions by users of the information. It discusses the differences between cost accounting, financial accounting, and management accounting. Key aspects of cost accounting covered include objectives, scope, importance, limitations, and classifications of costs based on nature, variability, component, controllability, and managerial function. The document also provides examples to illustrate different types of costs.
A tender notice should include a complete description of the goods or services required, the conditions and requirements that must be met, the criteria for evaluating submissions, instructions on how to submit a tender, deadlines, and the terms of the contract. It provides all necessary details for potential bidders on what is needed and how their submission will be judged.
The accounting cycle's purpose is to ensure that all money coming into or going out of a business is accounted for. A ledger contains all accounts entered from the journal. Errors can occur from omissions, incorrect original entries, reversed entries, violations of principles, or compensating mistakes. Operating activities directly relate to a business's goods/services while investing activities involve long-term assets and investments. Accounting standards are recommended by NFRA to MCA to standardize practices across firms over time.
The document discusses various aspects of tenders and contracts in Indian Railways. It defines key terms like agreement, contract, proposal and explains the need for contracts in business dealings. It describes different types of contracts and conditions that should be included in contracts. The tendering process involving calling notices, documents, opening and scrutiny is explained. Different classes of tenders like open, limited and single tenders are also defined along with rules for each.
Here is a draft order letter to National Paints Co. Ltd. from Color World:
Color World
123 Main Street, Mumbai 400056
Date: dd/mm/yyyy
The Manager
National Paints Co. Ltd.
456 Second Avenue, Delhi 110001
Subject: Order for paint supplies
Dear Sir,
We are writing to place an order for various paint supplies from your company.
Please supply us with the following items:
- 50 gallons of exterior white paint
- 25 gallons of interior blue paint
- 10 gallons of glossy red paint
- 5 gallons of primer
The total amount for this order comes to Rs. 50,000. Please
The document discusses different types of internal communication in organizations, including formal communication which follows predefined channels to share official company updates through methods like letters and reports, and informal "grapevine" communication which spreads unofficially such as rumors. It also describes four types of informal grapevine communication networks: single strand chain, gossip chain, probability chain, and cluster chain.
This document provides an overview of intrapersonal communication, interpersonal communication, and exchange theory. It defines intrapersonal communication as communication within an individual, including self-awareness, beliefs, values, attitudes, and internal discourse. Interpersonal communication is defined as the exchange of information between two or more people. Exchange theory views social order as the outcome of negotiated exchanges between parties where individuals rationally seek to maximize benefits and minimize costs. Different types of exchange and power dynamics in relationships are also discussed.
Luca Pacioli was an Italian mathematician and Franciscan monk in the 15th century who is considered the 'Father of Accounting' because he was the first to publish a comprehensive book on the double-entry accounting method still used today. He worked with Leonardo da Vinci and taught him mathematics. The document then lists three "Golden Rules of Accounting": debit what comes in and credit what goes out for existing accounts, credit the giver and debit the receiver for personal accounts, and credit all income and debit all expenses.
There are three main elements of cost: material, labor, and expenses. Each element can be direct or indirect. Direct costs include raw materials, labor for production workers, and expenses directly connected to production like freight. Indirect costs include materials and labor that are not directly tied to production output as well as administrative expenses. A cost sheet formally documents all fixed and variable direct and indirect costs incurred during production. It calculates prime cost, works cost, cost of production, and cost of sales to present the total cost per unit and help set selling prices, control costs, formulate production policy, and communicate cost information.
Joyce M Sullivan, Founder & CEO of SocMediaFin, Inc. shares her "Five Questions - The Story of You", "Reflections - What Matters to You?" and "The Three Circle Exercise" to guide those evaluating what their next move may be in their careers.
Learnings from Successful Jobs SearchersBruce Bennett
Are you interested to know what actions help in a job search? This webinar is the summary of several individuals who discussed their job search journey for others to follow. You will learn there are common actions that helped them succeed in their quest for gainful employment.
We recently hosted the much-anticipated Community Skill Builders Workshop during our June online meeting. This event was a culmination of six months of listening to your feedback and crafting solutions to better support your PMI journey. Here’s a look back at what happened and the exciting developments that emerged from our collaborative efforts.
A Gathering of Minds
We were thrilled to see a diverse group of attendees, including local certified PMI trainers and both new and experienced members eager to contribute their perspectives. The workshop was structured into three dynamic discussion sessions, each led by our dedicated membership advocates.
Key Takeaways and Future Directions
The insights and feedback gathered from these discussions were invaluable. Here are some of the key takeaways and the steps we are taking to address them:
• Enhanced Resource Accessibility: We are working on a new, user-friendly resource page that will make it easier for members to access training materials and real-world application guides.
• Structured Mentorship Program: Plans are underway to launch a mentorship program that will connect members with experienced professionals for guidance and support.
• Increased Networking Opportunities: Expect to see more frequent and varied networking events, both virtual and in-person, to help you build connections and foster a sense of community.
Moving Forward
We are committed to turning your feedback into actionable solutions that enhance your PMI journey. This workshop was just the beginning. By actively participating and sharing your experiences, you have helped shape the future of our Chapter’s offerings.
Thank you to everyone who attended and contributed to the success of the Community Skill Builders Workshop. Your engagement and enthusiasm are what make our Chapter strong and vibrant. Stay tuned for updates on the new initiatives and opportunities to get involved. Together, we are building a community that supports and empowers each other on our PMI journeys.
Stay connected, stay engaged, and let’s continue to grow together!
About PMI Silver Spring Chapter
We are a branch of the Project Management Institute. We offer a platform for project management professionals in Silver Spring, MD, and the DC/Baltimore metro area. Monthly meetings facilitate networking, knowledge sharing, and professional development. For more, visit pmissc.org.
This document provides an introduction to cost accounting. It defines cost accounting as the process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information to permit informed judgments and decisions by users of the information. It discusses the differences between cost accounting, financial accounting, and management accounting. Key aspects of cost accounting covered include objectives, scope, importance, limitations, and classifications of costs based on nature, variability, component, controllability, and managerial function. The document also provides examples to illustrate different types of costs.
A tender notice should include a complete description of the goods or services required, the conditions and requirements that must be met, the criteria for evaluating submissions, instructions on how to submit a tender, deadlines, and the terms of the contract. It provides all necessary details for potential bidders on what is needed and how their submission will be judged.
The accounting cycle's purpose is to ensure that all money coming into or going out of a business is accounted for. A ledger contains all accounts entered from the journal. Errors can occur from omissions, incorrect original entries, reversed entries, violations of principles, or compensating mistakes. Operating activities directly relate to a business's goods/services while investing activities involve long-term assets and investments. Accounting standards are recommended by NFRA to MCA to standardize practices across firms over time.
The document discusses various aspects of tenders and contracts in Indian Railways. It defines key terms like agreement, contract, proposal and explains the need for contracts in business dealings. It describes different types of contracts and conditions that should be included in contracts. The tendering process involving calling notices, documents, opening and scrutiny is explained. Different classes of tenders like open, limited and single tenders are also defined along with rules for each.
Here is a draft order letter to National Paints Co. Ltd. from Color World:
Color World
123 Main Street, Mumbai 400056
Date: dd/mm/yyyy
The Manager
National Paints Co. Ltd.
456 Second Avenue, Delhi 110001
Subject: Order for paint supplies
Dear Sir,
We are writing to place an order for various paint supplies from your company.
Please supply us with the following items:
- 50 gallons of exterior white paint
- 25 gallons of interior blue paint
- 10 gallons of glossy red paint
- 5 gallons of primer
The total amount for this order comes to Rs. 50,000. Please
The document discusses different types of internal communication in organizations, including formal communication which follows predefined channels to share official company updates through methods like letters and reports, and informal "grapevine" communication which spreads unofficially such as rumors. It also describes four types of informal grapevine communication networks: single strand chain, gossip chain, probability chain, and cluster chain.
This document provides an overview of intrapersonal communication, interpersonal communication, and exchange theory. It defines intrapersonal communication as communication within an individual, including self-awareness, beliefs, values, attitudes, and internal discourse. Interpersonal communication is defined as the exchange of information between two or more people. Exchange theory views social order as the outcome of negotiated exchanges between parties where individuals rationally seek to maximize benefits and minimize costs. Different types of exchange and power dynamics in relationships are also discussed.
Luca Pacioli was an Italian mathematician and Franciscan monk in the 15th century who is considered the 'Father of Accounting' because he was the first to publish a comprehensive book on the double-entry accounting method still used today. He worked with Leonardo da Vinci and taught him mathematics. The document then lists three "Golden Rules of Accounting": debit what comes in and credit what goes out for existing accounts, credit the giver and debit the receiver for personal accounts, and credit all income and debit all expenses.
There are three main elements of cost: material, labor, and expenses. Each element can be direct or indirect. Direct costs include raw materials, labor for production workers, and expenses directly connected to production like freight. Indirect costs include materials and labor that are not directly tied to production output as well as administrative expenses. A cost sheet formally documents all fixed and variable direct and indirect costs incurred during production. It calculates prime cost, works cost, cost of production, and cost of sales to present the total cost per unit and help set selling prices, control costs, formulate production policy, and communicate cost information.
Joyce M Sullivan, Founder & CEO of SocMediaFin, Inc. shares her "Five Questions - The Story of You", "Reflections - What Matters to You?" and "The Three Circle Exercise" to guide those evaluating what their next move may be in their careers.
Learnings from Successful Jobs SearchersBruce Bennett
Are you interested to know what actions help in a job search? This webinar is the summary of several individuals who discussed their job search journey for others to follow. You will learn there are common actions that helped them succeed in their quest for gainful employment.
We recently hosted the much-anticipated Community Skill Builders Workshop during our June online meeting. This event was a culmination of six months of listening to your feedback and crafting solutions to better support your PMI journey. Here’s a look back at what happened and the exciting developments that emerged from our collaborative efforts.
A Gathering of Minds
We were thrilled to see a diverse group of attendees, including local certified PMI trainers and both new and experienced members eager to contribute their perspectives. The workshop was structured into three dynamic discussion sessions, each led by our dedicated membership advocates.
Key Takeaways and Future Directions
The insights and feedback gathered from these discussions were invaluable. Here are some of the key takeaways and the steps we are taking to address them:
• Enhanced Resource Accessibility: We are working on a new, user-friendly resource page that will make it easier for members to access training materials and real-world application guides.
• Structured Mentorship Program: Plans are underway to launch a mentorship program that will connect members with experienced professionals for guidance and support.
• Increased Networking Opportunities: Expect to see more frequent and varied networking events, both virtual and in-person, to help you build connections and foster a sense of community.
Moving Forward
We are committed to turning your feedback into actionable solutions that enhance your PMI journey. This workshop was just the beginning. By actively participating and sharing your experiences, you have helped shape the future of our Chapter’s offerings.
Thank you to everyone who attended and contributed to the success of the Community Skill Builders Workshop. Your engagement and enthusiasm are what make our Chapter strong and vibrant. Stay tuned for updates on the new initiatives and opportunities to get involved. Together, we are building a community that supports and empowers each other on our PMI journeys.
Stay connected, stay engaged, and let’s continue to grow together!
About PMI Silver Spring Chapter
We are a branch of the Project Management Institute. We offer a platform for project management professionals in Silver Spring, MD, and the DC/Baltimore metro area. Monthly meetings facilitate networking, knowledge sharing, and professional development. For more, visit pmissc.org.
A Guide to a Winning Interview June 2024Bruce Bennett
This webinar is an in-depth review of the interview process. Preparation is a key element to acing an interview. Learn the best approaches from the initial phone screen to the face-to-face meeting with the hiring manager. You will hear great answers to several standard questions, including the dreaded “Tell Me About Yourself”.
Success is often not achievable without facing and overcoming obstacles along the way. To reach our goals and achieve success, it is important to understand and resolve the obstacles that come in our way.
In this article, we will discuss the various obstacles that hinder success, strategies to overcome them, and examples of individuals who have successfully surmounted their obstacles.
2. The functions of accounting include
the systemic tracking, storing, recording,
analysing, summarising and reporting of a
company's financial transactions.
Through the functions of the accounting
department, the company can maintain a fiscal
history that they can make accessible for audits