RESPONSIBILITY ACCOUNTING Meaning Responsibility accounting is a system of dividing an organization into similar units, each of which is to be assigned particular responsibilities. Responsibility accounting is a management control system based on the principles of delegating and locating responsibility. Responsibility accounting is a system under which managers are given decisions making authority and responsibility for each activity occurring within a specific area of the company. Under this system, managers are made responsible for the activities of segments. These segments may be called departments, branches or divisions etc. Among the control techniques “responsibility accounting” has assumed considerable significance. While the other control devices are applicable to the organization as a whole, responsibility accounting represents a method of measuring the performance of various divisions of an organization. Definition According to Charles T. Horongrent, ...
INTRODUCTION A forecast is an estimate of an event which will happen in future. The event may be demand of a product, rainfall at a particular place, population of a particular country, or growth of a technology. The forecast value is not deterministic quantity. Since, it is an estimate based on past data related to a particular event, proper care must be given in estimating it. In any industrial enterprise, forecasting is the first level decision activity that is the demand of a particular product must be available before taking any other decision problems like material planning, scheduling, type of production system (mass or batch production ) to be implemented, etc. DEMAND FORECASTING The demand forecast gives the expected level of demand for goods or services. This is the basic input for business planning and control. Hence, decisions for all the functions of any corporate house are influenced by demand forecast. In simple words, forecast means prediction of future even...
Wages and salary administration is an integral part of the management of the organization. Wages and salary is a systematic approach to providing monetary value to employees in exchange for work performed. Among the four most important Ms, Men play a dominant role. The only way by which men can be gained, retained and satisfied is through wages and salaries. This study is made to know how the employees are graded and how they are paid wage and salaries. Wage and salary administration refers to the establishment and implementation of sound policies and practices of employee compensation. It is essentially the application of a systematic approach to the problem of ensuring that the employees are paid in a logical, equitable and fair manner. Wage and salary administration includes areas such as job evaluation, development and maintenance of wage structure, wage payments, incentives, profit sharing, wage changes and related items. It may achieve several purposes...
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