Tutor profile: Gayathri S.
What are the 3 different types of accounting in general?
1. Financial accounting - adopted by all the business to find out the financial results i.e profit/ loss and the strength of its financial position. 2. Cost accounting is adopted mostly by manufacturing companies that use certain tools to analyze their individual cost. Its overall aim is to optimize the cost and increase its productivity. 3. Managerial Accounting - This type of accounting utilizes the output from both financial and cost accounting reports. A set of managerial techniques like ratio analysis, trend analysis, etc are adopted to facilitate better decision-making at the top management.
Why do you set up a business? What is a business plan?
Any person who is willing to work on his interest or for self-employment or has the drive to implement a new idea would be starting up a business organization. There are various forms like a sole proprietorship, partnership, or company form in which a business can be started. A business plan is developed by an entrepreneur on his own or through an expert that provides a detailed roadmap to start and manage the business. It includes: 1. Business details 2. Mission and Vision 3. Owner and employee details 4. Financial requirement and plans 5. Risk management plan 6. Industry analysis 7. Recruiting plan, etc
Why is management important in an organization and what are the basic managerial skills to equip?
Management basically has 4 important functions that form a crucial part in setting up and running an organization. They are 1. Planning - includes a business plan, strategic plan, etc 2. Organizing - pooling resources including capital, tasks management, goal setting, etc 3. Leading - Top management, leadership roles, etc 4. Controlling - setting up proper control checks to improve efficiency For effectively managing, few skills can be developed and adopted by the individuals. They include: 1. Decision-making 2. Interpersonal and communication 3. Technical and conceptual skills,etc
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