Various advantages or effects of total quality management are discussed under the following headings Advantages of Total Quality Management (TQM) 1. TQM helps in energizing the innovation process:
Meaning of Financial Statements Financial statements means the statements prepared for the purpose of presenting a periodical review or report on the progress of business by the management.
What is a financial statement? The term financial statement refers to statement of Changes in financial position, Statement of Retained Earnings, Balance Sheet, Profit and Loss Account, etc.
Tools of Management Accounting The various tools used at present in management accounting may be classified into the following groups. 1. Based on Financial Accounting Information Analysis of
Management accounting is an important tool of management. Hence, it serves the management in many ways. Even though, the management accounting has some limitations or disadvantages. They are
Advantages of management accounting The important uses of management accounting are briefly explained 1. Planning The management can prepare the plan and execute the same for effective operation
The management accounting system provides highly useful economic and financial data to the management. A channel is used to transmit the information efficiently and effectively that channel is
Appointment of First Auditors 1. Appointment by Board of Directors 1. Within one month from the date of registration of the company, the first auditor or auditors may
Standardization disregards marked differences in markets. The following are the strong reasons for adopting standardization. Why is standardization adopted in International Marketing? 1. Socializing forces prevailing worldwide are
The World Trade Organization (WTO) is more powerful than General Agreement on Tariffs and Trade (GATT) with enlarged functions in dealing with world economic affairs. Hence, the WTO