Study Notes

  Unit 1:  Introduction to Indian Accounting Standards  Overview of Accounting Standards – Objectives of Accounting Standards – Benefits and Limitations of Accounting Standards – Process of Formulation of Accounting Standards in India – List of Indian Accounting Standards (Ind AS) – Need for Convergence Towards Global Standards– International Financial Reporting Standards as Global Standards – Benefits of Convergence with IFRS – Applicability of Ind AS in India.   Accounting Standards Accounting standards are written statements of standardised accounting rules and procedures used in practice to ensure that financial statements are prepared in a uniform and consistent manner An accounting standard is a set of practices and policies used to systematise bookkeeping and other accounting functions across firms and over time. Banks, investors, and regulatory agencies count on accounting standards to ensure information about a given entity is relevant and accurate.They are...

Unit 2  Principles and Functions of Management  visit website    https://sugarybloom.blogspot.com FML Unit 1 Management click here What is management Management is the process of designing and maintaining and designing an environment in which individuals working together in groups efficiently, to achieve selected aims. Define management Management is defined as the process of planning organising, actuating and controlling an organisations operations in order to achieve coordination of the human and material resources essential  in the effective and efficient attainment of resources. Explain Henry Fayol's principles of management The 14 principles of management given by Henry Fayol are 1.Division of work According to Fayol, division of work  produce more and better work for the same effort. Division of work leads to specialisation. Here the work is divided into small tasks 2.Authority and Responsibility Authority is the right to give orders and responsibilit...