7.Please read: Nohria, N., Groysberg, B., Lee, L.–E.(2008). Employee Motivation, Harvard Business Review, 86 (78), p78-84. Article: https://hbr.org/2008/07/employee-motivation-a-powerful-new-model And answer the following ...
Accounting can be defined as recording, sorting, summarizing, analyzing and reporting all the financial transactions of a single entity or a company.
It is a crucial part of any business and accounting done over an accounting period helps in preparing financial statements, cash flow statements etc which helps companies to analyze their financial position and cash flow.
Branches of Accounting:
There are many branches of accounting but three main branches of accounting are
In this accounting all the monetary transactions are recorded. The accounting is done either on cash basis or on accrual basis. Financial statements such as income statements, profit and loss accounts, and balance sheets are prepared with the help of accounting transactions to analyse the financial position of a company.
The main objective of management accounting is to help managers make business policies and strategies. This includes both monetary and non monetary transactions. It helps in the business management process of planning, organizing, staffing, controlling etc.
It is a business practice in which all the company’s cost is recorded and analyzed.
The main two cost of any company is
Besides these accounting, other branches of accounting are tax accounting, auditing, managerial accounting, forensic accounting, fiduciary accounting, fund accounting, government accounting, etc.
In double entry accounting, assuming a business man raises an invoice note to its customer, the accountant will record this transaction as debit to Accounts receivable, which flows through the balance sheet and counts as sales revenue. This is the example of how accounting transactions are recorded.
A bakery that has total labor cost as $10, $5 in raw material and total fixed cost is $490.
So, if the baker makes 100 cakes their fixed cost will be 1780.
Variable cost = (100*10) + (100*5) = $1500
Fixed cost = $490
So, the total cost will be 1990.
Calculus means “study of continuous change. In business there are many equations where one variable(x) is the function of another variable (y).As quantity demanded is the function of income or price. Supply and price, substitute and quantity demand, cost and quantity demand are some of the other variables.
Branches of Business Calculus
The main four branches of calculus are
Limit is the fundamental concept of calculus. It is the value that functions when input approaches some value. So in simple words it finds the value of a function at a given point.
It is the extension of one calculus variable to the function of several calculus variables. This operation will perfume only with more than just variables, that is because it is also called multivariable calculus.
It is similar to the algebraic slope. This tells the rate of change of curves. Or this determines the rate of change of y when one unit of x changes.
This branch of calculus is used to determine the area under the curve. This is opposite of the derivative.
If we want to find the price elasticity of demand or whether the elasticity has increase or decrease we will use the below formula
“ Price elasticity of demand = % change in quantity / % change in price “
Assume %change in quantity is 18% and %change in price is 9% then the price elasticity will be 2. As this is greater than 1 it is considered that it is highly responsive to the price of the product.
This is how calculus helps in business as well as economics to analyse various variables.
Economics is a study of given ends and scarce resources or we can say economics is about allocation of limited resources for production, distribution and consumption.
It is also the study of demand and supply forces.
Economics has mainly two branches
It is the study of individual and firms’ behaviour and their choices to allocate the resources. It deals with the study of people’s behavior, factors that influence their choice for the good and services that affect the demand and supply and price of any product.
Microeconomics variables that describe the behaviour of individual persons or a firm are price, quantity demanded, individual expenditure,consumption, quantity produced, input cost, wages and labour cost,individual investment etc.
Macro derived from the greek word “makro” meaning large. So it deals with the function , decision making, production and consumption of the economy as a whole i.e. at a large scale, or in other words we can say the other branch of economy where the variables are studied for a nation as a whole is known as macroeconomics.
Macroeconomics studies economic growth, national income, price stability, unemployment rate, international trades etc which help the government to analyse and make various decisions like national output or production, national income, fiscal deficit, net export, inflation rate etc.
Finance can be defined as a creation and management of money. It studies activities such as leveraging, budgeting, investing and banking. Finance plays a crucial role in making financial decisions such as how much money needs to be leveraged, asset allocation, to choose the best investment avenue for any company and also helps in determining the time value for money.
Branches of Finance:
Finance is such a broader concept that it is divided into three major branches that are
Personal finance studies and analyzes the financial position of an individual. The purpose of it for an individual is to meet their financial goals such as investment planning, retirement corpus, tax planning etc. but even in personal finance the whole financial industry takes part as to provide the financial services to individual households.
Saving money for a child's education, investing for long term capital appreciation etc activities are the part of personal finance. And it completely depends on the person's earning, their goals, their living standards, household expenditure etc.
Just like an individual requires financial management, corporations also require managing their finances. Corporate finance mainly includes the capital structure of a company, sourcing the fund and the main purpose of this is to maximize the value of shareholders funds and to analyze and utilize the financial resources.
Capital budgeting, working capital, inventory management, investment banking etc ate the part of corporate finance. This helps the management of the company to analyze and make decisions about the best available source of funds, adequate ratio of debt and equity, tax planning and also help in reducing the financial risk.
Public finance means how the government is managing their finance for an economy. The assessment of the government's total expenditure and revenue are called public finance.The main components of public finance are tax collection, expenditure, National debt, deficit or surplus, national budget.
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