Category: Commerce Notes PPT

The main motive of every shop that you come across whether it is a small mom and pop shop you see to the big showrooms you come across is to make money. Everyone in this one wishes to make money, so are these shops. They may have a lot of thoughts in their mind and more motives also but everything ends up on making more money. So whether it is about a small shop or a big company it is all about making money to fulfil their own demands.

So, in order to fulfil their motive of making more money all the companies require to be logical and more realistic. For that they focus on this short production cost. Now what is this short production cost? Actually for  short production cost let us know first what is Short Run Production. Short run production can be completed taking in consideration the fact that one of the components or factors of the production is fixed. If we consider that why actually are we provided with this short term production or what is the necessary of having this short run production. So this short run production is basically tells about the physical ability of a production to produce, but it can be considered as an another way around too like you can say that the companies have these short run production just in order to fulfil the contracts that are in their hand at a time, that is, it is necessary to complete the contracts at a given particular time.

A contract doesn’t need to be a formal contract or a formal document or file or some really big official contract and all that. Even if you go to a coffee shop or pizza shop and order your delicacies and after having them you paid to the owner or to the person who served or provided you with this then in the eyes of economists this also comes under your contract. You can say that it comes under short production because see,, you went to the shop to order your delicacy and the person gets paid. He has the fixed production he provided to you and in return he received money that was his actual motive, that is, to get more money.

In order to get the knowledge of short term production it would be easy and advantageous for a firm to realize what Does this short term production comprises. This article below will give you the detail that you need to understand this short term production.

Short-run production costs mean that the quantity of one production factor or input remains fixed, while other factors may vary. In short run cost, production factors such as machinery and land remain unchanged.

On the other hand, other production factors, such as capital and labour, may vary. Hence, a firm may increase its productivity by expanding capital or labour. It is in this aspect that the short run cost differs from long-run costs. 

In long-run costs, there is no concept of fixed factors. In a more extended period, contractual wages, the general level of price, etc., are adjusted according to the state of the economy. No such adjustments can occur in the short run.

Different Types of Short Run Cost 

There are primarily three types of short run costs –

The total cost borne by a firm for the production of a given level of output is referred to as short-run total cost. It comprises two components – Total Fixed Cost (TFC) and Total Variable Cost (TVC). The short run cost is found out by adding the total variable cost with the total fixed cost. 

As the TFC remains constant, all changes in the short-run total cost are due to the changes in the total variable cost. 

The short run cost curve is depicted as –

()

Short Run Average Cost (SRAC) includes the cost of per unit output at various production levels of a firm. The calculation of average cost is done by division of the total cost of the produced units. 

The short-run average cost curve has a U-shape, which initially declines, then hits the minimum, and then increases. The short-run average cost curve is depicted below.

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The curve of SRAC shows the average cost for production within the short run. The Downward slope of the curve indicates that there will be an increase in output consistent with a decrease in the average costs.

The marginal cost is shown by any change in total cost when divided by the total output alterations. In such an instance, the short-run marginal cost includes variation in short-run total cost owing to output change.

In the short-run marginal cost curve, the short-run total cost is situated on the slope. It indicates the change rate in total cost for changes in output. It is the marginal cost that imparts information on whether additional units should be produced by the firm.  

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app is not going to provide you only with the basic details but it is going to give you a total insight for this topic short term production. You need to download the app and all of your confusions regarding this production cost will be cleared as this information that is provided to you is by the specialists  who design this information by keeping in mind the necessity of the students who are new at Economics and ate in the process of learning as well. If you are interested in increasing your knowledge, you can  go for the app now and surely you won’t regret it.

Human Resource Management plays a crucial role in managing organisational requirements and bringing talents to improve the business. In order to explain the definition of Staffing in HRM, it can be said that it deals with finding the right resources which help the company to grow. 

Staffing or recruiting process is an integral part of an organisation that also includes understanding the objectives of an organisation and choosing people who are fitted for the roles. The recruitment process involves choosing people as per the required knowledge, skill, talent, and creativity that meet company expectations. 

In small companies, usually, managers handle the staffing process while big companies possess separate departments for each activity, and HRM handles this particular process. Staffing in HRM and its revolution have gone through several changes as the requirements have been shifted over the years. 

A brief description of these changes has been stated below. 

Why is Staffing important in HRM?

The importance of staffing in HRM lies in the fact that an organisation needs people who are suitable for specific roles or positions. These job positions cannot be filled by any individual possessing a different kind of aspect, but by those who are experienced in that particular segment. 

Here comes the role of staffing where the department identifies those right people who are suitable for these roles and will be a significant help in helping the company to achieve its desired purpose. 

Some reasons why staffing is essential in HRM:

• Facilitates Control: Recruiting people who are well-versed with their respective roles helps the organisation to achieve goals instantly. They do not require much training sessions to understand plans and are always ready to cooperate whenever it is needed. Thus, the management is able to control the organisational functions smoothly with their participation. 

• Long-term Implications: The focus should be to recruit staff who understand the objectives and their job roles properly. Choosing the right people brings a lot of positive results and long-term implications since the organisation is appointing only those who are dedicated to their job. Therefore, the importance of staffing in HRM and its revolution should be understood and completed with the utmost care.

• Increasing Efficiency: The overall performance of an organisation depends on a lot of factors. These include planning the future goals, discussing them with the right people and managing them to get the work done. While choosing the right staff, a company automatically achieves efficiency as those people are equally passionate about the craft.

Staffing not only includes hiring the right people but also motivating them and getting the best output that would help in achieving an organisation’s objectives. This process essentially involves getting the work done by talented individuals who are eager to support the company to reach certain goals. 

Revolution in Human Resource Management

Over the years, Human Resource Management has witnessed several new changes that have eventually helped the organisation to evolve. With certain developments, a new set of rules, and different approaches, the hiring process has got a new dimension. Here are a few instances of the revolution one gets to see in HRM.

For an organisation to grow, it is important to provide recognition to the talented people and involve them in future plans. Discussing underlying problems with them and getting inputs can work wonder in accomplishing long-term goals. In order to help the organisation, achieve its desired outcome, it is important to evolve together as a team, and the employees should be identified as a valuable resource to begin that process. 

The conventional concept of labour welfare and personnel management was converted into Human Resource Management. A lot of developments have been introduced since then, which were also found in the industrial revolution. The concept of HRM and staffing process plays a vital role in bringing the right kind of resources that fulfil the organisation’s expectations.

Different calculations are specified in the accounting rules to provide for depreciation. The two most commonly used methods are the Straight Down Method and Written Down Method. The calculations have different individual suitability and aspects. A company chooses one of these methods to provide depreciation according to their requirement.

The Straight Line Depreciation Method

A straight-line basis is a method of calculating depreciation and amortization. Also known as straight-line depreciation, it is the simplest way to work out the loss of value of an asset over time. A straight-line basis is calculated by dividing the difference between an asset’s cost and its expected salvage value by the number of years it is expected to be used. In accounting, many different conventions are designed to match sales and expenses to the period in which they are incurred.

Companies use depreciation for physical assets and amortization for intangible assets such as patents and software. Both conventions are used to expense an asset over a longer period of time, not just in the period it was purchased. In other words, companies can stretch the cost of assets over many different time frames, which lets them benefit from the asset without deducting the full cost from net income. 

The Written Down Value Method

Written-down value is a method used to determine a previously purchased asset’s current worth and is calculated by subtracting accumulated depreciation or amortization from the asset’s original value. The resulting figure will appear on the company’s balance sheet. 

The Written Down Value method is a depreciation technique that applies a constant rate of depreciation to the net book value of assets each year, thereby recognizing more depreciation expenses in the early years of the life of the asset and less depreciation in the later years of the life of the asset. In short, this method accelerates the recognition of depreciation expenses systematically and helps businesses recognize more depreciation in the early years. It is also known as the Diminishing Balance Method or Declining Balance Method.

The Formula to Calculate Annual Depreciation as Per Straight Line Method

With the straight-line depreciation method, the value of an asset is reduced uniformly over each period until it reaches its salvage value. Straight-line depreciation is the most commonly used and straightforward depreciation method for allocating the cost of a capital asset. It is calculated by simply dividing the cost of an asset, subtracting its salvage value by the useful life of the asset.

The Straight Line Calculation Steps 

1. Determine the cost of the asset.

2. Subtract the estimated salvage value of the asset from the cost of the asset to get the total depreciable amount.

3. Determine the useful life of the asset.

4. Divide the sum of step 2 by the number obtained in Step 3 to get the annual depreciation amount.

The Straight Line Depreciation Formula for an Asset is as Follows

Annual Depreciation Expense = [frac{(Cost of the asset – Salvage value)}{Useful life of the asset}]

Where:

1. The cost of the asset is the purchase price of the asset

2. Salvage value is the value of the asset at the end of its useful life

3. The useful life of an asset represents the number of periods/years in which the asset is expected to be used by the company

Straight Line Method And Written Down – A Comparative Analysis

In the accounting glossary, the term depreciation is often used, for writing off the value of the asset over its useful life. It is nothing but a decrease in the value of the fixed asset because of continuous use, the passage of time, and technological obsolescence. There are nine different methods of calculating the depreciation of assets out of which the Straight-Line Method and written down value method is widely used. In the Straight-Line Method (SLM), an equal amount of depreciation is written off every year. Conversely, in the written down value method (WDV), there is a fixed rate of depreciation that is applied to the opening balance of the asset every year.

Further, the Analysis is Illustrated in the Following Points

1. A method of depreciation in which the cost of the asset is spread uniformly over its lifespan by writing off a fixed amount every year is the SLM method. While a fixed rate of depreciation is charged on the book value of the asset over its useful life in the WDV method.

2. To calculate depreciation, SLM applies to the original cost and the WDV method applies to the written down value of the asset.

3. The annual depreciation charge remains fixed during the useful life in case of SLM. In the WDV method, it reduces every year.

4. The value of the asset is completely written off in SLM but the WDV value is not completely written off.

5. The amount of depreciation in SLM is initially lower. In WDV, it is initially higher.

6. The impact of repairs and depreciation on P&L A/C is on an increasing trend in SLM while the impact remains constant in WDV.

7. SLM is appropriate for assets with negligible repairs and maintenance like leases, copyright. In WDV assets whose repairs increase as they get older like machinery, vehicles, etc.

To summarize, in a straight-line method, depreciation is calculated on the original cost. On the other hand, in the written down value method, the calculation of depreciation is based on the written down value of the asset. The annual depreciation charge in SLM remains fixed during the life of the asset.

Straight Line and Written Down Method

Students must have got a proper understanding of what are the different types of methods of depreciation accounting. 

The straight line and written down method have been discussed above in detail. These paragraphs talked about their definitions, methods, formula, steps to calculate and the analysis statement. 

Some students might find it a difficult task to select a strategy that would work for a subject like Accountancy that has both practical and theoretical concepts. 

To aid them with proper guidance and advice, we’ve listed a few points which the students may follow to ace their preparation for Accounts. Read ahead! 

You would be able to understand 70% of the text while reading a theoretical subject like business studies whereas accountancy involves both theoretical and practical topics and it takes time to understand them. But that never means that you won’t be able to understand, try once, twice, and even more. You can skip some parts of the text too and move ahead but make sure that you understand the concept behind every question. 

You cannot excel in the subject without understanding ‘why’ it is being studied. As you read more, you’ll be able to know the logic behind what you’re reading. Hence, students shall believe in extensive reading. They are also advised to focus more on conceptual learning so that they can give logical resonance to everything that they do, in terms of accounting. 

Just knowing why you’re studying accounting won’t let you understand how it works. Solving more problems will make your concepts clear and enhance your knowledge, hence making it easier for you to understand which concept should be applied to a particular problem. Students are, therefore, advised to keep their spirits high and put their hands on more and more practice sums. 

It is important to revise what you’ve already studied in the previous unit before moving further to the next part. It would’ve worked well in the case of business studies if you study well at first and revise a few days before the exam but in accounting, it’s not the same. Regular effort is required before starting the next topic, what’s more, important is whether you’re clear with the previous topics or not. Hence, students shall be regular with their studies and ensure a proper understanding of every topic that is a part of their syllabus.

We often have a habit of checking solutions while attempting examples and it surely helps in achieving the accurate answer but it would be more beneficial if we do homework without referring to any textbook/ notes as it will help our brain work and think with a wider aspect, also it will help us gain confidence. Try not to refer to your notes until you try your best.

We usually solve the whole question but forget the format of accounts. Format carries marks’ weightage and also, is an important part of accounting as a subject. You should be familiar with all the formats that are used in every question.  

If you’re new to this subject, you might have so many doubts but it’s okay! There’s nothing to hesitate. Instead, you should ask your teacher if you’re having any difficulty while understanding any of the topics. 

To conclude, students shall not believe the myths of one subject being easy and another difficult. You shall always try to divide your time according to the requirements. Being a student, it becomes your responsibility to ace learning and carefully decide the subject mix. 

Lastly, remember that you have to keep going despite the number of challenges that encounter you. 

Frederick Winslow Taylor laid out a few principles, which show that the implementation of scientific management can increase the overall efficiency of the business. He brought about a revolution in the conventional methods of administration.

 

F.W. Taylor published his principles of scientific management theory through a monograph in 1911. He was one of the intellectual leaders who applied his engineering methods to create a specialised branch of engineering, known as industrial engineering.

 

Taylor’s vision lay in transferring control of work from the worker’s hands to the management. He believed that by adhering to his principles, an organisation could earn substantially higher than from following conventional management practices.

 

The scientific methods helped in creating revolutionary ideas for a business, such as training of employees, proper staffing, etc. 

 

Fun Fact: F.W. Taylor is known as the ‘father of scientific management.

Historical Considerations

Frederick Winslow Taylor was one of the first of these thinkers. He was the founder of the Scientific Management movement, and he and his colleagues were the first to scientifically investigate the work process. They looked at how people did their jobs and how it affected their productivity. Taylor’s theory was based on the idea that forcing individuals to work as hard as they could was inefficient compared to improving the way they worked.

 

Taylor’s book “The Principles of Scientific Management” was published in 1909. He claimed that increasing productivity might be achieved by streamlining and simplifying jobs. He also promoted the idea of workers and managers cooperating with one another. This was a significant departure from how work was normally done in firms in the past.

About Fredrick Taylor

• Frederick Winslow Taylor was born in Philadelphia, Pennsylvania, in 1856 and died in 1915.

• Taylor studied and travelled throughout Europe as a youth before enrolling at Phillips Exeter Academy in New Hampshire in 1872.

• He was admitted into Harvard Law School after graduation but was unable to go owing to bad eyesight.

• Taylor then worked in different manufacturing-related jobs instead of going to university, finally earning a mechanical engineering degree from Stevens Institute of Technology in 1883 and becoming Chief Engineer at Midvale Steel Works in Philadelphia.

• He became General Manager of Manufacturing Investment Company after resigning in 1890 but departed in 1893 to pursue a career in engineering management consultancy. Taylor served as President of the American Society of Mechanical Engineers from 1906 to 1907 and then became a professor at Dartmouth College’s Tuck School of Business.

• Taylor’s book “Principles of Scientific Management,” published in 1911, is his most famous work. He introduced various management concepts based on the scientific method that might improve the efficiency and productivity of industrial settings in this book.

• Taylor is renowned as the “Father of Scientific Management,” sometimes known as “Taylorism,” as a result of his work.

Reason behind Scientific Management

Because of insufficient capacity and/or education, Taylor felt that workers should be focused on labour, while managers should be held accountable for optimising performance. Workers, in particular, would profit from this approach since it would result in higher salaries, shorter working hours, and better work and home conditions. While Taylor’s Theory of Scientific Management has a reputation for being cold and impersonal, this is not the case; his philosophy had good intentions for everyone, and the difficulties stem from inadequate implementation.

What are the Principles of Scientific Management?

In a broader sense, Taylor principles of management is a set of theories that dismisses those traditional ways and rule-of-thumb techniques of managing the workforce. It accepts the application of scientific methods to provide solutions to managerial problems.

It works based on the five principles of management. These include:

1. Scientific ways, instead rule-of-thumb method: Taylor believed that instead of using conventional methods, all industries should adopt the scientific techniques for essential management decisions. According to him, even the smallest activity can be done through proper scientific planning instead of rule-of-thumb.

Now, what is a rule-of-thumb method? It is a principle that provides simple advice that should be followed in almost all situations. This method develops as a result of experience instead of proper technical research.

Under Taylor’s scientific management theory, decisions are made based on the application of these methods to a problem. He believed that management should make decisions based on cause and effect relationships instead of traditional opinions.

2. Harmony without any discord: F.W. Taylor indicated that there should be complete harmony between management and its labourers. He believed that it would increase the workflow in an organisation. A clear understanding can bring efficiency to work and create a harmonious relationship between the two components.

According to him, an organisation can increase its productivity if it reduces disputes with the labourers. Workers should not be over-burdened with the workload, and businesses should understand their requirements.

3. Mental Revolution: Under this principle, both the management and the workers should change their mental approach towards each other. The adoption of scientific methods would bring about a complete shift in the attitude of both the organisation and its employees. He believed that without a mental revolution, there is no scientific management.

The most significant change can take place when an organisation matches their vision with workers. To him, a business can increase its potential when both the top and lower levels of management share similar perspectives.

4. Coordination between management and workers: Under the Taylor scientific management, there should be complete cooperation between the administration and its workers. It can result in optimum output when a business goes hand-in-hand with its employees.

Both the managers and workers should understand each other’s requirements and work in collaboration. Taylor believed that an individual alone could not optimise the efficiency of work. It requires teamwork, and proper coordination between the different layers of management to increase productivity.

5. Optimum output: The principle states that any organisation’s growth depends on the skills of its workers. Thus, the scientific approach believes in proper staffing and employee training to maximise output.

The aim of both the management and its workers should be optimising output. Maximum output results in increasing the profits for any business, and it will ensure benefits to both the administration and its workers.

What is the Importance of Scientific Management?

Taylor’s principles of management are known worldwide due to their undeniable significance in the field of management. Some reasons have been explained below:

• These principles direct businesses to properly allocate their resources and earn maximum profits.

• It ensures quality management and allows a business to strengthen its relations with employees.

• These guidelines ensure that a business can increase its productivity by scientifically directing all employees toward the desired objective.

Conclusion

F.W. Taylor published his principles of scientific management theory through a monograph in 1911. He believed that by adhering to his principles, an organisation could earn substantially higher than from following conventional management practices. Taylor’s theory was based on the idea that forcing individuals to work as hard as they could would be inefficient compared to improving the way they worked.

The story of Palampur deals with a few fundamental concepts regarding production, and that has been depicted through a hypothetical village named Palampur. In the first part, you will get an introduction to the village, all the places that are connected to it, transport system, number of families, etc. 

As this story progresses, you will get a hold of the production part, different concepts regarding that, a few instances excerpted from the villages and also the process of farming.

Details from the Introductory Part of Village Palampur Class 9

In this story, it is mentioned that Palampur has around 450 families and people residing there are from different caste and creeds. Those people are solely dependent on farming, and around 80 families from the upper caste possess the maximum portion of land in that village. 

All the tube wells are connected with electricity and are used in small businesses, different kinds of transports are available as well, there is a health care centre for any sort of primary emergency, houses have sufficient electricity as well.

Since small businesses require electricity on a daily basis, the Government takes enough care of this part to make it convenient for those small business owners. All these instances like sufficient electricity, ease in transportation, health care centre and a private dispensary to help these villagers, etc. have made Palampur quite well-developed. 

Production Stages 

In this story, production requirements have been mentioned along with all the resources. It requires getting the work done. In terms of production requirements, there are four factors that matter, such as land, labour, physical capital, and enterprise, and among them, the most important factor remains land. 

All the natural resources such as water, minerals, forests are also part of the first factor and mandatory to keep the production going. In the case of labour, depending upon the type of work, one may require hard working labourers or highly educated people to finish that specific task. And, the third requirement being physical capital, it includes all kinds of capital such as fixed capitals like tools, buildings, machines, etc., working capital like money and raw materials, etc. 

Apart from all these, this production process also requires proper knowledge, and enterprise to utilise all these resources and make something worthy. In the story of village Palampur Class 9, all of these important factors of production have been elaborated, including the human capital, which is equally vital. 

Farming: Main Production Activity 

In the village of Palampur Class 9, you can find this story revolving around different kinds of production activities, such as farming and non-farming activities. Farming is the main activity one can witness here as the majority of people depend on this for a sustainable living. However, there are some non-farming activities mentioned as well, like small-scale manufacturing (for instance weaving, pottery), transport, dairy, etc.

Changes Required in Farm Activities:

Even though agricultural areas are limited, farmers have managed to make fair use of those small portions, and barren land has been developed for this purpose as well. Over the years, multiple changes have been made in order to improve the concept of farming and that have helped the cultivators to produce crops even in that limited amount of land. From the story of village Palampur images, one can get a hold of all these important aspects of farm activities. 

Some Changes that Have Helped the Farming Process Grow are-

• Multiple-cropping farming which involves growing one crop within a year on a particular agricultural area.

• Inculcating modern farming methods to make it easier for the farmers.

In the later part of the story of village Palampur, one can come across the Green revolution, which was initially considered as a turning point. This phase also made an impact on the agricultural lands due to the excessive use of chemical fertilisers. Soil fertility was hampered due to this, even use of groundwater for tube well irrigation also impacted the water-table and reduced it below the ground. 

Entrepreneurship in a particular field means these two phenomena – Training and Development. Though training is the initial step, development is an ongoing process.

In this subject, we will limit our discussion on the process of entrepreneurship with these two aspects particularly.

Training and Development 

Entrepreneurship development is the basic process of improving the skills that are already set in the initial stage while training. Development of knowledge is quite important for the entrepreneurs while they are focused on the skills. This can be initiated through various methods such as the classroom sessions or arranging of training centres specially designed to enhance the skills and increase the entrepreneurial shrewdness.

The process of modifying the capacity to develop, manage, and organize business conduct while keeping in mind the uncertainties associated with the same. Entrepreneurship Development is nothing but assisting the entrepreneurs to develop their skills through training programmes that instils in them the rich quality decisions in their arena of business.  

Learning and Development

The workforce has been continually striving because of a number of factors. In an increasingly competitive business, the rise of complexity, and the digital revolution are all shaping up the employees. A wide variety of workforce needed with a shorter shelf life for acquiring the knowledge have initiated a need for reskilling and also upskilling. 

Thus, all these have elevated the importance of the learning-and-development function. Learning and Development are better to be understood by strategies formulated, Abbreviated as L&D, the primary responsibilities of L&D is to manage and develop the people. L&D’s strategic role spans five areas –

1. Attract and retain the talent of the people.

2. Develop capabilities among the people.

3. Create a values-based culture.

4. Build an employer brand.

5. Motivate and engage employees.  

Personality Development Course

Personality development course covers various dimensions and importance of effective personality. It helps to understand the personality traits and formation of those personalities. This is a vital contribution to the world of business as this course makes the students aware of the various dynamics of personality development. 

These kinds, of course, aim to cause a basic awareness about the significance of soft skills in professional and interpersonal communications and facilitate the all-round development of the personality of an individual. Soft skills can ensure a person to retain it, climb and reach further to achieve excellence, and this derives fulfilment and joy. Here various communication skills, positive attitude, emotional intelligence, social grace are all dealt within.

Leadership Development Training

Leadership is all about managing the people. Evolving great ideas and a strategic vision is not only the key if the employees aren’t willing to follow the leader. 

Provided in the following are seven key leadership skills which all the entrepreneurs should develop –

1. Develop a Strategic Vision

Passion for a great business idea is not the only ingredient to succeed in business. A strategy for the company is essential to devise. 

2. Communicate with Transparency

Share the success as well as failures stories with the people working in the business. Information transparently transmitted gives a context and also a sense of belonging to the company.

3. Spot and Retain the Best Talent

Business is successful as the people working in it are worth the credit. Successful companies are created by talented, hard-working people. They should be spotted and recognised for their best talent.

4.  Know-How and When to Delegate

Entrepreneurs should maintain a healthy ego. There should be a balance in delegating the responsibilities as well as taking account of the same.

5. Lead by Example

Be honest and ethical in approach and thus lead an example through that.

6. Ask for Advice

Impartial and professional advice is required to seek in order to grow in the business.

7.  Develop Leaders

Leadership should start right from the top of the organization, but leaders not necessarily will come from positions of power.

Professional Development Courses

Professional Development may be used to mean a variety of specialized training, formal education, or advanced professional learning that is intended to help the administrators, teachers, and other educators improve their professional knowledge, their competence level, skill, and effectiveness in the business world. 

This term is also used in education contexts without qualification, without specific examples, or any additional explanation, however, it may be complex to determine what “professional development” is referring to. This can simply be meant how one professes professionally with better skills and knowledge in his own arena.

Entrepreneurial Training and Development is somewhat can be said is required in each step of the business as the business world is ever-changing and ever-evolving.