09Sep 2018 by admin

Useful Notes on the “Law of Supply”

Industry
The law of supply shows a direct relationship between price and supply of a commodity. The law states that as the price of commodity increases, the quantity of the commodity supplied per unit of time increases and vice-versa, assuming all other factors influencing supply remain unchanged. In this statement, change in price is the cause and change in supply is the effect. Thus, price rise leads to supply rise and not otherwise.The relationship between price and supply can be shown by drawing the supply curve. The supply curve for a product depicts the direct relation between the price of that commodity and the quantity, producers wish to supply at that price. ADVERTISEMENTS: This curve can be drawn by preparing supply schedule, which is a tabular statement that gives different prices…
Read More
09Sep 2018 by admin

5 Important Techniques Used in Capital Budgeting–Notes

Accounting
A number of capital budgeting techniques that are used in practice are (Fig.24.1): 1. Pay Back Period Method: The payback period is the length of time required to recover the initial cash outlay of the project. It can be calculated as follows: ADVERTISEMENTS: Payback Period = Cash Outlay/Annual cash inflowThe method can be understood as follows:If a project involves a cash outlay of Rs. 1,50,000 and Rs. 2,00,000 in the first, second and third and fourth years respectively. It’s payback period is 4 years because the sum of cash inflows during 4 years is equal to the initial outlay. When the annual cash inflow is a constant sum, the payback period is simply the initial outlay divided by the annual cash inflows.For example, a project which has an initial cash…
Read More
09Sep 2018 by admin

What are the different forms used to maintain Stock Records?

Accounting
Stock records are maintained in the following different forms:1. Bin card2. Stores ledger ADVERTISEMENTS: 3. Stock identification card4. Materials received note5. Materials requisition slip6. Materials returned slip ADVERTISEMENTS: 7. Materials transfer note8. Damage/shortage/excess report9. Daily receipt voucher10. Package slip. 1. Bin card: ADVERTISEMENTS: A bin card is said to be mirror of the bin which depicts the quantity materials stored therein. It tells the history of the bin. If functions as materials movement record and as a replenishment index. It is a brief version of the stock ledger pertaining to an item and serves the purpose of a ready reckoned for the item binned therein. The bin card serves the following purpose:(i) It is a check on the stock ledger recording.(ii) It helps in verifying the stock.(iii) It is a…
Read More
09Sep 2018 by admin

5 Important Steps in Purchasing and Receiving Procedure of Materials

Accounting
Purchasing procedure varies with different business forms, but all of them follow a general pattern in the purchase and receipt of materials and payment of obligations. The important steps in purchasing and receiving procedure are as follows (Fig.9.1). STEP-I: Purchase Requisition: A form known as purchase requisition is commonly used as a formal request to the purchasing department to order goods or services. The purchase requisition serves three general purposes:1. It fixes the responsibility of the department/ personnel making the purchase requisition. ADVERTISEMENTS: 2. It can be used for future reference.3. It automatically starts the purchasing process and informs the purchasing department of the need for the purchase of materials.Usually, purchase requisitions are prepared by the storekeepers for regular stores items which are below or approaching the minimum level of…
Read More
09Sep 2018 by admin

What are the Main Applications of Production Possibility Curve?

Industry
Any point on the PPC implies existence of full employment and full efficiency, but production of a combination below the PPC, at a point say A, implies existence of either unemployment or inefficiency. Refer to point A in Figure 1.3.Given full employment, it implies existence of inefficiency at point A. Alternatively, given full efficiency, the combination produced at this point implies existence of unemployment. The problems of unemployment and inefficiency can, thus, be investigated with the help of these curves. ADVERTISEMENTS: PPCs help to investigate the problems of growth and development also. In Figure 1.4, let FF be the production possibility curve for the year, say 2002 and let F’F’ be that for the year 2003. Since F’F’ is above FF at all levels of output of the two goods,…
Read More
09Sep 2018 by admin

Difference between Hybrid Structure and Matrix Structure of Departmentalization

Decision Making
Difference between Hybrid Structure and Matrix Structure of Departmentalization are described below: Hybrid Structure: This structure is a form of departmentalization, which combines both functional and divisional structure. Particularly large organizations adopt this structure to gain the advantages of both functional and divisional structures. ADVERTISEMENTS: Functional structure gives the benefits of economies of scale, in-depth expertise and resource utilization efficiencies, whereas, divisional structure gives the benefits of specialization of products, services and markets. In India, the most of the public sector units and departmental undertaking like railways, etc., follow this structure. A typical hybrid structure of an organization is illustrated below:Hybrid structure gives the benefit of specialized expertise and economies of scale in prime functional areas. It facilitates adaptability and flexibility in handling diverse product or service lines, territories, differing…
Read More
09Sep 2018 by admin

Efficient Cropping Systems for Different Agro-climatic Zones of India

Management
Efficient Cropping Systems for different Agro-climatic Zones of India: Agro-climatic regionSoil typeCropping systems 1. Western Himalayas (cold-arid) Jammu and Kashmir, Ladakh PlateauShallow, sandy to loamyRice-Potato-Wheat 2. Western ADVERTISEMENTS: Kachchh and part of KathiawarDesert and saline soilsSorghum-wheat-millet,Maize-Green manureMaize-wheat-sorghum 3. Deccan plateau (hot-arid) ADVERTISEMENTS: Andhra Pradesh, KarnatakaRed and black soilsPigeon pea + sorghum/ groundnut cotton-millet-sorghum 4. Northern plains and central highlands (semi-arid) Gujarat, Haryana, Madhya Pradesh, Punjab, Uttar Pradesh, RajasthanAlluvium derived soilsMaize-green manureRice-wheat-Maize-wheatCotton-wheat 5. Central highlands Gujarat plains Kathiawar penisula (hot semi-arid)Medium deep black soilsGroundnut-wheatRice-sugarcaneRice-wheat 6. Deccan plateau (hot-semi-arid)Shallow and Medium black soilsPearl millet-potato-cotton Cotton-millet-sorghum, Deccan plateau and Eastern ghats (hot- semi-rid)Red and black soilsSorghum-safflower cotton-millet Pigeon pea-sunflower 8. Eastern ghats, Tamil Nadu uplands and Deccan plateau (hot semi-arid)Red loamy soilsRice-Rice-pulses cotton-groundnut Groundnut-sorghum 9. Northern plain (hot sub humid)Alluvium derived soilRice-wheat, Maize-wheat,…
Read More
09Sep 2018 by admin

566 Multiple Choice Questions with Answers on Thinking and Problem Solving – Part 5

Strategy
566 Multiple Choice Questions (MCQs) with Answers on “Thinking and Problem Solving” for Psychology Students – Part 5:401. According to Jean Piaget, preoperational children are: (a) Egocentric ADVERTISEMENTS: (b) Social(c) Flexible(d) Complex402. Some psychologists suggested that the speed with which cognitive units or knowledge can be retrieved from long term memory im­proves with age, making it possible for older children to integrate more old and new in­formation during the process that is called: ADVERTISEMENTS: (a) Working memory(b) Short-term memory (STM)(c) Rote memory(d) Long-term memory (LTM) ADVERTISEMENTS: 403. Short-term memory (STM) lasts about: (a) 20 Seconds(b) 30 Seconds(c) 15 Seconds(d) 10 Seconds 404. A larger working-memory capacity makes it possible to solve more complex problems. With the development, there is: (a) Growth in the ability to hold information in working memory.(b)…
Read More
09Sep 2018 by admin

Psychology Question Bank – 556 MCQs on "Behaviour" – Part 3

Management
556 Multiple Choice Questions (MCQs) with Answers on “Behaviour” for Psychology Students – Part 3:201. By pleasure principle and reality principle, Freud tried to explain: (a) Two similar forces of human mind ADVERTISEMENTS: (b) Two similar heirs of human mind(c) Two opposing forces of human mind(d) Two main concepts of psychosexual genesis(e) None of the above ADVERTISEMENTS: 202. The id, the unconscious motives and the instinctive tendencies are purely guided by the: (a) Reality Principle(b) Pleasure Principle(c) Oedipus Complex ADVERTISEMENTS: (d) Socialization process of the human being(e) None of the above203. Freud emphasized that the theory of psycho- sexual genesis is concerned with the frus­tration of the basic urges of the individual during: (a) Adulthood(b) Adolescence (c) Old Age(d) Childhood(e) None of the above204. Otto Rank said that after birth,…
Read More
09Sep 2018 by admin

Essay on Biodiversity Conservation

Management
Our ecosystem involves complex interlocking of individual species which have evolved over millions of years. In this complex jig-saw puzzle kind of framework, the loss of any species has a significant impact on the remaining species. There is a danger of collapse of the ecosystem with some key pieces being lost.Bio-diversity actually refers to the whole set of life forms that exist on this earth. Varieties exist at genetic as well as species level. Genetic meaning that there are genetic variations between individuals of same or different populations of the same species. Variety at the level of species means existence of different species that are inter-related by taxonomy. Ecosystem diversity or biodiversity is thus clearly not definable as there are not distinct boundaries between the ecosystems and they merge into…
Read More