Accounts Essay

1911 words - 8 pages

Accounts AssignmentIntroductionAs the Indian economy grows, more and more companies will compete amongst themselves and internationally; success will come to those who are able to take intelligent decisions within the time frame. In order to take appropriate decisions management has to be armed with knowledge of the company's internal working; this is where management accounting comes in picture. It can be defined as the "branch of accounting which deals with presenting and providing accounting information to the management in such a systematic way that it can its managerial functions of planning, controlling and decision making in an effective and efficient manner." (Bhattacharyya, 2011) The crux of the definition is that management accounting is a decision making support system.The aim of this report is to study the practical application of management accounting. For the purpose of research a private organisation has been selected and via interview information has been collected on the company's practices.Selected OrganisationHi-Tech Butterfly Valves India Private Limited was established in the year 1998 and within fourteen years of operation it has become one of the leading manufacturers of Valves. It is located in Pithampur, the industrial hub o f Madhya Pradesh.The management of the company believes that quality and constant innovation are the keys to success. Hi-Tech supplies in some major industries like Birla Copper, Essar Steel, Tata Steel, Tata Chemicals and Reliance Industries etc. Mr. Om Sharde is the head of the finance department; he was the point of contact for this report.Cost Accounting in the CompanyElementarily, costing can be defined as the technique or process of deducing costs. Ascertaining the costs of various inputs is one of the most important duties of a financial manager. Cost accounting is an integral part of management accounting since it is a requisite for calculating the profit margin. It also helps in taking informed decisions about cost control and cost reduction. If the management is aware about the various cost centres of the company, it can work accordingly on reducing wastages and inefficiencies. (Drury, 2008)There are many ways to classify costs; below stated are the three most popular classifications.Classification of CostAccording to Functions According to Behaviour According to NatureResearch and Development Costs Selling and Distribution Costs Administrative Costs Production Costs Semi-Variable Cost Fixed Cost Variable Cost Direct and Indirect Expenses Direct and Indirect Labour Direct and Indirect MaterialsHi-Tech Butterfly Valves bifurcates its cost in two sub parts Fixed costs and Variable Costs. Fixed expenses are the cost which remains same regardless of the level of production like rent, staff salary, and depreciation etc. An important aspect of fixed cost per unit is that it varies inversely with the level of activity; as the volume of production increase, the per unit cost decreases. On the other...

Find Another Essay On accounts

"Greek, Mesopotamian and Biblical Accounts of Creation."

956 words - 4 pages Greek, Mesopotamian and Biblical Accounts of CreationPerhaps many are well-acquainted with "the glory that was Greece." While Greece may have been quite glorious, when it comes to creation stories, they have to share their glory with many, many others. The Greeks were not the only ones with an explanation of how this world came into being, and what man's purpose is in the world: the creation myths of Hesiod and Homer are up against much

Sociological Accounts on Individuals Acquiring Their Identities

850 words - 3 pages Sociological Accounts on Individuals Acquiring Their Identities The concept of identity has been defined as 'A sense of self that develops as the child differentiates from parents and family and takes a place in society' (Jary and Jary, 1991.) Through the process of socialization, individuals acquire their identities, but this issue cause different understandings according to sociological accounts. Here, I will show

Accounts of Eros in the Plato's "Symposium"

1797 words - 7 pages nights ago. It is customary to drink much wine at these gatherings, however, every one present is too weak from the night before. (Nehamas & Woodruff, pg. xiii) So a proposition is made, by Phaedrus, to properly give praise to the god Eros, and speak on the topic of love. It was their opinion that no poet has yet been able to properly do so. (Nehamas & Woodruff, pg. 7) There were a total of seven accounts given in praise of eros, by seven

Interest Earned on Lawyers Trust Accounts

1622 words - 6 pages Lawyers in Australian Society – Assignment 1.The following essay will discuss the ethical use of trust accounts and the interest that these accounts earn. It will examine who this interest belongs to. Two ethical theories will be employed to analyse this moral and ethical dilemma, the theories being the teleological and deontological approaches to moral decision making as discussed by moral philosopher Thomas Aquinas.Any money solicitor

Compare the accounts of two major supermarkets

3287 words - 13 pages Introduction to ReportThe attached report will analyse and compare the financial status of two UK supermarkets, Morrisons plc and Somerfield plc, for a potential investor who wishes to become a minor shareholder in one of the two company's. To perform this investigation the 2002 financial accounts of both company's have been used, this information will also include the financial data from the 2001 period, for further comparison between years

Firsthand Accounts of World War I

2163 words - 9 pages entirely new and unfamiliar. In this anomalous environment, a range of first hand accounts have emerged, detailing the events and experiences of the authors. For instance, both the works of Ernst Junger and Erich Maria Remarque emphasize the frightening and inhumane nature of war to some degree – more explicit in Jünger’s than in Remarque’s – but the sense of glorification, heroism, and nationalism in Jünger’s The Storm of Steel is absent in

Behavioral Accounts and Treatments of Problem Gambling

2337 words - 9 pages is going to examine and compare different treatments.Behavioral Accounts and Treatments of Problem GamblingResearch done by the State Government of Victoria (2004) has described the clients attending Gambler's Help problem gambling counseling services during the period 1 July 2001 to 30 June 2002. The report shows that a total of 4,461 new clients registered between 1 July 2001 and 30 June 2002, representing an increase of 18.3 per cent for women


799 words - 4 pages The analyzed source document entitled The Accounts of The Arab Conquest of Egypt, 642, was written around the tenth century by Sawirus ibn al-Muqaffa, a Coptic Bishop located in al-Ashmunein in upper Egypt. The piece recounts a dream by Roman Emperor Heraclius (c. 575-641), the movement and eventual occupation of the Muslim army in Egypt, the battles fought, the posture of Islam with regard to the predominant Christian presence, the conquest of


776 words - 4 pages This remarkable source document was reviewed in English through an internet based medieval source book. I selected this particular document because of our extensive study regarding the rise of Islam and, its movements throughout the Arab and Western worlds. The author of the original Coptic (hieroglyphic form of writing) piece entitled, The Accounts of The Arab Conquest of Egypt, 642, was a Bishop of al-Ashmunein in upper Egypt, between al-Minya

Analyzing Historical Documents: The Haitian Revolution, Eyewitness Accounts

2051 words - 9 pages rebellion in the Western Hemisphere, and in 1803, Haiti became the first country to gains its independence and be governed in the Americas by people of African ancestry. The Haitian Revolution completely transformed Saint Domingue, one of the most prosperous colony in the Caribbean. Considering the importance of the Haitian Revolution, it is unfortunate that there are few accounts of what was happening during the time. Yet, three very important

Accounts of Miracles and Their Support of Belief in God

841 words - 3 pages Accounts of Miracles and Their Support of Belief in God The definition of a miracle is a violation of the "laws of nature", it is an exception that is beyond all naturalistic explanations, meaning they must be explained supernaturally. So do accounts of miracles support the belief in God? Firstly, one must decided whether there is sufficient evidence to prove the existence of

Similar Essays

"Accounts Settled" Essay

465 words - 2 pages Accounts SettledIn the book, Accounts Settled, there is only one major character named Gordon. Gordon is seventeen, six feet tall, and has the beginning of a beard. The main setting is in a forest-filled valley that is a mile from Gordon's home. The story does not give a specific date but the most logical time this story takes place is in the winter during the early 1900s.The inciting incident in the story is when Gordon's dad came down with flu

Individual Retirement Accounts Analysis

1112 words - 4 pages As a student I have conducted analysis pertaining tax reform, specifically focusing on Individual Retirement Accounts. The analysis covers the current state of the tax environment, reviews possible solutions and proposes a set of recommendations to deemed to be most simple, equitable and economically efficient. The current tax structure for individual retirement accounts in the United States is plagued by the lack of incentives offered to

Administration Credit Accounts Receivable Essay

1245 words - 5 pages CREDIT ACCOUNTS RECEIVABLEFUNDAMENTOS TEORICOS THEORETICAL FOUNDATIONSEl crédito forma parte del activo en toda empresa, y su objetivo fundamental (beneficio) es incentivar las ventas, su costo es el riesgo que corre la entidad al dar crédito (probabilidad de que los clientes potenciales no cancelen el crédito o lo cancelen en condiciones diferentes a las establecidas, como por ejemplo: otro plazo, pagar de otra manera, etc

Slavery And First Hand Accounts Essay

704 words - 3 pages will support my argument because it shows that slavery is wrong. A free man gets kidnapped and becomes a slave which show that slavery is cruel and not right. A person shouldn’t get captured and not be able to live their life freely because there a slave. Also websites of first hand accounts of slaves. Next, is a website page that talks about slavery. This resource talks about 1770-1830 slavery in the US. It explains that in the southern