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Lesson Posted on 26 Mar CBSE/Class 12/Commerce/Business Studies

Management as an art and science

Rahul Asati

Work in various project along with professor of delhi university *Worked in project prayas of raotarct...

Art is something creative , something that come from personalised application , varies from person to person because they apply their personalised experience, practice and creativity . Science is something that derived from logical experiment , straight forward rules form our county to anywhere in this... read more

Art is something creative , something that come from personalised application , varies from person to person because they apply their personalised experience, practice and creativity .

Science is something that derived from logical experiment , straight forward rules form our county to anywhere in this world .

No change at all weather applied at one person on another . In simple word it is static and can't be changed in any situations.

So know let's  compare the management with the art and science :

Common in art and science,

Systematic body of knowledge : In art and science there is a systematic books and study material to acquire knowledge of art and science , likewise in management also there and many book , also many courses which helps manager a lot to get knowledge of management.

AS AN ART

Based on practice and creativity : Practice makes a man perfect , this idioms is applied in every field weather he is any artists or manager , now creativity means something extraordinary or different which must be present in artist , same with management that's why different manager react in one situation differently . So this feature of art is present in MANAGEMENT

Personalised application : it means the application which was applied by individuals themselves and differs from person to person let's take example of singer every singer have their own style of singing , different tones etc .

Same case applied in terms of management , manager has to use his own personalised application and creativity to handle every situation.

As a science 

Based on repeated experiments : Scientific principle are based on several repeated experiments in different conditions.

Same in case of management principle they are derived after being in various situations.

Derived from logical experiment : Scientific principles are derived from logical experiment means it is objective and straight forward in all situation . But this is not in case of management principle as they are based on human being which vary from person to person , so this feature is not present in management .

Universal applicable : Scientific principles applied universally as it is formed without any change but this is not in case of management as it has to be applied on human beings and human behavior is dynamic and have to modify according to situation demands . So this feature of science is not present in management .

   

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Answered on 31 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Aravind Natarajan

The old partners have spent their time and effort and have contributed to the growth of the business. They have built a brand and loyalty among customers. This intangible reputation which has been established is termed as 'Goodwill'. It would be unfair of the new partner to enjoy all the benefits of... read more

The old partners have spent their time and effort and have contributed to the growth of the business. They have built a brand and loyalty among customers. This intangible reputation which has been established is termed as 'Goodwill'. It would be unfair of the new partner to enjoy all the benefits of the already nurtured brand and therefore they pay an amount as their contribution towards the firm's goodwill.  

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Answered on 15 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Where will you show purchase of computer in cash flow statement?

Dhiraj kumar

Tutor

Only in outflow of cash in Investing.
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Answered on 12 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

The ratio of current Assets (Rs. 600000) to current Liabilities (Rs. 400000) is 1.5:1.The Accountant... read more
The ratio of current Assets (Rs. 600000) to current Liabilities (Rs. 400000) is 1.5:1.The Accountant of the firm is interested in maintaining a current Ratio be 2:1 by paying off a part of Liabilities. Calculate the amount of Current Liabilities that should be paid. read less

Ankita G.

Tutor

Current assets/current liability = 1.5/1 Expected current ratio=2:1 So to get this Ratio by paying off some of the liabilities we need to know If current asset 600000 is equal to ratio 2 then current liability should be 2/2=1 i.e. 600000/2=300000 So liabilities to be paid off = 400000-300000=100000 read more

Current assets/current liability = 1.5/1

Expected current ratio=2:1

So to get this Ratio by paying off some of the liabilities we need to know 

If current asset 600000 is equal to ratio 2 then current liability should be 2/2=1 i.e. 600000/2=300000

So liabilities to be paid off = 400000-300000=100000

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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

There is no agreement regarding sharing of profits (or) partnerships salary. Rose is a whole-time partner... read more
There is no agreement regarding sharing of profits (or) partnerships salary. Rose is a whole-time partner whereas Lilly does not attend business regularly. Rose claims Rs 3,000 salary a month and 60% of balance profits Rs 24,600 Lilly advanced Rs 10,000 as loan and now she claims 10% interest. State how you will settle the accounts. read less

CA Sahil Goyal

Tutor

No salary to any partner. Profits will be shared equally. Interest on loan will be paid at 6% p.a.
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Answered on 12 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Is it possible for one hospital to have an income and expenditure account whereas another has a profit and loss account?

Kuldip Nahata

Accounts Specialist

BASICALLY IT DEPENDS ON WHAT PURPOSE THE HOSPITAL HAS BEEN BUILT. IF IT HAS BEEN REGISTERED AS A SOCIETY THAT INCOME AND EXPENDITURE ACCOUNT AND ON THE OTHER SIDE, IF IT HAD BEEN REGISTERED AS A COMPANY THEN PROFIT AND LOSS ACCOUNT.
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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Calculate the interest on drawings of Ramesh at 10%p.a for the year ended 31st Dec 2002 in each of the... read more
Calculate the interest on drawings of Ramesh at 10%p.a for the year ended 31st Dec 2002 in each of the following alternative cases: (i) If he withdraw Rs 6,000 in the beginning of each quarter. (ii) If he withdraw Rs 6,000 at the end of each quarter. (iii) If he withdraw Rs 6,000 during the middle of each quarter. (iv) If he withdraw Rs. 6,000 per quarter. read less

CA Sahil Goyal

Tutor

(i) 6000*4*10%*7.5/12 = 1500 (ii) 6000*4*10%*4.5/12 = 900 (iii) 6000*4*10%*6/12 = 1200 (iv) 1200 on average basis
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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

AX Limited forfeited 6,000 shares of Rs. 10 each for non-payment of First call of Rs. 2 per share. The... read more
AX Limited forfeited 6,000 shares of Rs. 10 each for non-payment of First call of Rs. 2 per share. The Final call of Rs. 3 per share was yet to be made. The Final call was made after Forfeited of these shares. Of the forfeited shares, 4,000 shares were reissued at Rs. 9 per share as fully paid up.Assuming that the company maintains â??Calls in Advance Accountâ?? and â??Calls in Arrears Accountâ??, prepare â??Share Forfeited Accountâ?? in the books of AX Limited. read less

Mukul S.

Management Professional

Date Particulars LF Amount Date Particulars LF Amount To Share Capital Account To Capital Reserve A/C To Balance c/d 4,000 16,000 10,000 By Share Capital A/C 30,000 read more
Date Particulars LF Amount Date Particulars LF Amount
 

To Share Capital Account

To Capital Reserve A/C

To Balance c/d

 

4,000

 

16,000

 

 

10,000

  By Share Capital A/C   30,000

 

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Answered on 02 Feb CBSE/Class 12/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

State the importance of directing function of management.

Sujoy D.

Tutor

1-Makes the organisation goal oriented. 2. Creates a motivated workforce. 3. Ensures conformity and facilitates Controlling and Coordination. 4. Initiates action. 5. It create adaptability. 6. Ensure employ discipline. read more

1-Makes the organisation goal oriented.

 

 

2. Creates a motivated workforce.

 

 

3. Ensures conformity and facilitates Controlling and Coordination.

 

 

4. Initiates action.

 

 

5. It create adaptability.

 

 

6. Ensure employ discipline.

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Answered on 18 Jan CBSE/Class 12/Commerce/Business Studies Tuition/Class XI-XII Tuition (PUC)

Define "Planning premises".

Deepa Meenakshi

Accounts And Economics Tutor

Planning premises describes the boundary within which planning needs to be done.
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