SUBJECT:- International Business

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INDIAN SCHOOL OF BUSINESS

MANAGEMENT & ADMINISTRATION

 

AN ISO 9001 : 2008 CERTIFIED INSTITUTION

 

 

SUBJECT:- International Business

 

MARKS :80

 

 

Course : BMS (Bachelors In Management Studies)                          

 

 

Answer the question in one line.

 

Q1. What is meant by Technology? What is its influence on business? (10 marks)

 

Answer:Technology is the collection of techniques, methods or processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation. Technology can be the knowledge of techniques, processes, etc. or it can be embedded in machines, computers, devices and factories, which can be operated by individuals without detailed knowledge of the workings of such things.

 

The human species’ use of technology began

 

 

 

Q2. What are the functions of WTO? (10 marks)

 

Answer: The WTO secretariat, based in Geneva, has around 600 staff and is headed by a Director-General. Its annual budget is roughly 160 million Swiss Francs. It does not have branch offices outside Geneva. Since decisions are taken by the members themselves, the secretariat does not have the decision making the role that other international bureaucracies are given.

 

The secretariat s main duties to supply technical support for the various councils and committees and the ministerial conferences, to provide technical assistance for developing countries, to analyze world trade and to explain WTO affairs to the public and media. The secretariat also provides some forms of legal assistance in the dispute settlement process and advises governments wishing to become members of the WTO.

Objectives:

 

 

 

Q3. What is international business environment? (10 marks)

 

Answer: The international business environment can be defined as the environment in different sovereign countries, with factors exogenous to the home environment of the organization, that influences decision-making on resource use and capabilities. This includes the social, political, economic, regulatory, tax, cultural, legal, and technological environments .

 

The political environment in a country influences the legislation and government rules and regulations under which a foreign firm operates. Every country in the world follows its own system of law and a foreign company operating within it has to abide by these laws for as long as it continues to operate there.

 

 

Q4. How cultural factors do influences international business? (10 marks)

 

Answer:To begin with, language is one of the most significant factors that have impacts on international business, since language is the crucial medium for business partners to communicate with each other and understand their ideas. During the frequent global trade and commerce, the exchange of language is necessary, which has great effect on international trades. There are some taboo words and idioms in every language, which are likely to cause problems. For instance, some specific numbers are treated differently in different areas. The number “3” enjoys both praise and abuse alike. In Monaco, people like this number very much because they believe it will bring them prosperity. The Hong Kong people like this

 

 

 

Q5. State the importance of business ethics. (10 marks)

 

Answer:Ethics concern an individual’s moral judgements about right and wrong. Decisions taken within an organisation may be made by individuals or groups, but whoever makes them will be influenced by the culture of the company. The decision to behave ethically is a moral one; employees must decide what they think is the right course of action. This may involve rejecting the route that would lead to the biggest short-term profit.

 

Ethical behaviour and corporate social responsibility can bring significant benefits to a business. For example, they may:

 

 

Q6. How do differences in culture affect in international business? (10 marks)

 

Answer:In the business world, communication is imperative for the successful execution of daily operations. Understanding cultural differences and overcoming language barriers are some of the considerations people should have when dealing with business with people of various cultures. Often business deals are lost because the parties involved did not take the time to learn about their each others’ cultures prior to interacting.

 

Customs: When doing business with an affiliate from another country, consider the cultural differences that may be presented. This includes basic customs, mannerisms and gestures. For example, If a salesperson approaches a

 

 

 

Q7. Write a detailed note on foreign direct investment (10 marks)

 

Answer: The International Monetary Fund defines FDI as when one individual or business owns 10% or more of a foreign company’s capital. Every financial transaction afterwards is considered by the IMF as an additional direct investment. If an investor owns less than 10%, it is considered as nothing more than an addition to his/her stock portfolio.

 

With only a 10% ownership, the investor probably doesn’t have the controlling interest in the foreign business. However, even with just 10%, the investor usually has significant influence on the company’s management, operations and policies. For

 

 

 

Q8. Explain theory of global competitiveness alignment (10 marks)

 

Answer:It should be recognised that any strategy or management style is appropriate only in a particular set of circumstances, therefore the search for universally applicable strategies and management styles should be abandoned. Strategic fit, however, enables an organisation to operate in its particular competitive situation at peak effectiveness. This is achieved by “alignment”, which is optimised when the appropriate combination of four “logics” ‐production, administration, development and integration – is replicated

 

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SUBJECT:-Business Communication

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AN ISO 9001 : 2008 CERTIFIED INSTITUTION

 

 

SUBJECT:-Business Communication

 

MARKS :80

 

 

Course : BMS (Bachelors In Management Studies)                          

 

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Q1. Explain the nature and general purpose of financial statements. (10 marks)

 

Answer:Financial statements, which are accounting reports, serve as the principal method of communicating financial information about a business entity or an individual to outside parties such as banks and investors. In a technical sense, financial statements summarize the accounting process and provide a tabulation of account titles and amounts of money. Furthermore, financial statements report the financial position or financial status

 

 

Q2. What is meant by the term ‘Just-in-Time’ Inventory system? (10 marks)

 

Answer:Just in time (JIT) inventory is a management system in which materials or products are produced or acquired only as demand requires. This approach to managing inventory has become increasingly popular in the early 21st century as suppliers and retailers collaborate to try to control inventory costs while still meeting customer demands.

 

Purpose: Just in time inventory is intended to avoid situations in which inventory exceeds demand and places increased burden on your business to manage the extra inventory. Manufacturers using JIT processes want to use materials for

 

 

Q3. Differentiate between push and pull strategies for promotion. (10 marks)

 

Answer:Push versus pull are two prominent marketing strategies used by companies to market their products. Pull marketing means marketing to end customers to create demand, while push marketing means enticing trade buyers to purchase and carry your product by offering promotions and price inducements that give them better profit potential.

 

Distribution Process: To understand the implications of push and pull marketing you need familiarity with the distribution or trade channel. This is the

 

 

Q4. Define the term “Material Management”. What are the problems faced by materials managers in today’s world? (10 marks)

 

Answer:Thus, material management is an important function of an organisation covering various aspects of input process, i.e., it deals with raw materials, procurement of machines and other equipment’s necessary for the production process and spare parts for the maintenance of the plant. Thus in a production process materials management can be considered as an preliminary to transformation process.

 

It involves planning and programming for the

 

Q5. Define channel of communication, discuss different types of channels of business communication. (10 marks)

 

Answer:In an organization, information flows forward, backwards and sideways. This flow of information is called communication. Communication channels refer to the way this information flows within the organization.  In this web known as communication, a manager becomes a link. Instructions or decisions flow upwards, downwards or sideways, depending on the position of the manager in the communication web. For example, a report from a lower-level manager will flow upwards to upper-level managers or directors. This upward flow of information can be face-to-face conversations, emails or interdepartmental memos.

 

 

Q6. What do you know about ‘Adjustment Requests’? (10 marks)

 

Answer:The agent in the Interaction Center for Financial Customer Care can search for adjustment requests, display existing adjustment requests, and create/change new adjustment requests. You can use authorizations to control whether an approval should be necessary before the update of the adjustment request in Contract Accounts Receivable and Payable (SAP FI-CA) in SAP ECC.The agent can also create adjustment requests from the invoice display, the account balance, the item list, or a dispute case.  When you access adjustment request processing directly from the navigation bar, the system automatically displays the adjustment

 

Q7. Which format one should perceive while writing a report? (10 marks)

 

Answer:A report is a systematic, well organised document which defines and analyses a subject or problem, and which may include:

 

  • The record of a sequence of events
  • Interpretation of the significance of these events or facts
  • Evaluation of the facts or results of research presented
  • Discussion of the outcomes of a decision or course of action
  • Conclusions
  • Recommendations

 

Q8. What are Functional Words and which function they perform? (10 marks)

 

Answer:The distinction between function/structure words and content/lexical words proposed by C.C. Fries in 1952 has been highly influential in the grammar used in second language acquisition and English Language Teaching. Function words are words that have little lexical meaning or have ambiguous meaning, but instead serve to express grammatical relationships with other words within a sentence, or specify the attitude or mood of the speaker. They signal the structural relationships that words have to one another and are the glue that holds sentences together. Thus, they serve as important elements to the structures of sentences.

 

Words that are not function words are called content

 

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SUBJECT:- Organizational Behavior

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SUBJECT:- Organizational Behavior

 

MARKS :80

 

Course : BMS (Bachelors In Management Studies)

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Q1. How does the study of personality helps in understanding organizational behavior? (10 marks)

 

Answer:Learning personality types of varied individuals allows for you to help them work together more effiecently in the business field. So, organizational behavior of a group can be used to its fullest when a manager or boss understands his employees personality types and who would work best together in what settings to profit his company the most.

 

Personality plays a key role in organizational behavior because the way that people think, feel, and behave affects many aspects of the workplace. People’s personalities influence their behavior in groups, their attitudes, and the way they

 

 

 

 

Q2. What are the barriers in communication? Explain the Startegies for improving organizational communication (10 marks)

 

Answer:There are many reasons why interpersonal communications may fail.   In many communications, the message (what is said) may not be received exactly the way the sender intended. It is, therefore, important that the communicator seeks feedback to check that their message is clearly understood.  There are many barriers to communication and these may occur at any stage in the communication process.  Barriers may lead to your message becoming distorted and you therefore risk wasting both time and/or money by causing confusion and misunderstanding.  Effective communication involves overcoming these barriers and conveying a clear and concise message.

 

 

Q3. How does line and staff organization structure differ from pure line organization structure? What are the benefits and limitations of line and stafforganization structure? (10 marks)

 

Answer:Line organisation is the simplest and the oldest type of organisation. It is also known as scalar organisation or military type of organisation. In the words of J.M. Lundy, “It is characterized by direct lines of authority flowing from the top to the bottom of the organizational hierarchy and lines of responsibility flowing in an opposite but equally direct manner.”

 

An important characteristic of such type of organisation is superior-subordinate relationship. Superior delegates authority to another subordinate and so on, forming a line from the very top to the bottom of the organisation structure. The line o

 

 

 

Q4. Explain the significance of non-verbal communication in organization and explain different types of non-verbal communication (10 marks)

 

Answer:According to experts, a substantial portion of our communication is nonverbal. Every day, we respond to thousands on nonverbal cues and behaviors including postures, facial expression, eye gaze, gestures, and tone of voice. From our handshakes to our hairstyles, nonverbal details reveal who we are and impact how we relate to other people.Nonverbal communication encompasses numerous modes of expression. Physical examples include posture, gestures, eye contact, touch, physiological responses (such as clammy hands or a sweaty brow) and manner of movement. Clothing and adornment choices can also be a

 

 

Q5. Define leadership. Explain the measure that can be taken for developing leadership ability of managers. (10 marks)

 

Answer:The ability of a company’s management to make sound decisions and inspire others to perform well. Effective leaders are able to set and achieve challenging goals, to take swift and decisive action even in difficult situations, to outperform their competition, to take calculated risks and to persevere in the face of failure. Strong communication skills, self-confidence, the ability to manage others and a willingness to embrace change also characterize good leaders.

 

1.The individuals who are the leaders in an organization, regarded collectively.

2.The activity of leading a group of people or an

 

 

 

Q6. How can studies of group and inter-group processes inform our understanding of the effective team? (10 marks)

 

Answer:Group dynamics is a system of behaviors and psychological processes occurring within a social group (intragroup dynamics), or between social groups (intergroup dynamics). The study of group dynamics can be useful in understanding decision-making behavior, tracking the spread of diseases in society, creating effective therapy techniques, and following the emergence and popularity of new ideas and technologies. Group dynamics are at the core of understanding racism, sexism, and other forms of social prejudice and discrimination. These applications of the field are studied in psychology, sociology, anthropology, political science, epidemiology, education, social work, business, and communication studies.

 

 

Q7. Describe and explain the difference between culture and climate in both theoretical and practical terms? Use ‘safety management’ as your context forthis discussion (10 marks)

 

Answer:Organizational culture constructs have been observed through tangible manifestations of “artifacts” and ingrained value and belief precepts. Artifacts have been defined as tangible evidence of organization operational frameworks and processes, while values and beliefs require individualistic assumptions. The formulation of organizational culture has been determined as being instigated by individual participants and iterative organization learning as a major contributor to the formation of substantive culture. The use of process and feedback loops assist in depicting potential cultural aspects of an organization and provide a means to leverage organizational culture change.

 

 

 

 

Q8. Is the term ‘psychological contract’ more useful as an explanatory construct or as a framework for understanding and managing the employmentrelationship? Defend your answer on theoretical, empirical and practical grounds.

 

 

Answer:A psychological contract, a concept developed in contemporary research by organizational scholar Denise Rousseau, represents the mutual beliefs, perceptions, and informal obligations between an employer and an employee. It sets the dynamics for the relationship and defines the detailed practically of the work to be done. It is distinguishable from the formal written contract of employment which, for the most part, only identifies mutual duties and responsibilities in a generalized form.

 

Although Rousseau’s 1989 article as highlighted by

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SUBJECT:- Marketing Management

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SUBJECT:- Marketing Management

 

MARKS :80

 

Course : BMS (Bachelors In Management Studies)

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Q1. What is Marketing management process? (10 marks)

 

Answer:Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organization and on the management of a firm’s marketing resources and activities.

 

Globalization has led firms to market beyond the borders of their home countries, making international marketing highly significant and an integral part of a firm’s marketing strategy.[1] Marketing managers are often responsible for influencing the level, timing, and composition of customer demand accepted definition of the

 

 

 

Q2. What r the Steps in demand forecasting? (10 marks)

 

Answer:Demand forecast exercise to estimate the potential DSM options is in fact energy services projections after consideration of the technological basis that provide energy services (e.g., the type of lighting fixture, type of motors) in the projected year, as well as the socio-economic factors that determine the required levels of energy services.

 

Demand forecast exercise to estimate the potential DSM options is in fact energy services projections after consideration of the technological basis that provide energy services (e.g., the type of lighting fixture, type of motors) in the projected year, as well as the socio-economic factors that determine the required levels of energy services.

 

Forecasting load demand is a difficult procedure and

 

 

Q3. What are main Elements of Branding? (10 marks)

 

Answer:Successful branding begins with a well-defined brand that is RELEVANT to your market. You might think that since you have a logo, tagline, and business card, you’ve completed your branding. But, unless you’ve carefully considered and defined ALL five of the key brand elements—position, promise, personality traits, story, and associations—you still have work to do.

 

And, until you’ve infiltrated your brand into every level of your organization and built the discipline of CONSISTENCY into every behavior, action, or communication—both internally and externally—you are not yet on the path to a successful brand strategy.

 

 

Q4. what are main Objectives of Pricing Policies? (10 marks)

 

Answer:Five main objectives of pricing are: (i) Achieving a Target Return on Investments (ii) Price Stability (iii) Achieving Market Share (iv) Prevention of Competition and (v) Increased Profits!

 

Before determining the price of the product, targets of pricing should be clearly stated.

 

Objectives of a properly planned pricing policy should be logically related to overall managerial goals.

 

(i) Achieving a Target Return on Investments:This

 

 

Q5. Explain the objectives ofand role of Marketing Mix in Physical Distribution? (10 marks)

 

Answer:The principal objectives of physical distribution are to deliver the right goods to the right customer at the right time and place.

 

In other words, efficiency and satisfactory service are key goals of physical distribution, although there might be some conflicts with each other.

Objectives :

 

 

 

Q6. Explain the objectives and role of Advertising in marketing? (10 marks)

 

Answer:Advertising is often incorrectly equated with marketing, but they are two separate functions. Company marketing objectives, strategies, and plans influence the objectives, strategies and tactics that apply to advertising. Therefore, marketing objectives should come first. Advertising goals and tactics are the engines that follow the road map created by the marketing strategy and objective. Advertising objectives typically include

 

 

Q7. What is Market-Centered Organization? (10 marks)

 

Answer:The principles of organisation apply whether you are designing the entire organisation or a department within it. The three most basic functions necessary for any business organisation are finance, production and marketing. Each of these functions is organised separately. Thus, within the organisation structure of the firm you would have distinct organisations for each function.

 

Broadly speaking, marketing is concerned with all aspects of the product, pricing, promotion and distribution. All sub-functions or activities relating to

 

 

 

Q8. Explain the Organizational Buyer’s Decision Process? (10 marks)

 

Answer:Organization buying is the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers. (Webster and Wind)

 

 

Some of the characteristics of organizational buyers are:

 

  1. Consumer market is a huge market in millions of consumers where organizational buyers are limited in number for most of the products.
  2. The purchases are in large quantities.
  3. Close relationships and service are required.
  4. Demand is derived from the production and sales of buyers.
  5. Demand fluctuations are high as purchases

 

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SUBJECT:- INTERNATIONAL BUSINESS

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SUBJECT:- INTERNATIONAL BUSINESS

 

MARKS :80

 

Course : BMS (Bachelors In Management Studies)

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Q1. How do differences in culture affect in international business? (10 marks)

Answer:In the business world, communication is imperative for the successful execution of daily operations. Understanding cultural differences and overcoming language barriers are some of the considerations people should have when dealing with business with people of various cultures. Often business deals are lost because the parties involved did not take the time to learn about their each others’ cultures prior to interacting.

 

Customs: When doing business with an affiliate from another country, consider the cultural differences that may be presented. This

 

 

Q2. Write a detailed note on foreign direct investment (10 marks)

 

Answer:A foreign direct investment (FDI) is a controlling ownership in a business enterprise in one country by an entity based in another country.An investment made by a company or entity based in one country, into a company or entity based in another country. Foreign direct investments differ substantially from indirect investments such as portfolio flows, wherein overseas institutions invest in equities listed on a nation’s stock exchange. Entities making direct investments typically have a significant degree of influence and control over

 

 

Q3. Explain theory of global competitiveness alignment (10 marks)

 

Answer:Competitiveness pertains to the ability and performance of a firm, sub-sector or country to sell and supply goods and services in a given market, in relation to the ability and performance of other firms, sub-sectors or countries in the same market.  The term may also be applied to markets, where it is used to refer to the extent to which the market structure may be regarded as perfectly competitive. This usage has nothing to do with the extent to which individual firms are “competitive’.

 

 

 

Q4. Explain global human resource management (10 marks)

Answer:Globalization, the process of integrating a business’s operations and strategies across a wide array of cultures, products and ideas, is having an impact on the role of human resource managers. Once concerned with the impact of local issues on employees, human resources must now consider the effects of workforce diversity, legal restrictions and the interdependence between training and professional development on the organization. As such, the five main functions of global human resource management are vital concepts to the strategic operation of a business.

 

 

 

Q5. Explain five features of globalization (10 marks)

 

Answer:lobalization is about an increasingly borderless world and its societal consequences. The causes of globalization are technological, economic and ideological. The societal consequences are very much in terms of the diminishing capacity of governance by governments and in relation to that the rebound (the counter effects both in terms of attitudes and of institutions) against aspects of globalization; against the dominance of the market (economization), against Americanization and in reaction to the diminishment of quality of life.

 

Increase in information flows and greater

 

 

Q6. What is agricultural & village industry facility in special focus initiatives? (10 marks)

 

Answer:With a view to doubling our percentage share of global trade within 5 years and expanding employment opportunities, especially in semi urban and rural areas, certain special focus initiatives have been identified for the agriculture, handlooms, handicraft, gems &jewellery and leather sectors.

 

Government of India shall make

 

 

Q7. What is cost & freight (CFR)? (10 marks)

 

Answer:Cost refers to the cost of goods and freight refers to all other costs relating to all the means of transportation of the goods. It means that the seller must pay the costs and freight necessary to bring the goods to a named port of destination and must also procure marine insurance against the buyer’s risk or loss to the goods during the carriage.C&F stands for cost and freight and is always stated as C&F port of importation. The norm is to state the geographic location of the port of importation. For example, C&F Mumbai, India. In

 

 

Q8. What is DDU? (10 marks)

 

Answer:“Delivered duty unpaid” means that the seller fulfils his obligation to deliver when the goods have been made available at the named place in the country of importation. The seller has to bear the costs and risks involved in bringing the goods thereto (excluding duties, taxes and other official charges payable upon importation) as well as the costs and risks of carrying out customs formalities. The buyer has to pay any additional costs and to bear any risks caused by his failure to clear the goods for import in time.

 

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SUBJECT:- GENERAL MANAGEMENT

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Q1. Define management. What are the characteristics of management? (10 marks)

Answer:Management is the act of engaging with an organization’s human talent and using the physical resources at a manager’s disposal to accomplish desired goals and objectives efficiently and effectively. Management comprises planning, organizing, staffing, leading, directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal.

 

One of the most important duties for a

 

 

Q2. Is management an art, science and profession (10 marks)

 

Answer:Management in business and organizations is the function that coordinates the efforts of people to accomplish goals and objectives using available resources efficiently and effectively.  Management includes planning, organizing, staffing, leading or directing, and controlling an organization to accomplish the goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources. Management is also an academic discipline, a social science whose objective is to study social organization.

 

 

 

 

Q3. What are the steps in decision making? (10 marks)

 

Answer:Small business owners and managers make decisions on a daily basis, addressing everything from day-to-day operational issues to long-range strategic planning. The decision-making process of a manager can be broken down into six distinct steps. Although each step can be examined at length, managers often run through all of the steps quickly when making decisions. Understanding the process of managerial decision-making can

 

 

Q4. Define organization Explain the classical theory of organization (10 marks)

 

Answer:Basically, an organization in its simplest form (and not necessarily a legal entity, e.g., corporation or LLC) is a person or group of people intentionally organized to accomplish an overall, common goal or set of goals. Business organizations can range in size from one person to tens of thousands.

 

There are several important aspects to consider about the goal of the business organization. These features are explicit (deliberate and recognized) or implicit (operating unrecognized, “behind the scenes”). Ideally, these features are carefully considered and established, usually during the strategic planning process. (Later, we’ll consider dimensions and concepts that are common to organizations.)

 

 

 

 

Q5. Explain neo classical theory. (10 marks)

 

Answer:Neoclassical economic theory (which is also associated with neoliberal political policies) is grounded in the rejection of the Marxian notion of exploitation and the promotion of the idea that the distribution of social resources produced by market exchanges is innately fair and just (when it is allowed to work “without friction.”) Although neoclassical theory dominates the economics discipline it is actually a psychological theory: at the core of the theory is a specific reductionist theory of human decision making and rationality that is then applied to economic (and other) phenomena. All human decision making is

 

 

 

Q6. Explain modern theory of organization (10 marks)

 

Answer:Modern organizational behavior has become complex. It synthesizes the classical and neoclassical theories of organization, while incorporating technological development.  Modern theories of organization are classified into quantitative theory, system theory and contingency theory.

 

  1. Quantitative Theory: The quantitative theory includes operation research and quantification of the problem. It analyses the problems from

 

 

 

 

 

Q7. What are the prerequisites for effective Human resource planning? (10 marks)

 

Answer:If you are a decision maker in any sector of the printing or graphic communication industry, you are probably already aware that human resources planning is an essential activity in every successful business.     HR planning is a process that helps you prepare for and think through the best allocation of resources to effectively manage people in your organization and meet your business objectives. It also helps you anticipate changes – such as the introduction of a new technology or the sudden resignation of a key employee – and

 

 

 

Q8. How to forecast human resource demand? (10 marks)

 

Answer:Forecasting human resource demand is the process of estimating the future human resource requirement of right quality and right number. As discussed earlier, potential human resource requirement is to be estimated keeping in view the organisation’s plans over a given period of time. Analysis of employment trends;

 

 

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SUBJECT:- Financial & Cost Accounting

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SUBJECT:- Financial & Cost Accounting

 

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Q1. Differentiate between Management Accounting and Financial Accounting. (10 marks)

 

Answer:Management accounting is a field of accounting that analyzes and provides cost information to the internal management for the purposes of planning, controlling and decision making.

 

Management accounting refers to accounting information developed for managers within an organization. CIMA (Chartered Institute of Management Accountants) defines Management accounting as “Management

 

 

Q2. What is the different between cost accounting and management accounting? (10 marks)

 

Answer:Cost accounting is a sub-set of the more general discipline of Managerial accounting, in the same way that Tax accounting is a sub-set of the more general discipline of Financial accounting. So the scope of managerial accounting is much broader than the scope of cost accounting.Where Managerial accounting helps managers in strategic decision making, devising planning, risk management and the development of performance management systems for the entire organisation, Cost accounting

 

 

 

Q3. State the objectives of cost accounting briefly explain the advantages of cost accounting. (10 marks)

 

Answer:The main objectives of Cost Accounting are as follows:

(i) Ascertainment of cost:There are two methods of ascertaining costs, viz., Post Costing and Continuous Costing.  Post Costing means, analysis of actual information as recorded in financial books. It is accurate and is useful in the case of “Cost plus Contracts” where price is to be determined finally on the basis of actual cost.  Continuous Costing, aims at collecting information about cost as and when the activity takes place so that as soon as a job is completed the cost of completion would be known. This involves careful estimates being prepared of overheads. In order to be of any use, costing must be a

 

 

 

Q4. “Cost accounting is better understood as a cost control and cost reduction exercise and not a more cost ascertainment process”. Discuss. (10 marks)

 

Answer:Cost accounting is a process of collecting, analyzing, summarizing and evaluating various alternative courses of action. Its goal is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future.

 

Since managers are making decisions only for their own organization, there is no need for the information to be comparable to similar information from other organizations. Instead, information must be relevant for a particular environment

 

 

 

Q5. “Cost accounting is a system of foresight like pre-natal care, but financial accounting is just a postmortem examination”. Critically examine thisstatement (10 marks)

 

Answer:The project FORESIGHT stated objectives begin with the development of metrics applicable to the activity of forensic science laboratories. These metrics enable a laboratory to assess how they fit within the forensic science industry and offer a glance at the levels of performance that they might be able to achieve. FORESIGHT’s mission goes on to state the intent for laboratories to use those measurements to “preserve what works, and change what does not”. The keys to the development of an ongoing strategic planning

 

 

Q6. Define costing. Discuss briefly the objectives and advantages of costing. (10 marks)

 

Answer:Costing is a System of computing cost of production or of running a business, by allocating expenditure to various stages of production or to different operations of a firm. A managerial accounting method that describes when all fixed and variable costs, including manufacturing costs, are used to compute the total cost per unit. Full costing includes these costs when computing the amount of money it takes to produce and distribute one unit of output.How a firm expenses its production and distribution costs will impact the

 

 

Q7. Define cost accounting and bring out the differences between cost accounts and Financialaccounts. (10 marks)

 

Answer:Cost accounting is the process of collecting information about the costs incurred by a company’s activities, assigning selected costs to products and services and other cost objects, and evaluating the efficiency of cost usage. Cost accounting is mostly concerned with developing an understanding of where a company earns and loses money, and providing input into decisions to generate profits in the future.It is a type of

 

 

 

Q8. Define costing critically evaluate the arguments for the installation of costing system in an industry. (10 marks)

 

Answer:Costing is System of computing cost of production or of running a business, by allocating expenditure to various stages of production or to different operations of a firm.  Installation & Design of Costing System means in which each & every element of cost incurred at each stage of production through manpower, machine, material analysis & records will have to be kept in written. The process flow chart of each & every item produced in the company will have to be seen & accordingly records of each & every process of operation through man, machine & material will be kept. On that basis labor hour rate,

 

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