Records are kept in a more compact manner so that reference to them is facilitated. On the spot comparison of the physical stock of an item with its book balance is not facilitated.
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There would be less chances of mistakes being made as entries will be made at the same time as goods are received or issued by the person actually handling the materials. Store records are dispersed over a wide area.
Last-in-First out method (LIFO) – It is a method of pricing the issues of materials. This method is based on the assumption that the items of the last batch (lot) purchased are the first to be issued.
Important advantages of a Cost Accounting System may be listed as below : A good Cost Accounting System helps in identifying unprofitable activities, losses or inefficiencies in any form.
Pre-approach is the second step in sales process. After the salesman collects the names and addresses of the prospects, the pre-approach stage commences.
Good salesmanship ultimately leads to the economic development and progress of a country and to the general rise in the standard of living. When sales are good, industry, trade and commerce prosper and the country as a whole gets benefit.
Salesmanship is the art of selling product or services. It is the art of convincing customers to buy a certain product or service. In the competitive modern day world the importance and utility of salesmanship has been increasing day by day.
An outstanding feature of modern economic life is the institution of private property. By private property, we mean the things owned exclusively by a person or group of persons with the rights to use them as they desire.
By division of labor we mean an arrangement where by people perform different functions at the same time. Though the term, ‘Division of labor’ is applied in the field of economics, yet infact division of labor in modern society is not limited simply to labor but applies to all the factors of production and exists […]
According to M.K. Gandhi, education is the development of all the aspects i.e. body, mind and spirit. So mind without activities can not develop the personality perfectly. So education must give importance to activities.