Management Accounting – Definition, Objectives and Tools used

Management Accounting Introduction:

Management Accounting is the accounting technique helpful to the management in discharging its functions. In other words, it provides the accounting information which is useful for planning, directing and controlling the activities of an organization. It rearranges the accounting information provided by the financial accounts in such a manner to suit the diverse requirements of the modern management. In brief, it provides the information in a suitable form to the management for exercising its functions effectively. It includes all sorts of accounting analysis, costing and statistical and graphical techniques.

Management Accounting - Definition, Objectives and Tools Used subramoneyplanning.blogspot.com

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5 Important Functions of Management Lessons from Thirukkural

The Thirukkural (Sacred Couplet Verse) is one of the ancient non-religious Tamil literature and scripture that guides human beings (Society)and shows light on wisdom for better living in this universe. Though Tirukkural (Divine Couplet Verse) is written over 2,000 years ago by Saint Thiruvalluvar in Tamil (one of the oldest languages), the way of life advised in Tirukkural is still relevant for today’s modern life and will be relevant for future generations also. Thirukkural is praised as “the Universal Veda” and “ the Universal Code of Conduct”.

Let us see how Thirukkural provides five 5 important functions of Management Lessons through various Thirukkural couplets / verses (kurals). Management is well explained in Kural 381.

5 Important Functions of Management Lessons from Thirukkural (திருக்குறள்) Thiruvalluvar subramoneyplanning.blogspot.com

குறள் பால்: பொருட்பால். குறள் இயல்: அரசியல். அதிகாரம்: இறைமாட்சி.(The Greatness of a King)

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Difference between Cheque vs Demand Draft (DD)

Let us understand the definition of Cheque and Demand Draft to have clear idea.

According to Section 6 of the Negotiable Instruments Act, “Cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand”.

Although Demand Draft is a pre-paid Negotiable Instrument, it is not defined under the act. Demand Draft is popularly known as DD in Banking Jargon. Demand Draft means an instrument drawn by one branch of a bank upon another branch of the same bank instructing the later to pay a certain sum of money to the person named therein or to his order.

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Definition of Banker and Customer

Banker

There are three different definitions of Banker which covers essential and secondary functions of Banker.

1. Dr. Herbert L. Hart defines a Banker as, “one who in the ordinary course of business, honors cheques drawn upon him by persons from and for whom he receives money on current account”. As per this definition, the receiving of deposits of money from the public and repaying the same by honoring their cheques are their essential functions to be performed by a person to become a banker. But

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Difference between Cheque vs Bill of Exchange

Before analyzing the difference between Cheque and Bill of Exchange, let us understand the definition of both the terms to show some light on it.

According to Section 6 of the Negotiable Instruments Act, “Cheque is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand”.

According to Section 5 of the Negotiable Instruments Act, “Bill of Exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument”.

Below are the distinguish / difference between Cheque vs Bill of Exchange to understand more about these features of Cheque and Bill of Exchange:

Difference Between Cheque vs Bill of Exchange Subramoneyplanning.blogspot.com

Hope this will be clear enough to see the distinguish / difference between Cheque vs Bill of Exchange.

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Highlights of Union Budget 2019-20

Finance Minister Smt. Nirmala Sitharaman presented the maiden budget 2019-20 of newly formed Modi 2.0 government on Friday 5th Jul 2019 which was good for middle class.

She mentioned the budget was presented with 10 years vision in mind. Below are the 16 key takeaways and highlights of Union Budget 2019-20:

1) Indian Economy to achieve 3 Trillion Dollar Economy by 2019-20 and most likely to achieve as 5 Trillion Economy in few years. This would be great achievement.

2) Startup India Scheme to be continued till 2025. New programmes to be exclusively introduced for start-ups on DD Channel.

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Robert Kiyosaki Inspirational Quotes part2

I would love to share today with part 2 of inspirational quotes from Robert T. Kiyosaki, Author of best selling book "Rich Dad Poor Dad". If you would like to know more about him, please do visit part 1 of Robert Kiyosaki Quotes

Robert Kiyosaki Quotes

Below are the ten inspirational quotes from Robert T. Kiyosaki Part 2 that will transform your life towards creating money & wealth:

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What is Bitcoin | Explain about Bitcoin

You might have heard a lot in recent times about "Bitcoin" as I did, so I thought of throwing some light on What is Bitcoin (which is a  first cryptocurrency), how Bitcoin works, Bitcoin Mining, how to buy & sell Bitcoin in Exchanges, how to earn free bitcoins (Bitcoin Faucets) and much more about everything you need to know about Bitcoins in the coming blog posts.

Bitcoin is an Open Source Peer-to-Peer Currency which uses peer-to-peer technology features that operates with no control of any Government or Central Banks or Central Authority, Issuing new currencies or tracking transactions.

What is Bitcoin? | Explain about Bitcoin

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What are Cryptocurrencies | Explain about Cryptocurrency

One of the most significant revolutionary impact over the last two decades are Innovation of "Cryptocurrencies", as many experts have predicted, Cryptocurrencies are the future of Financial Transactions which will impact Financial Industry a lot.

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Robert Kiyosaki Quotes Part1

I would like to share through Saving Sunday series from this week, some of the inspiring quotes from notable key personalities in the areas of Finance, Personal Money Management, Financial Planning & Business.

Robert Kiyosaki Quotes

Today let us start with inspirational quotes from Robert T. Kiyosaki. Just an introduction about him, Robert Kiyosaki is a world renowned financial literacy activist, motivational speaker and self help author of New York Times Bestsellers: Rich Dad Poor Dad, Rich Dad's CASH FLOW Quadrant and Rich Dad's Guide to Investing;






Below are the five inspirational quotes from Robert T. Kiyosaki Part 1 that will transform your life towards creating money & wealth:

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Modi's Launch of Make in India initiative

The Prime Minister Mr. Narendra Modi launched his "Make in India" initiative to boost manufacturing sector on Thursday 25th September 2014 at Vigyan Bhawan in New Delhi in presence of 500 top corporate CEOs across the world.

The "Make in India" campaign program includes initiatives to facilitate investment, protect intellectual property and build best-in-class manufacturing infrastructure.

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Personal Income Tax Slab & Benefits:Budget 2014-15

Budget 2014-2015: Taxpayers have some reason to smile… 

The following is the gist of most important announcements presented by the Finance Minister Mr. Arun Jaitley in his maiden Budget speech on Thursday 10th Jul 2014:

 # Tax Rate is not changed compared to last budget 2013-14 (i.e., 0% as minimum, 10%,20% and 30% as maximum slab rate is maintained)

# Personal Income Tax exemption limit is increased by Rs 50,000/- (from Rs. 2 Lacs to 2.5 Lacs) for individual taxpayers below the age of 60 years irrespective of men or women. The individual tax exemption limit of Rs 2.5 lac has no gender segregation.

# Personal Income Tax exemption limit is raised by Rs 50,000/- (from Rs. 2.5 Lacs to 3 Lacs) also for individual senior citizens in the range of 60 to 80 years of age.

# As a big push towards to small savings among people, Investment limit under Section 80C instruments has been increased from Rs 1 Lac to Rs 1.5 Lacs which will encourage long term savings among people. This will result in a savings of Rs 5,000 per year for individuals.

# Public Provident Fund (PPF) deposit limit has also been increased to Rs 1.5 Lacs per annum from Rs. 1 Lac per annum.

# To revitalize investments into realty sector, the cap on interest on home loan with respect to self occupied house property has been raised from Rs 1.5 Lacs to Rs 2 Lacs.

# Proposal to reintroduce Kisan Vikas Patra (KVP) which was discontinued from Dec 2011 was one of the major encouragement towards long term saving habits;

# A special National Savings Certificate scheme for parents with the objective of saving for the purpose of education and marriage of the girl child was announced;

# Tax benefits to continue in the Rajiv Gandhi Equity Savings Scheme (RGESS) under section 80CCG which can be claimed as tax benefit for a period of three years;

# Skill India, a national multi skill school program to be launched to develop, train the skills of the youth towards employability and entrepreneur skills;

The below table will compare the tax slab for Individual Tax Payers with previous budget of 2013-14 and current budget of 2014-15:

Individual Income Tax Slab 2014-2015 comparison with 2013-2014

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What's gone up and down: Union Budget 2014-2015

The Finance Minister of India, Arun Jaitley presented his maiden Union Budget 2014-2015 on Thursday 10th Jul 2014.

Following is a brief list which will display which product/item gets costlier or cheaper (what goes up and what goes down) according to current tax proposals at budget 2014-2015:

What goes up (Achche Din) 

# Cigarettes / Cigars

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Modi's mantra: top 10 priority agenda in 100 days

Prime Minister Modi has listed out his mantra of top 10 priorities to be kept in mind by all new cabinet ministers for their first 100 Days agenda; 

The 10 point agenda for first 100 days is listed out here: 

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India Election Results 2014

Modi, the next Prime Minister

As a turn around in the history of Indian Politics, a non-Congress government has pulled off a stunning landslide victory for the first time as a single majority Government;

Yes it is BJP who have made historic win in the Lok Sabha Election Result 2014 released on 16th May 2014 with 52% of MPs out of 543; And BJP allies have made it up to 10% of MPs

As default, History has proved that who wins Uttarpradesh (U.P) constituency will be the Government who rules India; It is now again proved that BJP who has won 71 seats out of 73 seats in U.P will be the Government of India who rules the country;

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RBI extends deadline for exchanging Pre-2005 currency notes to Jan 2015

The Apex Bank of India (RBI) on Monday 3rd Mar 2014 announced that they are extending further nine (9) months from existing deadline of Apr 2014 for exchanging bank notes issued prior to 2005 which don't have year printed on the reverse side of the currency note.

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Pepsi IPL T20 2014 Schedule

The seventh edition of the Indian Premier League (Pepsi IPL 2014), the biggest cricket event kick starts today 16th Apr 2014 at Abu Dhabi and continued in India after Election till 1st Jun 2014 ;

To make sure you don’t miss it, here is the Pepsi IPL T20 2014 schedule for refreshing your mind to earn more money in coming days…

Update: Excel file can be downloaded to save in your desktop to see the Pepsi IPL T20 2014 Schedule @ 

http://downloads.ziddu.com/download/23717045/Pepsi-IPL-2014-Schedule.xlsx.html

http://downloads.ziddu.com/download/23717046/IPL-2014-Schedule.jpg.html

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Highlights of Interim Budget 2014-15

On Monday 17th Feb 2014,  Finance Minister P Chidambaram presented the Interim Budget for the year 2014 in Parliament focusing mainly on indirect tax, expenditure details & achievement of UPA Government in these 10 years tenure;

Here is  the list of major highlights pertaining to Indian Interim Budget 2014-2015:

1) The fiscal deficit for 2013-14 has been contained at 4.6 percent (below the red line of 4.8 percent) and the revenue deficit stood at 3.3 percent.
2) Eight (8) National Investment and Manufacturing Zones (NIMZ) have been announced along Delhi Mumbai Industrial Corridor (DMIC). Nine (9) Projects had been approved by the DMIC trust.
3) Three (3) more Industrial Corridors connecting Chennai and Bengaluru, Amritsar and Kolkata
& Bengaluru and Mumbai are under different stages of preparatory works.

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RBI withdraws currency issued prior 2005



India withdraws old currency notes issued before 2005

The Reserve Bank of India (Central Bank) advised all banks on Wednesday 22nd Jan 2014 that Currency notes which was issued before 2005 will be completely withdrawn from circulation after 31st March, 2014.

This move by the country's central bank is seen as an attempt to control the circulation of "Black Money" that has not been declared for tax as income.

A Notification from RBI says that “From 1st April, 2014, the public (Customers & Non- Customers) are required to approach banks for exchanging these notes which was printed before 2005".

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Financial Current Affairs 2013

Economics Current Affairs 2013

To kick start the New Year 2014, first let us know the important financial & economic events happened in last year 2013.

Below are the snapshot / list which shows the Datewise / Monthwise Financial, Economic, Banking, Stock Market related Current Affairs which held during 2013

1^st Jan 2013 Mr. Rajiv Kumar Goyal was appointed as the Executive Director of Central Bank of India, succeeding R K Dubey.

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