difference between fayol and taylor

 Essay in difference among fayol and taylor

Subject matter: Financial Accounting-I

Course Code: BBA-104

Lessons: 1

Author: Dr . Chandra Shekhar




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1 . 1


1 ) 2

Development of accounting self-control

1 . a few

An accountant h job profile: functions of accounting

1 . 4

Electricity of accounting

1 . 5

Types of accounting

1 ) 5. you Financial accounting

1 . your five. 2 Managing accounting

1 ) 5. 3 Cost accounting

1 . a few. 4 Distinction






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1 . almost eight

Self evaluation questions

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References/suggested blood pressure measurements


Following going through this kind of lesson, it will be possible toВ·

Understand the meaning and nature of accounting.


Differentiate among various types of accounting.


Know progress accounting principle.


Clarify the importance of accounting.

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Accounting is a system designed for measuring business activities,

control of information into reports and making the findings offered to decision-makers. The documents, which usually communicate these types of findings regarding the functionality of an enterprise in budgetary terms, are called financial claims.

Usually, accounting is recognized as chinese of Business. However , a company may possess a lot of aspects which can not be of financial character. As such, a great way to understand accounting could be to call it The Language of Financial Decisions. The better the understanding of the language, the better is the management of financial areas of living. Many aspects of our lives are based on accounting, personal economic planning, investments, income-tax, loans, etc . We have different roles to perform in life-the part of a pupil, of a friends and family head, of a manager, of an investor, and so forth The knowledge of accounting is an added advantage in doing different tasks. However , we shall limit the scope of dialogue to a organization organisation and the various economic aspects of such an organisation.

Once we focus our thoughts on a business organisation, a large number of

questions (is our organization profitable, should a new product line be introduced, are the product sales sufficient, and so forth ) strike our head. To answer inquiries of such nature, we have to have information generated through the accounting procedure. The people who take coverage decisions and frame organization plans make use of such info.

All business organisations work in an evolving dynamic

environment. Any new programme with the organisation or perhaps of their competitor is going to affect the organization. Accounting is an effective instrument for measuring the financial pulse level of the company. It is a ongoing

cycle of measurement of results and reporting of results to decisionmakers. Just like arithmetic is a procedural element of mathematics, book keeping is the step-by-step element of accounting. Figure you shows how an accounting system operates in business and how the flow of information happens.

People generate decision

Business transactions happen

Accountants put together

reports to show the outcomes

of organization operations


Source: Liorngren, Harrison and Robinson, Economical and Administration Accounting, Prentice Hall, Nj-new jersey, 1994.

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The history of accounting may be traced to ancient moments.

According to some beliefs, the very art of writing originated in order to record accounting data. Though this could seem to be an exaggeration, although there is no question the fact that accounting provides a long background. Accounting documents can be tracked back to the ancient civilizations of China, Babylonia, Greece and Egypt. Accounting was used to keep documents regarding the cost of labour and materials employed in building great structures like the Pyramids.

During 1400s, accounting grew further more because the demands for

information of retailers in the Venis City of Italia increased. The first well-known description of...

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