LUCKNOW UNIVERSITY B.COM NOTES

INVENTORIES MANAGEMENT Since inventories constitute about 50 to 60 percent of current assets, ECONOMIC ORDERING QUANTITY (EOQ) Cost of carrying includes the cost of storage, insurance, obsolescence, interest on capital invested. Maximum Level = Re-order level—(Minimum consumption) × (Minimum lead times)   + Reordering quantity. Minimum Level = Re-order level – (Average usage   ×   Average lead time). Re-order level    =    Maximum usage X   Maximum lead time or Minimum level + Consumption during lead time. Re-ordering Quantity (How much to purchase):   It is also called Economic Ordering Quantity. Danger Level - This is the level below the minimum stock level. Perpetual Inventory System The Institute of Cost and Management Accountants, London defines the perpetual inventory system as “A system of records maintained by the controlling department, which reflects physical movements of stocks and their current balance.” ...

  UP PGT SYLLABUS Financial Accounting: Financial Accounting - Dual accounting system, Final account with adjustment entries, partnership accounts, company account, issuing of shares and debenture, refinement and refinancing of borrowings, cost accounting- Meaning and objectives of cost accounting, cost Element, cost accounting methods - unit cost accounting, contract cost, accounting.   Tax accounting - Definition of important words- agricultural income, tax previous year and tax assessment year, residential status and tax liability, managerial accounting- meaning, importance, objectives, difference between financial accounting and management accounting,   business forecasting –analysis and sources, methods of forecasting, principles of business forecasting, Managerial reports. Ratio analysis,   Break-even point. Business Organization and Management: business organization and scope, environmental pollution and industrial-business, forms of business organizat...

The Companies Act, 2013   “Abridged Prospectus” means a memorandum containing such salient features of a prospectus as may be specified by the Securities and Exchange Board.   “Authorised Capital” or “nominal capital” means such capital as is authorised by the memorandum of a company to be the maximum amount of share capital of the company.   “Book and Paper” and “book or paper” include books of account, deeds, vouchers, writings, documents, minutes and registers maintained on paper or in electronic form;   “Company Liquidator”, in so far as it relates to the winding up of a company, means a person appointed by— (a) the Tribunal in case of winding up by the Tribunal; or            (b) the company or creditors in case of voluntary winding up, as a Company Liquidator from a panel of professionals maintained by the Central Government.   Employees’ Stock Option” means the option given to the d...

Cost and Works Accountants of India Act, 1959, the Institute of Cost and Works Accountants of India (Now called as The Institute of Cost Accountants of India) was established at Kolkata. The profession assumed further importance in 1968 when the Government of India introduced Cost Audit under section 233(B) of the Companies Act, 1956. At present it is under Section 148 of the Companies Act, 2013. Prime Cost The aggregate of Direct Material, Direct Labour and Direct Expenses. Generally it constitutes 50% to 80% of the total cost of the product, as such, as it is primary to the cost of the product and called Prime Cost. Cost Centres are of two types-Personal and Impersonal Cost Centre. A personal cost centre consists of person or group of persons. An impersonal cost centre consists of a location or item of equipment or group of equipments. Cost Unit is a device for the purpose of breaking up or separating costs into smaller sub divisions attributable to products or services. Co...

HIGHER EDUCATION IN INDIA India's higher education system is the third largest in the world, next to the  United States  and  China . The main governing body at the  tertiary level  is the  University Grants Commission , which enforces its standards, advises the government, and helps coordinate between the centre and the state. As per the latest  2011 Census , about 8.15% (68 million) of Indians are graduates. As of 2016 , India has 799 universities, with a break up of 50  central universities , 402  state universities , 124  deemed universities , 334  private universities , 5 institutions established and functioning under the State Act, and 75  Institutes of National Importance which  include IIMs, AIIMS, IITs, IIEST and NITs among others. Indira Gandhi National Open University  (IGNOU) is the largest university in the world by number of students, having approximately 3.5 million students across the glo...