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Indian Economy

Indian Gdp Writer Name: Shabee Ul Hassan - Article describes the reason behind the major growth of India i.e. Globalization. Globalization and its effects on Indian Economy: Developments and Challenges - Globalization refers to a process whereby regional economies, societies, and civilizations became incorporated via a global network of communication, transport, and trade. The term may be utilized to refer especially to financial globalization: the integration of national markets into the global political economics via trade, foreign direct investment, capital flows, migration, and the spread of technologies. Globalization as a spatial integration in the world of social connections when he explained Globalization can be defined as the intensification of worldwide social connections which link distant places so that local events are shaped by events occurring many miles apart and viceversa.  Globalization means incorporating economics of our country. The changes had a substantia
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Inventory Costing Methods

In any company, it is essential to maintain a balanced budget. To do so, managers must know the enterprise’s finances well, as well as define strategies so that their incomes cover the needs of the business. It is no wonder that many use costing methods for this purpose. In general, costing methods are tools used to identify expenses that involve the business’ processes, such as manufacturing and sales. Because there are different types, it is very important that the company assess their key characteristics and see which one fits best in its environment. Before we begin, we need to define what variable and fixed cost is. Variable costs are those that change according to the volume of production, while fixed costs are those that remain stable regardless of what the company produces. That said, let’s learn about the methods. Keep reading! PROCESS AND JOB-ORDER COSTING.   There are two conventional costing approaches used in manufacturing. The first, and more common, is p
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Budgeting, Planing & Forecasting

Budgeting, Planing & Forecasting  Steps: The three steps involved in Budgeting, Planing & Forecasting include: Planning outlines the company's financial direction and creates a model of expectations for the next three to five years. Planning is often the first step in setting up a company. Budgeting documents how the overall plan will be executed month to month and typically includes estimates of revenue and expenses and expected cash flow and debt reduction. Companies often set up their budgets at the beginning of a calendar or fiscal year and leave room for adjustment as revenues grow or decline. Budgets are compared with actual financial statements to calculate the variances or errors between the two. Forecasting uses accumulated historical data and market conditions to predict financial outcomes for future months or years. Aimed at helping management teams anticipate results based on past information, forecasts can be adjusted as new information is available. I
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Budgeting

What Is The Difference Between Budgeting and Forecasting? Budgeting is the financial representation of a planning process, usually annual as in the University. It is finalised before the beginning of a financial year and actual income and expenditure are measured against it as a means of reviewing performance and controlling expenditure. Forecasting is a shorter-term activity, usually performed at regular intervals e.g. quarterly and limited to updating our view of the current year. It takes into account actual income or levels of expenditure and projects these forward to the end of the financial year. For enterprises in today’s fast-paced, competitive and ever-changing business environment, dependable business forecasting is essential to future success. As such, CFOs are relentlessly striving to gain insight into corporate data to make informed, real-time decisions and forecast their financial standing. Part of that process is the annual budget, which remains central to
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What is Cost?

An amount that has to be paid or given up in order to get something. In business, cost is usually a monetary valuation of effort, material, resources, time and utilities consumed,  risks incurred, and opportunity forgone in production and delivery of a good or service. All expenses are costs, but not all costs (such as those incurred in acquisition of an income-generating asset) are expenses. Types of Costs (Cost Classifications): Costs can be classified into different categories for different purposes. Costs may be categorized according to their: management function, ease of traceability, timing of charge against revenue, behavior in accordance with activity, and relevance to decision making. According to Management Function: 1. Manufacturing costs  - incurred in the factory to convert raw materials into finished goods. It includes cost of raw materials used (direct materials), direct labor, and factory overhead. 2. Nonmanufacturing costs  - not incurr
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Online Accounting Software:

Online Accounting software program describes a kind of utility software program that facts and procedures accounting transactions within useful modules together with bills payable, accounts receivable, journal, fashionable ledger, payroll, and trial stability. It capabilities as an accounting statistics gadget. it may be evolved in-house by way of the company the use of it, may be purchased from a 3rd birthday celebration, or can be a combination of a 3rd-celebration software software bundle with local changes. Accounting software program may be primarily based, accessed anywhere at any time with any tool which is internet enabled, or may be desktop based totally. It varies substantially in its complexity and cost. What Is The Best Accounting Software For Business? 1. Fresh Books: Freshbooks is one of the leaders in our accounting software class. Our team determined freshbooks to be the most smooth-to-use accounting answer for freelance accountants and small corporations pres
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