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Financial Statements Financial statements are the final product work done during the accounting period which shows the financial positing and result of business activities for that accounting period. These statements are the basis and formal means through which the corporate management communicated finical information to various external users which include investors, tax authority’s government employees etc Nature of financial statements  (i) Recorded facts financial statements are prepared on the basis of facts recorded in the book of account  (ii) Accounting conventions preparation of financial statements is based on certain accounting conventions such as convention of valuing inventory at cost or market price whichever is less is followed. (iii) Postulate/basic assumption certain basic assumptions (per –requisites) known as postulates such as going concern postulate money measurement postulate are followed while preparing financial statements. (iv) Personal judgments preparat

Market Product Development Market development Market development is the growth strategy where the business seeks to sell existing products into new markets. In marketing management, the term “markets” is used to describe market segments as wll as geographic markets or territories. Hence the many possible ways of approaching this strategy, would include: (a) New geographical markets: for example exporting the products to a new country, or entering into a new region within the country. MTR foods have found a very lucrative market of NRI diasporas all over the world, homesick for indian food, to whom it markets a variety of ready to eat indian meals.’ (b) Enter a new market segments currently not targeted. The recent introduction of fairness creams for men has helped companies like Emami and HLL enter a large and profitable market segment. (c) New product dimensions or packaging: for example almost all products from shampoos to shoe polish are marketed in sachet single serve pa

Foreign Trade Gains In a relative sense, larger the country smaller would be the gains form trade and the smaller he country larger would be the proportion of gains enjoyed. A large country’s resources are well utilised with the economics of scale on account of big domestic market and its labour is more efficient comparatively on account of technical improvements, so the domestic production costs of practically all goods will be lower as compared to other small countries. Hence, its domestic prices will not be very different from the world market prices. Gains from trade will be large only when domestic exchange ratios are very high as compared to the international exchange ratios of goods. But, for a large and economically well-advanced country, when it dominates the world market as well its domestic exchange ratios at the most will only slightly differ from the world exchange ratio, then, there is hardly any differ nail gains realist for foreign trade by such a county on the other h

 Contribution of Quantitative Techniques to Managerial Economics   Mathematical Economics and Econometrics are utilised to construct and estimate decision models useful in determining the optimal behaviour of a firm. The former helps to express economic theory in the form of equations while the latter applies statistical techniques and real world data to economic problems. Like, regression is applied for forecasting and probability theory is used in risk analysis. In addition to this, economists use various optimisation techniques, such as linear programming, in the study of behaviour of a firm. They have also found it most efficient to express their models of behaviour of firms and consumers in terms of the symbols and logic of calculus. Thus, Managerial Economics deals with the economic principles and concepts, which constitute 'Theory of the Firm'. The subject is a synthesis of economic theory and quantitative techniques to solve managerial decision problems. It is rnicro¬e

Proportionate completion method:  Revenue is recognized proportionately by reference to the degree of completion. When services are provided by an indeterminate number of acts over a specific period of time, revenue is recognized on a straight line' basis over the specific period unless there is evidence that some other method better represents the pattern of performance.  Completed service contract method:  Revenue is recognized when the rendering of service under a contract is completed or substantially completed.  (d) Revenue arising from the use by others of enterprise resources yielding interest, royalties and dividends should only be recognized when no significant uncertainty as to measurability or collectability exists.   Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.   Royalties are recognized on an accrual basis in accordance with the terms of the relevant agreement.   Dividends are reco

Various Functions of Statistics We find today that there is hardly a phase of human activity which does not find statistical techniques useful. The ever growing usefulness of Statistics is due to the functions it performs. Some of the most important functions of Statistics are  (i) The complex mass of data are made simple and understandabtle with the help of statistical 'methods, (ii) To interpret the various characterstics of data, classification is done by the application of improved techniques of Statistics.  (iii) To study-relationship between two or more phenomena statistical methods are used.  (iv) Statistics provides various informations in analysis of data that enlarges individual experience.  (v) Statistics helps in formulating policies in different fields.  (vi) Statistical methods are highly useful tools in analysing the past data and predicting future trends.  (vii) Statistics helps us to arrive at any correct and dependable conslusion.  (viii) Statistics help

Managerial Economics is a discipline that combines economic theory with managerial practice. It tries to bridge the gap between the problems of logic that intrigue economic theorists and the problems of policy that plague practical managers. The subject offers powerful tools and techniques for managerial policy making. An integration of economic theory and tools of decision sciences works successfully in optimal decision making, in face of constraints. A study of managerial economics enriches the analytical skills, helps in the logical structuring of problems, and provides adequate solution to the economic problems. To quote Mansfield, Managerial Economics is concerned with the application of economic concepts and economic analysis to the problems of formulating rational managerial decisions. Spencer and Siegelman have defined the subject as lithe integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.&qu

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