accounting terminology (part 1)

                                ACCOUNTING TERMINOLOGY

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इस बार हम accounting के terminology के बारे में पढ़ाने वाला हु!

१) Trade (व्यापार) : Trade involves  the transfer of goods and services from one person to another, often in exchange for money.

पैसा कमाने के उद्देश में वस्तू की देवाणघेवाण को trade कहते है!

२) Business (व्यवसाय) : Business is an occupation or trade and the purchase and sale of products or services to make a profit.

ऎसा कौनसा भी व्यवहारी  कार्य income  कमाने के उद्देश में किया जाता है उसे बिज़नेस कहते है!

३) Capital (पूँजी, भांडवल): capital means the money put in the business by the owner. capital also include the goods or assets brought in the business by the owner.

ट्रेड owner उसके पैसे, माल और assets व्यापर में लगता है उसे capital कहते है!
उदा. विजय ने उसके व्यवसाय में  ₹20000  कॅश और ₹10000 के goods से कपडे का व्यवसाय सुरु करने के लिए ड़ालें  तो उसने total  ₹30000 capital invest किये!

CASE STUDY:

१ )  cash brought into business means घरसे पैसा लेकर आना business के लिए उसे capital (भंडावल्)  कहते है।
२ )  Furniture brought into business means घर मे furniture होगा यह business मे लेकर आना।
३ ) Building brought into business means आपके पास particular building थी यह builiding business के लिए उपयुक्त थी इस लिए business मे लाये गई।
यह 3 case है capital मे record होती है।
व्यापार मे लाभ होने पर capital increase होती है और हानि होने पर capital decrease होती है।

४) Drawing (आहरण) :  The owner withdraws any money or goods or assets from the business for his personal use, it is called as drawings.

Trade owner अपने निजी खर्च के लिए व्यापार मे से जो रूपया निकालता है उसे drawing कहते है।
उदा.  विजय ने उसके निजी खर्च के लिए ₹10000 business से निकाले उसे drawing कहते है।

CASE STUDY:

1)  Cash withdrawn from business for personal use means personal use लिए cash निकाल गई
2) Goods withdrawn from business for personal use means business के goods घर  मे use करने के लिए गए।

५) Goods (माल्):  Goods means those commodities, or article's exchanged in a business transaction.

Goods are the purchased, sold or produced by a businessman.
Goods मे raw materials (कच्चा माल), finished goods (तयार वस्तु)
उदाहरण के रूप मे कपडा बनाने के लिए ले रहा हुआ धागा, सुई,  कपडा.

६) Purchase (क्रय, खरीदाना) : To buy a product is called purchase.

फिरसे बेचने के उद्देश मे व्यापार मे खरीदा गया goods (माल्) को purchase कहते है।
There are two types of purchase 1)  cash purchase 2)  credit purchase

७) Purchase return (क्रय वापसी): stock purchase being returned is quite common practice in business.

खरीदे गये goods को अन्य reason से वापस किया जाता है उसे purchase return कहते है।

८) Sales (विक्रय) : A transfer of ownership of property or other assets to a buyer in exchange for money.

जो goods बेचा जाता है उसे sales कहते है।
Sales are two types cash sales and credits sale
A) Cash sale:  जो sales नगद् बेचा जाता है उसे cash sales कहते है।
B) Credit sales:  जो sales उधार बेचा जाता है उसे credit sales कहते है।
Cash sales+ credit sales= Turnover

९) Sales return (विक्रय वापसी): A sales return is merchandise sent back by a buyer to seller, usually for one of the following reasons:

Excess quantity order
Product specification are incorrect
Wrong items shipped
sales return is also known as return inward
जब बैचे हुए goods  का कुछ भाग विभिन्न कारणोंसे व्यापारी return  करता है उसे sales return कहते है!

१०)Stock (रहतिया): व्यवसाय में वर्तमान में हमारे पास किसी भी मात्रा में जो माल (Goods) उपलब्थ होता है उसे stock कहते है!

end of the year में जो माल बाकी रहता है उसे closing stock कहते है और अगले साल के पहले दिन के माल को opening stock कहते है!

 ११) Creditor (लेनदार): A person to whom we owe(debt-लोन देना) money for the goods or service is known as creditor.

\वह व्यक्ति या संस्था जो किसी भी व्यक्ति को पैसा या सेवा उधार बेचता है उसे creditor कहते है. In simple word  उधार माल बेचने वालोंको CREDITOR कहते है!
उदा. अजय ने विजय को ₹10000 उधार दिए तो यहा अजय CREDITOR कहलाता है!

१२) Debtor (देनदार): A person who has to pay to the business for getting goods and services on credit is known as DEBTOR.

A debtor is a person who owes money to
Simple words मे विजय ने अजय से ₹10,000 लिये तो विजय DEBTOR (देनदार) होता है, उसे अजय को ₹10,000 देने पड़ेंगे.

१३) Profit (लाभ): profit means the excess of income over expenses. 

PROFIT= INCOME-EXPENSES
EX. if total income from sale of goods is ₹50,000 rupees & total expenses like purchase goods, salaries transport etc. ₹40,000.
Profit=50,000-40,000
Profit=₹10,000

१४) Loss (हानि): Loss means the excess of expenses over income 

हानि means खर्चा ज्यादा होता है उत्पन्न से
LOSS= EXPENSES-INCOME
Sales (Income) are ₹50,000 and Expenses are ₹60,000
Loss= 60,000-50,000
Loss=10,000
    

sybms sem-4 production management note (production and total quality management) (part 2)

PRODUCTION SYSTEM

The combination of operations and activities, involving inputs, transformation process and output, employed to create goods and services is known as production system.
production system are also known as manufacturing system.
production system needs to interact with both internal (engineering, marketing, personnel & accounts activities) and external (customers, suppliers, competitors etc.) environment.

Classification Of Production System:

they are classified under two categories: 

1. Intermittent production system

1. Continous production syste

(A) Intermittent (irregular) Production System

Intermittent means something that starts (initiates)& stops (halts) at irregular (unfixed) intervals (time gaps). In the intermittent production system, goods are produced on a small scale, based on the demands & orders of cutomers. The flow of production is intermittent and not continuous. this system is very flexible. Ex.     (Ⅰ) The work of a goldsmith in hindi (sonar) is based on the customers orders. it is not continuous basis.     (Ⅱ) The work of a tailor is also based on the number of orders he gets from his customers. The clothes are stitched (joint) on a limited scale for every customer independently as per their measurement & size & the joining is not done on a continuous basis.

          Characteristics of an intermittent production system are: 

• The flow of production is not continuous .

• Goods of varied designs & varieties are produced.

• The volume of production is small. 

• The quantity, size, shape, design,etc. of the product depends on the customers requirements & orders.

         TYPES OF INTERMITTENT PRODUCTION SYSTEM

1)JOBBING PRODUCTION SYSTEM:

• Jobbing production system are known as job shop production system

• This  type of production system is concerned with making a high-priced product to order which is not likely to be repeated

• Small production 

• Production cycle timely

Ex. tailoring shops,manufacturers of ships etc.                                  Characteristics of jobbing production system are:

  1)Low volume of production: The production made is by the strictly as per the customers orders 

  2)Discontinuous flow of material: The flow of material are not regularly

3)Large inventory of materials, Tools and parts

4)Highly skilled operators: The labour are highly skill developed that professional

5)Large work-in-progress (WIP):

                   Advantages of jobbing production:

• work is generally of a high quality.

• A high level of customization is possible to meet the customers exact requirements.

• workers can be easilu motivated and full potential can be utilized

                   Limitations of jobbing production:

• Higher cost due to frequent (common) set up changes.

• Production planning is complication.

• Requires the use of specialist labour.

• Larger space requirement.

                               (2) BATCH PRODUCTION SYSTEM

• In this types of production, a mixture of general purpose & special purpose equipment is used to produce small to large batch products.

• Batch production is one of the known as intermittent flow production.

• Ex. Ice cream manufactures produce a batch of ice creams of different flavour like vanilla and strawberry, heavy motor vehicles, process industries like pharmaceuticals, paints,etc. 

                     Characteristics of batch production:

1. short runs: Batch production has shorter poduction runs. the production is generally made to stock. the equipment & assembly set up is used for a limited number of parts or assemblies and is then changed to make a different product.
2. Skilled labour: the labour force is expected to be skilled in any of processes link welding, fitting etc.
3. Large WIP
4. Proper production planning and control: Functions of production planning and control in batch production unit are more complex than those in jobbing production or mass production.                                                                                       ⠠ materials  control and tools control function are important.                                      ⠄There should be a proper stock control system to ensure routine replenishment.                                      ⠄Often jobs tend to lag behind.
5. General purpose machines: Batch production uses general purpose machines that are capable of performing variety of operations with minimum set-up time.

                     Advantages of Batch production:

➤ Better utilization of plant and machinery.
➤ Promotes functional specialization.

                     Limitations of batch production

➤ Production planning & control is complex
➤Material handling is complex

                           (B) Continuous production system

➤ Continuous means something that operates constantly regulated.

➤ In the continuous production system,  goods are produced constantly as per demand forecast (अंदाजा) . Good are  produced on a large scale for stocking & selling and not on customers orders.

➤ Example:  The production system of a food industry is purely based on the demand forecast, where there is large-scale production of food and is continuous production.

                     characteristics of a continuous production system are:

• The flow of production is continuous. 

• It is not intermittent. 

• The production are standardized. 

• The products are produced in anticipation (prevision-पहले से ही) of demand. 

                      TYPES OF CONTINUOUS PRODUCTION SYSTEM

                            (A) Mass production system

• The mass production system is known as flow production system.

• Mass production system involve manufacturing of large number of similar product.

• Such products are stocked in warehouses till they are sold. 

• It is the production of large amounts of standardized product.

• this production system is characterized by very large volume of production. 

• Ex. refrigerators, television sets, electric fans etc.

                          Characteristics of mass production system 

(a) continuous flow of material: In mass production system, the flow of materials, components & parts is continuous production.
(b) special purpose machines: there are dedicated special purpose machines that have higher production capacities and output rates.
(c) limited work-in-progress (WIP): since the manufacturing line is balance, the WIP is comparatively less.

(d) Short manufactring cycle time: The manufacturing cycle time is short as the machine capacities are balanced by duplicating wherever necessary.
(h) Material handling can be completely automatic.

                  Advantages of mass production system

➤ Higher rate of production with reduced cycle time

➤ Less skilled operators are required.

➤ Production planning & control is easy.

➤ Low process inventory.

➤ Manufacturing cost per unit is low

                  Limitation of mass production system 

➤ Breakdown of one machine will stop an entire production line.

➤ High investment in production facilities.

                           (2) Process production system

• In process production there is manufacturing of a single product that is stocked in the warehouse for sales.  
• The flexibility of such plants is almost zero as only one type of product can be produced in such plants.

                Charateristics of process production system

(a) special purpose machine with Built-in controls: special purpose machinery and equipment with built-in controls to measure output & regular inputs are employed to suit the needs.

(b) Zero manufacturing cycle time: The one large machine where the raw materials enter at one end & energe as finished product at the other.
(c) Low skilled labour: Labour of process production include low skilled workmen.
(d) material handling: Material handling is highly machanixed using automatic transfer machines for movement.
(e) Small inventory of WIP: Negligible WIP as material flow is continuous.

                 Advantages of process production

➤ Higher, machanized material handling.

➤ Simple scheduling activity.

                   Limitations of process production system

➤ No flexibility ➤ Low skilled workmen. 

sybms sem-4 production management note (production and total quality management) {part1}

                        Topic: Production Management

Introduction  Of Production:

Production is one of the most crucial areas amongst the various functional areas of management. PRODUCTION  is defined as "the step by step conversion (convert) of one form of material into another form through chemical or mechanical  process to create or increases the utility of the product to the user." thus production is a value addition.

Production Management And Operation Management:

Introduction:

production management refers to the application of management principles to the production function in a manufacturing unit. It is the planning, organizing, directing and controlling of the production has been the result of three major developments:

1. Development of factory system of production. It further led to emergence of managers.
2. Development of the large corporation with many owners and the necessity to hire people to operate the business.
3. Techniques developed by some of the pioneers (creative) of scientific management.

Objective Of Production Management:

The four basic requirements that determine customer satisfaction are right quality, right quantity, right time and right price. the primary objective of production management is produce goods and services of the right quality, in the right quantities at a minimum cost and according to the time schedule.

1. Right quality:

                          The quality of product is established based upon the customers needs. It is determined by the cost of the product and the technical characteristics as usefulto the specific requirements.

    2.  Right quantity:

                         The manufacturing organization should products in right number.

    3.  Right Time:

                         Timeliness of delivery is one of the important parameter to judge the effectiveness of production department.

    4. Right Manufacturing cost:

                         manufacturing costs are established before the product is actually manufactured. "manufacturing cost is the sum of costs of all resources consumed in the process of making product. the manufacturing cost are classified into 3 categories: direct material cost, direct labour cost. and manufacturing overhead." 

    5.  minimizing the total cost of production

    6.  Maximize the utilization of manpower and other resources.

Qualities Of A Production Manager:

The production function has to be performed efficiently by the head of production department i.e. production manager. production managers work closely with supervisors and maintenance staff to plan work, set targets and make sure the finished products meet the pre-set quality standard. 

His work basically 3 main areas of the production process: 

• planning
• control
• supervision

The production manager needs the following qualities:

1. Strategic Thinking:
2. Intelligence:
3. Flexibility:
4. Imagination:
5. Sympathy 
6. Commitment:
7. Communication Ability:
8. Self-control

COMMING SOON- PRODUCTION SYSTEM

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