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IMPORTANT TOPIC FOR ENFORCEMENT OFFICER 2020 EXAM
Generally Accounting Principles
The following are the general accounting principles as mentioned e:
- Business Entity Assumption: It states that every business entity should be treated as an entity that is separate from its owners. Therefore, all financial transactions should also be distinguished in such a manner. This concept is especially important while recording financial transactions of a sole proprietor. When the entire business with its assets and liabilities belong to the proprietor, the financial transactions need to be distinguished between those related to the business and those related to the proprietor personally.
- Monetary Unit Assumption: All the financial transactions of a business should be capable of being expressed in a monetary unit (Indian Rupees, for example) and if it is not possible to do so, then it should not be recorded in the books of accounts of the business.
- Accounting Period: This principle entails that the accounting process of a business should be completed within a certain time period which is usually a financial year or a calendar year. Thus, every transaction which relates to a particular accounting period will form a part of the financial statements prepared for that period.
- Historical Cost Concept: As a general rule, when certain economic resources or assets are acquired by an enterprise, they are recorded as per the cash or cash equivalent actually spent to acquire that resource or asset on the transaction date – even if the transaction happened the previous day or ten years ago. This would result in the value of the remaining asset constant irrespective of the accounting period. The market value of the asset is not taken into account unless specifically required by law or an accounting standard.
- Going Concern Assumption: The business entity is assumed to be a going concern, i.e., it will continue to operate for an indefinite amount of time. This assumption is important because if the business entity were to liquidate in the near future, it would have to restate its assets and liabilities in the accordance with the actual amount that could be realised or payable as the case may be so as to reflect the true financial position of the entity.
- Full Disclosure Principle: An accounting entry may not independently be able to provide all the relevant information relating to the transaction. Hence the full disclosure principle requires the entity to disclose all the financial information relevant to the investor/user to assist him in decision making. At the transactional level, this is done by recording an adequate narration with every transaction and at the financial statement level, this is implemented by providing notes to the accounts.
- Matching Concept: This concept requires the revenue for a particular period to be matched with its corresponding expenditure so as to show the true profit for the period.
- Accrual Basis of Accounting: This principle requires all revenue and expenditure to be recorded in the period it is actually incurred and not when cash or cash equivalent has been received/spent. The earning of the income and the incurring of the expenditure is important, irrespective of the corresponding cash flow.
- Consistency: An entity may decide to follow a particular accounting procedure in relation to a series of transactions. Such accounting procedures need to be followed consistently over the following accounting periods so as to facilitate comparison of the results between two periods. For example, an entity might choose to adopt the straight-line method of depreciation of its tangible fixed assets. This method needs to be consistently followed even in the coming years.
- Materiality: This accounting principle allows an entity to disregard another accounting principle if the result of the same does not affect the decision making of the user of the financial statements. Certain errors or omissions may also be ignored if their effect is immaterial to the financial statements. For example, when a fixed asset is purchased, the matching concept requires the entity to recognise the expenditure over the useful life of the asset. If an entity purchases a keyboard for Rs. 300 and the turnover of such an entity is in crores of rupees, it would be immaterial to the user of financial statements whether such an asset is recognised as an asset or expense. Thus, even if the computer keyboard is considered as an expense in the year of purchase, it would not be violating the basic accounting principles since the amount involved and the impact of the same is immaterial.
- Conservatism: In the process of accounting, one might come across various situations where there are two equally acceptable ways of accounting for a particular transaction. One might even have to choose between recording a transaction or not recording the same. In such a situation, a conservative approach should be followed. This means that while accounting for a particular transaction, all anticipated expenses or losses will need to be accounted for but all potential income or gains should not be recorded until actually earned/received. This is why a provision for expenses like bad debts is made but there is no corresponding record provided for an increase in the realisable value of an asset.
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Objectives of IR industrial relations:
The primary objective of industrial relations is to maintain and develop good and healthy relations between employees and employers or operatives and management. The same is sub- divided into other objectives.
Thus, the objectives of IR are designed to:
1. Establish and foster sound relationship between workers and management by safeguarding their interests.
2. Avoid industrial conflicts and strikes by developing mutuality among the interests of concerned parties.
3. Keep, as far as possible, strikes, lockouts and gheraos at bay by enhancing the economic status of workers.
4. Provide an opportunity to the workers to participate in management and decision making process.
5. Raise productivity in the organisation to curb the employee turnover and absenteeism.
6. Avoid unnecessary interference of the government, as far as possible and practicable, in the matters of relationship between workers and management.
7. Establish and nurse industrial democracy based on labour partnership in the sharing of profits and of managerial decisions.
8. Socialise industrial activity by involving the government participation as an employer.
According to Krikaldy, industrial relations in a country are influenced, to a large extent, by the form of the political government it has. Therefore, the objectives of industrial relations are likely to change with change in the political government across the countries.
Accordingly, Kirkaldy has identified four objectives of industrial relations as listed below:
1. Improvement of economic conditions of workers.
2. State control over industrial undertakings with a view to regulating production and promoting harmonious industrial relations.
3. Socialisation and rationalisation of industries by making the state itself a major employer.
4. Vesting of a proprietary interest of the workers in the industries in which they are employed.
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INDIAN ECONOMY :Fiscal Policy
The term “fiscal” has been derived from the Greek word ‘fisc’ for basket which symbolised the treasury or the public purse. It simply means the exchequer or the government treasury. Fiscal Policy is an instrument of economic policy which is used to reallocate resources to achieve objective of economic growth, employment generation, poverty alleviation, price stability etc. it has multi-dimensional role of providing social justice, full employment, economic stability and growth. It is mainly concerned with the revenues and expenditures of the government.
OBJECTIVES OF FISCAL POLICYThe fiscal policy is formulated to fulfill the following objectives:
- Resource mobilization to increase the rate of investment and capital formation in order to augment the rate of economic growth.
- Achieve equitable distribution of income.
- Increase in employment opportunities
- Maintaining the price stability
The tools or instruments of fiscal policy are:
- Taxation: The government levies tax on private earnings to provide various services to the citizens. The government levies taxes like income tax, corporation tax, customs duties, wealth tax, property tax etc.
- Public Expenditure: The public expenditure diverts funds from government to the people for productive and welfare purposes.
- Public Debt: The government borrows fund for various activities. Public debt management includes functions like floating of government loans, payment of interest and redemption of debts. The public debt comprises of internal and external debt. Internal debt includes market loans, bank temporary loans by way of treasury bills issued to RBI and commercial banks
There are two types of fiscal policy:
- Expansionary Fiscal Policy: The policy that stimulates economic activity through increase in government spending, transfer payments, or tax cuts is called Expansionary Fiscal Policy. The goal of expansionary fiscal policy is to bring the economy up to its full employment level
- Contractionary Fiscal Policy: The policy that reduces economic activity through reduction in government spending, transfer payments, or increases in taxes is called Contractionary Fiscal Policy
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Important functions performed by staff of Industrial Relations.
(i) Administration of policies and programmes of industrial relations,
(ii) Public Relations,
(iii) Labour Relations,
(iv) Recruitment, selection and placement of labourers,
(v) Formulation of rules relating to law and order situation within the organisation and their explanation,
(vi) Provision of recruitment test, intelligence test, ability test, skill test, etc.
(vii) Provision of training and education programme,
(viii) Preparing report on performance evaluation and ability evaluation,
(ix) To provide medical and health services,
(x) To advise in the solution of problems relating to education, trade, health and conduct of the employees,
(xi) To conduct survey on the attitude of the employees,
(xii) To complete record of employment of the employees,
(xiii) To conduct research on employees,
(xiv) To enforce labour legislations,
(xv) To provide for redressal of employees grievances,
(xvi) To provide for collective bargaining and dialogue to minimize labour disputes,
(xvii) To provide for retirement and pension programme,
(xviii) To prepare and enforce plan regarding compensation and evaluation of individual work performance, etc.
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UNION BUDGET 2020-21 key highlights,
no quest will be asked in exam out of this videos
Good industrial relations are necessary for the following reasons.
- To help in the economic progress of a country. The problem of an increase in productivity is essentially the problem of maintaining good industrial relations. That is why they form an important part of the economic development plan of every civilized nation.
- To help in to establish and to maintain true industrial democracy this is a prerequisite for the establishment of a socialist society.
- They help the management both in the formulations of informed labor relations policies and in their translation into action.
- To encourage collective bargaining as a means of self-regulation. They consider the negotiation process as an educational opportunity a chance both to learn and to reach.
- To help the government making laws forbidding unfair practices of unions and employers. In climate good industrial relations every party works for the solidarity of worker’s movement. Unions gain more strength and vitality. There is no inter-union rivalry.
- Employees give unions their rightful recognition and encourage them to participate in all decisions. Unions divert their activities from fighting and belligerence to increase the size of the distribution and to make their members more informed (workers education) on vital issues concerning them.
- To boost the discipline and morale of workers. Maintenance of discipline ensures orderliness. Effectiveness and economy in the use of resources. On the other hand, lack of discipline means waste, loss, and confusion. It also means insubordination and non-co-operation.
- Industrial relations are eventually human relations, therefore, the same basis of human psychology prevails in the field of industrial relations, and the efficiency of an industry is directly related to the quality of the relationship, which is being built up amongst the individuals who work together.
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Social security schemes for unorganised sector:
In order to provide social security benefits to the workers in the unorganised sector, the Government has enacted the Unorganised Workers Social Security Act, 2008. Some of the welfare schemes for unorganised workers stipulated under this act are:
1. The National Social Assistance Programme (NSAP), launched in 1995 is a Centrally Sponsored Scheme of the Government of India that provides financial assistance to the elderly, widows and persons with disabilities in the form of social pensions.
2. Janani Suraksha Yojana (JSY), launched in 2005, is a safe motherhood intervention under the National Rural Health Mission (NRHM) being implemented with the objective of reducing maternal and neonatal mortality by promoting institutional delivery among the poor pregnant women.
3. Rajiv Gandhi Shilpi Swasthya Bima Yojana aims at financially enabling the artisans’ community to access to the best healthcare facilities in the country. This scheme covers not only the artisans but his wife and two children also.
4. National Scheme of Welfare of Fishermen aims at providing better living standards for fishermen and their families and social security for active fishers and their dependants.
5. Aam Admi Bima Yojana, launched in 2013, is a social security scheme aimed at unorganised sector workers aged between 18 and 59 years, which offers a cover of Rs 30,000.6. Rashtriya Swasthya Bima Yojana (RSBY), launched in 2008, aims to provide health insurance coverage to the unrecognised sector workers belonging to the BPL category and their family members. It provides for inpatient medical care of up to ₹30,000 per family/year in public as well as empaneled private hospitals.
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BODO peace accord signed by PM narendra modi.
How will it help in developmeny of NORTHEAST ?
it will also help in Limiting the Protests against the CAA going on in Assam.?
Important current affair topic
Is there any study material / online classes available for the EPFO EO 2020 exam?? Unacademy? Please do reply