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<!DOCTYPE html>
<html lang="en">
<head>
<meta charset="UTF-8" />
<meta http-equiv="X-UA-Compatible" content="IE=edge" />
<meta name="viewport" content="width=device-width, initial-scale=1.0" />
<title>Economics notes for 3rd semester</title>
<link rel="stylesheet" href="style.css">
</head>
<body>
<div class="top">
<!-- <img class="board" src="/board.png" alt="board"> -->
<h1 class="head">NOTES OF ECONOMICS</h1>
</div>
<section>
<div class="qs1to4 flex util">
<p>
<span> Q) Question 1 to 4 are present </span>
<a target="_blank" href="economics_1_4.pdf">here</a>
</p>
</div>
<div class="qs5 util flex">
<p><span>Q) 5 has 4 subquestions :</span></p>
<ul>
<p>
i)
<a target="_blank"
href="https://corporatefinanceinstitute.com/resources/accounting/straight-line-depreciation/">Straightline
method of depreciation
</a>
</p>
<p>
ii)
<a target="_blank" href="deprecitationatfixedrate.jpg">Fixed percentage method of depreciation
</a>
</p>
<p>
iii)
<a target="_blank" href="https://www.wallstreetmojo.com/declining-balance-method/">Declining balance method of
depreciation
</a>
</p>
<p>
iv)
<a target="_blank" href="https://en.wikipedia.org/wiki/Accelerated_depreciation">
Accelerated balance method of depreciation
</a>
</p>
</ul>
</div>
<div class="qs6 flex util">
<p> <span> 6) Write short notes on :</span></p>
<ol>
<p>
a)
<a target="_blank" href="https://en.wikipedia.org/wiki/Break-even_(economics)">Break even point</a>
</p>
<p>
b)
<a target="_blank" href="https://en.wikipedia.org/wiki/Margin_of_safety_(financial)">Margin of Safety</a>
</p>
<p>
c)
<a target="_blank" href="https://en.wikipedia.org/wiki/Variable_cost">Variable Cost</a>
</p>
<p>
d)
<a target="_blank" href="https://en.wikipedia.org/wiki/Fixed_cost">Fixed Cost</a>
</p>
<p>
e)
<a target="_blank"
href="https://bbamantra.com/angle-of-incidence/#:~:text=The%20angle%20which%20is%20created%20by%20cost%20and,of%20incidence%20higher%20is%20the%20rate%20of%20profit.">
Angle of Incidence
</a>
</p>
<p>
f)
<a target="_blank"
href="https://www.accountingnotes.net/cost-accounting/marginal-costing/profit-volume-ratio-with-formula-and-calculation/7718">
Profit Volume Ratio
</a>
</p>
<p>
g)
<a target="_blank" href="https://en.wikipedia.org/wiki/Contribution_margin">
Contribution
</a>
</p>
</ol>
</div>
<div class="qs7 flex util">
<p>
<span>Q 7)</span>
<a target="_blank" href="https://en.wikipedia.org/wiki/Accounting">
Accounting
</a>
</p>
</div>
<div class="qs8 flex util">
<p>
<span> Q 8)</span>
<a target="_blank"
href="https://shardaassociates.in/advantages-of-accounting/#:~:text=Basic%20Advantages%20of%20Accounting%20That%20You%20Must%20Know,in%20accordance%20with%20accounting%20principles.%20...%20More%20items">
Advantages of Accounting</a>
</p>
</div>
<div class="qs9 flex util">
<p>
<span>Q 9) It has 2 subquestions :</span>
<ol>
<p>
a)
<a target="_blank" href="https://www.wallstreetmojo.com/accounting-functions/#h-functions-of-accounting">
Functions of Accounting
</a>
</p>
<p>
b)
<a target="_blank" href="https://www.vedantu.com/commerce/limitations-of-accounting">
Limitations of Accounting
</a>
</p>
</ol>
</p>
</div>
<div class="qs10 flex util">
<p>
<span> Q 10) Distinguish between the following :</span>
<ol>
<p> a) <a target="_blank"
href="https://keydifferences.com/difference-between-financial-accounting-and-management-accounting.html">Financial
and Management Accounting </a>
</p>
<p>
b) <a target="_blank"
href="https://keydifferences.com/difference-between-trading-and-profit-loss-account.html">
Trading account and profit and loss account</a>
</p>
<p>
c) <a target="_blank"
href="https://www.indeed.com/career-advice/career-development/gross-profit-vs-net-profit#:~:text=The%20biggest%20difference%20between%20gross%20profit%20and%20net,after%20all%20expenses%20are%20subtracted%20from%20the%20earnings.">
Gross profit and net profit
</a>
</p>
<p>
d) <a target="_blank"
href="https://www.trendingaccounting.com/2022/06/difference-between-manufacturing.html#:~:text=The%20main%20difference%20between%20the%20trading%20account%20and,the%20trading%20account%27s%20outcomes%2C%20whether%20profit%20or%20loss.">
Trading account and manufacturing account
</a>
</p>
<p>
e)
<a target="_blank"
href="https://corporatefinanceinstitute.com/resources/accounting/fixed-and-variable-costs/">
Variable cost and fixed cost</a>
</p>
<p> f)
<a target="_blank"
href="https://keydifferences.com/difference-between-cost-accounting-and-financial-accounting.html#:~:text=The%20following%20are%20the%20major%20differences%20between%20cost,Cost%20Accounting%20Records%20both%20historical%20and%20per-determined%20costs.">
Cost account vs financial account</a>
</p>
</ol>
</p>
</div>
<div class="qs11 flex util">
<p>
<span> Q 11)</span>
<a target="_blank"
href="https://articles.bplans.com/financial-ratios-explained/#:~:text=The%20financial%20leverage%20ratio%20is%20used%20to%20measure,financial%20risk.%20Financial%20leverage%20%3D%20operating%20income%2Fnet%20income">
How your financial position gets affected by the financial ratios, and discuss about the various financial
ratios to be kept in mind while running a business?</a>
</p>
</div>
<div class="qs12 flex util">
<p>
<span> Q 12) It has two subsections :</span>
<ul>
<p>
a)
<a target="_blank"
href="https://www.netsuite.com/portal/resource/articles/financial-management/cash-flow-analysis.shtml#:~:text=A%20cash%20flow%20analysis%20determines%20a%20company%E2%80%99s%20working,liabilities%20%28liabilities%20due%20during%20the%20upcoming%20accounting%20period%29.">
Cash Flow analysis</a>
</p>
<p>
b)
<a target="_blank"
href="https://www.yourarticlelibrary.com/accounting/cash-flow/cash-flow-statement-analysis-meaning-principal-and-advantages/61970#:~:text=Advantages%20of%20Cash%20Flow%20Analysis%3A%201%201.%20It,be%20planned%20on%20its%20basis.%20...%20More%20items">
Advantages of cash flow analysis
</a>
</p>
<p>
c)
<a target="_blank" href="https://accountlearning.com/limitations-of-cash-flow-statements/">
Limitations of cash flow analysis</a>
</p>
</ul>
</p>
</div>
<div class="qs13 flex util">
<p>
<span> Q 13) It has 2 subquestions :</span>
<ol>
<p>
a)
<a target="_blank" href="https://en.wikipedia.org/wiki/Public%E2%80%93private_partnership"> Public Private
Partnership
</a>
</p>
<p>
<p>b) <span>Can PPP overcome the deficient supply of pure public and merit goods?</span></p>
<div class="ans">
Ans :
<b>Merit Goods</b> include goods which are provided by both government and private sectors. They are goods
which
depend on product consumption directly. People using those need to pay for it, and they get exhausted too
often
due to high consumption. They are available for personal consumption and to only a certain section of the
society.
For example, the construction of buildings of hospitals and schools, and their maintainance.
<br>
<b>Pure public goods</b> on the other hand are meant to be provided to one all regardless of who pays for it.
They
are made available by the government to the common public and are meant for mass consumption. Examples may be
defence system, waste Management system, legal system, and street lighting.
<br>
<b>PPP or 3P</b> is responsible in incrementing the usage and availability of the pure public goods and merit
goods. The taxpayers pay for their construction, and the private actors, businessmen, corporate industrialists
invest in them, as a result the goods get available for all in no time, and the monetary expense for its
availability gets dealt with smoothly. Also since expenses gets managed by the big firm, the scope of
innovation
and efficiency improves. The provision of incentives improves competition.
<br>
</div>
</p>
</ol>
</p>
</div>
<div class="qs14 flex util">
<p>
<span>Q 14) It has 2 subquestions :</span>
<ol>
<p> a)
<a target="_blank" href="https://www.investopedia.com/terms/d/depreciation.asp">
Depreciation
</a>
</p>
<p>
b) <a target="_blank"
href="https://www.toppr.com/guides/accountancy/depreciation-provision-and-reserves/need-depreciation-factors-affecting-amount-depreciation/#:~:text=There%20are%20four%20main%20factors%20to%20consider%20when,and%20will%20affect%20the%20calculation%20of%20depreciation.%20">
Factors on which depreciation depends </a>
</p>
</ol>
</p>
</div>
<div class="qs15 flex util">
<p>
<span> Q 15) It has 4 subquestions :</span>
<ol>
<p>
a) <a target="_blank" href="https://www.economicsdiscussion.net/cost-accounting/budget/32753">Budget</a>
</p>
<p> b) <span>Objectives of budget are :</span>
<div class="ans">
<ul>
1. To get more economic use of capital. <br>
2. To prevent waste and reduce expenses. <br>
3. To facilitate various departments to operate efficiently and economically. <br>
4. To coordinate the activities of various departments. <br>
5. To plan and control the income & expenditure of the firm. <br>
6. To fix the responsibilities in different departments. <br>
7. To ensure the availability of working capital. <br>
8. To ensure the matching of sales with production. <br>
</ul>
</div>
<br>
<p>
c) <span>Advantages of a Budget Manual: </span><br>
<div class="ans">
<ol>
1. It acts as a guide book of all departments involved in the budgeting process. <br>
2. Less confusion will occur if answers to questions can be obtained from the manual. <br>
3. It will be easier to resolve any difference between two departments when there are written instructions
in
the budget manual. <br>
4. Reliance on memory is eliminated when a procedure is given in writing. <br>
5. Clear instructions in budget manual will save time of the superiors as juniors will not ask for approval
time
and again. <br>
6. It will reduce training time of the employees as oral instructions are supplemented with written
procedures.
<br>
</ol>
</div>
<br>
<p>
d) <span>Limitations of Budgeting :</span> <br>
<div class="ans">
While budgeting performs many functions and has many advantages that are vital to an organization; it has
certain limitations which require careful consideration. <br>
<ol>
1. Planning, budgeting, or forecasting is not an exact science; it uses approximations and judgement which
may
not be cent per cent accurate. At best, a budget is an estimate; no one knows precisely what will happen in
the
future. <br>
2. The success and utility of budgeting depends on the cooperation and participation of all members of
management. All persons should direct their efforts according to the plan. Moreover, the top management
should
adhere to the budget and provide cooperation. <br>
3. A budget is only a tool, and it neither eliminates nor takes over the place of management. A budget
cannot
be substituted for management but should only be used by the management for accomplishing managerial
functions.
Executives generally feel ‘circled in’ by a budget and its related figures.
They fail to understand that the budget is meant to provide detailed information, goals, and targets which
may
help them in achieving the company objectives. <br>
4. It takes time to establish an efficient budgeting process. Also, sometimes too much is expected from a
budget and in case expectations are not fulfilled, the blame is put on the budget. An efficient budgeting
programme requires that the responsible persons should understand the philosophy, objectives, and essentials
of
budgeting. <br>
5. Excessive emphasis on budgeting may result in attempts by lower level of management and employees to buck
the system by providing inaccurate estimates of future costs and revenues. <br>
</ol>
</div>
</p>
</p>
</ol>
</p>
</div>
<div class="qs16 flex util">
<p>
<span> Q 16)</span> <a target="_blank" href="types of cost.pdf"> Types of cost</a>
</p>
</div>
<div class="qs17 flex util">
<p>
<span> Q 17)</span> <a target="_blank" href="ratio_analysis.pdf"> Ratio analysis and its advantages and
disadvantages </a>
</p>
</div>
</section>
</body>
</html>