Economic foundations of business environment

Statistics for management:

1. Probability. Basic definitions and rules for probability, conditional probability, independent of events, Baye’s theorem, random variables, Probability distributions: Binomial, Poisson, Uniform and Normal distributions.

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2. Sampling distribution and estimation. Introduction to sampling distributions, sampling techniques, sampling distribution of mean and proportion, application of central limit theorem. Estimation: Point and Interval estimates for population parameters of large sample and small samples, determining the sample size.
3. Testing of hypothesis. Hypothesis testing: one sample and two samples tests for means and proportions of large samples (z-test), one sample and two sample tests for means of small samples (t-test), F-test for two sample standard deviations, Chi-square test for single samples standard deviation. Chi-square tests for independence of attributes and goodness of fit.
4. Non-parametric methods. Sign test for paired data. Rank sum test: Mann – Whitney U test and Kruskal Wallis test. One sample run test, rank correlation.
5. Correlation, regression and time series analysis. Correlation analysis, estimation of regression line.Time series analysis: Variations in time series, trend analysis, cyclical variations, seasonal variations and irregular variations.

Economic foundations of business environment:

1. Nature and scope of macro economic issues. Macro economic variables – national income, investment, savings, employment, inflation, balance of payment, exchange rate – circular flow of income – national income concepts – measurement of national income – role of economic planning – Indian economic planning.
2. Analysis of national income. Determination of national income – Keynesian perspective - multiplier– accelerator– business cycle – the role of fiscal policy – Indian fiscal policy and experiences.
3. Analysis of money market. Demand and supply of money – money market equilibrium – the role of money- monetary policy– Indian perspectives.
4. Integration of commodity and money market. Analysis of inflation and unemployment – the role of economic policies – Indian experiences.
5. Analysis of external sector. International trade – trade multiplier – linkage model – the role of trade policy – analysis of performance of Indian economy in external sector.

Financial accounting

• Introduction to Financial, cost and management accounting, generally accepted accounting principles, conventions and concepts. The balance sheet and related concepts, the profit and loss account and related concepts/ Introduction to inflation accounting, introduction to human resources accounting.
• Accounting Mechanics - Basic records, preparation of financial statements, revenue recognition and measurement, matching revenues and expenses, Inventory pricing and valuation, Fixed assets and depreciation accounting, intangible assets.
• Analysis of financial statements - Financial ratio analysis, cash flow and funds flow statement analysis

Cost accounting and management accounting

• Cost Accounts - Accounting for manufacturing operations, classification of manufacturing costs, Accounting for manufacturing costs. Cost Accounting Systems: Job order costing, Process costing, Activity Based costing, Costing and the value chain, Target costing,
• Cost-Volume – Profit Analysis, Standard cost system.
• Management Accounting: Relevant Cost for decision making, Incremental analysis, Special order decision, Production constraint decisions, Make or buy decisions, sell, scrap or rebuild decisions, Joint product decision, Responsibility accounting and performance evaluation. Budget: As a planning and control tool.

The Indian Contract Act 1872 - Essential of a valid contract, Void Agreements, Formation of a contract, performance of contracts, breach of contract and its remedies, Quasi contracts.The Sale of Goods Act 1930 - Sales contract, transfer of title and risk of loss, warranties in sales contract, performance of sales contracts, conditional sales and rights of an unpaid seller.

Negotiable instruments Act 1881 - Nature and requisites of negotiable instruments, transfer of negotiable instruments and liability of parties, enforcement of secondary liability, holder in due course, special rules for cheques and drafts, discharge of negotiable instruments. Agency - Nature of agency – How created, Agent’s authority and liability of principal and third party: Rights and duties of principal, agents and Third party, liability of principal or agents torts, termination of agency.

References

1. Levin R. I. and Rubin D. S. , "Statistics for management", 7th edition, Prentice Hall of India Pvt. Ltd. , New Delhi, 2001.
2. Aczel A. D. and Sounderpandian J. , "Complete Business Statistics", 5th edition, Tata McGraw – Hill Publishing Company Ltd. , New Delhi, 2004.
3. Anderson D. R. , Sweeney D. J. and Williams T. A. , "Statistics for business and economics", 8th edition, Thomson (South – Western) Asia Pte. Ltd. , Singapore, 2002.
4. Levine D. M., Krehbiel T. C. and Berenson M. L. , "Business Statistics: A First Course", Pearson Education Asia, 2nd edition, New Delhi, 2002.
5. Hooda R. P., "Statistics for Business and Economics", 2nd edition, Macmillan India Ltd. , 2001.
6. Morse L. B. , "Statistics for Business and Economics", HarperCollins college Publishers, New York, 1993.
7. Bowerman B. L., Connel R. T. O’ and Hand M. L. , "Business Statistics in Practice", 2nd edition, McGraw-Hill / Irwin, 2001.
8. Gupta S. C. and Kapoor V. K. , "Fundamentals of MathematicalStatistics",Sultan Chand & Sons, New Delhi, 2002.
9. D. Kapoor, Elements of mercantile law – Sultanchand and company, New Delhi – Latest edition
10. Sen & Mitra – Commercial and Industrial law – The world press, Pvt. Ltd. , Calcutta – 1996.
11. P. S. Gogna, Mercantile Law, S. Chand & Co. Ltd. , New Delhi, 1999.
12. Dr. Vinod K.Singhania Direct Taxes Planning and Management (Latest edition). Respective Bare Acts.
13. Ahuja H. L. , Economic Environment of Business, Macroeconomic analysis, S.Chand & Company Ltd. , New Delhi, 2005.
14. Gupta, G. S. Macroeconomics, Theory and Applications, Tata McGraw-Hill publishing company Ltd. , New Delhi, 2001.
15. Samuelson, Paul A. , and Nordhaus, W. D. , Economics, Tata McGraw-Hill publishing company Ltd., New Delhi 2004.
16. Ruddar Datt and K. P. M. Sundharam, Indian Economy, S. Chand & Company Ltd. , New Delhi, 2003.
17. Government of India (Ministry of Finance), Economic Survey (Latest issue), New Delhi.
18. Y. Khan & P. K. Jain – Management Accounting, Tata McGraw Hill publishing company Ltd. , 2004.
19. A. Sahaf – Management Accounting (Principles & Pratice): Vikas Publishing House Pvt. Ltd. , New Delhi, 2004.
20. S. N. Pillai & Bagavathi – Managemnt Accounting S. Chand & Co.Ltd. , New Delhi, (2002).
21. Narayanaswamy – Financial Accounting – A managerial perspective Prentice Hall India Pvt. , Ltd. , New Delhi.
22. Bhattacharya S. K. John Dearden Accounting for Managemnt text and cases – Vikas publishing house, New Delhi, 2000.
23. Charles T. Hornegren – Introduction to management accounting Prentice Hall, New Delhi, 2001.

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