F.W.Taylor

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Frederick Winslow Taylor also known as F.W.Taylor. frederick Winslow Taylor was an american mechanical engineer. f.w.taylor was born on march 20,1856 .He was the one of the first financial consultants.he is alsoKnown for"Father"of the Scientific management & Efficiency Movement, Father of Industrial Engineering.Taylor was the son of a lawyer. He entered Phillips Exeter Academy in New Hampshire in 1872. In 1911, Taylor summed up his efficiency techniques in his book ' The Principles of Scientific Management'. Taylor was also an athlete who competed nationally in tennis. His occupation was Efficiency expert Management consultant. He got the Awards of Elliott Cresson Medal (1902).
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Department and departmental accounting -meaning,defintion,advantages

 meaning and definition

A Department is an organisational sub unit which is specialised in some products or Activities which are distinct from other sections or sub units or departments .in such cases it is better to ascertain profit of the department separately.

A department is defined as"an organisational sub unit specialised  in some activities or products or services and  functions as a profit center".

department accounting

departmental accounting is the accounting for ascertain the profit or loss of a department.

Objectives / Advantages of Department accounting 

  1. Performance appraisal - Helps in ascertain the performance of each department on the basis of trading results.
  2. Helps in comparison - facilitates comparison of trading results of one department with that of another.
  3. Basis of planning - departmental accounting information provides base for intelligent planning and control
  4. Justification of capital out lay - helps the management to determine the justification of capital outlay in each department.
  5. Providing accounting information - more detailed information can provided to the users of the accounting information like the shareholders,investors ,creditors etc...
  6. Helps in managerial decisions  - helps the managment to take different decisions such as whether to drop a department or add new one or modifications to be made etc.....
  7. proper rewards - departmental managers and staffs to can be rewarded properly on the basis of results obtained trough departmental accounting 

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