Modern Approaches to Management After a scholarly review of management concept over the years, Harold Koontz in his article “The Management Theory Jungle” has classified the major “schools” of management into six broad areas: (1) The Management Process (2) Empirical School (3) Human Relations School (4) Decision Theory School (5) Mathematical School.The Management Process This school of thought perceives management as a process of getting things done through and with people operating ...
Meaning of Accounting The main purpose of accounting is to ascertain profit or loss during a specified period, to show financial condition of the business on a particular date and to have control over the firm's property. Such accounting records are required to be maintained to measure the income of the business and communicate the information so that it may be used by managers, owners and other interested parties. Accounting is a discipline which records, classifies, summarises and interpret...