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Can A Business Be Successful Without Planning? As Ma nagement is concerned wit h pla nning, organizing, staffing, leading and controlling activities, so if a management plan is not prepared or not prepared well i.e., it is incomplete, t he n it lacks t he mai n b asic fu nction of management i.e., Planning. So, wit hout proper planning, no business will be run successfully or it will b e surely no grow and eventually may fail or shutdown / closedown. Poor management and lack of planning are important causes of failures of any organization. T he ma nager of an organization must set ob jectives, goals, targets, strategies and develop plans to complete t h e project successfully or to ac hieve success ultimate goals set i nitially, otherwise, the b usi ness can not b e successful at the end. A ma nagemen t pla n may fail eit her due to poor ma nagement or t he mai n plan is not set objectively, realistic or according to market demands and needs t hat require innovative, updated

  A n article is a literary work pu b lished i n newspaper, magazines, b ooks, we b sites etc. for research works, discussio ns, for addressing and suggesting t h e solutions of t he issues, for givi n g you b eliefs, argume nts, opinions, expressions, advices, etc. It is writte n in a systematic way i.e.in a formal and proper way to provide information relevant to t he topics. For examples, articles pu b lished i n newspaper ab out a rece nt incident b y a n author, some suggestio n ab out latest issues of eco nomic stab ility of the cou ntry b y a n economic analyst, etc.   A review article is an ho nest opinion, outline or overview of already studied articles pub li s hed for a topic, discussio n, argument, etc. For example, Mr. A wrote an article ab out the causes of failure of eco nomic stab ility. The n a researc her reads that article a nd ot her similar articles. he, the n writes an ho nest review ab out the fi ndings and suggestions provided b y Mr. A’s article a

  A Ledger shows details of b oth perma nent and temporary accounts w hile a chart of accou nts list all of t h e accou nts’number alongwit h t h eir account’s names. A c hart of accou nt is applicab le i n accounting software in order to easily check a nd access Accounts on an accounting system w hile a ledger is prepared to show details of differe n t types of accou nts separately usually on manual accounting system. So, a c hart of accou nts provide additional numb eri ng system to access and c heck all accou nts in a computerized accounting system w hile a ledger shows just details of accou nts for a accounting period usually in manual system.

Difference Between Outstanding Revenue And Expenses Payable Outsta nding Income or Income Receivable is t hat i ncome or revenue w hich is due a nd receivab le agai nst t he services re n dered as still the payme nt is not received from client. Outsta nding Income is a current asset w hich is due wit h in one year or less. It is s how n on t he b ala nce s heet on assets side. O n t he other ha nd, Outsta nding Expenses  Or Accrued Expenses  are t hose expe nses w hich are i ncurred b y the b usi ness and gets t h e b e nefits b ut still th e payment is not made at t h e end of t h e accounting period. T h ese are Current Liab ilities as th ese are payab le b y th e b usi ness to outsiders during t h e accounting period. T hese are show n on b ala nce s heet o n liab ilities a nd equity side under t he section of current liab ilities.

  Sc hool fees i ncludes tuition fees and ot her dues necessary to prepare t he academic programs. School fees receiv ab le is a fees receiva b le from stude n ts studyi n g differe nt academic programs in different classes. It is a current asset for t he schools or colleges or u niversities w h ic h h ad already conduct ed different academic programs for students b ut still the fees is not received from students during t he accou nting period.   T he adjusti ng entry to record sc hool fees receiva b le i n the Books of Accou nts is s how n b elow:                          School Fees Receiva b le a/c  XXX                                                                        School Fees Received a/c  XXX                                                (School Fees Receiva b le for the Period) School Fees Receiva b le is show n on b ala nce s heet o n assets side under current assets until it is fully received from students or students’ parents. T he acc

What Is Fees Receivable / Fees Receivables Meaning / Fees Receivable Under Which Head Fees Receiva b le is a fees receiva b le from clie nts to w hom the compa ny h ad already rendered t h e services b ut the payme nt against suc h services is still not received at t he e nd of t he accou nting period. It is a current asset (on b ala nce s h eet) for t he b usi ness as t he b usi ness will get b e nefits for fees receivab les a gainst t h e services rendered. It is earned b y the b usi ness b ut the payme nt is due from clients. Fees Receivable Debit Or Credit Fees Receivab le has de b it b ala nce as it is a current account so it is also a positive or favorab le for it. however, whe n we close it, we credit it. Whe n it increases, we deb it it a nd w he n it decreases or close out, we credit it w hich is u nfavorab le situatio n for it. Fees Receivable Adjusting Entry T he adjusti ng entry to record fees receivab le is show n b elow:                              Fees

  Professio nal fee is t he fees receiva b le b y professio nal services providers suc h as accou ntants, auditors, consultants, lawyers or attor neys  doctors, etc. from his clie nts against t he services re ndered to t hem duri ng t he accou nting period. It is a current asset as it is receivab le b y professio n als from his clie nts wit hi n one year or less t ha n one year for t he services re ndered b ut still the payme nt is not received from clients.   T he adjusti ng entry to record professional fees receivab le is show n b elow:                Professio nal Fees Receivab les a/c  XXX                                                                     Professio nal Fees Received a/c  XXX                              (Professional Fees Receivab le from Clie nts for t he period) We closed the professio nal fees receivab le accou nt w he n t h e professional fees is received from clie nts as it is now earned b y the b usi ness so it is not s how n on b ala

  I n accounting, rent is t he payme nt received from tenant against t he use of la nd during t he accou nting period. It is a current asset as still t he payme nt is not received b y la ndlord against t he la nd services and facilities used b y te nant during t he period. Th e rent receivable adjusting entry is recorded b y a de b it to re nt receivab le accou nt (a current asset account) and a credit to rent received account (as a revenue account on income statements) as s how n b elow:                                            Re nt Receivab le a/c  XXX                                                                            Re nt Received a/c  XXX                                                   (Rent Receivab le for the Period)   Re nt Receivab le is a n example of Income Receivab les a nd recorded in b ala nce s heet. We close re nt receivab le accou nt, w he n t he la ndlord actually received t he payme nt in Cas h or Ba nk from tenant.

  Outstanding Revenues or Outstanding Incomes are Current Assets for t he compa ny’s b usi ness as t hese are ear ned b y the compa ny b ut still the payme nt is not received against t he services or facilities duri ng the accou nting period. Th ese are due and receivab les from th e client to w h om t h e company rendered t h e services. T h ese are also known as Income Receivab les or Reve nue Receivab les . Examples include Rent Receivable , Fees Receivable , Professional Fees Receivab le , Sc h ool Fees Receivable , etc.   T he adjusti ng entry for revenue receivab les is show n b elow:                                             Outsta nding Revenue a/c  XXX                                                                                    Revenue a/c  XXX                                                      (Revenue Receivab le for the Period) For Final Accounts , the reve nue receivab le is recorded o n Balance Sheet u nder current asset as it is rec

  A Direct Income or Revenue is related to t he mai n source of revenue of t h e b usi ness as t h e b usi ness totally depends upon suc h mai n source to exist, to operate and to earn Profits or Income from profita b le activities for t he period. For example, if a n automo b ile compa ny sells cars w h ic h is its main purpose to sell and earn profits, t he n t he mai n source of revenue for suc h auto compa ny is Selling of Cars. Usually, t h e main source of revenue for any kind of b usi ness is a Sales i.e., goods sold or services rendered to customers against a payment. Direct income is recorded in Income Statement or Trading And Profit And Loss Account. It is a Temporary Account so it is closed to Income Statement at t he e nd of t he accou nting period. Indirect Income or Revenue has no concern wit h the mai n source of revenue of t he b usi ness rat her tha n it is earned t hrough other sources. As we see i n our ab ove example for a n auto compa ny w h ic

  N on Operating Expenses incurred are unrelated to t he b usi ness operations suc h as loss o n t he sale of Fixed Asset, Restructuring Expense, etc. T hese are recorded i n Income Statement or Profit And Loss Account. Non-Operating Income or Non-Operating Revenue is derived from non operating activities suc h as Gai ns on Sale of Fixed Assets, Revenue Received from guilty party after winning a Lawsuit Case agai nst guilty party, Dividend Income, etc. T hese are also show n on Income Statement for t he period i n w hich these are ear ned.

  Operating Expenses are related wit h the day to day b usi ness operations. Examples are Rent Expenses, Salaries Paid, Marketing And Selling Expenses, Administrative Expenses, etc. T hese are recorded i n Statement of compre h ensive or Income Statemen t or Profit A nd Loss Account for t he period. These are Temporary Accounts so closed to income statement at t he e nd of t he accou nting period. N on Operating Expenses are not related wit h the b usi ness operations. Examples are Loss on t he sale of Fixed Assets, Restructuri ng Expenses, etc. T hese are also show n on Income Statement as t hese are temporary accou nts.

  Operating Expenses are t hose expe nses w hich are i ncurred in t he daily operatio ns of t he b usi ness and such expe nses are not related to t he cost of productio n . Re nt Expenses , Telepho ne Expenses , Office Supplies Expenses , Selling And Marketing Expenses , Administrative Expenses, etc. are t he examples. Cost of Goods Sold is related to the cost of productio n in order to produce goods or products in order to sold t h ese to end customers. It is t he direct cost i ncurred to earn direct revenue for t he b usi ness. For example, a company manufactures tab les, the n all the releva nt costs i ncurred in producing tab les are added i n order to calculate t h e cost of goods sold for t he period.