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Different DIT
APPETITE
RESOURCE MANAGEMENT
RESOURCE ACCOUNTING
DEFINATION
Resource Accounting is the process of identifying and reporting the Investments made in the Human Resources of an Organization that are presently not accounted for in the conventional accounting practices. In simple terms, it is an extension of the Accounting Principles of matching the costs and revenues and of organizing data to communicate relevant information in financial terms. The Quantification of the value of Resources helps the management to cope up with the changes in its quantum and quality so that equilibrium can be achieved in between the required resources and the provided human resources
IMPORTANCE
Employment and utilization of Resources. Helps in deciding transfers, promotion, training and retrenchment of resources. provides a basis for the planning of physical assets Helps in evaluating the expenditure incurred for imparting further education and training of employees Helps to identify the causes of high labour turnover Provides valuable information for investors Helps the employees in improving their performance and bargaining power.
OBJECTIVES
To provide cost value information for making proper and effective management decisions To monitor effectively the use of resources by the management To have an analysis of the Human Asset To aid in the development of management principles and proper decision making
LIMITATIONS
No proper clear cut and specific procedure or guidelines for finding costs and value of resources period of existence of Resource is uncertain constant fear of opposition from the trade unions no universally accepted method of the valuation of Resources