What is managerial Skills?

 

Managerial skills are the abilities and attributes that effective managers possess in order to plan, organize, lead, and control their teams and organizations to achieve goals and objectives. These skills are essential for anyone in a leadership or management role and are often categorized into three main types:

1. Technical Skills: These skills involve the knowledge and expertise in a specific field or industry. They are particularly important for understanding the tasks, processes, and tools used in a given profession. Technical skills are crucial for making informed decisions and guiding the team effectively.

2. Interpersonal Skills: Interpersonal skills are crucial for building and maintaining relationships with team members, colleagues, and other stakeholders. These skills include communication, active listening, conflict resolution, and empathy. Effective managers need strong interpersonal skills to inspire and motivate their teams.

3. Conceptual Skills: Conceptual skills involve the ability to think strategically, analyze complex situations, and make decisions that align with the organization's goals and vision. Managers with strong conceptual skills can see the big picture and plan for the long term.

In addition to these three primary categories, other managerial skills and competencies are important as well, including:

• Leadership Skills: The ability to inspire, guide, and lead a team to achieve common goals.

• Problem-Solving Skills: The capacity to identify and resolve challenges and make effective decisions.

• Time Management: Efficiently allocating time and resources to meet deadlines and achieve objectives.

• Organizational Skills: The capability to plan, prioritize, and manage tasks and resources effectively.

• Adaptability: The capacity to adjust to changing circumstances and new information.

• Emotional Intelligence: The ability to recognize and manage one's own emotions and those of others.

• Communication Skills: The capability to convey ideas, information, and instructions clearly and effectively.

Effective managers possess a combination of these skills and can adapt their approach to different situations and challenges. Developing and honing these skills is essential for success in a managerial role and for contributing positively to an organization's overall performance.

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What is Amazon affiliate program?

Amazon Affiliate Marketing, often referred to as the Amazon Associates program, is one of the most popular and well-known affiliate marketing programs in the world. It allows individuals or website owners (affiliates) to earn commissions by promoting and linking to Amazon.com's products on their websites or other online platforms. Here's how it works:

1. Signup: To become an Amazon affiliate, you need to sign up for the Amazon Associates program on the Amazon website. This is usually a straightforward process, and you can join for free.

2. Choose Products: Once you're approved as an Amazon affiliate, you can browse through Amazon's vast product catalog and choose specific products or categories that you want to promote on your website.

3. Generate Affiliate Links: After selecting the products, you can generate unique affiliate tracking links for those products. These links contain your affiliate ID, which allows Amazon to track referrals and attribute commissions to you.

4. Promote Products: You can promote these affiliate links on your website or other online platforms, including blogs, social media, email marketing, and more. When users click on your affiliate links and make a purchase on Amazon, you earn a commission.

5. Earn Commissions: Amazon offers a tiered commission structure, with the commission rate varying depending on the product category. The more products you sell through your affiliate links, the higher your commission rate can become. Commissions typically range from 1% to 10% or more, with lower rates for high-volume, low-margin products and higher rates for specific categories.

6. Payment: Amazon typically pays affiliates on a monthly basis, provided you've met the payment threshold. Payment options can include checks, direct deposit, or Amazon gift cards, depending on your location.

Amazon's affiliate program is popular because of the wide range of products available on the platform, its brand recognition, and its trustworthiness. Affiliates can promote products from virtually any category, making it versatile for various niches and types of websites.

However, it's important to note that the program's commission rates are not always the highest in the affiliate marketing industry, and Amazon has been known to adjust its commission rates from time to time. Success as an Amazon affiliate often depends on factors like selecting the right niche, creating valuable and relevant content, and effectively driving traffic to your affiliate links. Additionally, compliance with Amazon's affiliate program policies and guidelines is crucial to maintaining your affiliate status. 

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What is Tax? How may types of Taxes?

Tax:

A tax is a financial charge imposed upon a taxpayer by a state or the functional equivalent of a state to fund various public expenditures. A failure to pay, or evasion of taxation, is usually punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place to pay for public/common/agreed national needs and government functions: some charge a flat percentage rate of taxation on personal annual income, some on a scale based on annual income amounts, and some countries impose almost no taxation at all, or a very low tax rate for a certain area of taxation. Some countries also charge a tax on commercial income, dividends, or distributions—this is often referred to as double taxation as the individual shareholder receiving this payment from the company will also be charged some tax on that personal income.

The legal definition and the economic definition of taxes be different in that economists do not regard many transfers to governments as taxes. Examples include tuition at public universities and fees for utilities provided by local governments. Governments also obtain resources by "creating" money and coins (for example, by printing bills and by minting coins), through voluntary gifts (for example, contributions to public universities and museums), by imposing penalties (such as traffic fines), by borrowing, and by confiscating wealth. From the view of economists, a tax is a non-penal, yet compulsory transfer of resources from the private to the public sector charged on a basis of programmed criteria and without reference to specific benefit received.

Taxation Purpose:

The purpose of taxes is to raise revenue to fund government. Money provided by taxation has been used by states and their functional equivalents throughout history to carry out many functions. Some of these include expenditures on economic infrastructure (roads, public transportation, sanitation, legal systems, public safety, education, health care systems), military, scientific research, culture and the arts, public works, distribution, data collection and dissemination, public insurance, and the operation of government itself. The government's ability to raise taxes is known as fiscal capacity.

When expenditures exceed tax revenue, a government accumulates debt. A portion of taxes may be used to service past debts. Governments also use taxes to fund welfare and public services. These services can include education systems, pensions for the elderly, unemployment benefits, and public transportation. Energy, water and waste management systems are also common public utilities.

Types of tax

1-Income tax

Many jurisdictions tax the income of individuals and business entities, including corporations. Generally the tax is imposed on net profits from business, net gains, and other income. Computation of income subject to tax may be determined under accounting principles used in the jurisdiction, which may be modified or replaced by tax law principles in the jurisdiction. The incidence of taxation varies by system, and some systems may be viewed as progressive or regressive. Rates of tax may vary or be constant (flat) by income level. Many systems allow individuals certain personal allowances and other non business reductions to taxable income, although business deductions tend to be favored over personal deductions.

Personal income tax is often collected on a pay-as-you-earn basis, with small corrections made soon after the end of the tax year. These corrections take one of two forms: payments to the government, for taxpayers who have not paid enough during the tax year; and tax refunds from the government for those who have overpaid. Income tax systems will often have deductions available that lessen the total tax liability by reducing total taxable income. They may allow losses from one type of income to be counted against another. For example, a loss on the stock market may be deducted against taxes paid on wages. Other tax systems may isolate the loss, such that business losses can only be deducted against business tax by carrying forward the loss to later tax years.

2- Corporate Tax

Corporate tax refers to income, capital, net worth, or other taxes imposed on corporations. Rates of tax and the taxable base for corporations may differ from those for individuals or other taxable persons.

3- Payroll or workforce Tax

Unemployment and similar taxes are often imposed on employers based on total payroll. These taxes may be imposed in both the country and sub-country levels.

4- Property taxes

A property tax (or millage tax) is an ad valorem tax levy on the value of property that the owner of the property is required to pay to a government in which the property is situated. Multiple jurisdictions may tax the same property. There are three general varieties of property: land, improvements to land (immovable man-made things, e.g. buildings) and personal property (movable things). Real estate or realty is the combination of land and improvements to land.

Property taxes are usually charged on a recurrent basis (e.g., yearly). A common type of property tax is an annual charge on the ownership of real estate, where the tax base is the estimated value of the property. For a period of over 150 years from 1695 a window tax was levied in England, with the result that one can still see listed buildings with windows bricked up in order to save their owners money. A similar tax on hearths existed in France and elsewhere, with similar results. The two most common type of event driven property taxes are stamp duty, charged upon change of ownership, and inheritance tax, which is imposed in many countries on the estates of the deceased.

5- Inheritance tax

Inheritance tax, estate tax, and death tax or duty are the names given to various taxes which arise on the death of an individual. In United States tax law, there is a distinction between an estate tax and an inheritance tax: the former taxes the personal representatives of the deceased, while the latter taxes the beneficiaries of the estate. However, this distinction does not apply in other jurisdictions; for example, if using this terminology UK inheritance tax would be an estate tax.

6- Wealth (net worth) Tax

Some countries' governments will require declaration of the tax payers' balance sheet (assets and liabilities), and from that exact a tax on net worth (assets minus liabilities), as a percentage of the net worth, or a percentage of the net worth exceeding a certain level. The tax may be levied on "natural" or legal "persons".

7- Goods and services Tax

A value added tax (VAT), also known as Goods and Services Tax (G.S.T), Single Business Tax, or Turnover Tax in some countries, applies the equivalent of a sales tax to every operation that creates value. To give an example, sheet steel is imported by a machine manufacturer. That manufacturer will pay the VAT on the purchase price, remitting that amount to the government. The manufacturer will then transform the steel into a machine, selling the machine for a higher price to a wholesale distributor. The manufacturer will collect the VAT on the higher price, but will remit to the government only the excess related to the "value added" (the price over the cost of the sheet steel).

8- Sales tax

Sales taxes are levied when a commodity is sold to its final consumer. Retail organizations contend that such taxes discourage retail sales. The question of whether they are generally progressive or regressive is a subject of much current debate. People with higher incomes spend a lower proportion of them, so a flat-rate sales tax will tend to be regressive. It is therefore common to exempt food, utilities and other necessities from sales taxes, since poor people spend a higher proportion of their incomes on these commodities, so such exemptions make the tax more progressive. This is the classic "You pay for what you spend" tax, as only those who spend money on non-exempt (i.e. luxury) items pay the tax.

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Toyota Motor will expand the development of its gasoline-hybrid technology over the next five years

Japanese firm aimed at making cars “greener” as global automakers face tighter regulations in China, the United States (US) and other regions that will require more environment-friendly cars in the coming years.

Toyota is also stepping up the development of longer-range battery-electric cars, in a shift from an earlier strategy of promoting hydrogen fuel-cell technology as the future of zero-emission vehicles.

“We need to take an aggressive approach to deal with changing regulations,” Toshiyuki Mizushima, president of Toyota's powertrain division, told reporters at a briefing.

Toyota said it would expand personnel on its hybrid technology development team by 30 per cent through 2021, by which time it aims to introduce 19 new lower-emission powertrain components made on its recently introduced common manufacturing platform.

By 2021, at least 60 per cent of Toyota vehicles sold in Japan, the US, Europe and China will feature new components which will reduce carbon dioxide emissions by 15 per cent or more compared with the average amount of emissions of vehicles sold in 2015, the automaker said.

Toyota's hybrid push comes as regulators require automakers to produce more electric cars, while hybrid technology, introduced in the Toyota Prius nearly 20 years ago, is increasingly considered as conventional technology. But Mizushima said that hybrid technology would be key to developing more zero-emission vehicles.

“The core technology of plug-in hybrids and electric and fuel-cell vehicles is based on hybrid technology. By increasing our hybrid team, we can leverage new developments for use in electric powertrains,” he said.

Toyota is speeding up the development of lower-emission cars, last month appointing President Akio Toyoda to lead a new electric car division to accelerate the development of battery-powered cars.

The automaker, which sells around 10 million vehicles a year, has pledged to reduce global average CO2 emissions of its new vehicles by around 90 per cent by 2050.

Towards this end, Mizushima said that he expected the take-up of hybrid vehicles to increase, accounting for around 20 per cent of Toyota's global annual vehicle sales by 2025, from around 10 per cent now.

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Afghanistan and India are planning air cargo over Pakistan

Afghanistan and India are planning air cargo over 

Pakistan: 

Afghanistan and India are likely to announce an air cargo service on Saturday to help increase trade that both say is obstructed because of their nervous political relations with Pakistan that lies between them.

Afghan President Ashraf Ghani and Indian Prime Minister Narendra Modi were meeting hold in the northern Indian city of Amritsar, a short distance from the Pakistan border, for the Heart of Asia conference aimed at stabilizing Afghanistan.

Officials say the focus of the air cargo service is to improve landlocked Afghanistan’s connectivity to key markets abroad and boost the growth prospects of its fruit and carpet industries, while it battles a deadly Taliban insurgency.

Afghanistan depends on the Pakistani port of Karachi for its foreign trade. It is allowed to send a limited amount of goods overland through Pakistan into India, but imports from India are not allowed along this route.

Afghan Director General for macro fiscal policies Khalid Payenda said the potential for trade with India, the largest market in the region, was far greater than allowed by land and so the two countries had decided to use the air route.

"That would be air cargo between Afghanistan and India. We have a lot of potential for trade on both sides.

On our side, it´s mostly fruit and dried fruit and potentially through India to other places for products like carpets and others.

"He said that a joint venture involving an Afghan and an Indian cargo firm would be set up and that the two governments were working to set up infrastructure at Kabul and Delhi airports.

An Indian government source attending the meeting in Amritsar said air cargo route details were still being worked out and could include Kandahar as a point of origin for shipping fruit directly to India.

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What is financial Capital?

What is financial Capital?

Definition: Financial capital is a much broader term than economic capital. In a sense, anything can be a form of financial capital as long as it has a money value and is used in the search of future revenue. Most investors encounter financial capital with respect to debt and equity.
Direct investment in a business is referred to as equity. When someone contributes Rs.1500000 to a business in the hopes of receiving a portion of future profits, he increases its equity capital by Rs.500000. Corporations issue stocks, or shares of company ownership, in exchange for additional equity. Equity capital is not typically accompanied by a guarantee of future returns.
Sometimes a business decides to finance its activities through debt instead of equity. Debt capital does not dilute ownership and does not entitle the creditor to a proportional share of future profits. However, debt represents a legal claim on the assets of the borrowing company and is considered riskier that equity capital. Companies that cannot repay their creditors have to file bankruptcy.

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What’s mean by a business transaction?

What’s mean by a business transaction?

A business transaction is an activity that can be deliberate in terms of money and which affects the financial position or operations of the business entity. In other words, it has an effect on any of the accounting elements

    a- Assets

           b-Liabilities

         c-Capital
         d- Income

         e- Expense.

Transactions may be classified as

 1-Exchange

 2- Non-exchange

Exchange transactions involve physical exchange such as
  Purchasing
 Selling
 Collection of receivable
 Payment of accounts

Non-exchange transactions are events that do not involve physical exchanges but where changes in monetary values are determinable, e.g.

 Wear and tear of equipmen

 Fire loss

 Typhoon loss, etc.

To qualify as an accountable/recordable business transaction, the activity or event must:

1. Be a transaction involving the business entity

The separate entity concept or accounting entity assumption clearly establishes a distinction between transactions of the business and those of its owner/s.

If Mr. XYZ an owner of company, buys a car for personal use using his own money, it will not be reflected in the books of the company. Why? Because it does not have anything to do with the business. Now if the company purchases a delivery truck, then that would be a business transaction of the company.

If Mr. XYZ invests $20,000 into the company, would that be recorded in the books of the business? Ask this: Does it have anything to do with the company? Yes. Then, that would be a recordable business transaction.

In any case, always remember that a business is treated as an individual entity, separate and distinct from its owners.

2. Be of a financial character (in a certain amount of money)

Transactions must involve monetary values, meaning a certain amount of money must be assigned to the elements or accounts affected.

For example, XYZ renders video coverage services and expects to collect $10,000 after 10 days. In this case, it's explicit. The income and receivable can be measured reliably at the $10,000.

Fire, typhoon and other losses may be estimated and assigned with monetary values.

The mere request (order) of a customer is not a recordable business transaction. There should be an actual sale or performance of service first to give the company a right over the income or revenue.

3. Have a dual or "two-fold" effect on the accounting elements

Every transaction has a dual or two-fold effect. For every value received, there is a value given; or for every debit, there is a credit. This is the concept of double-entry accounting.

For example, Bright Productions purchased tables and chairs for $6,000. The company received tables and chairs thereby increasing its assets (increase in Office Equipment). In return, the company paid cash; thus, there is an equal decrease in assets (decrease in Cash).

4. Be supported by a source document

As part of good accounting and internal control practice, business transactions must be supported by source documents. The source documents serve as bases in recording transactions in the journal.

Examples of source documents are: Official Receipt issued whenever cash is received, Sales Invoice for sales transactions, Cash Voucher for payment in cash, Statement of Account from suppliers, Vendor's Invoice, Promissory Notes, and other business documents.

The first step in the accounting process is actually to prepare the source document and determine the effects of the business transaction to the accounts of the company. After which, the accountant records the transaction through a journal entry.

Examples of business transactions will be given and explained in detail as you go through the lessons in this chapter. To see how business transactions are actually analyzed, you may jump to Accounting Equation, Journal Entries, and More Journal Entry Examples. The next lessons will discuss the rules of debit and credit, and chart of accounts first.

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