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The 14 Steps of Crosby are following. 1. Management Commitment= It is necessary to consistently produce quality products and services at the optimum price. This commitment must also be transparent to all employees for the prevention of defects in all the operating departments. 2. Improved Quality= Search for team members who will model quality improvement commitment, every function of an operation must contributes to defect levels, every function must participate in the quality improvement effort . The quality improvement team should be able to effectively commit themselves to improvement of quality. 3. Measuring the Quality= Firstly you have to know exactly where your products and services lie when it comes to conforming to requirements. Thus, the third step on Crosby's list is to measure quality. Determine where there is room for improvement and where potential for improvement exists. 4. Cost of Quality= Explain how the cost of quality figures into the overal

Written communication plays a vital role in day-to-day business activities. Effective written communication always drives people towards the business success. Written communication can do through various channels. People can communicate by writing effective emails, business letters, memos, presentations or notices. Selecting the most suitable communication channel is essential. In an organization, there are people with different abilities and skills. Use of appropriate writing styles is necessary. When communicate with company directors or managers, style is different. No one can use the same style when placing a notice for ground level workers. Most business professionals, such as marketing, finance, and research and development managers, need excellent writing skills to properly convey ideas and concepts. The components of writing style are given as following:       Attractive style= Writing styles are very important to advertising copywriters. These professionals create mag

Vision= Successful entrepreneur must have specific vision and need to see special goals and success in mind first if you want to convert it into reality. Not only this, but entrepreneur also needs to visualize every step that it is going to take to get him to end results. Planning tricks= Planning is necessary for almost every task of life so this is the best technique which is used by all the successful entrepreneurs in order to stay focused with their efforts to achieve their goals. They plan all the activities of the whole day and follow the schedule accordingly to do every task on time. Planning also helps to let the entrepreneur do all the things without any pressure hence the entrepreneur do all the things smoothly. Managing time effectively= Time is money these words are familiar to almost every successful entrepreneur in the world. This is one of the main quality of entrepreneur to use the time efficiently and effectively .Proper time management is necessary fo

Product cycle theory with example= Definition= The product life cycle is the life of the product from starting to the end of the product. It is the period of time over which an item is produced, brought to market and eventually removed from the market. First, the idea for a product undergoes research and development. If the idea is determined to be feasible and potentially profitable, the product will be produced, marketed and rolled out. its production will grow until the product becomes widely available. Eventually, demand for the product will decline and it will become obsolete. There are four stages of the product which is following: Introduction = This stage of the cycle could be the most expensive for a company launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing. On the other hand, the cost of things like research and development, consumer testing, and the marketing needed to launch the p

Five steps to follow for the purpose of Goodwill.  Following are the five steps which are necessary part for making goodwill. (1) Reputation = Reputation plays vital role in developing good will for any organization. It is gained by making million worth efforts and sometimes it becomes tough to be maintained but successful organizations used to apply many tricks to maintain and keep the reputation in balance. (2) Dominant shares = Goodwill cannot be maintained or be gained without having large no of shares, not only this but these shares must be dominant in market over other organizations, which means the shares value must be better than competitors   share value. (3)   Powerful Advertising = Advertising is something which spread awareness and the true message about the vision of any business. Powerful advertising helps the business to grow effectively. Many businesses make the advertisement which attracts the viewer emotionally, socially and econom

Tangible Assets= Tangible assets are those which can be seen or can be touched. Such type of assets are those which has physical appearance. Tangible assets may have defined life like plant and machinery can be defined how long it can work. The expert’s can give estimated time for Plant and machinery as it can be touched and checked properly to define its life. Example: Tangible assets involved Plant and machinery and other equipment’s etc. Intangible Assets= Intangible assets are those which cannot be seen or touched and having no physical appearance. The life of such type of assets cannot be defined easily for example Good will is type of intangible assets and Good will don’t have defined life time because it depends on the worth and the real value of the products when its value drop down its Good will becomes no more Good will. However Good will may be described with the help of documentations but not in exact way. Example: Intangible assets are Goodwill, Patents, Copyrights and

We can differentiate Debt and Equity with the help of their definition. Both of these can be defined by following ways. Debt= Debt can be defined as a written agreement which contains due date, interest rate on debt and a promise to pay a debt to the debt issuer. Equity= Equity can be defined as the ownership or interest of shareholders in a company, when a company issues additional share it helps the company generating more finance. Features= Features of Debts and Equity are following: Features of Debts= Debts are less risky than equities.  It provides Lower returns.  It provides returns consistently.  The prices of debts do not changes over night.  Features of Equity= Equities are more risky than debts.  Prices of shares can fluctuate in every second.  Returns may be higher or lower depends upon the market situation.  There is no consistency in returns because of fluctuation. 

Bond= Bond is that type of Certificate which is issued on the basis of interest usually issued by Government or any corporation for the purpose of raising money. The owner of the bond receives fixed amount announced with the bond details for the given period of time. Characteristics of Bonds= Besides the type of bonds , Following are the characteristics of the bond: There are short term and long term bonds Short term bonds are repayable for less than one year and more than one year after the date of issuance. Long term bonds are repayable for more than five years, ten years and thirty years after the date of issuance of the bonds. Face value of the bond is payable to the bondholders at the time of maturity. Serial bonds are those whose maturity dates are different from each other. Bond indenture is the term used for the bond contracts. Bond issuer pays interest according to the conditions decided on the contract.

Bond= Bond is that type of Certificate which is issued on the basis of interest usually issued by Government or any corporation for the purpose of raising money. The owner of the bond receives fixed amount announced with the bond details for the given period of time. Types of Bonds= There are many types of Bonds given below: Mortgage Bonds: Mortgage Bonds are issued by the corporation based on real estate holdings business. In case of any default or unpaid amount to the bond holders, the bondholders are eligible to sell the property of the corporation to cover his investments. Redeemable Bonds: This type of bond can be redeemed by the corporation or by the government which means the bond which can be redeemable by the issuer at the time of maturity of the bond. Adjustable Bonds: Adjustable bonds are that type of bond which is issued by corporation at the time of construct or form a new structure which is also known as restructuring period of corporation.

Cost Accounting System= Cost accounting system is that type of accounting system which is used to calculate costs of various items and the costs related to the items manufactured in the business, its main purpose is to provide information to decision makers for making different type of decisions for managing and growing business in order to make business successful. Uses and Benefits= It is used to calculate and define manufacturing costs of various items. It is also used to explain the process about which costs will better serve the customers. The cost accounting system helps to observe the effectiveness of all the operations of the business. It helps to plans the functions of the activities. Controlling different functions related to various activities of the business is easy by using cost accounting system. Same as many other uses and benefits this system can evaluate employee performances. Through this system we can reward the deserving employees. This system is al

Job cost sheet= It is that type of document which is used to track the cost of given job in job cost sheet. Job cost sheet follows job order costing system in order to record all the manufacturing cost related to the specific job. This sheet is completed after the completion of job. The main purpose of job cost sheet is to track or to find costs related to the job recorded in the sheet.                                         Job cost sheet for ABC Company. Job Number____________                        Date initiated _______________ Supervisor _____________                       Date Completed _____________ Items __________________                     Units Completed _____________    Direct Materials            Direct Labor     Manufacturing Overhead Req.no Amount Ticket Hours Amount Hours Rate Amount

Where the Job order costing and Process costing are different from each other there are also some similarities between them. The similarities between them are following:   Similarities Between Job order costing and Process costing 1. In job order costing and process costing the main objective is to define the costs of the product. 2. Both of these have the same purpose to impose costs to material, labor and overhead to determine the unit cost of the product. 3. In both, inventory accounts are same regarding raw material, work in progress and finished goods. 4. Besides inventory accounts other accounts are also same which is known as manufacturing accounts (i.e. direct material, direct labor, production overhead etc.)    5. In job order costing, the process used to assign overhead is the same as in the process costing.

We can understand the difference of job order costing and process costing from their definitions . However we can differentiate them in effective way by following way :      Difference Between Job order costing and Process costing Job order costing Process costing It Involves custom orders according to the demand. Products are large in volume irrelevant to the order. Few products manufactured in job order different from each other costing based on the order. In this many products are manufactured which are similar to each other. Product flexibility is high because of heterogeneous products. Product flexibility is low because of similar products. In job order costing standardization is low or medium not high. In process costing standardization is high as compared with job order costing. Production level is lower because of order based production of heterogeneous items. Production

Job order costing= Job order costing is that system which is used to prepare different types of products and which is used for different types of jobs, job order costing helps to define cost per unit for each job. Each unit cost contains direct costs and overhead cost related to the job. Uses= It is used to produce order based products instead of mass products. It is used for the production of large volume, unique and high cost items. All the costs related to job order costing can be measured relevant to each job. Example= Job order costing is applicable in many businesses some examples are following: In printing business, building construction, it is also applicable in hospitals, Schools, Universities and law firms. Process costing= Processing cost is that cost which is implemented to all the units produced in the manufacturing process.it helps to define cost per unit processed which includes direct and indirect manufacturing costs. In Process cos