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ECO 13 Solved Assignment 2021-22

ECO 13 Solved Assignment 2021-22: ECO 13 Solved Assignment 2021-22 ECO 13 Assignment 2021-22 All IGNOU Assignment available at our website. IGNOU University always being in picture due to its IGNOU Assignment Date Extended. In this post Student will Get ECO 13 Solved Assignment 2021-22

ECO 13: BUSINESS ENVIRONMENT Assignment

Course Code: ECO 13

Course Title: BUSINESS ENVIRONMENT

Language: English

Session: 2021-22 (July 2021 and January 2022)

Last Date of Submission: 31st March, 2022 (for July 2021 session) 30th September, 2022 (for January 2022 session)

ECO 13 SOLVED ASSIGNMENT 2021-22: ECO 13 SOLVED ASSIGNMENT 2021-22, ECO 13 ASSIGNMENT 2021-22, ECO 13 ASSIGNMENT, ECO 13 ASSIGNMENT, IGNOU ASSIGNMENTS 2021-22- Gandhi National Open University has recently released the current session assignments for the Program for the year 2021-22. It is advised that students get their assignments directly from this website. They don't need to go anyplace else because all they need to know about Assignments is included inside this page.

ECO 13 SOLVED ASSIGNMENT 2021-22 : ECO 13 SOLVED Assignment 2021-22, ECO 13 Assignment 2021-22, ECO 13 Assignment, IGNOU Assignments 2021-22- Gandhi National Open University had recently uploaded the assignments of the present session for Programme for the year 2021-22. Students are recommended to download their Assignments from this webpage itself. They don’t got to go anywhere else when everything regarding the Assignments are available during this article only.

ECO 13 Solved Assignment 2021-22: FREE IGNOU Assignment You can Get All students of university who needs to submit assignments should download old assignments of the respective course of 2021 available above and submit at the concerned study center. The last dates will be 30th April and 30th October of every year until their registration is valid. New assignments will not be available any more for students as course was revised.

IGNOU Assignment Status 2021-22

ECO 13 BUSINESS ENVIRONMENT Solved Assignment 2021-22: Those students who had successfully submitted their Assignments to their allocated study centres can now check their Assignment Status. Alongside assignment status, they will also checkout their assignment marks & result. ECO 13 Solved Assignment 2021-22 All this is often available in a web mode. After submitting the assignment, you'll check you IGNOU Assignment Status only after 3-4 weeks. it'd take 40 days to declare.

Those students who had successfully submitted their Assignments to their allocated study centres can now check their Assignment Status. Along with assignment status, they can also checkout their assignment marks & result. All this is available in an online mode. After submitting the assignment, you can check you IGNOU Assignment Status only after 3-4 weeks. It might take 40 days to declare.

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IGNOU ECO-13 Business Environment Assignment 2021-22

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Assignment submission last date for December Session 30 th Sep in IGNOU.
Assignment submission last date for June session 31 st March.
Assignment Submission is compulsory for all course candidates.
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Candidates can submit assignments two times in the year, the first is for June Session and the Second is December Session.

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IGNOU ECO 13 Question Paper

1.1 How to get IGNOU ECO 13 Solved Question Papers?
1.2 Important detail about IGNOU ECO 13 previous year question paper
1.3 Download IGNOU ECO 13 Question Papers

IGNOU ECO 13 Question Papers

The course code of IGNOU BCOM “Elective Course: ECO-13 : Business Environment” is ECO-13. Here you can download IGNOU ECO 13 question papers of Dec 2018, June 2018, Dec 2017, June 2017, Dec 2016, June 2016, Dec 2015, June 2015, 2014, 2013, 2012.

Are you pursuing Bachelor Degree Programme (BDP) / BCOM from Indira Gandhi National Open University? If yes, then you have to study a course known as ECO-13: Business Environment.

Related Post: IGNOU ECO 13 Solved Assignment For IGNOU ECO 13 help book containing last 10 year solved question papers & Solved assignment , you can contact us on WhatsApp at 7428482160

To prepare for upcoming June or December term end examination, students may require IGNOU ECO 13 previous year question papers of last 5 years.

These old question papers are provided by university totally free of cost. Students do not need to spend any penny for it.They can easily download IGNOU BCOM ECO 13 old question papers of last ten years from the university official website at www.ignou.ac.in.

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The IGNOU previous question papers of ECO-13 can be easily downloaded in the PDF format. There are two options to download these IGNOU ECO 13 question papers. Either the students can download it by selecting the program code or they can directly download it by clicking on year/session.

How to get IGNOU ECO 13 Solved Question Papers?

After downloading BCOM ECO 13 previous papers, they should try to solve them. It is something extra which students can do to obtain good marks in their June and December examination. In case, if student faces any difficulty in solving ECO 13 question papers, they can take a help of reference books.

Students can buy IGNOU ECO-13 reference/ help books online.These books contains IGNOU previous year questions of last 5 years along with important questions and answers. In case, if you find any difficulty in getting reference books, You can send email at [email protected] . The representative will guide you how to buy it online.

Important detail about IGNOU ECO 13 previous year question paper

To help out students, we have collected some important points from previous year question papers of ECO-13 course.These are mentioned below:

IGNOU ECO 13 question paper carries 70% Weightage of the total marks of this course.The remaining 30% weightage is given to Tutor Marked Assignments which the students have to solve and submit to their concerned study centre.
The total marks of ECO-13 term end examination question paper is 100.
The maximum duration of exam is 3 hours.

Download IGNOU ECO 13 Question Papers

Sometimes, students find it difficult to search and download the last 10 year question papers from the university official website.So, we have provided below the direct links to download ECO 13 question papers in PDF format.These are as follows:

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ECO 13 Solved Assignment 2022 – 23 (IGNOU)

Eco 13 solved assignment 2022 – 23, ignou b.com free solved assignment 2022 – 23, business environment eco 13 solved assignment 2022 – 23, course title: business environment, assignment code: eco-13/tma/2022-2023, coverage: all blocks ( maximum marks: 100).

In this post, you will get ECO 13 Solved Assignment 2022 – 23 . For Free B.Com IGNOU Solved Assignments 2022 – 23 , you can visit our website regularly or you can download our mobile application. We will try to provide IGNOU Solved Assignments 2022 – 23 for BA, MA, MCOM, BBA and MBA also.

Attempt all the questions.

1. What are the three components of business environment? Discuss. (20)

Ans: Components of Business Environment

On the basis of extent of intimacy with the firm, the environmental factors may be classified into different levels or types. There are broadly two types of environment, the internal environment, i.e. factors internal to the firm and the external environment i.e. factors external to the firm which have relevance to it.

The internal factors are generally regarded as controllable factors because the company has control over these factors; it can alter or modify such factors as its personnel, physical facilities, organisation and functional means such as marketing mix to suit the environment.

The external factors on the other hand are, by and large, beyond the control of a company. The external or environmental factors such as the economic factors, socio-cultural factors, government and legal factors, demographic factors etc., are therefore generally regarded as uncontrollable factors.

Some of the external factors have a direct and intimate impact on the firm (like the suppliers and distributors of the firm). These factors are classified as micro environment, also known as task environment and operating environment. There are other external factors which affect an industry very generally (such as industrial policy, demographic factors etc.). They constitute what is called macro environment, general environment or remote environment. We may therefore consider the business environment at three levels:

1. Internal environment

2. Micro environment/ task environment/ operating environment

3. Macro environment/ general environment/ remote environment

Although business environment consists of both internal and external environments, many people often confine the term to the external environment of business.

1. Internal Environment: The factors in internal environment of business are to a certain extent controllable because the firm can change or modify these factors to improve its efficiency. However, the firm may not be able to change all the factors. The various internal factors are:

a) Value system: The value system of an organisation means the ethical beliefs that guide the organisation in achieving its mission and objectives. It is a widely acknowledged fact that the extent to which the value system is shared by all in the organisation is an important factor contributing to its success.

b) Mission and objectives: The business domain of the company, direction of development, business philosophy, business policy etc. are guided by the mission and objectives of the company. The objective of all firms is assumed to be maximisation of profit. Mission is defined as the overall purpose or reason for its existence which guides and influences its business decision and economic activities.

c) Organisation structure: The organisational structure, the composition of the board of directors, the professionalism of management etc. are important factors influencing business decisions. The nature of the organisational structure has a significant influence over the decision making process in an organisation. An efficient working of a business organisation requires that the organisation structure should be conducive for quick decision making.

d) Corporate culture: Corporate culture is an important factor for determining the internal environment of any company. In a closed and threatening type of corporate culture the business decisions are taken by top level managers while the middle level and lower level managers have no say in business decision-making. This leads to lack of trust and confidence among subordinate officials of the company and secrecy pervades throughout the organisation. This results in a sense of alienation among the lower level managers and workers of the company. In an open and participating culture, business decisions are taken by the lower level managers and top management has a high degree of confidence in the subordinates.

e) Quality of human resources: Quality of employees that is of human resources of a firm is an important factor of internal environment of a firm. The characteristics of the human resources like skill, quality, capabilities, attitude and commitment of its employees etc. could contribute to the strength and weaknesses of an organisation. Some organisations find it difficult to carry out restructuring or modernisation plans because of resistance by its employees.

f) Labour unions: Labour unions collectively bargains with the managers for better wages and better working conditions of the different categories of workers. For the smooth working of a business firm, good relations between management and labour unions are required.

g) Physical resources and technological capabilities: Physical resources such as, plant and equipment and technological capabilities of a firm determine its competitive strength which is an important factor for determining its efficiency and unit cost of production. Research and development capabilities of a company determine its ability to introduce innovations which enhances productivity of workers. It is, however, important to note that the rapid technological growth and the growth of information technology in recent years have increased the relative importance of intellectual capital and human resources as compared to physical resources of a company.

2. External Environment: The external environment is made up of micro and macro environment.

Micro Environment: This refers to the factors which influence the prospects of a particular firm; the firm can influence them with certain efforts. They are as follows:

a) Customers: The type and the nature of the customers influence the rate of growth of any firm. The firm has to be very particular about choosing the inputs and transforming them in to the output. The cost factor is subsidiary if the firm is dealing with such customers. If the customers are more commoners the quality of the commodity if less important than the cost of production. The customers want the commodity at a lower price so the firm will have to conscious about the cost in purchasing the inputs, in employment of labour, in packing and such other factors influencing the cost.

b) Competitors: In modern age an absolute monopoly is a very rare thing. Most of the FIRMS have to work in some type of competition such as Monopolistic Competition or Oligopoly. A Firm has to be particular about the intensity of the competition. If the competition is severe the firm will have to be very particular about keeping the costs at the lowest level so that it can sell the commodity at a competitive price.

c) Suppliers: The quality of the commodity and the cost of production are considerably influenced by the supplies of the inputs. If the inputs are supplied at economical prices, are of standard quality and if the supply is uninterrupted and timely the firm can produce a standard quality of a commodity and sell it at reasonable prices. Often the firms employ more than one supplier so as to ensure an uninterrupted supply of inputs. If the supplies of inputs are regular, consistent and reliable there is no need to keep a larger quantity in stock.

d) Channel Intermediaries: They refer to the different levels in the chain from the production unit to the final customer. The chain incorporates the stockists, the wholesalers, the distributors, the retailer etc. If there is a high level of efficiency maintained at every part of the chain the commodity can reach the final consumer in good condition and at a reasonable price. So the Firm has to select and maintain efficient intermediaries. The firm has to offer them proper terms

e) Society: The prospects of a firm depend upon the society in which it has to work and sell its products. In a homogenous society the job of the firm is easy. The people have almost the same habits likes and dislikes, values and ethical norms. In a heterogeneous society the job of the firm is difficult. A particular product may be acceptable to a particular section of the society but not acceptable to some other sections. In a country like India a firm has to into consideration all types of sections of the community such as the religious sections, the caste, the sect, language, region etc.

Conclusion: All these forces influence the chances available to a firm to survive and develop.

Macro Environment: The macro environment comprises of those forces which influence all business firms operating in an economy. They can be studied under the following categories: economic environment, political and regulatory environment, social/ cultural environment, demographic environment and technological. The components of these environments are discussed as below:

a) Economic Environment: The survival and success of each and every business enterprise depend fully on its economic environment. The main factors that affect the economic environment are:

(i) Economic Conditions: The economic conditions of a nation refer to a set of economic factors that have great influence on business organisations and their operations. These include gross domestic product, per capita income, markets for goods and services, availability of capital, foreign exchange reserve, growth of foreign trade, strength of capital market etc. All these help in improving the pace of economic growth.

(ii) Economic Policies: All business activities and operations are directly influenced by the economic policies framed by the government from time to time. Some of the important economic policies are: Industrial policy, Fiscal policy, monetary policy, foreign investment policy and Export –Import policy. The government keeps on changing these policies from time to time in view of the developments taking place in the economic scenario.

(ii) Economic System: The world economy is primarily governed by three types of economic systems, viz. Capitalist economy; Socialist economy; and Mixed economy. India has adopted the mixed economy system which implies co-existence of public sector and private sector.

b) Political Environment: This includes the political system, the government policies and attitude towards the business community and the unionism. All these aspects have a bearing on the strategies adopted by the business firms. The stability of the government also influences business and related activities to a great extent. It sends a signal of strength, confidence to various interest groups and investors.

c) Legal Environment: This refers to set of laws, regulations, which influence the business organisations and their operations. Every business organisation has to obey, and work within the framework of the law. The important legislation that concern the business enterprises include: Companies Act, 1956, Foreign Exchange Management Act, 1999, The Factories Act, 1948, Industrial Disputes Act, 19112, Payment of Gratuity Act, 19112, Industries (Development and Regulation) Act, 1951 etc. Besides, the above legislation, the following are also form part of the legal environment of business:

(i) Provisions of the Constitution

(ii) Judicial Decisions.

d) Social Environment: The social environment of business includes social factors like customs, traditions, values, beliefs, poverty, literacy, life expectancy rate etc. The social structure and the values that a society cherishes have a considerable influence on the functioning of business firms. For example, during festive seasons there is an increase in the demand for new clothes, sweets, fruits, flower, etc.

e) Technological Environment: Technological environment include the methods, techniques and approaches adopted for production of goods and services and its distribution. The varying technological environments of different countries affect the designing of products. In the modern competitive age, the pace of technological changes is very fast. Hence, in order to survive and grow in the market, a business has to adopt the technological changes from time to time.

f) Demographic Environment: This refers to the size, density, distribution and growth rate of population. All these factors have a direct bearing on the demand for various goods and services.

g) Natural Environment: The natural environment includes geographical and ecological factors that influence the business operations. These factors include the availability of natural resources, weather and climatic condition, location aspect, topographical factors, etc. Business is greatly influenced by the nature of natural environment. For example, sugar factories are set up only at those places where sugarcane can be grown. It is always considered better to establish manufacturing unit near the sources of input.

2. Explain the nature and implications of regulatory role of the government. (20)

Ans: Buy Full Assignment @ Rs. 25

3. Critically evaluate the government policy towards small scale industries. (20)

4. Distinguish between the following: (10+10)

(a) Foreign Direct Investment and Portfolio Investment.

Ans: FDI- Foreign Direct Investment refers to international investment in which the investor obtains a lasting interest in an enterprise in another country. Most concretely, it may take the form of buying or constructing a factory in a foreign country or adding improvements to such a facility, in the form of property, plants, or equipment.

FDI is calculated to include all kinds of capital contributions, such as the purchases of stocks, as well as the reinvestment of earnings by a wholly owned company incorporated abroad (subsidiary), and the lending of funds to a foreign subsidiary or branch. The reinvestment of earnings and transfer of assets between a parent company and its subsidiary often constitutes a significant part of FDI calculations. FDI is more difficult to pull out or sell off. Consequently, direct investors may be more committed to managing their international investments, and less likely to pull out at the first sign of trouble.

On the other hand, FPI (Foreign Portfolio Investment) represents passive holdings of securities such as foreign stocks, bonds, or other financial assets, none of which entails active management or control of the securities’ issuer by the investor.

Unlike FDI, it is very easy to sell off the securities and pull out the foreign portfolio investment. Hence, FPI can be much more volatile than FDI. For a country on the rise, FPI can bring about rapid development, helping an emerging economy move quickly to take advantage of economic opportunity, creating many new jobs and significant wealth. However, when a country’s economic situation takes a downturn, sometimes just by failing to meet the expectations of international investors, the large flow of money into a country can turn into a stampede away from it.

Difference between FDI and FPI

(b) Direction of Exports and Direction of Imports.

5. Write short notes on the following: (4×5)

(a) Changing Value System.

(b) Economic development.

(d) Joint Ventures.

Ans: A joint venture is the combination of two or more persons into a specific single activity. It is a form of partnership which is limited to a specific venture. It is exactly the same as partnership, with the exception that it is one of a business that is to be terminated after completion of venture for which it is started. Since the business is to be terminated after completion of the venture, a firm name is not generally used. Thus the joint venture is like a temporary partnership with or without a firm name. It can also be said a particular partnership or partnership for a particular object.

Features of a Joint Venture:

a) It is a partnership for specific purpose only.

b) The business is dissolved after the completion of venture.

c) Going concern concept is not applicable in case of joint venture.

d) Provisions of Indian Partnership Act are also applicable in case of joint venture.

e) It does not use a firm name generally.

Merits of Joint Venture:

a) Sharing of risks and liability.

b) Low or no risk opportunities and massive leverage.

c) Access to new and modern technology.

d) It helps in expansion of business.

e) High profitability.

Demerits of Joint Venture:

a) It is a Short term partnership

b) While preparing accounts, many accounting concepts are not applicable such as the going concern concept.

c) Chances of loss of reputation if venture associated with wrong people.

d) The level of expertise, investment and technology of both the parties are not equally matched.

e) Objective of joint venture in some cases is undefined.

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IGNOU ECO 13 Solved Assignment 2021-22

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The students of Indira Gandhi National Open University may require IGNOU ECO 13 Solved Assignment 2021-22 in English or Hindi as reference material to prepare their Tutor Marked Assignment (TMA) of IGNOU Bachelor of Commerce course.This reference IGNOU B.Com assignment of ECO-13: Business Environment course will help students in completing their task.

This assignment is valid for July 2021 and January 2022 session.

It is useful for Bachelors of Commerce students.It comes under the category of IGNOU B.Com solved assignments.

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IGNOU ECO-013 Previous Year Question Papers

February 10, 2024

If you are looking for IGNOU ECO-013 previous year question papers entitled “ BUSINESS ENVIRONMENT ” for the IGNOU Bachelor of Commerce with Major in Accountancy and Finance (BCOMAF) , then you have come to the right place!, here We’ve uploaded the last years’ question papers for your convenience. these ECO-013 previous year question papers will help you for your upcoming exams preparation. The papers are available in both English and Hindi language in the same pdf.

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IGNOU ECO-13 Assignment Question Paper Download (2022-23)

Valid for july 2022 and january 2023 sessions, if you are looking to download eco-13: business environment assignment question paper for 2022-23 sessions, you have come to the right place. click on the image or button below to download the question paper for free. alternatively, if you are looking for the solved assignment reference material for this subject, you may download that using the button below as well. this content is verified by professors and are plagiarism-free, so you can be assured to learn well and get the highest marks.

ECO-13: Business Environment

IGNOU ECO-13 Assignment Question Paper Download (2022-23)

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ECO-13: IGNOU B.Com Solved Assignment 2022-2023

1 1. What are the three components of business environment? Discuss.
2 2. Explain the nature and implications of regulatory role of the government.
3 3. Critically evaluate the government policy towards small scale industries.
4 4. Distinguish between the following:
5 (a) Foreign Direct Investment and Portfolio Investment.
6 (b) Direction of Exports and Direction of Imports.
7 5. Write short notes on the following:
8 (a) Changing Value System
9 (b) Economic development
10 (c) Indication of Sickness
11.1 How to Download ECO-13 Solved Assignment?
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ECO-13 Business Environment B Com Solved Assignment 2022-2023

1. What are the three components of business environment? Discuss.

Ans: The business environment refers to the various factors that affect the operations and performance of a business. These factors can be classified into three main components:

Internal Environment : The internal environment of a business consists of factors that are within the control of the organization. These include the organization’s vision, mission, goals, values, culture, resources, structure, leadership, and employees. The internal environment is shaped by the decisions and actions of the management and employees, and it plays a critical role in determining the success of a business.
External Environment : The external environment of a business consists of factors that are outside the control of the organization. These include the economic, social, technological, legal, political, and environmental factors that affect the business. The external environment can have a significant impact on the performance of a business, and managers must monitor and adapt to these factors to ensure the organization’s success.
Competitive Environment : The competitive environment of a business consists of the other businesses and organizations that operate in the same market or industry. These competitors can have a significant impact on the success of a business, as they may offer similar products or services and compete for the same customers. Managers must analyze the competitive environment and develop strategies to differentiate their business from competitors and gain a competitive advantage.

2. Explain the nature and implications of regulatory role of the government.

Ans: The regulatory role of the government refers to the use of laws, policies, and regulations to control or guide the behavior of individuals and organizations in a particular sector or industry. This role is important to ensure that businesses operate in a manner that protects the interests of the public and promotes fair competition.

The nature of the regulatory role of the government can vary depending on the specific industry or sector being regulated. For example, in the financial sector, the government may regulate the amount of capital that banks must hold to ensure their financial stability and protect consumers’ deposits. In the healthcare sector, the government may regulate the safety and efficacy of drugs and medical devices to protect patients’ health.

There are several implications of the regulatory role of the government. One of the primary implications is that it can increase the cost of doing business for companies. Compliance with regulations can require significant resources, including time, money, and personnel. This can make it more difficult for smaller businesses to compete with larger firms that have more resources to devote to regulatory compliance.

However, the regulatory role of the government can also have several benefits. It can help protect consumers from harm by ensuring that products and services are safe and effective. It can also promote fair competition by preventing companies from engaging in anti-competitive behavior such as price-fixing or monopolizing markets. Additionally, regulation can help promote social and environmental goals such as reducing pollution or promoting renewable energy.

3. Critically evaluate the government policy towards small scale industries.

Ans: Government policy towards small scale industries can have a significant impact on the success and growth of these businesses. In general, small scale industries are seen as an important driver of economic growth and job creation, particularly in developing countries where they often make up a significant portion of the economy.

There are several ways in which the government can support small scale industries. These include providing access to financing, creating favorable tax policies, reducing bureaucratic hurdles, and providing training and technical support to entrepreneurs. However, the effectiveness of government policies towards small scale industries can vary depending on a range of factors, including the specific policies implemented, the local business environment, and the needs of the small scale industry in question.

One potential criticism of government policy towards small scale industries is that it can be too fragmented or inconsistent. For example, there may be multiple government agencies or programs providing support to small businesses, but they may not be coordinated effectively or may have conflicting priorities. This can make it difficult for small businesses to navigate the system and access the support they need.

Another potential criticism is that government policies may not be targeted effectively towards the needs of small scale industries. For example, policies designed to promote entrepreneurship may not be effective if the local business environment is not conducive to small business growth. Additionally, policies that provide financing or technical support may not be helpful if small businesses do not have access to the resources they need to take advantage of these opportunities.

4. Distinguish between the following:

(a) foreign direct investment and portfolio investment..

Ans: Foreign Direct Investment (FDI) and Portfolio Investment (PI) are two different forms of investment that involve investing in foreign countries. The main differences between FDI and PI are as follows:

Control : FDI involves the ownership and control of a foreign company, while PI does not. In FDI, a company establishes a new operation or acquires an existing company in a foreign country, and manages it as a subsidiary. In contrast, PI involves the purchase of stocks, bonds, or other securities of a foreign company, but does not give the investor control over the company’s operations.
Purpose : FDI is usually done with the long-term goal of establishing a permanent presence in a foreign market and expanding the company’s operations and market share. On the other hand, PI is done with the intention of generating short-term profits from fluctuations in the stock or bond prices.
Risk : FDI involves a higher level of risk than PI because it requires a substantial investment of capital and resources in a foreign market, and the success of the investment depends on the company’s ability to effectively manage and compete in that market. PI, on the other hand, is a relatively low-risk investment because it involves only the purchase of securities and does not require a significant investment in the foreign market.
Returns : FDI typically generates returns from the profits of the subsidiary, while PI generates returns from dividends and capital gains from the sale of securities.

(b) Direction of Exports and Direction of Imports.

Ans: The direction of exports and the direction of imports refer to the countries or regions from which a country sells goods and services to and the countries or regions from which it buys goods and services from, respectively. The main differences between the two are as follows:

Outward or Inward Orientation : The direction of exports is an outward-oriented measure, as it refers to the countries or regions that a country is selling its goods and services to. The direction of imports, on the other hand, is an inward-oriented measure, as it refers to the countries or regions from which a country is buying its goods and services.
Trade Balance: The direction of exports and the direction of imports are both important in determining a country’s trade balance. If a country’s exports exceed its imports, it has a trade surplus. Conversely, if its imports exceed its exports, it has a trade deficit.
Economic Growth: A country’s direction of exports and imports can also have an impact on its economic growth. Export-oriented economies tend to grow faster than those that rely more on domestic consumption, as exporting countries have access to larger markets, greater economies of scale, and more competitive pricing. Similarly, countries that import a wide range of goods and services can benefit from lower costs, increased competition, and improved quality of goods.
Trade Policies : A country’s direction of exports and imports can also be influenced by its trade policies, such as tariffs, quotas, and other trade restrictions. These policies can affect the volume, direction, and composition of trade, as well as the overall trade balance.

5. Write short notes on the following:

(a) changing value system.

Ans: A value system refers to a set of beliefs, attitudes, and ideals that an individual or a society holds about what is right or wrong, good or bad, and desirable or undesirable. A changing value system refers to the process of transformation in these beliefs, attitudes, and ideals, which can occur due to various social, cultural, economic, and technological factors.

One of the main drivers of a changing value system is the generational shift. As new generations grow up and take on different roles in society, they often bring with them new values and attitudes that can challenge or replace traditional ones. For example, younger generations may have different views on gender roles, environmental issues, and social justice, which can lead to changes in societal norms and expectations.

Technological advancements and globalization are also significant factors that contribute to a changing value system. The increasing interconnectedness of the world through the internet and social media has led to greater exposure to diverse cultures and perspectives, which can influence and shape individual and societal values.

Changing value systems can have both positive and negative impacts on individuals and society. On the positive side, changes in values can lead to greater acceptance and tolerance of diversity, improved social justice, and increased awareness of environmental issues. However, changes in values can also lead to conflicts and tensions between different groups and may result in the erosion of traditional cultural values and practices.

(b) Economic development

Ans: Economic development refers to the sustained and continuous improvement in the economic well-being and living standards of a society. It involves the increase in the production and consumption of goods and services, the reduction of poverty and unemployment, and the improvement of infrastructure and human capital.

Economic development is often measured by various indicators, including GDP (Gross Domestic Product) per capita, income distribution, and the Human Development Index (HDI). A country with high levels of economic development has a strong and diversified economy, a well-educated and healthy population, and a stable and efficient government that promotes economic growth.

Economic development can be achieved through various means, including investments in infrastructure, education, and healthcare, and the promotion of entrepreneurship and innovation. It also requires sound economic policies and institutions that foster a conducive business environment, encourage foreign investments, and promote sustainable development.

There are different stages of economic development, ranging from traditional economies to industrialized and post-industrial economies. The path of economic development may differ across countries and regions depending on their resource endowments, level of technological advancement, and institutional and policy frameworks.

Economic development has both positive and negative impacts on society and the environment. While economic development can create job opportunities and improve living standards, it can also lead to environmental degradation, social inequality, and cultural homogenization.

(c) Indication of Sickness

Ans: In the context of economics, the term “sickness” is often used to refer to the state of an economy that is performing poorly and is experiencing various economic problems. There are several indications that can suggest an economy is in a state of sickness. Some of the common indicators are:

High Inflation : One of the signs of a sick economy is high inflation. Inflation refers to the rate at which the general price level of goods and services is increasing. When the inflation rate is high, it means that the purchasing power of money is decreasing, and the cost of living is going up. This can make it difficult for people to afford basic necessities, leading to social and economic problems.
High Unemployment : Another sign of a sick economy is high unemployment. When the unemployment rate is high, it means that a significant number of people are unable to find jobs, leading to a decline in consumer spending and a decrease in economic growth.
Slow Economic Growth : A sick economy may experience slow or negative economic growth, which is a situation where the Gross Domestic Product (GDP) is not increasing or is decreasing. Slow economic growth can result from various factors, including a decrease in investment, lack of innovation, and low productivity.
Low Investment : A lack of investment can indicate a sick economy. When businesses and individuals are not investing, it can lead to low economic growth, lack of job creation, and low innovation.
High Debt Levels : High levels of debt, whether it is public or private, can indicate a sick economy. High debt levels can lead to reduced investment, higher interest rates, and a lack of confidence in the economy.

(d) Joint Ventures

Ans: Joint venture refers to a business arrangement in which two or more parties come together to undertake a specific business project or venture. In a joint venture, the parties involved typically pool their resources, expertise, and capital to achieve a common goal, which could be a new product, service, or project. The joint venture can be formed between two or more companies, individuals, or even governments.

Joint ventures can take various forms, including equity joint ventures, contractual joint ventures, and cooperative joint ventures. In an equity joint venture, the parties involved contribute equity capital, and the joint venture company is formed as a separate legal entity. In a contractual joint venture, the parties sign a contract to work together for a specific project or purpose, without forming a separate legal entity. A cooperative joint venture involves the sharing of resources and expertise between parties to achieve a common goal, but without forming a separate legal entity.

Joint ventures have several benefits, including sharing of resources and risks, access to new markets and technologies, and access to specialized skills and expertise. By pooling resources, joint ventures can achieve economies of scale and reduce costs, and by sharing risks, they can minimize the financial exposure of individual parties.

However, joint ventures also have their disadvantages, including the potential for conflict and disagreements between parties, the risk of loss of control, and the difficulty in finding the right partner with complementary skills and expertise.

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For June Examination: 31st April, For December Examination: 30th October

AOM-01: IGNOU B.Com Solved Assignment 2022-2023

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ECO - 10: ELEMENTS OF COSTING | IGNOU SOLVED ASSIGNMENT 2020 - 21 | B.COM | FREE SOLVED ASSIGNMENT

Ignou free solved assignments (2020-21) elective course in commerce eco – 10: elements of costing assignment- 2020-21.

Dear Students,

As explained in the Programme Guide, you have to do one Tutor Marked Assignment in this Course.

Assignment is given 30% weightage in the final assessment. To be eligible to appear in the Term-end examination, it is compulsory for you to submit the assignment as per the schedule. Before attempting the assignments, you should carefully read the instructions given in the Programme Guide.

This assignment is valid for two admission cycles (July 2020 and January 2021). The validity is given below:

1) Those who are enrolled in July 2020, it is valid up to June 2021.

2) Those who are enrolled in January 2021, it is valid up to December 2021.

You have to submit the assignment of all the courses to The Coordinator of your Study Centre. For appearing in June Term-End Examination, you must submit assignment to the Coordinator of your study centre latest by 15th March . Similarly for appearing in December Term-End Examination, you must submit assignments to the Coordinator of your study centre latest by 15 th September .

Course Code: ECO - 10 Course Title : Elements of Costing Assignment Code : ECO - 10/TMA/2020-21 Coverage : All Blocks Maximum Marks: 100

Attempt all the questions:

1. Describe the factors to be considered before installing a system of costing in an organization. Also explain the requisites of an effective system of costing. (10+10)

Ans: Factors to be considered before installing a costing system

The costing system of an organization should be carefully planned in order to achieve its objectives. The following factors to be taken into consideration before installing an adequate costing system :

1) Determination of objectives: The first step is to clearly lay down the objectives of the costing system. If the objective is only to ascertain the cost, a simple system will be sufficient. However, if the objective is to get information for decision making, planning and control, a more elaborate system of costing is necessary.

2) Study of the nature of business: The nature of the business and other technical aspects like nature of the products, methods and stages of production cycle should be carefully analyzed. Such an analysis is necessary to decide the method of costing to be adopted. For example, contract costing is suitable for large construction projects. Operating costing is adopted by service industries like transport.

3) Study of the nature of the organization: The costing system should be designed to meet the requirements of the organization. Hence, it is necessary to study the nature, size and layout of the organization. The factors to be considered are:

a. Size of the organization and the size of the departments.

b. The physical layout of the organization.

c. The different levels of management.

d. The extent of decentralization of authority.

e. The nature of authority relationships.

4) Deciding the structure of cost accounts: A suitable costing system can be developed on the basis of the study of the nature of business and organization. The structure of cost accounts should be simple and in accordance with the natural production process.

5) Determination of cost rates: This step involves a thorough study of the following points for developing an integrated costing system.

a. Classification of costs into direct and indirect costs.

b. Grouping of indirect costs (overheads) into production, administration, selling and distribution etc.

c. Methods of pricing issues.

d. Treatment of wastes of all types.

e. Absorption of overheads.

f. Calculation of overhead rates.

6) Organization of the cost office: The cost office is responsible for the efficient operation of the costing system. The cost office, with adequate staff must be located a close as possible to the factory. The following are the major functions of the cots office.

a. Stores accounts.

b. Labour accounting

c. Recording of cost data and

d. Cost control.

7) Further, the role and duties and responsibilities of the cost accountant must be clearly defined. He must have the necessary authority to discharge his duties effectively.

8) Introducing the system: After completion of the above steps, the costing system may be formally introduced. Introduction of the system in an existing organization should be done gradually. Before introduction, the feature of the systems, its working and advantages must be explained to the concerned employees to secure their co-operation.

Characteristics of a Good Costing System

An ideal system of cost accounting must possess some characteristics which bring all the advantages, discussed above; to the business, in order to be ideal and objective. The main characteristics are:

a) Simplicity: It must be simple, flexible and adaptable to the changing conditions. And it must be easily understandable to the personnel. The information provided must be in the proper order, in right time and to the right persons so as to be utilized fully.

b) Flexibility and Adaptability: The costing system must be flexible to accommodate the changing conditions and circumstances. The expansion, contraction of changes must be adopted in the existing system with minimum changes.

c) Economy: The costing system must suit the finance available. The expenditure must be less than the benefits derived from the system adopted.

d) Comparability: The management must be able to make comparison of the facts and figures with the past figures, figures of other concerns, or other departments of the same concern.

e) Minimum Changes to the Existing one: When introducing a costing system, it may cause minimum change to the existing set up of the business.

f) Uniformity of Forms: Forms of different colours can be used to distinguish them. Forms must be uniform in size and quality. Form should contain instructions to fill, to use and for disposal.

g) Less Clerical Work: Printed forms will involve less labour to fill in, as the workers may be a little educated. They may not like to spend much time in filling the forms.

h) Efficient Material Control and Wage System: There must be a proper procedure for recording the time spent on different jobs, by workers for the payment of wages. A systematic method of wage system will help in the control of labour cost. Since the cost of material forms a great proportion to the total cost, there must be an efficient system of stores control.

i) A Sound Plan: There must be proper and sound plans to collect, to allocate and to apportion overhead expenses on each job or each product in order to find out the cost accurately.

j) Reconciliation: The systems of costing and financial accounting must be facilitated to reconcile in the easiest manner.

k) Overall Efficiency of Cost Accountant: The work of the cost accountant under a good system of costing must be clearly defined as to his duties and responsibilities to the firm are very essential.

2. Define 'material control'. What are its objectives? Describe its advantages and basic requirements. (2+3+5+10)

Ans: Inventory or Store Control: Inventory control means to monitor the stock of goods used for production, distribution and captive (self) consumption. For a specific time period, stocks of goods are placed at some particular location. Stock of goods includes raw-materials, work in progress, finished goods, packaging, spares, components, consumable items, etc. Inventory Control means maintaining the inventory at a desired level. The desired-level keeps on fluctuating as per the demand and supply of goods.

According to Gordon Carson, " Inventory control is the process where by the investment in materials and parts carried in stocks is regulated, within pre-determined limits set in accordance with the inventory policy established by the management ."

Simply "Inventory control is a method to identify those stocks of goods, which can be used for the production of finished goods. It shall be supported by a schedule which gives details regarding; opening stock, receipt of raw-materials, issue of materials, closing stock, and scrap generated."

Objectives of store control: The following are the important objectives of store control

a) to make available the right type of raw material at the right time in order to have smooth and continuous flow of production;

b) to ensure effective utilization of material;

c) to prevent over stocking of materials and consequent locking up of working capital;

d) to procure appropriate quality of raw materials at reasonable price;

e) to prevent losses during storage of materials;

f) to supply information to the management regarding the cost of materials and the availability of stock;

Significance/Advantages of Inventory control

1. Protects from fluctuations in demand: There are always chances of fluctuations in the demand of a material. These fluctuations can be adjusted if there are sufficient items in the stock of inventory . Therefore, proper inventory control protects the company from fluctuations in demand.

2. Better services to customers: If the company maintains a proper inventory of raw-materials, then it can complete its production in time. So, it can deliver the finished goods to the customers in time. Similarly, if the company has a proper inventory of finished goods, then it can satisfy the additional demand of the customers.

3. Continuity of production operations: Proper inventory control helps to maintain continuity of production operations. This is because it maintains a smooth flow of raw materials. So, there are no shortages of raw-materials required for production process.

4. Reduces the risk of loss: Proper inventory control helps to reduce the risk of loss due to obsolescence (outdated) or deterioration of items. This is because it checks all the items regularly.

5. Minimizes the administrative workload: Proper inventory control helps to minimize the administrative work load of purchasing, inspection, warehousing, etc. This will reduce the manpower requirement and will minimize the labour cost too.

6. Protects fluctuation in output: Inventory control tries to reduce the gap between planned production and actual production. There are cases where the production schedule cannot be followed because of Sudden breakdown of machines, Problems in supply of materials, Sudden labour strikes, Loss due to failure of power supply, etc.

In such cases, the difference between planned production and actual production can be bridged by inventories held in stock.

7. Effective use of working capital: Proper inventory control helps to make effective use of working capital. Inventory control helps in maintaining the right amount of stocks of materials, components, etc. Over stocking is avoided. Therefore, the working capital will not be blocked in excess inventory.

8. Check on loss of materials: Inventory control helps to maintain a check on the loss of materials due to carelessness or pilferage. If there is no proper inventory control, then there are more chances of carelessness and pilferage by the employees, especially in the store-keeping department.

9. Facilitates cost accounting activities: Inventory control facilitates cost accounting activities. This is because, inventory control provides a means of allocating materials cost of products, departments or other operating accounts.

10. Avoids duplication in ordering: Inventory control avoids duplication in ordering of stock. This is done by maintaining a separate purchase department.

Essential of store control: The following at the essentials of good system of material control.

a) There should be proper co-operation and co-ordination among the departments dealing with materials.

b) All purchases must be centralized and must be made through an expert purchase manager.

c) All items in the stores should be classified with codes.

d) Receiving and inspection procedure should be chalked out.

e) Ideal storage and preservation facilities will have to be provided.

f) Stores control measures like ABC analysis, perpetual inventory system, stock verification should be introduced.

g) There should be an efficient system of internal audit and internal check.

h) Maximum level, minimum level and re-order level of stock should be fixed to avoid over-stocking or shortage of materials.

i) Appropriate records should be maintained to control issues and utilization of stores in production.

j) There should be a system of regular reporting to management regarding materials purchases, storage and utilization.

3. (a) What are the main methods of pricing? Explain the First in First out method. 5+5=10

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Ans: Methods of Pricing of material issue:+ A number of methods are used for pricing material issues. Each method has its own advantages and disadvantages. As such, it is impossible to say which method is the best. Each organisation should choose a particular method best suited to it. While choosing a method, it is necessary to see that the method chosen is simple, effective and realistic. At the same time, it is equally necessary to consider the effect of the method on production cost and inventory valuation. The following are the different methods of pricing the material issues:

1. First in First Out Method (FIFO)

2. Last in first out method (LIFO)

3. Simple Average Method

4. Weighted average method

1. First In First Out Method (FIFO)

According to this method the units first entering the process are completed first. Thus the units completed during a period would consist partly of the units which were incomplete at the beginning of the period and partly of the units introduced during the period. The cost of completed units is affected by the value of the opening inventory, which is based on the cost of the previous period. The closing inventory of work-in-process is valued at its current cost.

2. Last In First Out Method (LIFO): According to this method units last entering the process are to be completed first. The completed units will be shown at their current cost and the closing-work in process will continue to appear at the cost of the opening inventory of work-in-progress along with current cost of work in progress if any.

3. Simple Average Method: The simple average is determined by adding different prices of materials in stock and dividing the total by number of prices. Quantity purchased in each lot is ignored.

4. Weighted Average Method:

This is an improvement over the simple average method. This method takes into account both quantity and price for arriving at the average price. The weighted average is obtained by dividing the total cost of material in the stock by total quantity of material in the stock.

First In First Out Method (FIFO)

Advantages:

a. This method is simple to understand and easy to operate.

b. The closing stock is valued at the current market price.

c. Since issues are priced at cost, no profit or loss arises from pricing.

d. This method is more suitable in times of falling prices.

e. Deterioration and obsolescence can be avoided.

Disadvantages:

a. When prices fluctuate, calculation becomes complicated. This increases the possibility of clerical errors.

b. During the period of price fluctuations, material charged to jobs vary. Therefore, comparison between jobs is difficult.

c. During the period of rising prices, product costs are under stated and profits are overstated. This may result in payment of higher dividend out of capital.

b) In a factory, the following purchase and issues were made during the month of Account January, 1988.

Prepare the stores Ledger Account under FIFO method.

4. What are the distinct features of direct and indirect labour? Explain the principle of time keeping and its purpose. (10+5+5)

Ans: Direct Labour: Direct labour is that labour which is directly engaged in the production of goods or services and which can be conveniently allocated to the job, process or commodity unit. For example, labour engaged in making the bricks in a kiln is direct labour because labour charges paid for making 1,000 bricks can be conveniently allocated to the cost of 1,000 bricks.

Features of Direct labour:

a. Direct labour cost is variable in nature. Increases or decreases with production.

b. Direct labour cost per unit will remain constant at each level of activity.

c. Direct labour cost is a part of prime cost of product

d. It is incurred at the time of production or purchase of goods.

e. Direct labour cost is directly allocated to a particular cost unit.

Indirect Labour: Indirect labour is that labour which is not directly engaged in the production of good and services but which indirectly helps the direct labour engaged in production. The examples of indirect labour are mechanics, supervisors, supervisors, chowkidars, sweepers, foremen, watchmen, time-keeper, cleaners, repairers etc. The cost of indirect labour cannot be conveniently allocated to a particular job, order, process or article.

Features of Indirect labour:

a. Indirect labour cost is normally fixed in nature. Increases or decreases in production do not affect indirect labour cost.

b. Indirect labour cost total will remain constant at each level of activity.

c. Indirect labour cost is treated as overheads.

d. It is incurred at the time of operation in factory.

e. Indirect labour cost is apportioned on suitable basis.

TIME-KEEPING: This department is concerned with maintenance of attendance time and job time of workers. Attendance time is recorded for wage calculation and job time or time booking is considered for computing time spent for each department, job, Operation and Process for calculating labour cost department wise, job wise and of each process and operation.

Principles of Time keeping:

1. Good time keeping system prevents ‘proxy’ for one another among workers

2. Time-keeping has to be done for even piece workers to maintain uniformity, regularity and continuous flow of production.

3. Both the arrival and exit of workers is to be recorded so that total time spent by workers is available for wage calculations.

4. Mechanized methods of time keeping are to be used to avoid disputes.

5. Late arrival time and early departure time are to be recorded to maintain discipline.

6. The time recording should be simple, quick and smooth.

7. Time recording is to be supervised by a responsible officer to eliminate irregularities.

Time-keeping: Time-keeping will serve the following purposes:

1. Time keeping helps in preparation of Pay Rolls in case of time-paid workers.

2. Time keeping is necessary in meeting the statutory requirements.

3. Time keeping creates a sense of discipline amongst the workers due to which they give attendance in factory timely.

4. Recording of each worker’s time ‘in’ and ‘out’ of the factory making distinction between normal time, overtime, late attendance and early leaving.

5. For overhead distribution when overheads are absorbed on the basis of labour hours.

5. Write short notes on the following: 4x5=20

a) Methods of absorption

Ans: The methods used for absorption are as follows:

a. Direct Material Cost: Under this method, the overheads are absorbed on the basis of percentage of direct material cost. The following formula is used for working out the overhead absorption percentage: Budgeted or Actual Overhead Cost/ Direct Material Cost X 100

b. Direct Labor Cost Method: This method is used in those organizations where labor is a dominant factor in the total cost. Under this method, the following formula is used for calculating the overhead absorption rate: Budgeted or Actual Overheads/ Direct Labor Cost X 100

c. Prime Cost Method: This method is an improvement over the first two methods. Under this method, the Prime Cost is taken as the base for calculating the percentage of absorption of overheads by using the following formula: Budgeted or Actual Overheads/ Prime Cost X 100

d. Production Unit Method: This method is used when all production units are similar to each other in all respects. Total overhead expenses are divided by total production units for computing the rate per unit of overheads and overheads are absorbed in the product units. If a firm produces more than one product and if they are not uniform to each other, equivalent units are calculated to find out the rate of overheads per unit. The formula of absorption of overheads is as follows: Overhead absorption rate = Budgeted or Actual Overheads/Production Units

b) Contract costing

Ans: Contract Costing: This method if applied in undertakings erecting buildings or carrying out constructional works, e.g., House buildings, ship building, Civil Engineering contracts. The cost unit is a contract which may continue for over more than a year. It is also known as the Terminal Costing, since the works are to be completed within a specified period as per terms of contract or agreement executed by the contractor and contractee. The cost of the contract and profit or loss are ascertained. The execution period of the contract may be extend over a number of years. But at the end of each year, a contract account is prepared to find profit from the contract to the extend completed on the basis of cash realised or some suitable basis.

c) Process costing

Ans: Process costing is a method of operation costing which is used to ascertain the cost of production at each process, operation or stage of manufacture, where processes are carried in having one or more of the following features:

a) Where the product of one process becomes the material of another process or operation

b) Where there is simultaneous production at one or more process of different products, with or without by product,

c) Where, during one or more processes or operations of a series, the products or materials are not distinguishable from one another, as for instance when finished products differ finally only in shape or form’.

Process costing is defined by Kohler as: “A method of accounting whereby costs are charged to processes or operations and averaged over units produced; it is employed principally where a finished product is the result of a more or less continuous operation, as in paper mills, refineries, canneries and chemical plants; distinguished from job costing, where costs are assigned to specific orders, lots or units.

Features/Characteristics of Process Costing:

a) Process Costing Method is applicable where the output results from a continuous or repetitive operations or processes.

b) Products are identical and cannot be segregated.

c) It enables the ascertainment of cost of the product at each process or stage of manufacture.

d) The output consists of products, which are homogenous.

d) Classification of costs

Ans: Cost classification is the process of grouping costs according to their common characteristics. It is the placement of like items together according to their common characteristics. A suitable classification of costs is of vital importance in order to identify the cost with cost centers or cost units. Costs may be classified according to their nature, i.e. material, labour and expenses and a number of other characteristics. The important ways of classification are:

a) By Nature or Element or Analytical Classification: According to this classification, the costs are divided into three categories i.e. Materials, Labour and Expenses.

b) By Functions: According to this classification costs are divided as Manufacturing and Production Cost and Commercial Cost.

c) Classification by relation to cost centre: According to this classification, total cost is divided into direct costs and indirect costs.

d) By Variability: According to this classification, costs are classified into three groups viz. fixed, variable and semi-variable.

e) By Controllability: Under this, costs are classified according to whether or not they are influenced by the actions of a given member of the undertaking. On this basis it is classified into two categories: Controllable and uncontrollable costs.

f) By Normality: Under this, costs are classified according to whether these are cost which are normally incurred as a given level of output in the conditions in which that level of activity is normally attained. On this basis, it is classified into two categories: Normal cost and abnormal cost.

g) By Capital and Revenue or Financial Accounting Classification: The cost which is incurred in purchasing assets either to earn income or increasing the earning capacity of the business is called capital cost.

h) By Time: Cost can be classified as (i) Historical costs and (ii) Predetermined costs.

i) According to Planning and Control: Planning and control are two important functions of management. Cost accounting furnishes information to the management which is helpful is the due discharge of these two functions. According to this, costs can be classified as budgeted costs and standard costs.

j) For Managerial Decisions: On this basis, costs may be classified into the following costs: i) Marginal cost, ii) Out of pocket costs, iii) Differential costs, iv) Sunk costs, v) Imputed costs, vi) Opportunity cost vii) Replacement cost, viii) Avoidable and unavoidable cost.

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1. What are the three components of business environment? Discuss.

2. Explain the nature and implications of regulatory role of the government.

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(b) Direction of Exports and Direction of Imports.

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(c) Indication of Sickness

(d) Joint Ventures

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