Henry Fayol is widely regarded as the father of modern management theory. He developed principles of management that form the foundation of administrative theory, focusing on planning, organizing, commanding, coordinating, and controlling.
Fayol → Administrative/Modern Management Theory
Weber → Bureaucratic Theory
Gullick → POSDCORB functions
In systems theory, the smallest interacting units of a system are called components. These are the basic parts that work together and interact to form the overall system.
A system is made up of components that interact with each other. Input, structure, and feedback are functions or features of a system, not the smallest physical or conceptual units.
A superannuation pension is granted to a civil servant upon reaching the prescribed age of retirement, typically 60 years. It is a normal retirement pension given after completing the service period and attaining the age limit set by the government.
Superannuation = retirement due to age limit. It is different from invalid pension (due to disability), retiring pension (early retirement), and compensation pension (abolition of post).
All daily financial transactions of a school are recorded in the Cash Book. It is the primary record used to maintain receipts and payments on a day-to-day basis. It helps in tracking income and expenditure systematically.
Cash Book is the main accounting register for recording all monetary transactions in chronological order, making it essential for financial management in schools and organizations.