Human Resource Accounting Homework Answers
Human resource is as an important an asset as is any other asset in any organization. Human Resource Accounting refers to the procedure of classifying and recording the investments made on the available human resource of any organization that went unaccounted in the old-fashioned accounting practises. This helps the organizations to meticulously arrange their available assets.
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Functions of human resource accounting:
This serves numerous purposes such as:
- Properly managing the costs incurred by an organization in order to achieve the stipulated profits.
- Gauging the performance of the available human resource and getting rid of unnecessary manpower.
- To achieve the organizational objectives at the minimum costs incurred and investing in areas that need attention.
There are two approaches to handle human resource accounting, the options being: cost approach and value approach. Manuals as human resource accounting homework answers are of great help.
How to approach these concepts?
Below is a brief description of both the approaches:
- Cost approach to Human Resource Accounting-
This is the only method dedicated to sound accounting principles and policies.It calculates the organizational investment in employees based on recruiting, attaining, official training and familiarization, casual training and familiarization, and development.
Under this approach, there is an acquisition cost model and a replacement cost model. The limitation to this approach is that it emphasizes on the present cost to the organization rather than the significance of the employee to the organization.
- Value approach to Human Resource Accounting-
This approach emphasizes on the future value that every individual employee can bring by hiring today. It asserts on the present value of future earnings. It stresses on the value that employeesâ€™ future contribution,to the organization,is worth today.
The shortcoming to this approach is as future value brought forth is completely intangible, so itâ€™s hard to quantify the value that would be incoming by employees today.
Benefits and drawbacks of this system:
As for any entity, or an approach, in this world; there are benefits and limitations associated to the Human Resource Accounting. A few of them are discussed below:
Benefits of Human Resource Accounting:
This approach helps an organization to achieve its objectives in the following manner.
- Assessing and utilizing the value of every human resource lets the organization to focus on its objectives while working with the best resource available in the market.
- It assists in identifying the valuable human resource available in the organization and boost the productivity- by apt training and development- so that the organizational objectives are met.
- Individual contribution of each employee can be assessed by the quality of work put in and the value obtained by it. This helps in retention of valuable employees in the organization and providing the opportunity to the lagging employees to meet organizational objectives.
- It aids the human resource to personally prosper, while the organization prospers along with it.
- Deserving employees are rewarded promptly by assessing their work.
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Limitations of Human Resource Accounting:
- The primary limitations associated with Human Resource Accounting are mentioned below. The value of Human Resource Accounting is non-quantifiable, it is impossible to provide a tangible amount of value brought by employees.
- The Human Resource Accounting is formulated based on the assumption that employees would remain in the organization till retirement.
- The valuation is unrealistic because of the mortality factor associated with humans.
- There is yet to be found empirical evidences to bolster that HRA is a management tool that helps in organizational goal achievement.
- Unlike other assets; such as tools, machineries, etc.; it is hard to rely on humans that they would comply to their tasks consistently.
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Why professional help is required?
Taking professional assistance when it comes to solve homework on human resource accounting could be an intelligent alternative. This gets the students to learn more about the organizational behavior and to tackle real-life human resource accounting problems. Academic cognizance would restrict the students to learn a limited amount of human behavior.
However, with homework help; they can learn from industry experiences from the industry specialists. A few of the advantages of professional assistance are mentioned below.
- Data checked methodically:
The solution provided for Human Resource Accounting is methodically verified in order to provide the homework help. This provides the students to work understand each and every aspect of the homework in order to solve future problems- be it academic or industry related.
- Industrial exposure to solve homework:
As the assists available are industry experts with sound knowledge of the domain, it allows the students to leverage from this. The students gain insights to solve academic problems with a working professional approach. This makes them future ready in order to tackle all kinds of future problems.
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Though it is a point that is highly controversial because of the absence of any regulatory body. However, the charges levied by the services are moderately priced because of the competitive market. As a precaution, the students are, however, advised to consult a horde of homework help in order to spend minimum while getting the same level of professional assistance.
- Conceptual knowledge made apparent:
Ashuman resource accounting homework deals a lot with theoretical knowledge and the academic knowledge lacks in providing industry related data, it becomes unusually important to take assistance to score better grades. The assists available can equip the students with industry exposed solutions to handle matters of human resource accounting.
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As human intervention cannot be neglected in any organization in order to achieve the organizational objectives- regardless of automation and the implementation of AI in day-to-day work- therefore, it is imperative for students to neglect such a crucial subject.
The homework helps available can enable the students to gain industry-oriented approach even while solving academic problems. This helps the students to gain the necessary managerial perspectives while securing good grades and GPAs. Get yourself the human resource accounting homework answers manual now!