Objectives

Definition: In business terminology, the objective is something that is expected as the end result to be achieved by the firm within a definite period of time, through its operations. It prescribes the scope and also directs the efforts of the concern. The objectives of the organization are expressed in relation to the future. It…

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Procedure

Definition: Procedure, refers to a comprehensive set of instructions that prescribes a certain way of performing a process, or part of a process, in relation to time. It states a chronological sequence for undertaking activities, so as to achieve the objectives. The procedures are meant for insiders (members of the organization including employees, directors, managers…

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Policies

Definition: Policies can be defined as the fundamental written statements which are meant to guide the thinking and action in decision making of the managers. It is a standing solution for recurring situations, as it is a ready reference to many problems. A firm’s policies are framed by the Chief Executives and Board of Directors…

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Organizing

Definition: Organizing is the second key management function, after planning, which coordinates human efforts, arranges resources and incorporates the two in such a way which helps in the achievement of objectives. It involves deciding the ways and means with which the plans can be implemented. It entails defining jobs and working relationships, assigning different tasks…

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Real-Time Gross Settlement (RTGS)

Definition: RTGS, is a short form for Real-Time Gross Settlement. It is a facility provided by the banks, that allows instant and complete settlement of funds from one bank to another and from one place to another, on an individual order basis. This means that the transactions are settled at the same time when they…

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E-banking

Definition: E-banking is a blanket term used to indicate a process through which a customer is allowed to carry out, personal or commercial banking transactions using electronic and telecommunication network. It is a product offered by banks which facilitates online banking, with the help of which the customer can have access to the bank account…

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Visual Communication

Definition: Visual Communication, as the name suggests, is the graphical representation of a message by one party to convey something to another. It involves transmission and interpretation of information by way of visual resources, that can be read or viewed. In layman terms, visual communication is one which is purely based on vision, i.e. eyesight.…

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Bookkeeping

Definition: Bookkeeping can be defined as the system of keeping records and classifying all the financial transactions on a day-to-day basis concerning the business operations, in a sequential manner. The term “transaction” refers to the business activity, in which the exchange of money or money’s worth for goods or services is involved. It is the…

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Commerce

Definition: Commerce refers to the well organized set up of large-scale interchange of products, service or something of value, for money or money’s worth, among the economic agents. It covers all the activities which directly or indirectly assist in the process of exchange. Basically, it is concerned with the distribution aspect of the business. It…

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Corporate Social Responsibility

Definition: Corporate Social Responsibility, or otherwise called as CSR is an on-going commitment of the organization to act in an ethical manner and make a contribution in the country’s economic development, while bettering the standard of living of the employees and their families, along with the society and public at large. It refers to the…

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