Commercial Bank

Definition: Commercial Bank can be described as a financial institution, that offers basic investment products like a savings account, current account, etc to the individuals and corporates. Along with that, it provides a range of financial services to the general public such as accepting deposits, granting loans and advances to the customers. It is a…

Read more

Central Bank

Definition: Central Bank is the apex financial institution of the country, that administers the operations of the banking system. The bank manages and controls the expansion and contraction of the supply of money in the economy. A central bank has no direct interaction with the general public. Indeed, it functions as a banker to the…

Read more

Internal Control

Definition: Internal Control can be defined as a system designed, introduced and maintained by the company’s management and top-level executives, to provide a substantial degree of assurance in achieving business objective, while complying with the policies and laws, safeguarding the assets, maintaining efficiency and effectiveness in regular operations and reliability of financial statements. Objectives of…

Read more

Strategic Cost Management (SCM)

Definition: Strategic Cost Management or otherwise called as SCM is the cost management technique that aims at reducing costs while strengthening the position of the business. It is a process of combining the decision-making structure with the cost information, in order to reinforce the business strategy as a whole. It measures and manages costs to…

Read more

Auditing

Definition: The term ‘audit’ means an unbiased examination of the financial statements, i.e. account books and other relevant documents such as vouchers, invoices, bills, receipts, etc., of a business entity, regardless of the size, nature, orientation and legal structure, carried out by an auditor so as to give an opinion on the financial statement. The…

Read more

Customer Relationship Management (CRM)

Definition: Customer Relationship Management (CRM), can be understood as the business strategy that involves obtaining, arranging and managing customer information and using the same across different ‘touch points’ of the customers, so as to improve customer service, which leads to the increase in customer loyalty and retention and boosts sales. The term ‘customer touch point’…

Read more

Promissory Note

Definition: A Promissory Note, as the name itself gives a brief description, is a legal financial instrument issued by one party, promising to pay the debt owed to another party. It is a written negotiable instrument duly signed by the maker that contains an unconditional promise to pay the stated sum of money to a…

Read more

Cost Accounting

Definition: Cost Accounting implies a branch of accounting which deals with recording, classifying, accumulation, allocation and control of the cost of production. It captures the incomes and expenditures and prepares statements and reports for the respective period, so as to determine and control costs. It aims at keeping a record of the cost of production,…

Read more

Financial Management

Definition: As the name itself gives a brief description, financial management is the management of firm’s financial resources, in relation to its acquisition and application. It is that branch of management, which deals with the procuring, financing and managing business assets, to achieve the objectives of the concern. Aspects of Financial Management The two aspects…

Read more

Standard Costing

Definition: Standard Costing is a costing method, that is used to compare the standard costs and revenues with the actual results, in order to arrive at the variances along with its causes, to inform the management about the deviations and take corrective measures, for its improvement. The term ‘standard cost’ can be defined as the…

Read more