Business

Definition: Audit evidence refers to the information gathered or recorded by the auditor while performing the audit work to form a conclusion on each element, on which the opinion is based. For obtaining audit evidence, a number of audit procedures are applied by the auditor. It is the duty of the auditor to give an opinion on the financial statements presented by the … [Read more...] about Audit Evidence

Definition: Stores Management deals with undertaking the right type of materials in sufficient quantity, in a prompt manner whenever needed, to keep it safe against any sort of damage, pilferage, or theft. It is a part of material management. It involves actual material handling which is received held and issued. Based on the store size the store manager, general manager, or … [Read more...] about Store Management

Definition: Shell Company implies a fictitious company with no active business operations. These companies are formed with an aim of achieving specific business objectives which may or may not be legitimate. Such companies do not have a physical existence, as they exist only on paper. Meaning that it has no office, no staff, no assets, but just a bank account, to carry out … [Read more...] about Shell Company

Definition: Core Banking is an umbrella term that refers to the services rendered by a range of networked bank branches. It is a back-end system through which banking transactions related to deposit, loans, and credit can be processed daily across different bank branches, and updates are recorded and reflected immediately. Core banking is a business carried out by the bank with … [Read more...] about Core Banking

Definition: Sweat Equity Shares refers to the equity-linked instrument which a company issues to its employees or directors for providing their knowledge and expertise or making available the intellectual property rights or value addition to the business. Such shares are issued at a discount or for consideration other than cash. It is like compensation to the top management … [Read more...] about Sweat Equity Shares

Definition: Cost centre can be understood as a site (sales area, or department), a person (salesman, or machine operator), an item of equipment (delivery vehicle, machinery) or a combination of these, for which cost is determined and used to control the costs. It implies that segment of the organization, that helps in making its appropriate division for the purpose of product … [Read more...] about Cost Centre

Definition: Non-Profit Organization, as the name signifies a type of organization that does not operate with the purpose of making a profit, rather, it works for a social cause. NPOs are legally and voluntarily registered entities, run by a group of people with a service motive, so as to promote the general welfare of the public. The money earned in the form of revenues or … [Read more...] about Non-Profit Organization

Definition: Gig Economy is a group of the market that connects service providers to consumers on a gig, i.e. per job/task basis. It implies a labour market wherein numerous individuals are employed on a part-time basis or where freelance work persists, instead of conventional full-time work. Even organizations look for independent contractors, on-call workers and freelancers to … [Read more...] about Gig Economy