Definition: Management can be defined as the process of administering and controlling the affairs of the organization, irrespective of its nature, type, structure and size. It is an act of creating and maintaining such a business environment wherein the members of the organization can work together, and achieve business objectives efficiently and effectively. Management acts … [Read more...] about Management
Accounting
Definition: Accounting is a process, which systematically and comprehensively records business events and transactions, and translate it into the financial information of the business entity to assist the stakeholders in the decision-making process. In this process, the transactions are identified, recorded, arranged, summarized, simplified properly and then communicated to … [Read more...] about Accounting
Insurance
Definition: Insurance refers to a contractual arrangement in which one party, i.e. insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i.e. the insured, by paying a definite amount, in exchange for an adequate consideration called as premium. It is often represented by an insurance policy, wherein the insured gets financial … [Read more...] about Insurance
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 profit making company, … [Read more...] about Commercial Bank
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 other banks of the country such as … [Read more...] about Central Bank
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 … [Read more...] about Internal Control
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 align the same with the … [Read more...] about Strategic Cost Management (SCM)
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 auditor can satisfy … [Read more...] about Auditing
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 … [Read more...] about Customer Relationship Management (CRM)
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 particular person or to any other person, on the order of … [Read more...] about Promissory Note