Definition: Knowledge Management implies the effective governance of organization’s acquired and generated knowledge relating to technical know-how, insights, experiences, strategies and tactics. In finer terms, knowledge management is the process of handling organization’s knowledge efficiently, so as to create value and fulfil strategic objectives. Knowledge Management aims at identifying, acquiring, creating, assessing, organizing, utilizing, storing,…
Read moreDefinition: Vouching is the process of analysing vouchers of the business enterprise. It is a step pursued in auditing, with an aim of checking the accuracy and reliability of the transactions entered in the company’s books of accounts. In this process, the company’s transactions are thoroughly verified with the documentary evidence and the authority, which…
Read moreDefinition: Income Statement or otherwise called as statement of profit and loss, is the summary prepared by the company’s management, reporting the revenues, expenses, gains and losses for the particular financial year. Simply put, it portrays the final result of the company’s operations over a period. Income statement forms part of the company’s financial statement…
Read moreDefinition: Corporate-Level Strategy refers to the top management’s approach or game plan for administering and directing the entire concern. These are based on the company’s business environment and internal capabilities. It also called as Grand Strategy. It reflects the combination and pattern of business moves, actions and hidden goals, in the strategic interest of the…
Read moreDefinition: Microeconomics is a subfield of economics which focuses on analysing the behaviour of economic agents within an economy so as to make decisions concerning the allocation of limited resources which have multiple uses. As the name suggests, it is the microscopic view of the economy, wherein the economic activity of small individual units and…
Read moreDefinition: Budgetary control refers to a method of management control and accounting, wherein the budgets are established, by forecasting the activities beforehand to the maximum extent and a constant comparison is made between the actual results and the budgeted figures, so as calculate the variances (if any) and take corrective steps accordingly to ensure the…
Read moreDefinition: Zero-based budgeting or ZBB, is an emerging budgeting technique, which is introduced with the aim of coping with the demerits of the traditional budgeting system. Zero-based budgeting is different from the incremental (conventional) budgeting system in the sense that the former begins with a zero base, i.e. from a scratch and are not based…
Read moreDefinition: Tax refers to a mandatory financial contribution to the country’s revenue, imposed by the government on the income of people, business profits, activities or included in the cost of goods, services or transactions. The taxes are the primary source of government revenue, which is used to finance government expenditure on the provision of education,…
Read moreDefinition: In business terminology, goodwill is the monetary worth of the advantage which a firm possesses over the other firms in the market with respect to profits which are expected to be derived in future over and above the normal profits. As the time goes by, a business develops a good reputation, name, strong connections…
Read moreDefinition: Public Finance implies a branch of economics, which is concerned with government activities and the various sources of financing expenditure. Basically, it deals with government revenue, expenses, and debt, as well as its impact on the entire economy. As its name suggests, public finance is all about the management of finances of the public…
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