Definition: HR Audit or Human Resource Audit is a process of examining the efficiency of the human resource divisions of the company to help them in assessing their current position. It is very much similar to the financial audit procedure. To understand its HR policies, the company does the human resource audit so that a clear picture of its practices comes out, which helps … [Read more...] about HR Audit
Valuation of Assets
Definition: Valuation of Assets or asset valuation is a process of determining the present market value of the assets of the business as shown in the balance sheet of the company based on universally accepted accounting principles. It’s a duty of an auditor to make an appropriate asset valuation along with the verification of such assets, and such valuation is done based on its … [Read more...] about Valuation of Assets
Trial Balance
Definition: Trial Balance is a statement that assembles the balances of all ledger accounts in a definite format. It records both debit balance as well as credit balances from the ledger accounts, including cash and bank balances on a stated date. It is inclined with the purpose of testing the analytical or arithmetical accuracy of the books of accounts of a business. Content: … [Read more...] about Trial Balance
Planning
Definition: Planning is a process of developing strategies for accomplishing the pre-determined goals of the company. It is an essential aspect of any business as planning a future adds value to the business. Planning focuses on both an individual or a group target. Efficient planning flourishes the business and encourages the personnel to work effectively on targeted … [Read more...] about Planning
Business Plan
Definition: Business Plan is an outline of a business project in a written form, i.e., a summarized structure of a scheduled business which includes all the details of business relating to finance, marketing, etc. For running a smoother business, there is no alternative other than making an efficient business plan. However, in various sectors, it can be called with distinctive … [Read more...] about Business Plan
Organizing
Definition: Organizing is one of the most prominent function of management that aims attention at assigning and organizing human as well as other financial resources efficiently to carry out the plans of the organization successfully. It also involved in constructing, establishing, and managing working relationships and requires the planning of tasks and an assorted way to … [Read more...] about Organizing
Short-Term Financing
Definition: Short-Term Financing is a need for money for a short period of time, i.e., less than a year. It is one of the primary function of finance that manages the demand and supply of capital for an interim period, and these funds can be secured or unsecured. To use such funds total financing funds should be driven by the company, and the company gets directed by the … [Read more...] about Short-Term Financing
Financial Ratios
Definition: Financial Ratios are the ratio amidst two values from the company’s financial records. These ratios are used to evaluate the true and fair position of the company in the market. Various standard ratios are set under this head for measuring the company's status in the market, which is applied by the director, shareholders or the borrowers of the company to analyze … [Read more...] about Financial Ratios
Commercial Bank
Definition: Commercial Bank is the banking platform for the general public and is described as an institution whose primary business is to act as an intermediary for the purpose of settlement, i.e., receiving deposits and giving loans. These banks in India are formed as joint-stock firms and recognized as banking firms. Content: Commercial Bank Classification of … [Read more...] about Commercial Bank
Company Auditor
Definition: Company Auditor is an individual appointed for preparing an independent audit report of the company. They can be either appointed by the company’s Board of Directors, Shareholders, Central Government or Comptroller and Auditor General of India (C&AG) accordingly. An individual must have expert knowledge and a practising certificate from the Indian Institute of … [Read more...] about Company Auditor