Definition: Cost accounting is the accounting method for ensuring cost-effectiveness by accumulating, organising, recording, calculating, analysing and assessing the overall expenses incurred on a product, process or project, etc. It is mostly used in industrial units or factories where the goods are manufactured. Unlike financial accounting, cost accounting is a broader … [Read more...] about Cost Accounting
Opportunity Cost
Definition: Opportunity cost refers to the value of the other choice sacrificed while choosing a better or suitable alternative. It is also termed as alternative cost. There are limited resources or limited spending capacity and to direct these resources in the direction of deriving maximum satisfaction, we find out the opportunity cost. Example: Let us now understand the … [Read more...] about Opportunity Cost
Marketing Mix
Definition: Marketing mix is a tool for ensuring a successful marketing process by analysing the consumer's need, determining the cost to be incurred on the product or service, deciding a proper distribution channel, communicating the product idea and information to the customers, developing a strong marketing team, channelizing the marketing activities and adjusting to the … [Read more...] about Marketing Mix
Marketing
Definition: Marketing is the process of converting prospective buyers into actual customers by communicating complete information of the product or services to the customer. The key elements which are the secret to a successful marketing practice are thorough market survey and research, framing a competitive strategy, designing a realistic marketing plan and implementing … [Read more...] about Marketing
Business Activities
Definition: Business activities refer to all the economic activities, whether directly or indirectly related to making the goods and services available to the consumer and ensure profit earning through customer satisfaction. All the business activities depend on each other to ensure constant process and cannot serve the purpose of customer satisfaction solely. Example: A … [Read more...] about Business Activities
Business
Definition: Business is a regular process of earning a profit by satisfying consumer's needs through the manufacturing of goods, reselling of products, providing services or carrying out all three together. It is an occupation which requires a particular set of skills and expertise to derive maximum profit out of it. Following activities cannot be considered as a … [Read more...] about Business
Kiosk Banking
Definition: Kiosk banking was introduced by the Reserve Bank of India(RBI) to facilitate primary banking services to the poor and low-income group localities at a reasonable cost without the need for visiting the bank. KIOSK is 'Kommunikasjon Integrert Offentlig Service Kontor'. It is an initiative to benefit the poor section of the society who usually are daily wage … [Read more...] about Kiosk Banking
Sources of Recruitment
Definition: Sources of Recruitment can be viewed as various means of connecting the job seekers to the organisation which have suitable job openings. In simple words, it serves as a medium for communicating or advertising the vacant positions in the organisation to get a response from the prospective candidates. The recruiters have to be very careful while selecting any … [Read more...] about Sources of Recruitment
Recruitment
Definition: Recruitment is the process of examining a vacant position in the organisation and attracting the potential candidates to apply for the same, within an appropriate time and at a desirable cost. It is the introductory stage where a job applicant gets to know about the vacancy, and the organisation identifies the candidate's profile. Without recruitment, companies … [Read more...] about Recruitment
Human Resource Management (HRM)
Definition: Human resource management (HRM) is a tactical approach which deals with acquisition, training and development, orientation, motivation and retention of personnel in an organisation. It is a powerful tool for any organisation to succeed. It is a continuous and never-ending process. A human resource refers to the human capital available with the organisation in the … [Read more...] about Human Resource Management (HRM)