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RATIOS Ratio is an arithmetical expression of relationship between two interdependent or related items. It may be defined as indicated quotient of mathematical expression. Accounting ratios are numerical relationship between two accounting variables. It indicates a quantitative relationship which is used for analysis and decision making. ACCORDING TO ACCOUNTANT’S HANDBOOK BY WIXON, KELL AND BEDFORD…
FINANCIAL RATIO ANALYSIS Financial Ratio Analysis is the process of determining and interpreting relationships between the items of financial statements to provide a meaningful understanding of the performance and financial position of an enterprise. Ratio analysis is basically a technique of: Establishing meaningful relationship between significant variables of financial statements And interpreting the relationship to…
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SAFETY PROVISIONS OF FACTORIES ACT 1948 Section 21 to 41 of Chapter III of the Factories Act, 1948 contained the safety provisions of factories act act 1948 of the workers. These provisions are made to provide the safe working environment in the factories to the workers. Safety is the basic and primary requirement and these…
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Factories Act 1948 The Factories Act 1948 is a comprehensive piece of legislation that covers all the legal aspects regarding factories namely approval, licensing and registration of factories, the inspecting authorities, health, safety, welfare provisions, working hours, employment of adult and young children, annual leave and penalties. OBJECTIVES OF THE FACTORIES ACT, 1948 The objectives…
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WORKER The term Worker is defined under section 2(l) of the factories act, 1948. A worker means a person employed directly or by or through by agency (including a contractor) with or without the knowledge of the principal employer, whether for remuneration or not, in any manufacturing process or in cleaning part of the machinery…
FACTORY The term factory is defined under section 2(m) of the Factories Act, 1948. Factory includes the precincts thereof: Wherein ten or more workers are working or were working on any day of the preceding twelve months and in any part of which a manufacturing process is being carried on with the aid of power…
POLICY AND PLANNING Policy and Planning are complementary to each other. Policy formulation is an important aspect of the planning. The smooth working of an organization requires the formulation of the policies. A well thought exercise is essential to formulate the sound and effective policy. The following is the procedure to formulate the policies: DEFINING…
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TYPES OF POLICIES The following are the various types of policies: ORGANIZATIONAL POLICIES These refer to the overall policies of the organization. These policies decide the goals of the activities of the organization as a whole. FUNCTIONAL POLICIES Functional Policies are prepared for different functions such as production, marketing, finance, personnel etc. Functional policies are…
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POLICIES IN BUSINESS Policies in Business are the general statements which are formulated by the organization for the guidance of its personnel. It is a guide to thinking and action on the part of the executives. Policies indicate the manner in which a particular situation should be handled. ACCORDING TO EDWIN B FLIPPO “A policy…
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MANAGEMENT BY OBJECTIVES Management by Objectives is a systematic and organized approach that allows management to focus on achievable goals and to attain the best possible results from available resources. The concept of MBO was coined by Peter F Drucker in 1954. ACCORDING TO HAROLD KOONTZ “MBO is a comprehensive managerial system that integrates many…
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