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WHAT IS SOCIAL RESPONSIBILITY OF BUSINESS? Social responsibility of the business means the responsibility or obligation of the business towards the society. The business should act in such a manner that it serves in the best of the interest of the society. The social responsibility of business states that what is good for society is…
TYPES OF MONEY IN ECONOMICS WHAT IS MONEY? Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. It is a commodity which is widely accepted in payment of goods and services in settlement of debts can be called as money. Money is commonly referred…
MANAGEMENT AND BUSINESS ADMINISTRATION Management and Business Administration are the two terms that are used interchangeably and synonymously. Management refers to the art of getting things done through others. Administration refers to the function of determining the corporate policy and supervising the overall functioning of the concern. Various viewpoints discussed regarding these two terms are…
FUNCTIONAL AREAS OF MANAGEMENT Management is universal in nature. It is used everywhere. Its scope is not limited to the business only, wherever there is group of persons, management automatically comes into existence. The functional areas of management are as follows: PRODUCTION MANAGEMENT Production management is also known as Operations Management. Production means the creation…
CASH RATIO OR ABSOLUTE LIQUID RATIO Cash Ratio is a type of liquidity ratio that is calculated to analyze the short term solvency or financial position of the firm. It is calculated to exclude the receivables from the current and liquid assets and to know about the Cash assets. Although receivables, debtors and bills receivables…
CURRENT RATIO FORMULA Current ratio explains the relationship between current assets and current liabilities. This ratio is also known as working capital ratio. This ratio is a measure of general liquidity and is most likely to make the analysis of the short term financial position or liquidity position of the firm. It is calculated by…
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…
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…
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…