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Basic Methods of Price Determination
Following points must be taken into consideration before fixing the price of a product. Costs Competition Demand Legal Considerations Elements of Marketing Mix etc. However, major determinants of price are - Costs, competition and demand. ...
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Role and importance of pricing
Pricing is an important aspect of Marketing. So it needs to be done carefully. That is why organizations formulate pricing policies and strategies to fix the price of their products. Pricing affect the sales as well as the profit of the company. ...
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Definition and scope of accounting
Different authorities defined the subject of ‘Accounting’ in different ways. So it is difficult to define the subject through a single definition. Let us look at some of the prominent definitions: American Accounting Association defined...
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Meaning and Functions of an Economy
As per Professor A G Brown, "Economy is a system by which people get their living." Just like a machine, made up different parts that perform specific functions, an economy is made up of a system which has different functions. Some people provide...
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The Meaning and Importance of Macroeconomics
Learn about how the theory of macroeconomics started, what it is, and why it's important.
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Concept of Intermediate Product and Final Product in economics
It is important for you to understand the meaning of the terms "intermediate products" and "final product". Intermediate products: Some of the final products of a production unit could be the raw materials for another production unit. For example,...
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Methods of Costing and Types of Costing
Learn about the various methods and types of costing.
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Role, duties and responsibilities of an Officer supervisor and office manager
Role, duties and responsibilities of a Office supervisor and office manager The office manager normally is the head of the office and is in charge of general administration of the office. The manager in addition to general administration, also...
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What is Correspondence, Methods of Dictation
Correspondence covers many types of written communication like reports, circulaers, letters, memoranda, telegram, notes, facsimiles, cables, postcards, email etc. But the term is commonly used to mean communication through letters. Letters form...
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Evils of Money
Invention of money has not proved to be an unmixed blessing as its use has become a source of so many evils too. If money is not used properly, it can create havoc and may prove to be disastrous for the mankind. Some of the evil effects of money...
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Financial Administration
Finance is the life blood of very business. As personnel and materials which are necessary for the functioning of any office, industry, enterprise can be made available through money. Hence, finance plays an important role in the business. ...
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What Are the Qualities of a Good Salesperson
What are the qualities of a good salesperson. Different types of selling situations require different qualities in salespeople. However, some common qualities are required in all types of sales jobs, but the extent to which each quality is...
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Logistical and transactional Functions of Channels of Distribution
Functions of Channels of Distribution. Functions performed by Channels of distribution can be categorized in to three main groups. They are: 1. Transactional Functions. 2. Logistical Functions. 3. Facilitating Functions. ...
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Meaning and importance of Promotion in marketing
Communication plays an important role in marketing. Communication perform the function of informing the target customer about the nature and type of the firm's product and services, their unique benefits, uses and features as well as the price and...
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importance of Marketing concepts in business enterprises
Business enterprises are conducting their marketing activities under the following five marketing concepts. 1. Product Concept 2. Production Concept 3. Selling Concept 4. Marketing Concept 5. Societal Concept 1. Production Concept: is...
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Profit and Loss Account
As per companies Act, 1956 there no prescribed performa for the preparation of Profit and Loss Account. But the information and particulars are to be present in the Profit and Loss Account are laid down in Schedule VI Part II of the Act. Various...
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Meaning and Definition of vouching
Vouching of cash transactions After preparing Audit note book, audit planning, auditing working papers, audit preparations etc., the next step is to proceed with the examination of accounting entries passed in the books of account during the...
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Objectives of Audit auditing
For a better understanding we could classify the objective of audit as: 1. Primary Objectives 2. Secondary Objectives. Primary Objectives: To determine and judge the reliability of the financial statement and the supporting accounting...
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Definition of Auditing
The word 'Audit' is originated from the Latin word 'audire' which means 'to hear'. In the earlier days, whenever there is suspected fraud in a business organization, the owner of the business would appoint a person to check the accounts and hear...
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Meaning and Definition of Statistics
Knowing a little about statistics will help one to make more informed decisions about lives important questions. Furthermore, statistics are often used by politicians, advertisers, and others to twist the truth for their own gain. Here you will learn what is statics.