Who is a Salesman? A salesman is the foundation of many commercial activities. He is a business representative whose main function is to communicate knowledge related to the products and services offered by the company, so as to persuade the prospects, to take action in a certain manner, which is beneficial to both the parties […]

Industry Analysis

What is Industry Analysis? Industry Analysis implies completely understanding the particular industry in which the firm operates or proposes to operate. The analysis of the industry is important because the factors associated with the industry influence its functioning to a great extent and thus have an impact on its survival and growth. It helps in […]

Purchase Requisition

What is Purchase Requisition? Purchase Requisition is defined as the duly approved written and formal request made by the store department, head of the department, or an authorized officer to the purchase department to procure specified material, supplies or equipment, of the stated description, desired quality, and quantity, within the given period. It is an […]

Production Planning

What is Production Planning? Production Planning refers to deciding beforehand, what is to be produced when to be produced, how to be produced, how much to be produced, where to be produced, and by whom to be produced. Basically, it is a technique of ascertaining every single step in a long series of individual operations […]

Audit Programme

What is the Audit Programme? An audit programme is a comprehensive plan related to the application of audit procedure, in the given situation together with the instructions, for the relevant techniques to be adopted for the achievement of objectives. It is prepared considering the nature of the business and the size of the company, the […]

Period Cost

What is Period Cost? Period Cost can be defined as the items of costs that cannot be recognized with product or job, i.e. they are the costs charged against the revenue for the concerned accounting period and must be written off as expenses for the period in which they are incurred. In general, these are […]

Sunk Cost

What is Sunk Cost? Sunk Cost refers to the expenditure which is incurred before the time in question and the management has no control over it. It represents past expenditure on equipment or tangible productive resources, an intangible right or extended contract for service, whose value can be recovered when the asset is used throughout […]

Bin Card

What is Bin Card? Bin Card can be understood as a form of quantitative record maintained in a perpetual inventory system, by the company’s stores department. It indicates the particulars of materials kept in the bin. For each item, separate bin cards are maintained and placed in a specific place i.e. bins. Basically, a bin […]

Human Resource Accounting (HRA)

What is Human Resource Accounting? Human Resource Accounting can be defined as the process of identifying, quantifying, and reporting the overall cost incurred in the recruitment, induction, training, and development of the human resources i.e. employees and their economic value to the organization at present. It is also termed Human Capital Accounting. Simply put, Human […]

Types of Product

A product is not just a tangible item, rather it is much more than that. It could be anything which a marketer offers, to grab the attention of the consumers and to satisfy consumer’s wants. It can be a physical good, service, person, idea, place, or anything else. Types of Product Products are mainly classified […]