Production System

What is a Production System? Production System refers to that set-up of the organization, which is engaged in producing products. It is an activity in which resources are put together and converted into a product. This process enables adding value to that product. Further, the process takes place as per the policies of the management. […]

Responsibility Accounting

What is Responsibility Accounting? An accounting system of control whereby assignment of responsibility for controlling costs. In this evaluation of the performance of various heads or managers takes place. This is based on effectiveness in the achievement of predetermined targets set for divisions and departments, for which they are responsible. It involves the collection and […]

Barriers to Effective Listening

Barriers to Effective Listening act as hurdles that not just interrupt the entire communication process but also create misunderstanding and chaos. It would be wrong to say that communication is the sole responsibility of the speaker. No matter how effectively the message is delivered, if the speaker is not listening or paying full attention to […]

Employee Grievance

What is Employee Grievance? Employee Grievance is a condition of unhappiness concerning some issues, with regard to employment. In other words, when an employee faces any sort of disappointment or feeling of injustice, related to the employment, it amounts to the grievance. It can be expressed or implied, real or hypothetical. Anything related to the […]

Financial Planning

What is Financial Planning? Financial Planning implies the process of identifying the objectives, policies, and procedures to deal with the activities related to the finance of the enterprise. In short, it is all about the procurement of funds in an economical manner and its profitable use. No matter what the size of the organization is, […]

Continuous Audit

What is Continuous Audit? Continuous Audit refers to an ongoing process wherein the team of the auditor is constantly involved in checking the client’s account books throughout the year. Or it is when the team of the auditor, visits the auditee’s organization at frequent intervals usually every week, during the financial year. It enables the […]

Memorandum

What is Memorandum? The literal meaning of the word ‘memorandum’ or ‘memo’ is ‘a thing to be remembered’. In a legal context, the memorandum is a legal document that records contractual terms. In a business context, a memorandum means any business document which is a written statement of record. The circulation of memos is to […]

Time-Keeping

What is Time-Keeping? As and when a worker arrives at the factory, his attendance is recorded at the entrance of the factory. The person responsible for performing this task is the timekeeper. And the place is the time-office. In other words, time-keeping is the process of noting down the date and time of arrival and departure […]

Written Communication

What is Written Communication? Written communication is when the message is delivered in blank and white. It is the typical form of formal communication and the sender of the message is the one who writes it. It is binding in nature. Thus in most cases, it can act as proof. It can be in the […]

Internal Check

What is Internal Check? Internal Check refers to the checks on routine operations or activities that take place on a continuous basis, as a part of ab ordinary system. In this system, the work performed by a person is proved independently or it is complementary to the work of another. And so without any collusion […]