Objectives of Accounting: To maintain full, systematic and permanent records of business transactions: Accounting is the language of business transactions. Accounting is done to keep a systematic record of financial transactions. The main objective of accounting is to maintain ‘a full and systematic record of all business transactions for current and future references It saves […]
Accounting: Accounting is an interpretation, in terms of monetary units, of an activity like a business and the financial results of that activity during a period. As per American Institute of Certified Public Accountants (AICPA) “Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money transactions and […]
Management > Financial Management > Functions of Financial Manager: Financial Decisions The Financing Decision is a crucial decision made by the financial manager relating to the financing-mix of an organization. Financial decisions are concerned with the borrowing and allocation of funds required for investment decisions. These decisions are essential to the continuity of the business over the long […]
Management > Financial Management > Profit and Wealth Maximization Financial management is concerned with procurement and use of funds. The main objective of Financial management is to ensure the maximization of the economic welfare of its shareholders. The maximization of economic welfare means maximization of wealth of its shareholders. Shareholder’s wealth maximization is reflected in […]
Management > Financial Management > Introduction The planning, directing, monitoring, organizing, and controlling of the monetary resources of an organization is called financial management. It is the art and science of managing money It is concerned with procurement and effective utilization of funds for the benefit of its shareholders. It utilizes all those managerial activities […]
Title: Shri D. K. Basu, Ashok K. Johri vs State Of West Bengal, State Of U.P. Case No: WRIT PETITION (CRL) NO. 592 OF 1987 Judgment Date: 18/12/1996 Mode of Citation: AIR – 1997 SC – 610 By Divisional Bench of Justice Kuldeep Singh and Justice Dr. A.S. Anand Author of the judgement: Justice Dr. A.S. […]
Indian Legal System > Civil Laws > Industrial Disputes Act, 1947 > Closure of Undertaking Closure: The Industrial Disputes Act, 1947, originally does not contain the provisions relating to the closure of an industry. The provisions relating to the law of closure were inserted in the year 1957 in view of the Supreme Court judgment […]
Meaning: The law does not concern itself about trifles Meaning of De minimis non curat lex Word by Word: De: About Minimis: Minimal or very small things Non curat: not take care Lex: Body of law Explanation: The law does not concern itself about trifles (small acts). Small acts are those acts about which a […]
Indian Legal System > Civil Laws > Labour Laws > Industrial Disputes Act, 1947 > Introduction to Industrial Disputes Act Industrialization in a country has always contributed to employment, contribution to national income, per capita income, exports and economic development on one side and industrial disputes on the other. For the industrial growth, there must […]
Section 11: Who are competent to contract.—Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is of sound mind and is not disqualified from contracting by any law to which he is subject. Section 12: What is a sound mind for the […]