Main purpose of the business
Briefly describe the main purpose of the business?
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The major purpose of business is to make and keep a customer. The customer has always given the main source of revenue for a business; this has frequently been taken for granted. In the past, too many businesses have supposed that the customer would eagerly accept whatever services or products were on offer. When competition was weak and customers were passive, businesses could operate beneath this supposition and still make gain. Though, the era of weak competition has passed. Nowadays, customers have much greater choice and are much more assertive concerning their requirements. They demand higher quality goods and services at lower prices. They as well need that services and goods be delivered quicker with rising accent on the product being adapted to their individual requirements. If a business can’t meet such needs, a competitor business often can.
Responsibility Center: It is an organizational unit headed by the manager or a group of managers who are responsible for its actions. The responsibility centers can be measured as revenue centers (that is responsible for revenue or sa
Traceability: The capability to assign a cost directly to a particular activity or cost object by identifying or observing particular resources used by the activity or cost object.
Cash Management: Cash Management is the management of cash balances of a concern in such a way as to maximize the accessibility of cash not invested in inventories or fixed assets and to ignore the risk of insolvency. According to Keynes there are thr
Briefly define the term Strategic management and also state the reason why it is designed?
Outputs: Any product or service formed from the consumption of resources. This can comprise information or paper work produced by the completion of the tasks of an activity.
Fixed Cost: The cost which does not differ in the short term with the volume of action. Fixed cost information is helpful for cost savings by regulating existing capacity, or by removing idle facilities. Also termed as Non-Variable Cost or the Constan
Partnership deed: Partnership deed is a written agreement including the terms and conditions agreed by all the Partners.
The final payment in a partially amortized loan. The balloon payment repay the entire remaining principal and is usually larger than previous payments on the loan. Loan that is set up with balloon payments allow the borrower to make the purchase and have a lower payme
Cost Assignment: A procedure which identifies costs with activities, outputs, or another cost objects. In a wide sense, costs can be assigned to activities, processes, products, organizational divisions, and services. There are three
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