8 Purchase management and the steps involved in the purchase management.

Purchase Management Purchase Management is a process of managing the whole purchase and related activities in an organization. The purchasing of an organization is highly depends on the re order level of the stocks for the further process of business activities. In the case of manufacturing companies the purchase is about 70 percent of the turn over of the business but in the case of service organizations it is limited to 40 percent of the turn over of the company.  Process or Steps involved in the purchasing Basically the purchase management process involves three major things such as (1) Purchasing planning (2) Purchasing...

15 Strategic Business Planning and steps involved in the Strategic Planning process.

Strategic Business Planning Strategic planning is a process of identifying the important things which we need to accomplish in the future course of business as per the priority basis. This planning will bring the entire organization in to a single set of ideas for the effective execution of plans and procedures  Strategic planning helps to improves the performance of the organization and solves major issues at a macro level. Strategic planning should have the following qualities:- (1)     It should be Specific (2)    It should be Measurable (3)    Strategic planning should...

7 Meaning of Financial Statements- Need or Importance and Limitations of Financial statements.

Financial Statements Financial statements are those statement which includes the income statement, balance sheets, statement of retained earnings and the statement of sources and uses of funds. The income statement includes the trading account and the profit & loss account of the business concern and the balance sheet includes the assets and liabilities of the business. The financial statement provides the vital information relating to the profitability, liquidity and solvency of the business.  The main aim of the financial statement is to provide reliable information relating to the economic resources, business obligations,...