What is CEO? A CEO is the prominent executive of a corporation, business or non-profit organization. They are the primary decision-makers and run the management of a company. CEOs are chosen based on their leadership abilities and experience. Most corporations have a chief executive, but not all have one. A CEO’s role is to manage …
What is Centralization? Centralization is a process by which authority controls the actions of its subordinates. When an authority centralizes, it becomes its subordinates’ sole decision-maker and point of contact. There are different types of centralization, including political, economic, and cultural. Each type of centralization affects those under the authority‘s control differently. Political centralization, for …
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What is a client? A client is a person or organization that hires a professional such as a lawyer, banker, accountant, or architect. The client is the professional’s customer. The professional is obligated to act in the best interests of the customer. The client-professional relationship is one of trust. To keep the client’s trust, the …
What is Advertising? Advertising is the process of showcasing a product and displaying it to the targeted people so that they would buy it from you. The advertisement can be for both services and products. In an advertisement, a “reason” is provided to the potential buyers why they should buy a product. Advertising is the …
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What is Audit Plan? An Audit plan includes the complete strategy and detailed steps required to be followed during the conduct of an Audit, which is carried out by the engagement team members. It also includes procedures for risk assessment, as well as additional steps to be followed depending on the outcome of the risk …
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What is Import? Import refers to bringing goods, commodities, or services from abroad to our country for sale. In simple words importing is purchasing goods from the rest of the world rather than buying domestically. Import and export are international transactions of a country and are important for any country. A country imports goods and …
What is Budget? A budget may be compiled for a person, a family, a group of people, a business, a government, or a non-profit organization. The process of creating a budget is called budgeting. A budget is an important tool for decision making, as it allows a person or organization to track actual results against …
What is Autocratic Leadership? Autocratic leadership refers to the governing body in an established autocracy. Autocracy is a system of government in which the power is centralized around the leadership. The leadership is free to make decisions as per their preferences and choices. The people of the polity are not allowed to question or criticize …
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What are Right Shares? Right Shares are a type of business shares that a company issues to its already existing shareholders at a lesser cost. The shareholders have the option to accept or decline the offered deal. They can even sell these shares in the market to someone else. These shares can only be bought …
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What is Compensation? Compensation refers to payment given to an employee because of work performed. It is the compensation you give to workers in exchange for the services they render to you. These services can include their time, intellectual resources, and loyalty to your organization. The use of compensation packages is becoming more popular as …
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What is Audit? Audit is a commonly spoken word in the field of accounting and finance. Conceptually, it refers to the impartial analysis of an entity’s transactions and records. Auditing is a critical component of the finance structure of large-sized enterprises. Auditing ensures that the transactions and financial operations conducted within a company during a …
