An accountant records a transaction in his book of accounts, first he must understand which transaction should be debited and which should be credited. To perform such accounting transactions, a clear idea of types of accounts and classification of accounts is very important.  Classification of Accounts …

Basic Concept of Planning Basic concpet of planning will be better understand from the statement of George R Terry “If there is no planning, there would be nothing to organize, no one to actuate, and no need to control.” We can also say that Planning is …

Situationist Theory Situationist theory of leadership is on the opinion that the situational behavior of the leadership is strongly affected by the situation in which he or she works. The theory believes that it is the situation which develops a leadership and from which a leader …

Followers Theory of Leadership, Leader-Follower Theory Followers Theory of Leadership also known as acceptance theory of leadership. The followers must accept the decisions of their leader and leadership.  With follower there is no place for leaders assert this theory. According to this leader-follower theory followers may …

Economics as Science of Wealth No doubt Adam Smith is a founder of economics. The viewpoint of Adam Smith regarding the definition of economics was advocated by many other classical economists. All of them defined economics as a science of wealth. Adam Smith defined economics as …

Long Run Equilibrium in Perfect Competition In Long run all the inputs are variable, to get maximum profit there is an option with entrepreneur to adjust his plant size as well as his output. In the long run entrepreneur can extend the period of time so …

Rights of Indemnity Holder As per the section 125 the rights of indemnity holder are 1. Damages. In a contract of indemnity the indemnity holder is entitled to recover from the promise and indemnifier all damages for which he may be compelled to pay in any …