ICSE Class 10 Commercial Studies Revision Notes

CHAPTER-1
STAKEHOLDERS IN COMMERCIAL ORGANISATIONS
Stakeholders: Meaning and Types

Topic-1 Concepts covered:  Concept of Stakeholders  Types of Stakeholders
Revision Notes
� Stakeholders: Stakeholders are the individuals or groups that are directly or indirectly affected by an organization’s
pursuit of its goals. They include owners/shareholders, employees, suppliers, distributors, general public, labour
union, creditors, financial institutions, and government.
� Internal Stakeholders: Internal Stakeholders are the individuals or groups which themselves form the
organization and includes:
(i) Employers - Shareholders Owners and Managers
(ii) Employees
l Shareholders: Shareholders, often called stockholders, are the owners of a corporation. Shareholders are the
people or entities that legally own the share certificates of a company.
l Employer: A legal entity that controls and directs a servant or worker under an express or implied contract of
employment and pays him or her salary or wages in compensation.
l Employee: An individual who works part-time or full-time under a contract of employment, whether oral or
written, express or implied, and has recognized rights and duties.
� External Stakeholders: External stakeholders are the individuals or groups which are outside the organization
and include:
(i) Suppliers (ii) Creditors
(iii) Government (iv) Society
l Supplier: A supplier is a person, company, or organization that sells or supplies something such as goods or
equipment to business organisations.
l Creditor: A creditor may be a bank, supplier or person that has provided credit to a company. In other words,
a company owes money to its creditors. A creditor is an entity, a company or a person of a legal nature that
has provided goods, services, or a monetary loan to a debtor.
l Society: A firm has its responsibility towards society as well because the enterprise uses its valuable resources.
l Government: A firm is guided and controlled by government rules and regulations like it has to pay taxes
and duties that are levied on the business.
 Distinction between Internal and External Stakeholders: Internal stakeholders are people whose interest in
a company comes through direct relationships, such as employment, ownership, or investment. External
stakeholders are those who do not work directly in the company but are somehow affected by the actions and
results of the business.
Key Terms
� Financial institutions: Institutions providing loans and advances to the businesses like banks and Non-banking
finance companies (NBFCs).
� Profitability: The degree to which a business or activity yields profit or financial gain.
Expectations of Stakeholders
Topic-2 Concepts Covered  Expectations of Employers,  Employees,  Suppliers,  Creditors,
 Wholesalers,  Government and society from a business firm
Revision Notes
� Expectations of Employers/ Shareholders
(i) Profit (ii) Growth
(iii) Market leadership (iv) Capital gain of their investment
(v) Increase in the market value of shares (vi) Regular interaction with the management
2 Oswaal ICSE Revision Notes Chapterwise & Topicwise, COMMERCIAL STUDIES, Class-X
 Expectations of Employees
(i) Fair Wages (ii) Fair working conditions
(iii) Organisational culture (iv) Participation in management
(v) Training and development (vi) Retirement benefits
(vii) Settlement of grievances (viii) Bonus, rewards and incentives
 Expectations of Suppliers
(i) Purchase on reasonable terms (ii) Fair prices
(iii) Promote healthy relationship (iv) Transparency
(v) Long-term relationship
 Expectations of Creditors/ Financial Institutions
(i) Undisputed mortgaged property (ii) Proper utilisation of debt
(iii) Disclosure of factual financial position (iv) Regular payment of interest and instalment
(v) Non-indulgence in anti-social or illegal activities
(vi) Proper communication
 Expectations of Wholesalers/ Retailers
(i) Regular supply (ii) Credit facility
(iii) Advertisement (iv) Least imposition
(v) Replacement of defective goods (vi) Fair prices
(vii) Convenient and attractive packing
 Expectations of Government
(i) Regular payment of taxes and duties (ii) No black marketing
(iii) No monopoly (iv) No trade relations with enemy countries
(v) Support at times of calamity
 Expectations of Society
(i) Fair prices (ii) Regular supply
(iii) Protection of natural environment (iv) Spreading awareness
(v) Construction of social institutions (vi) No Indulgence in anti-social or illegal activities
(vii) Optimum use of resources
Key Terms
� Monopoly: A company having exclusive control over a commodity or service.
� Remuneration: Money paid for work or a service.
� Suppliers: A person or organization that provides something needed such as a product or service.
� Entrepreneur: A person who sets up a business or businesses, taking on financial risks in the hope of profit.
� Incentives pay: A compensation paid to the employees over and above their salary in order to outperform in the
organisation.
� Mortgaged: A property’s legal rights given to the lender (bank) as a security against the loan taken.
CHAPTER-2
CELL : THE UNIT OF LIFE
Concept of Marketing
Topic-1 Concepts Covered  Meaning of Market  Definitions of Marketing  Features
and Objectives of Marketing  Difference between. Marketing and Sales
Revision Notes
� Market: A set-up where two or more parties engage in exchange of goods, services and information is called
a market. Ideally, a market is a place where two or more parties are involved in buying and selling.
� Marketing: It is the process of identifying a group of potential customers and finding out ways to convince them
to buy the company’s product. It refers to the activities of a company associated with buying and selling a product
or service. It includes advertising, selling and delivering products to people.
Oswaal ICSE Revision Notes Chapterwise & Topicwise, COMMERCIAL STUDIES, Class-X 3
� Definitions:
l Phillip Kotler has defined marketing as, “a social process by which individual groups obtain what they need
and want through creating offers and freely exchanging products and services of value with others”.
l According to the American Marketing Association (AMA) Board of Directors, “Marketing is the activity, set of
institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value
for customers, clients, partners, and society at large.”
� Features of Marketing:
(i) Identification needs and wants. (ii) Creation of market offering.
(iii) Customer value. (iv) Exchange mechanism.
(v) Formulation of marketing policies.
� Objectives of Marketing:
(i) Creation of demand (ii) Focus on consumer satisfaction
(iii) Enhance market share (iv) Increase profitability and facilitate growth
(v) Build goodwill (vi) Enhance standard of living
� Difference between Marketing and Sales: Marketing is a much wider term than sales. Marketing involves the
design of the products acceptable to customers and transfer ownership from the seller to the buyer. On the other
hand, selling involves procuring orders from customers and delivering the products to them.
Selling is only a part of the process of marketing and is concerned with promoting and transferring possession
and ownership of goods from the seller to the buyer. Marketing is a much wider term consisting of number of
activities such as identification of the customer’s needs, developing the products to satisfy these needs, fixing
prices and persuading the potential buyers to buy the same.
Key Terms
� Selling: Selling involves procuring orders from customers and delivering the products to them.
� Aggressive or Offensive selling: It refers to the various sales efforts made aggressively or vigorously by a
manufacturer to obtain increased volume of sales for his product.
Product and Services and their Pricing

Topic-2 Concepts Covered  Concept of Product and Service  Concept and Objectives of Pricing
Revision Notes
� Product: A product is anything that can be offered to a market for attaining, acquisition, use or consumption that
might satisfy a want or need. A marketer can satisfy consumer needs and wants through a product. A product
consists of both good and service.
� Definitions:
According to William Stanton, “Product is complex of tangible and intangible attributes, including packaging,
colour, price, prestige, and services that satisfy needs and wants of the people.”
� Characteristics of Product:
(i) Physical Configuration (ii) Associated Services
(iii) Packaging and Branding (iv) Life Cycle
(v) Media of Communication (vi) Product Symbolism
� Service: A service in any act or performance that one party can offer to another. It is intangible and does not result
in ownership or anything.
� The American Marketing Association defines services as - “Activities, benefits and satisfactions which are offered
for sale or are provided in connection with the sale of goods.”
� Characteristics of Services:
(i) Services are tangible. (ii) Services are perishable.
(iii) Services are inseparable. (iv) Services are variable.
(v) Services require special pricing tactics.
� Pricing: Pricing is the process of deciding the price customers will pay for a product or service. It is a customer-
oriented, integrated and goal-oriented philosophy. Price is the amount of money customers have to pay to obtain
the product.
� Objectives of Pricing:
(i) Get desired rate of return (ii) Ensure price stability
(iii) Increase market share (iv) Meet or prevent competition
(v) Maximize profit
Key Terms
� Convenience product: Products which consumers purchase frequently with minimum effort. Examples: bread,
butter, jam, etc.
� Shopping product: Products that require special time and shopping efforts. Examples: gold jewellery, footwear,
clothes, etc.
� Price stability: When there is little to no change in prices in the economy over a period of time, i.e. that there is
a lack of inflation or deflation occurring with prices.
� Market share: Market share is the percentage of total sales in an industry generated by a particular company.
Advertising and Sales Promotion

Topic-3 Concepts Covered

 Meaning of Advertising  Feature and Objectives of Advertising
Advantage and Disadvantage of Advertising  Meaning of Publicity  Advertising Agency
 Social Advertising Media  Sales Promotion
Revision Notes
� Advertising: Advertising is a paid form of mass communication that consists of the special message sent by the
specific person (advertiser or company), for the specific group of people (listeners, readers, or viewers), for the
specific period of time, in the specific manner to achieve the specific goals. Advertising includes oral, written,
or audio-visual message addressed to the people for the purpose of informing and influencing them to buy the
products or to act favourably towards idea or institution.
� Definitions:
(i) In the words of Philip Kotler: “Advertising is any paid form of non-personal presentation and promotion of
goods, services, or ideas by an identified sponsor.”
(ii) According to Frank Presbrey, “Advertising is a printed, written, oral and illustrated art of selling. Its objective is
to encourage sales of the advertiser’s products and to create in the mind of people, individually or collectively,
an impression in favour of the advertiser’s interest.”
� Objectives of Advertising:
(i) To introduce new products (ii) To induce potential customers
(iii) To remind existing users (iv) To create brand image
(v) To highlight brand character
(vi) To educate customers about new uses of a product
(vii) To support dealers
(viii) To increase retail sale
� Publicity: Publicity can be defined as any form of commercially significant news about a product; an institution;
a service or a person published in space or radio time that is not paid for by the sponsor.
� Advertising Agency: It is a specialized organization which provides all advertising-related services for some fee/
commission.
� Function of Advertising Agency: The main functions of an advertising agency are given below:
(i) Planning of advertising campaign
(ii) Creation and Execution of advertisements
(iii) Coordination of advertising activities
(iv) Maintaining proper accounts with the client
(v) Media planning and Media selection
(vi) Research in the field of advertising
(vii) Internal control
� Social Advertising Media: Various means of communication on the internet used by public and members of
society to show their opinions, views, information, etc.
� Sales Promotion: The personal or impersonal process of assisting and/or persuading a prospective customer to
buy a commodity or service or to act favourably upon an idea that has commercial significance to the seller.
Sales promotion refers to short-term incentives which are designed to encourage the buyers to make immediate
purchase of a product or service. These include all promotional efforts other than advertising, personal selling
and publicity, used by a company to boost its sales. Sales promotion activities include offering cash discounts,
sales contests, free gift offers, and free sample distribution. Sales promotion is usually undertaken to supplement
other promotional efforts such as advertising and personal selling.
� Definitions
(i) According to A.H.R. Delens: “Sales promotion means any steps that are taken for the purpose of obtaining an
increasing sale. Often this term refers specially to selling efforts that are designed to supplement personal
selling and advertising and by co-ordination helps them to become more effective.”
(ii) In the words of Roger A. Strong, “Sales promotion includes all forms of sponsored communication apart from
activities associated with personal selling. It, thus includes trade shows and exhibits combining, sampling,
premiums, trade, allowances, sales and dealer incentives, set of packs, consumer education and demonstration
activities, rebates, bonus packs, point of purchase material and direct mail.”
Key Terms
� Promotion: Promotion refers to the use of tools of communication with the twin objectives of (a) informing
potential customers about the product and (b) persuading them to purchase it.
� Media Planning: Media planning is the process by which marketers determine where, when, and how often
they will run an advertisement in order to maximize engagements and ROI.
Consumer Protection
Topic-4 Concepts Covered  Meaning of consumer protection  Concept of Consumer
Exploitation and its types  Consumer Protection Act 2019 and it’s key features  Consumer
Awareness and its importance
Revision Notes
� Consumer: Consumer is a person who has indicated his willingness to obtain goods or services from a supplier
with an intention of paying for them. A consumer is a person who buys or uses either goods or services, to satisfy
his needs.
� Consumer Protection: It refers to the act of providing adequate protection to the consumers against the
unscrupulous, exploitative and unfair trade practices of producers and traders.
� Consumer Exploitation: It means harming the interests of consumer in various ways.
� Types of Consumer Exploitation:
(i) Overcharging (ii) Under-weighing
(iii) Adulteration (iv) Misleading Advertising
(v) Incomplete information
� Consumer Protection Act 2019: Consumer Protection Act, 2019 is a law to protect the interests of the consumers.
This act was inevitable to resolve a large number of pending consumer complaints in consumer courts across the
country. It has ways and means to solve the consumer grievances speedily.
� Key features of the Consumer Protection Act, 2019
(i) Establishment of the Central Consumer Protection Authority (CCPA): The act has the provision of the
Establishment of the CCPA which will protect, promote and enforce the rights of consumers. The CCPA will
regulate cases related to unfair trade practices, misleading advertisements, and violation of consumer rights.
(ii) Rights of consumers: The act provides 6 rights to the consumers:
(a) Right to be Protected: Against goods and services hazardous to life and property
(b) Right to be Informed: Of true, accurate and adequate information about a product
(c) Right to Choose: From a variety of products at competitive rates
(d) Right to be Heard: By filing complaints if dissatisfied
(e) Right to Seek Redressal: Get relief or compensation against exploitation
(f) Right to Consumer Awareness: To become a well-informed consumer
(iii) Prohibition and penalty for a misleading advertisement: The Central Consumer Protection Authority
(CCPA) will have the power to impose fines on the endorser or manufacturer up to 2-year imprisonment for
misleading or false advertisement (Like Laxmi Dhan Warsha Yantra) and a fine of ` 50 lakh and imprisonment
of up to 5 years, in case of repetition of offense.
(iv) Consumer Disputes Redressal Commission: The act has the provision of the establishment of the Consumer
Disputes Redressal Commissions (CDRCs) at the national, state and district levels.
The CDRCs will entertain complaints related to;
(a) Overcharging or deceptive charging
(b) Unfair or restrictive trade practices
(c) Sale of hazardous goods and services which may be hazardous to life.
(d) Sale of defective goods or services
� Consumer Responsibilities:
(i) Be aware about the variety of goods and services available.
(ii) Ensure quality certification marks.
(iii) Use products safely.
(iv) Read labels carefully.
(v) Obtain cash memo.
(vi) File a complaint when required.
(vii) Form consumer organization.
(viii) Save the environment.
(ix) Get a fair deal.
� Consumer Awareness: Consumer awareness means to have the knowledge about various consumer protection
laws, redressal machinery, consumer rights as well as about the responsibilities of a consumer.
� Importance of Consumer Awareness:
(i) Achievement of maximum satisfaction (ii) Protection against exploitation
(iii) Control over consumption of harmful goods (iv) Formation of a healthy society
(v) Imparting market information (vi) Control over malpractices
Key Terms
� Caveat Emptor: Let the buyer beware
� Caveat Venditor: Let the seller beware
� Standardised Marks: Quality assurance marks
� Punitive Damages: Punishable damages
E-Commerce
Topic-5 Concepts Covered  Meaning of E-Commerce and it’s Benefits  Concept of E-Tailing
 E-Advertising  E-Marketing  E-Security  ERP and it’s Modules
Revision Notes
� E-Commerce: Commercial transactions in which an order is placed electronically and goods or services are
delivered in tangible or electronic form.
� Benefits of e-commerce over traditional commerce:
(i) Convenience (ii) Ease of formation
(iii) Lower investment requirements (iv) Speed
(v) Global reach (vi) Movement towards a paperless society
� E-Tailing: Selling goods in retail on the Internet. Amazon.com, Flipkart.com, Snapdeal.com etc. are e-tailing firms.
� E-Advertising: Sending advertising messages to consumers over the internet. It provides a hyperlink that
redirects to the company’s website.
� E-Marketing: The process of marketing a product/ service on the internet, via e-mail and wireless media.
� E-Security: It means network security, browser security and computer security and involves setting up measures
and rules against security attacks over the internet.
� Enterprise Resource Planning (ERP): It means a cross-functional computer software or system used to manage
all the resources and provides support to all the processes of an organization.
� ERP Modules:
(i) Purchase (ii) Sales & Marketing
(iii) Inventory (iv) Human Resource
(v) Finance & Accounting (vi) Customer Relationship Management
(vii) Supply Chain Management (viii) Production/ Engineering
Key Terms
� Traditional business: Business done offline or with physical presence of buyer and seller at a particular place
at a particular time.
� Supply chain: It is defined as the entire process of making and selling commercial goods, including every stage
from the supply of materials and the manufacture of the goods through to their distribution and sale.
CHAPTER-3
FINANCE AND ACCOUNTING
Capital and Revenue Income and Expendi-
ture
Topic-1 Concepts Covered  Meaning of Capital and revenue receipts  Capital and
revenue expenditure  Deferred revenue expenditure  Capital and Revenue profit
 Capital and Revenue loss
Revision Notes
� Capital Receipts: Capital receipts are the income received by the company which is non-recurring in nature.
They are generally part of financing and investing activities rather than operating activities. The capital receipt
either reduces an asset or increases a liability. For example, debentures or bonds, loans, insurance claims, cash
from sale of fixed assets, amount obtained from issuance of shares, additional capital introduced by the proprietor
etc.
� Revenue Receipts: Revenue Receipts are the receipts which arise through the core business activities. These
receipts are a part of normal business operations that is why they occur again and again. However its benefit can
be enjoyed only in the current accounting year as its effect is short term. The income received from the day-to-
day activities of business includes all the operations that bring cash into the business. For example, receipts from
sale of goods and services, interests earned, commission received, rent received, bad debts recovered, dividends
received etc.
� Capital Expenditure: An expenditure which results in the acquisition of permanent asset which is intended
to be permanently used in the business for the purpose of earning revenue, is known as capital expenditure.
These expenditures are ‘non-recurring’ by nature. Assets acquired by incurring these expenditures are utilized
by the business for a long time; thereby they earn revenue. For example, purchases of property, equipment, land
, computers, furniture, and software etc.
� Revenue Expenditure: All the expenditures which are incurred in the day-to-day conduct and administration of
a business and the effects of which are completely exhausted within the current accounting year are known as
“revenue expenditures”. These expenditures are recurring by nature that means these are incurred for meeting
day-to-day requirements of a business and the effect of these expenditures is always short-lived i.e. the benefit
thereof is enjoyed by the business within the current accounting year. These expenditures are also known as
“expenses or expired costs”, e.g. purchase of goods, salaries paid, postages, rent, travel expenses, stationery
purchased, wages paid on goods purchased etc.
� Capital Profit: Capital profit is a profit which is earned on the sale of a fixed asset or profit earned on raising
capital for a company. This is not a regular profit of the business and is not earned in the ordinary trade of the
business.
� Revenue Profits: This is a profit which is earned during the ordinary course of business e.g. profit on sale of
goods, rent received, interest received etc.
� Capital Loss: This is a loss suffered by a business on the sale of a fixed asset or it is incurred on raising capital of
a joint stock company. This is not a recurring loss and is not made in the ordinary course of the business.
� Revenue Loss: This loss is made in the ordinary course or day-to-day operation of a business such as loss on sale
of goods, etc. Revenue loss appears in the profit and loss account or income statement in the year in which it
occurs.
� Deferred Revenue Expenditure: It is an expenditure that is incurred in the current accounting period, but its
benefits are incurred in the following or the future accounting periods.
Key Terms
� Accounting: It is the process of recording, assessing, and communicating financial transactions.
� Operating Expenses: Operating expenses are the result of a business’s normal operations, such as materials,
labour and machinery involved in production.
� Overhead Expenses: Overhead expenses are what it costs to run the business, including rent, insurance and
utilities.
� Direct Expenses: These types of expenses are mostly incurred through the production process. The most
common direct expenses include – direct wages, freight charge, import duty, commission, rent, legal expenses
and electricity cost.
� Indirect expenses: These expenses pertain to the sale and distribution of finished goods or services. They
include expenses like selling salaries, repairs, interest, commission, depreciation, rent and taxes etc.
� Direct Taxes: Direct taxes are levied on the incomes of individuals and corporations. For example, income tax,
corporate tax etc.
� Indirect Tax: Indirect taxes are paid by consumers when they buy goods and services. These include excise
duty, customs duty etc.
Final Accounts of a Sole Trader

Topic-2 Concepts Covered  Meaning of Final Accounts  Trading Accounts  Profit &Loss
Account  Balance Sheet  Marshalling of Balance Sheet
Revision Notes
� Final Accounts: Every businessman wants to know whether he has earned a profit or suffered a loss during the
accounting period and what is the financial position of business at the end of said accounting period. To obtain
this information, final accounts are prepared which include Trading Account, Profit & Loss Account, and Balance
Sheet.
� Trading Account: It is a summarized form of all transactions occurring during a trading period which have direct
relation to the goods dealt in by the business. It is prepared for ascertaining the gross profit or gross loss.
� Profit & Loss Account: It is an account which shows the net result of the operations of the enterprise during
the financial period. The main feature of a Profit & Loss Account is that it contains indirect gains and indirect
expenses. The analysis of profit and loss account will help in controlling expenses that are incurred in running the
business enterprise in selling the goods and in eliminating wastage.
� Balance Sheet: It is a statement prepared with a view to measure the exact financial position of a business on a
certain fixed date. It is prepared from the Trial Balance. In a Balance Sheet, the total of all assets must be equal to
the total of all liabilities and capital at a given date.
� Marshalling of Balance Sheet: Arrangement of assets and liabilities in the Balance Sheet is called Marshalling of
Balance Sheet. Balance Sheet can be arranged either in the order of liquidity or in the order of permanence.
Key Terms
� Depreciation: A reduction in the value of an asset over time, due to wear and tear.
� Remuneration: Money paid for work done or service rendered.
� Obsolescence: The process of becoming obsolete or outdated and no longer in use.
� Income Statement: An income statement is a summary report that shows revenues and expenses over a specific
period of time, such as a month, quarter or fiscal year.
� Fixed Asset: A fixed asset is any real item with a useful life of more than one year, i.e. it does not have liquidity.
For example, a building owned by a company.
� Fiscal Year: A fiscal year is a period of 12 consecutive months chosen by an organization as its accounting period
which may or may not be a calendar year. The general fiscal year used in India is 1st April to 31st March.
Costs
Topic-3 Concepts Covered  Meaning of Cost  Elements  Components of total cost
 Direct and Indirect cost
Revision Notes
� Cost: Cost is a common terminology which means the ‘price paid for something’. According to AICPA, “Cost is
the amount measured in money or cash expended or other property transferred, capital stock issued, services
performed or a liability incurred, in consideration of goods or services received or to be received.” Thus, cost is
the aggregate amount spent in producing a product or rendering a service taking together all elements of it.
� Cost denotes the amount of money that a company spends on the creation or production of goods or services. It
does not include the markup for profit.
� From a seller’s point of view, the cost is the amount of money that is spent to produce a good or product. If a
producer were to sell his products at the production price, his costs and income would break even, meaning that
he would not lose money on the sales. However, he would not make a profit.
� From a buyer’s point of view, the cost of a product is also known as the price. This is the amount that the seller
charges for a product, and it includes both the production cost and the mark-up, which is added by the seller in
order to make a profit.
� Elements of Cost: There are basically three elements of cost:
I. Material.
II. Labour.
III. Overheads.
All these three elements are further divided into two categories namely Direct and Indirect.
� Material Cost: The cost of commodities purchased by an organization to manufacture or finish the product, is
known as Material Cost. It is further classified into:
I. Direct Material Cost
II. Indirect Material Cost
� Labour Cost: The cost of human efforts expended in altering the construction, composition, confirmation or
condition of the product is called labour cost. The cost of remuneration paid to workers, supervisors and factory
manager of an organization comes under this head. It is also further divided into:
I. Direct Labour Cost
II. Indirect Labour Cost
� Overheads: Costs incurred other than the material and labour costs for a particular product or process are called
overheads. Further classification of overheads is:
I. Direct Expenses
II. Indirect Expenses
� Components of Total Cost:
I. Prime Cost
II. Factory Cost
III. Office Cost
IV. Selling and Distribution Cost
� As the level of business activities changes, some costs change while others do not. The response of a cost to a
change in business activity is known as cost behaviour. Managers should be able to predict the behaviour of
a particular cost in response to a change in particular business activity. For this purpose, costs are classified as
variable, fixed and mixed costs.
� Variable Cost: A cost that changes, in total with the change in the level of activity is called variable cost. A common
example of variable cost is direct materials cost.
� Fixed Cost: A cost that does not change, in total, with the change in activity is called fixed cost. A common
example of fixed cost is rent.
� Mixed or Semi-variable cost: A cost that has the characteristics of both variable and fixed cost is called mixed or
semi-variable cost. Semi-variable Cost is the cost which is neither fixed nor variable in nature. These remain fixed
at certain level of operations while may vary proportionately at other levels of operations. Example: maintenance
cost, repairs, power etc.
� Direct Cost: A cost that is easily attributable to a cost object is known as Direct Cost.
� Indirect Cost: Indirect Cost is defined as the cost that cannot be allocated to a particular cost object.
Key Terms
� Manufacturing Costs: All costs related to the production of goods are called manufacturing costs. They are also
referred to as product costs.
� Non-manufacturing Costs: Costs that are not related to the production of goods are called non-manufacturing
costs. They are also referred to as period costs.
Budgeting
Topic-4 Concepts Covered  Meaning of Budget  Types of budget  Utility of Budgeting
Revision Notes
� Budget: It is a forecast of the financial activities of the business to achieve certain specific purpose. It is an estimate
of the future receipts and payments.
A budget is a formal statement of estimated income and expenses based on future plans and objectives. In other
words, a budget is a document that management makes to estimate the revenues and expenses for an upcoming
period based on their goals for the business.
� A budget is a blueprint of plan of action to be followed during a specified period of time for the purpose of
attaining a given objective.
� According to CIMA Terminology, “budget is a plan quantified in monetary terms, prepared and approved prior
to a defined period of time, usually showing planned income to be generated and/or expenditure to be incurred
during that period and the capital to be employed to attain a given objective”.
� Types of Budgets: Budgets are classified into following types:
(i) Sales Budget. (ii) Production Budget.
(iii) Cash Budget. (iv) Purchase Budget.
(v) Master Budget.
� Utility of Budgeting:
(i) Higher efficiency. (ii) Sound planning.
(iii) Sense of responsibility/Provides targets. (iv) Source of motivation.
(v) Coordination. (vi) Delegation of authority.
(vii) Effective control.
Key Terms
� Materials Budget: It is to assist the purchase department in suitably planning the purchases, fixing the maximum
and minimum levels of materials, components, etc.
� Direct Labour Budget: It is the estimate of required direct labour essential to meet the production target.
� Manufacturing Overhead Budget: It is the estimate of the works overhead expenses to be incurred in a budget
period to achieve the production target.
� Administrative Cost Budget: This budget provides an estimate of the expenses of the central office and of
management salaries.
� Selling Expenses Budget: It is the forecast of the cost of selling and distribution, for the budgeted period.
� Research and Development Budget: This depends mostly on management decisions regarding the research and
development effort, the projects already in hand and the proposed projects.
� Capital Expenditure Budget: It is the plan of the proposed outlay on fixed assets and is very closely related to the
cash budget.
� Fixed Budget: It is the budget which is designed for a specific planned output level and is not adjusted to the level
of activity attained at the time of comparison between the budgeted and actual costs.
� Flexible Budget: It is a budget prepared in a manner so as to give the budgeted cost for any level of activity.
� Basic Budget: It is prepared for use unaltered for a long period of time.
� Current Budget: It is the budget related to the current conditions and is prepared for use over a short period of
time.
� Long Term Budget: These budgets are prepared for a period longer than a year.
� Short Term Budget: These budgets are prepared for a period less than a year.
Sources of Finance
Topic-5 Concepts Covered  Meaning of capital market  Primary market  Secondary market 
Functions of capital market  Share capital  Debentures  Loans from commercial banks
Revision Notes
� Capital Market: It consists of all organisations, institutions and instruments that provide long-term funds. It
consists of two major components, i.e. Primary or New Issue Market, and Secondary Market or Stock Exchange.
The term capital market refers to facilities and institutional arrangements through which long-term funds, both
debt and equity are raised and invested.
It consists of a series of channels through which savings of the community are made available for industrial and
commercial enterprises and for the public in general.
It directs these savings into their most productive use leading to growth and development of the economy. The
capital market consists of development banks, commercial banks and stock exchanges.
� Primary market: The primary market is also known as the new issues market. It deals with new securities being
issued for the first time. The essential function of a primary market is to facilitate the transfer of funds from savers
to entrepreneurs seeking to establish new enterprises or to expand existing ones through the issue of securities for
the first time.
� Secondary market: The secondary market is also known as the stock market or stock exchange. It is a market for
the purchase and sale of existing securities. It helps existing investors to disinvest and fresh investors to enter the
market. It also provides liquidity and marketability to existing securities.
� Functions of Capital Market: Capital Market performs the following functions:
I. Promotion of Thrift II. Investment Avenue
III. Liquidity IV. Availability of Capital
V. Ready Market VI. Transfer of Funds
VII. Balance between Demand and Supply VIII. Stability
IX. Capital Formation
� Sources for Raising Capital: These are classified into:
I. Long Term Finance: It includes those sources which are required by the business firms for a period exceeding
5 years. It consists of equity share capital, preference share capital and debentures.
II. Short Term Finance: It includes those sources of finance which are required by the business firms for a period
of less than 5 years. It consists of loans from commercial banks, cash credit, bank overdraft, discounting of
bills, etc.
� Share Capital: The amount of capital to be raised from members of the public is divided into units of equal value.
These units are known as shares and the aggregate value of shares is known as share capital of the company. The
two types of shares are:
I. Equity Shares: Those shares which do not carry any special or preferential rights in the payment of annual
dividend or repayment of capital are equity shares.
II. Preference Shares: Shares which carry certain preferential or priority rights in the repayment or payment
of dividend over other types of shares are called preference shares.
� Debentures: It is a document or certificate issued by a company under its seal as an acknowledgement of its debt.
� Loans from Commercial Banks: Business firms can raise finance from commercial banks in the following ways:
I. Cash Credit: It is a formal and revolving credit agreement under which the borrower is allowed to borrow
up to the specified limit.
II. Overdraft: It is a kind of temporary financial accommodation extended by a bank to its regular customers.
III. Discounting of Bills of Exchange: This implies procuring cash from a bank in exchange for credit instruments
like bills of exchange, promissory notes or hundies.
Key Terms
� Internal Sources of Finance: The internal source of capital is the one which is generated internally by the business,
e.g. retained earnings.
� External Sources of Finance: An external source of finance is the capital generated from outside the business, e.g.
shares, debentures, loans, etc.
� Owned capital: It is sourced from promoters of the company or from the general public by issuing new equity
shares.
CHAPTER-4
HUMAN RESOURCES
Recruitment and Selection
Topic-1 Concepts Covered  Meaning of Recruitment  Types of Recruitment 
Advantages and Disadvantages of Recruitment  Meaning of Selection  Process of
selection
Revision Notes
� Recruitment: It is the process of searching for prospective employees and encouraging them to apply for jobs in
an organisation.
� Types of Recruitment : (1) Internal sources of Recruitment (2) External sources of Recruitment
� Internal Sources of Recruitment: It refers to re-arrangement of existing staff to fill up the vacant jobs.
� Advantages of Internal Sources of Recruitment:
I. Motivates employees to improve their performance.
II. Simplifies the process of selection and placement.
III. Do not need induction or training.
IV. Maintain adequate workforce in an organization.
V. Jobs are filled economically.
� Disadvantages of Internal Sources of Recruitment:
I. Scope for fresh talent is reduced.
II. Time bound promotions make employees lethargic.
III. Not applicable to new enterprise.
IV. Spirit of competition is hampered.
V. Frequent transfers reduce employees productivity.
� External Sources of Recruitment: It refers to searching for employees from the sources outside the organisation.
� Advantages of External Sources of Recruitment:
I. Attracts qualified personnels to apply for the jobs.
II. Gives a wider choice to management while selection.
III. Brings fresh talent in the organisation.
IV. Develops competitive spirit amongst the existing staff.
� Disadvantages of External Sources of Recruitment:
I. Develops dissatisfaction among existing staff.
II. Lengthy process.
III. Incurs heavy cost on advertisement and selection process.
� Selection: It is the process of identifying and choosing the best person out of a number of prospective candidates
for a job.
� Selection Tests: Candidates may have to undertake employment tests to establish their claim for the job. Some
important types of tests are:
I. Intelligence Tests: A candidate’s IQ (intelligent quotient) or mental alertness can be estimated through
intelligence tests.
II. Aptitude Tests: Aptitude tests measure an applicant’s capacity and his potential for development.
III. Proficiency Tests: These tests are used to determine whether the claims made by the candidate about his
skills and abilities are proved by his actual test performance.
IV. Interest Tests: These tests will suggest what types of jobs may be satisfying to the employees.
V. Personality Tests: These tests are aimed at finding out emotional balance, maturity, temperament, etc. of the
candidate.
VI. Dexterity Tests: Such tests are designed to determine an individual’s capacity to use his hands and different
parts of the body in a coordinated manner.
� Steps in the Process of Selection
I. Preliminary Screening II. Selection Test
III. Employment Interview IV. Reference and Background Check
V. Selection Decision VI. Medical Examination
VII. Job Offer VIII. Contract of Employment
Key Terms
� Staffing: Staffing is the process of finding the right employee with appropriate qualifications or experience and
recruiting them to fill a position, role, or job.
� Onboarding: The process of introducing, acclimating, and training a new hire to the workplace and their specific
role is known as onboarding.
� Job description: It is a written statement detailing the duties of a particular job title.
� Human Resource (HR): HR stands for the Human Resources department which deals with recruitment,
personnel management and defining organization policies among other things. They are responsible for hiring,
positioning and overseeing the employees of an organization.
� Fringe benefits: Employment compensation other than wages or salary, including, for example, annual and sick
leave, medical insurance, life insurance, retirement benefits, profit sharing, and bonus points.
� Workforce analysis: It is an analysis that reveals the composition of employees in a workforce by protected group
status and occupational category.
Training
Topic-2 Concepts Covered  Meaning of Training  Objectives and types of Training  Methods
of Training
Revision Notes
� Training: Training refers to the process of educating and developing selected employees so that they have the
knowledge, skills, attitudes and understanding needed to manage in future position.
� In the words of Dale, I. Beach, “Training is the organised procedure in which people learn knowledge and/or skill
for definite purpose.”
� According to Julius, “The term training is used here to indicate only the process by which the aptitudes, skill and
ability of employee to perform specific jobs is increased.”
� Objectives of Training: The basic objectives of training are to help develop capabilities and capacities of employees
and improve their level of performance. These objectives can be summed up as follows-
(i) To prepare employees for the right jobs by imparting the required knowledge and skills.
(ii) To enable employees to work more efficiently on their present jobs by exposing them to the latest concepts
and techniques.
(iii) To build a second line competent officers by preparing them to occupy higher positions.
� Types of Training:
(i) Job Training: This type of training is imparted to the candidates without any training and job experience to
make them knowledgeable and skilled in performing a specific job.
(ii) Induction Training: It is the process of introducing and familiarizing new employees to the organization so
that they may adjust quickly and easily in their new environment.
(iii) Promotional Training: It involves preparing current employees for higher position in the same organisation.
(iv) Refresher Training: This training is provided to update the knowledge and skills of employees for new
methods and techniques when existing work methods and techniques become obsolete.
(v) Safety Training: This training is imparted to create safety consciousness and to teach the use of safety
devices so as to prevent and minimize accidents and injuries.
(vi) Remedial Training: This training is designed to correct the mistakes and shortcomings in the work behaviour
and job performance of employees.
Key Terms
� Upward mobility: A system for training, educating, or otherwise preparing employees for more responsible,
higher-paying positions of employment.
� Skill: A present, observable competence to perform a learned act.
� Employee turnover: Employee turnover, or employee turnover rate, is the measurement of the number of
employees who leave an organization during a specified time period.
� Simulation training: It is the creation of a true-to-life learning environment that mirrors real-life work and
scenarios.
CHAPTER-5
LOGISTICS
Logistics-Transportation
Topic-1 Concepts Covered

 Concept of logistics
Classification of logistical activities  Merits and Demerits of water, air, road and rail
transport.
Revision Notes
� Concept of Logistics: It covers a variety of business activities for the material flow from the various sources to the
processing facilities and the consecutive distribution of finished products to ultimate users.
� Logistics Management: It includes the design and administration of a system to control the flow of materials,
work-in-process, and finished inventory to support business unit strategy.
Logistics management consists of the process of planning, implementing and controlling the efficient flow of
raw-materials, work-in-progress and finished goods and related information from point of origin to point of
consumption with a view to providing satisfaction to the customer.
� According to Phillip Kotler, “Market logistics involve planning, implementing and controlling physical flow of
material and final (finished) goods from the point of origin to the point of use to meet customer requirements, at
a profit.”
Classification of Logistical Activities:
(i) Inbound logistics: It is concerned with the smooth and cost effective inflow of materials and other inputs
(that are needed in the manufacturing process) from suppliers to the plant. For proper management of
inbound logistics, the management has to maintain a continuous interface with suppliers (vendors).
(ii) Outbound logistics: (Also called physical distribution management or supply chain management); is
concerned with the flow of finished goods and other related information from the firm to the customer. For
proper management of outbound logistics, the management has to maintain a continuous interface with
transport operators and channels of distribution.
� Road Transport: It is the oldest mode of transport. Bullock carts, horse carts, etc., are the traditional forms of road
transport. Motor cars, trucks and buses are the modern means of road transport.
Merits Demerits
(i) Economic (i) Irregularities
(ii) Flexible (ii) Limited carrying capacity
(iii) Safety (iii) Slow speed
(iv) Quick (iv) Fluctuating rates
(v) Less time consuming
(vi) Frequent service
� Rail Transport: It occupies a dominant role in the transport system of a country. Rapid industrialization took
place only after the development of rail transport system.
Merits Demerits
(i) Suitable for bulky commodities (i) Less accessibility
(ii) Long distance travel (ii) Inflexible
(iii) Economic (iii) Not suitable for local transport
(iv) Not affected by weather (iv) Huge maintenance expenditure
(v) Safe
� Water Transport: It is the most primitive mode of transport. In past it was the only means of transport available
for moving bulky goods.
Merits Demerits
(i) Most economical (i) Slow speed
(ii) Low maintenance (ii) Seasonal
(iii) Low operating cost (iii) Round about
(iv) High carrying capacity (iv) Unreliable
(v) Helps in international trade (v) Requires route
(vi) Best suited
� Air Transport: It contributed a lot to commercial activities in international field by creating time utility.
Merits Demerits
(i) Suitable for perishable goods (i) Unreliable
(ii) Suitable for light goods of high value (ii) Cost of operation is high
(iii) Quick service (iii) Dangerous
(iv) Transport goods to inaccessible areas (iv) High fare
(v) Regular supply in case of natural calamities (v) Unsuitable to carry cheap and bulky goods
(vi) High maintenance cost
� Suitability of different Means of Transport:

(i) Cost: Water Transport is most economic means of transport.
(ii) Speed: Air Transport is quickest means of transport.
(iii) Flexibility: Road Transport is most flexible means of transport.
(iv) Regularity: Rail Transport is most certain, regular and uniform means of transport.
(v) Safety: Road Transport is safest means of transport.
Key Terms
� Handling: A general description that is used for all logistics facility operations such as moving products around,
breaking up the packaging form and redoing it, changing and checking case sizes, labelling, and stretching.
� Intermodal Transportation: Delivering the transported goods to the eventual destination by using multiple
transportation models (road, maritime or rail transportation) without conducting any physical processes on the
goods or opening the container/trailer.
Warehousing
Topic-2 Concepts Covered  Meaning of Warehousing  Types and Importance of warehousing
 functions of warehousing
Revision Notes
� Warehouse: It is an establishment for the storage or accumulation of goods.
� Warehousing refers to the activities involving storage of goods on a large-scale in a systematic and orderly
manner and making them available conveniently when needed. In other words, warehousing means holding or
preserving goods in huge quantities from the time of their purchase or production till their actual use or sale.
� Warehousing is one of the important auxiliaries to trade. It creates time utility by bridging the time gap between
production and consumption of goods.
� Type of Warehouses:
(i) Private Warehouses: The private warehouses are owned and operated by big manufacturers and merchants
to fulfil their own storage needs.
(ii) Public Warehouses: A public warehouse is a specialised business establishment that provides storage
facilities to the general public for a certain charge. It may be owned and operated by an individual or a
cooperative society.
(iii) Bonded Warehouses: Bonded warehouses are licensed by the government to accept imported goods for
storage until the payment of custom duty. They are located near the ports. These warehouses are either
operated by the government or work under the control of custom authorities.
(iv) Government warehouses: These warehouses are fully owned and managed by the government. The
government manages them through organisations set up in the public sector.
(v) Cooperative warehouses: Some marketing cooperative societies or agricultural cooperative societies have
set up their own warehouses for members of their cooperative society.
� Functions of Warehouses:
(i) Storage of goods (ii) Sharing the risk
(iii) Sorting, packing and labelling (iv) Incidental services for marketing
(v) Exhibiting and selling of goods (vi) Economy in time
(vii) Provision of market (viii) Regulation of supply
(ix) Handling of exports and imports (x) Miscellaneous functions
� Advantages/Importance of Warehouse:
(i) Seasonal Production (ii) Seasonal Demand
(iii) Storage of Perishable Goods (iv) Production at one place but demand at various places
(v) Stabilization of Prices (vi) Curing or Processing
(vii) Storage of Raw Materials (viii) Production in Anticipation of Demand
Key Terms
� Buffer Stock: The stock that is kept between business centres to balance the product flow.
� First in First Out (FIFO): A rule, usually used in warehousing and costing, stipulating that the first item to enter
the warehouse is the first item to leave.
� Grading: It is the process of sorting individual units of a product into well-defined classes or grades of quality.
Insurance
Topic-3 Concepts Covered  Meaning of Insurance  Principle and types of insurance.
Revision Notes
� Insurance: It is a contract between two parties by which one of them undertakes to indemnify the other against
a loss which may arise on happening of some event. Insurance in its technical sense is a social device which
employs the use of pooling technique to eliminate uncertainty. Insurance is a useful commercial device of
protecting people from great financial losses.
� Insurance is a device by which the loss likely to be caused by an uncertain event is spread over a number of
persons who are exposed to it and who prepare to insure themselves against such an event.
� It is a contractor agreement under which one party agrees in return for a consideration to pay an agreed amount
of money to another party to make a loss, damage or injury to something of value in which the insured has a
pecuniary interest as a result of some uncertain event.
� The agreement/contract is put in writing and is known as ‘policy’. The person whose risk is insured is called
‘insured’ and the firm which insures the risk of loss is known as insurer/assurance underwriter.
� Principles of Insurance: Certain fundamental principles of insurance are as follows:
(i) Utmost Good Faith: Both parties in the contract must disclose all material facts for the benefit of each other.
(ii) Insurable Interest: The assured must have an actual interest called the insurable interest in the subject
matter of the insurance.
(iii) Indemnity: The assured in the case of loss only shall be compensated against the actual loss and in no case
more than the value of the policy.
(iv) Doctrine of Subrogation: When a loss occurs and the insurer pays as for a total loss, he is entitled to all the
rights and remedies which the insured has against a third party in respect of loss so paid for.
(v) Contribution: Where there are two or more insurances on one risk, the principle of contribution applies
between insurers.
(vi) Causa Proxima: The insurer can recover the loss only if it is proximately caused by any of the perils insured
against.
(vii) Mitigation of Loss: In the event of mishap to the insured property, the assured must take all necessary steps
to mitigate the loss.
� Types of Insurance:
(i) Life Insurance
(ii) General Insurance
(a) Fire Insurance (b) Marine Insurance (c) Health Insurance
Key Terms
� Nominee: Nominee is the person (legal heir) nominated by the policyholder to whom the sum assured and other
benefits will be paid by the life insurance company in case of an unfortunate eventuality.
� Premium: It is the amount that the insured pays at regular intervals to keep the life insurance plan active and
enjoy continued coverage.
� Underwriters: The person who evaluates the risk involved in insurance is called underwriter.
CHAPTER-6
BANKING
Central Bank
Topic-1 Concepts Covered  Meaning of Central and Commercial bank  Functions of
Central bank
Revision Notes
� Central Bank: It is the apex institution whose main function is to control, regulate and stabilize the banking and
the monetary system of the country. Central Bank in our country is called the Reserve Bank of India.
� Functions of Central Bank:
(i) Monopoly of note-issue
(ii) Banker, Fiscal agent and Advisor to the government
(iii) Banker’s bank
(iv) Lender of the last resort
(v) Controller of credit
(vi) Custodian of foreign currency
(vii) Maintenance of exchange rate
(viii) Provision of clearing house facility
(ix) Development functions
� Commercial Banks: Commercial banks are those banks which perform all kinds of banking functions such as
accepting deposits, advancing loans, credit creation, and agency functions. They are also called joint stock banks
because they are organised in the same manner as joint stock companies.
Key Terms
� Saving Deposit Account: On these deposits, the bank pays a certain rate of interest to the depositors but places
certain restrictions on their withdrawals.
� Recurring Deposit Account: These deposits can be opened with a small amount deposited over a specified
period, the depositor keeps on depositing a certain sum of money every month.
� Current Deposit Account: In these accounts, money may be deposited and withdrawn at any time. Current
account can only be opened by business houses.
� Fixed Deposit Account: The account which is opened for a particular fixed period (time) by depositing particular
amount (money) is known as Fixed (Term) Deposit Account. The term ‘fixed deposit’ means that the deposit is
fixed and is repayable only after a specific period is over.
Internet Banking
Topic-2 Concepts Covered  Meaning of Internet banking  RTGS, NEFT, EFTS, ATM, IMPS
 Debit card, Credit card
Revision Notes
� Internet Banking: Banking transactions done through the internet is called internet banking.
� Real Time Gross Settlement (RTGS): It is a fund transfer system under which transfer of funds takes place from
one bank to another on a Real Time (without waiting period) and ‘Gross’ basis.
� National Electronic Funds Transfer (NEFT): It is a countrywide system by which an individual, firm or company
can electronically transfer funds from any bank branch to another individual, firm or company having an account
with any other bank branch in the country.
� Electronic Funds Transfer System (EFTS): Under this system, money can be transferred from one account to
another account.
� Immediate Mobile Payment Service (IMPS): It is a system used to make payment through the mobile number or
Aadhaar card number linked to the bank account.
� Mobile Wallets/E-Wallets: It is a type of electronic card which is used for transactions made online through a
computer or a smartphone. E-Wallet is a type of prepaid account in which a user can store the money for any
future online transactions.
� Automatic Teller Machines (ATM): The banks which have computerized high-tech branches provide round the
clock banking facilities through ATM.
� Credit Card: It is a card entitling its holder to buy goods and services based on the holders promise to pay for
these goods and services.
� Debit Card: It is a plastic card that provides an alternative payment method to cash when making purchases.
Key Terms
� Unified Payments Interface (UPI): It is an instant payment system developed by the National Payments
Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to
instantly transfer money between any two parties’ bank accounts.
� E-wallet: It is a type of electronic card which is used for transactions made online through a computer or a
smartphone. Its utility is same as a credit or debit card.
Financial Fraudulent Practices

Topic-3 Concepts Covered  Meaning of Credit Card Fraud  False Accounting  Insurance
Fraud  Intellectual Property Fraud  Internet Cyber Fraud
Revision Notes
� Credit Card Fraud: It consists of theft of a credit/ debit card and fraudulent use of funds. In these frauds account
number of the card and other details may be used in an unauthorized way.
� False Accounting: This type of fraud occurs when assets of a company are overstated or its liabilities are
understated in order to make it appear financially stronger than what it is in reality.
� Insurance Fraud: Any action taken with the intention to obtain a fraudulent benefit from an insurance process is
an insurance fraud.
� Intellectual Property Fraud: This is a fraud involving property that is protected under patent, trademark,
copyright and trade secret laws.
� Internet Cyber Fraud: An offence that is committed against an individual or group of individuals with a motive
to deliberately harm the reputation of the victim or cause physical or mental harm/loss to the victim directly or
indirectly by using modern telecommunication networks such as Internet and Mobile phones.
Key Terms
� Intellectual Property (IP): It is a category of property that includes intangible creations of the human intellect.
� Browser: A program used to access the Internet. Commonly used browsers include Internet Explorer, Google
Chrome, and Mozilla Firefox.
� Cookie: An information packet sent from a website to a web browser that records a user’s activity on that website.
� Cyber bullying: The act of one individual harassing or intimidating another individual via the Internet


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CHAPTER-1

STAKEHOLDERS IN COMMERCIAL ORGANISATIONS

Stakeholders: Meaning and Types

Product and Services and their Pricing

Advertising and Sales Promotion

Final Accounts of a Sole Trader

� Suitability of different Means of Transport:

Financial Fraudulent Practices

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