Business And Commerce

Optimum firm enjoys lowest average cost of production.

Register of member is a statutory book. The statutory books of the company must be maintained and kept at the company’s registered office (or an alternative location notified to Companies House) where they can be inspected.

Earning Goodwill is need for business ethics. Business ethics are required to protect the interest of employees, shareholders, competitors, dealers, suppliers, etc. It protects them from exploitation through unfair trade practices.

In case of dissolution of partnership, the business of the firm does not come to an end. Dissolution of partnership changes the mutual relations of the partners.

Business risks can be reduced. Business owners need to take control of their companies, assess the risks inherent in both their firms and industries and determine how to best reduce these risks.

The term Ethics is concerned with moral values. Ethics, also called moral philosophy, the discipline concerned with what is morally good and bad, right and wrong. The term is also applied to any system or theory of moral values or principles.

Providing fair returns to investors is Social objectives. Fair return on investment means a reasonable return on the investment of a public utility, determinable only by the exercise of sound judgment and common sense, being a matter of fair approximation, not capable of exact mathematical demonstration.

Group Layout based on similarity of work. Group layout is a kind of layout where persons doing similar activities or machines doing similar operations are grouped together.

Office layout is the arrangement of furniture and equipment with the available floor space. “The problem of layout relates to the arrangement in the space involved so that all the equipment, supplies, procedures and personnel can function at maximum efficiency”.

Maintenance of records is the basic functions of an office. The object of keeping records is to enable information to be made readily available to the management whenever recovered. These records are essential for the management in planning and controlling the business affairs.