Fundamentals of Business Studies

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Author(s): Dr. K. Sundar, T. Srinivasan

Published by Vijay Nicole Imprints Private Limited

Publication Date: Sat Aug 31 00:00:00 UTC 2024 Available in all formats

ISBN: 9788197923449

Pages: 356

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Table of contents

Biographical note

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This book Fundamentals of Business Studies is a comprehensive textbook tailored for undergraduate students in commerce and management. It is designed to provide a thorough understanding of a wide range of business concepts, ensuring students grasp the essentials of the commerce and business fields.

Salient Features

■ Presented in an easy-to-read style.

■ Comprehensive coverage of fundamental concepts such as Commerce, Business, Marketing, Entrepreneurship, and Advertising.

■ Includes foundational knowledge in Accounting, Auditing, Income Tax and the Legal Aspects of Business.

■ Offers insights into major business laws in India, enhancing legal understanding of students.

■ Each chapter features end-of-chapter questions, and objective-type questions to reinforce learning.

Cover
Halftitle Page
Title Page
Copyright Page
Contents
Preface
Chapter 1 Introductory Business Concepts
- 1.1 Human Activities
  - 1.1.1 Economic Activities
  - 1.1.2 Non-economic Activities
- 1.2 Employment
  - 1.2.1 Characteristics of Employment
- 1.3 Profession
  - 1.3.1 Meaning
  - 1.3.2 Definitions
  - 1.3.3 Characteristics of Profession
  - 1.3.4 Service Motive
- 1.4 Business Activities
  - 1.4.1 Classification of Business Activities on the Basis of Size
  - 1.4.2 Classification of Business Activities on the Basis of Ownership
  - 1.4.3 Classification of Business Activities on the Basis of Function
  - 1.4.4 Distinction between Business Profession and Employment
- 1.5 Industry
  - 1.5.1 Classification of Industries
- 1.6 Commerce
  - 1.6.1 Definitions
- 1.7 Types of Hindrances
  - 1.7.1 Personal Hindrance
  - 1.7.2 Place Hindrance
  - 1.7.3 Time Hindrance
  - 1.7.4 Risk Hindrance
  - 1.7.5 Exchange Hindrance
  - 1.7.6 Knowledge Hindrance
- 1.8 A Snapshot of Hindrance Removal Mechanism
- 1.9 Classification of Commerce Activities
  - 1.9.1 Trade
  - 1.9.2 AuxilIaries to Trade
- 1.10 Communication
- 1.11 Inter-relationship between Industry Commerce and Trade
- Review Questions
Chapter 2 Business Foundations
- 2.1 Definitions
- 2.2 Characteristics of Business
- 2.3 Objectives of Business
  - 2.3.1 Economic Objectives
  - 2.3.2 Organic Objectives
  - 2.3.3 Social Objectives
  - 2.3.4 Human Objectives
  - 2.3.5 National Objectives
  - 2.3.6 Global Objectives
  - 2.3.7 Environmental Objectives
- 2.4 Importance of Business
- 2.5 Pre-requisites for Success in Business
  - 2.5.1 Determination of Objectives
  - 2.5.2 Planning
  - 2.5.3 Organisation
  - 2.5.4 Estimating Financial Requirement and Mobilising the Funds
  - 2.5.5 Proper Location, Layout and Size
  - 2.5.6 Efficient Marketing System
  - 2.5.7 Investment in Research and Development
  - 2.5.8 Development of Human Potential
  - 2.5.9 Dynamic Leadership
  - 2.5.10 Continuous Monitoring of Environment
  - 2.5.11 Ethical Practice
- 2.6 Businessman – Qualities Required
  - 2.6.1 Essential Qualities of a Successful Businessman
- 2.7 Business Risks
  - 2.7.1 Nature of Business Risks
  - 2.7.2 Causes of Risks
  - 2.7.3 Methods of Dealing with Risks
- 2.8 Role of Profit in Business
  - 2.8.1 Source of Livelihood
  - 2.8.2 Growth of Business
  - 2.8.3 Index of Performance
  - 2.8.4 Reward for Risk Bearing
  - 2.8.5 Building up Image
- Review Questions
Chapter 3 Evolution of Business
- 3.1 Household Economy
- 3.2 Barter Economy
  - 3.2.1 Defects of Barter System
- 3.3 Evolution of Money
- 3.4 Town Economy
- 3.5 International Trade
- 3.6 Globalisation
- 3.7 Evolution of Industry
  - 3.7.1 Handicraft System
  - 3.7.2 Guilds
  - 3.7.3 Domestic System
  - 3.7.4 Industrial Revolution
- 3.8 Impact of Technology on Industry in Information Era
- 3.9 Industrialisation in India
- 3.10 Business Environment
  - 3.10.1 Factors Influencing Business Environment
- 3.11 Recent Trends in Business
- Review Questions
Chapter 4 Introduction to Accounting
- 4.1 Accounting
  - 4.1.1 Definition of Accountancy
  - 4.1.2 Attributes in Accounting
  - 4.1.3 Advantages of Accounting
  - 4.1.4 Limitations of Accounting
- 4.2 Stakeholders Interested in Accounting Information
- 4.3 Book Keeping
  - 4.3.1 Objectives of Book Keeping
  - 4.3.2 Book Keeping vs Accounting
  - 4.3.3 Branches of Accounting
- 4.4 Methods of Accounting
  - 4.4.1 Single Entry System
  - 4.4.2 Double Entry System
- 4.5 Classification of Accounts
- 4.6 Rules for Double Entry
  - 4.6.1 Bases of Accounting
- 4.7 Steps in Double-entry Accounting
- 4.8 Accounting Equation
- Review Questions
Chapter 5 Introduction to Marketing
- 5.1 Market
  - 5.1.1 Classification of Market
- 5.2 Marketing
  - 5.2.1 Definitions of Marketing
  - 5.2.2 Features of Marketing
  - 5.2.3 Importance of Marketing
  - 5.2.4 Benefits of Marketing
- 5.3 Approaches to Marketing
- 5.4 Difference between Market and Marketing
- Review Questions
Chapter 6 Functions of Marketing
- 6.1 Functions of Marketing or Scope of Marketing
  - 6.1.1 Exchange Functions
  - 6.1.2 Functions of Physical Supply
  - 6.1.3 Facilitating Functions
  - 6.1.4 Modern Functions of Marketing
- 6.2 Consumer
- 6.3 Standardisation and Grading
  - 6.3.1 Distinction between Standardisation and Grading
  - 6.3.2 Significance (or the impact) of Standardisation and Grading on Marketing
  - 6.3.3 Elements of Standardisation
- 6.4 Agmark
  - 6.4.1 Features of Agmark
  - 6.4.2 Key Aspects of Agmark
- 6.5 ISI
  - 6.5.1 Features of ISI
  - 6.5.2 Key Aspects of ISI
- 6.6 Pricing
  - 6.6.1 Definitions
  - 6.6.2 Objectives of Pricing Decisions
  - 6.6.3 Kinds of Pricing
- Review Questions
Chapter 7 Advertising
- 7.1 Definitions
- 7.2 Features of Advertising
- 7.3 Functions /Objectives / Purpose of Advertising
- 7.4 Types of Advertisement
  - 7.4.1 Advertising Based on Demand Influence Level
  - 7.4.2 Advertising Based on the Audience to which it is Directed
  - 7.4.3 Advertising Based on Objectives
  - 7.4.4 Advertising Based on Timing of Response it Elicits
  - 7.4.5 Advertising Based on Geographical Coverage
- 7.5 Benefits of Advertisement
- 7.6 Media
  - 7.6.1 Definitions
- 7.7 Indoor Advertising
  - 7.7.1 Press Media
  - 7.7.2 Magazines and Journals
  - 7.7.3 Broadcast Media
- 7.8 Outdoor Advertising
- 7.9 Direct Advertising
  - 7.9.1 Definitions
  - 7.9.2 Forms of Direct Advertising / Mailing
  - 7.9.3 Advantage of Direct Advertising
- 7.10 Display Advertising
  - 7.10.1 Definitions
  - 7.10.2 Forms of Direct Advertising
- Review Questions
Chapter 8 Introduction to Audit
- 8.2 Definitions
- 8.3 Features of Auditing
- 8.4 Distinction between Accounting and Auditing
- 8.5 Distinction between Auditing and Investigation
- 8.6 Objectives of Auditing
- 8.1 Introduction
  - 8.6.2 Secondary Objectives
  - 8.6.3 Specific Objectives
- 8.7 Essential Features of Auditing
- 8.8 Basic Principles of an Audit
- 8.9 Advantages of Auditing
  - 8.9.1 Advantages from Legal Perspective
  - 8.9.2 Advantages from Control Perspective
  - 8.9.3 Advantages from Externality Factor
- 8.10 Shortcomings of Auditing
- Review Questions
Chapter 9 Classification of Audit
- 9.1 Introduction
- 9.2 Organisation-based Classification
  - 9.2.1 Statute-mandated Audit
  - 9.2.2 Option-based Audits
- 9.3 Function-based Classification
  - 9.3.1 Internal Audit
  - 9.3.2 External Audit
- 9.4 Method-based Classification
  - 9.4.1 Time-based Classification
  - 9.4.2 Scope-based Classification
  - 9.4.3 Objectives-based Classification
- 9.5 Special Types of Audits (Dimension-based Audits)
- 9.6 Classification of Audit Branch-wise
- Review Questions
Chapter 10 Introduction to Entrepreneurship
- 10.1 Concept and Meaning
  - 10.1.1 Entrepreneur as a Risk Bearer
  - 10.1.2 Entrepreneur as an Organiser
  - 10.1.3 Entrepreneur as an Innovator
- 10.2 Definitions
- 10.3 Importance and Benefits of Entrepreneurship
- 10.4 Role of Entrepreneurship in Economic Development
- 10.5 General Characteristics of an Entrepreneur
- 10.6 Entrepreneurial Skills
- 10.7 Functions of an Entrepreneur
- Review Questions
Chapter 11 Classification of Entrepreneurs
- 11.1 Classification / Type of Entrepreneurs
- 11.2 Classification According to Functional Characteristics
- 11.3 Classification According to Type of Business
- 11.4 Technology-based Entrepreneurship
- 11.5 Classification in Terms of Motivation
- 11.6 Classification Based on Developmental Stage
- 11.7 Classification According to Area of Operation
- 11.8 Classification According to Ownership
- 11.9 Classification According to Growth
- 11.10 Classification According to Behaviour
- 11.11 Classification According to Chosen Path
- 11.12 Women Entrepreneurs
  - 11.12.1 Concept of Women Entrepreneurs
  - 11.12.2 Problems of Women Entrepreneurs
- Review Questions
Chapter 12 Income Tax Basic Concepts
- 12.1 Abbreviations
- 12.2 Income Tax
  - 12.2.1 History of Income Tax
- 12.3 Types of Taxation
- 12.4 Various Terms in Tax
- 12.5 Canons of Taxation
- 12.6 Exempted Incomes
- 12.7 Slab Rate
  - 12.7.1 Structure of Slab Rates
  - 12.7.2 Variation by Country and Region
  - 12.7.3 Problems and Solutions Using Slab Rates
- 12.8 Return of Income
  - 12.8.1 Voluntary Return of Income Sec.139
  - 12.8.2 Compulsory Return of Income Sec. 142(1)
- 12.9 Prescribed Forms for Filing of Return
- 12.10 Belated Return Sec.139 (4)
- 12.11 Revised Return Sec.139 (5)
- 12.12 Defective Return of Income
- 12.13 Due Dates for Filing of Return Sec.139(1)
- 12.14 Taxable Entities
  - 12.14.1 Types of Residential Status
  - 12.14.2 Residential Status of an Individual Assessee
  - 12.14.3 Residential Status – HUF Sec. 6(2)
  - 12.14.4 Residential Status – Firm / AOP Sec. 6(2)
  - 12.14.5 Residential Status – Company Sec. 6(3)
  - 12.14.6 Residential Status of Every Other Person Sec. 6(4)
- Review Questions
Chapter 13 Income Tax Authorities
- 13.1 Introduction
- 13.2 Income Tax Authorities Sec. 116
- 13.3 Judicial Authorities
- 13.4 CBDT and its Powers
- 13.5 Power of P.C.C/ C.C / P.C / Commissioner
- 13.6 Powers of Joint/ Deputy/ Assistant Commissioners
- 13.7 Powers of Assesseing Officer Sec. 2(7a)
- 13.8 Powers of Commissioner (appeals)
- 13.9 Income Tax Officers
- 13.10 Tax Recovery Officers
- 13.11 Inspector of Tax
- Review Questions
Chapter 14 Legal Aspects of Business
- 14.1 Introduction
- 14.2 E-Goods and Services Tax (GST) Act, 2017
- 14.3 Indian Contract Act, 1872
- 14.4 Negotiable Instruments Act, 1881
- 14.5 Sale of Goods Act, 1930
- 14.6 Partnership Act, 1932
- 14.7 Banking Regulation Act, 1948
- 14.8 Income Tax Act, 1961
- 14.9 Insolvency and Bankruptcy Code, 2016
- 14.10 Anti Money Laundering Act, 2020
- 14.11 Companies Act, 2013
- 14.12 Foreign Exchange Management Act (FEMA), 1999
- 14.13 Competition Act, 2002
- 14.14 Consumer Protection Act, 2019
- 14.15 Labour Laws (Various)
- 14.16 Environmental Protection Act, 1986
- 14.17 Information Technology Act, 2000
- 14.18 Securities and Exchange Board of India (SEBI) Act, 1992
- 14.19 Patents Act, 1970
- 14.20 Trade Marks Act, 1999
- 14.21 Copyright Act, 1957
- 14.22 Customs Act, 1962
- 14.23 Payment and Settlement Systems Act, 2007
- 14.24 Factories Act, 1948
- 14.25 Shops and Establishments Act (Various State Acts)
- 14.26 Prevention of Money Laundering Act (PMLA), 2002
- 14.27 Industrial Disputes Act, 1947
- 14.28 Arbitration and Conciliation Act, 1996
- 14.29 Limited Liability Partnership (LLP)Act, 2008
- Review Questions

Dr. K. Sundar is a Former Professor, Department of Commerce, Annamalai University. He has over 25 years of UG and PG teaching experience. He has published 100 articles in national and international journals and authored several books on topics such as Business Communication, Principles of Management, Organizational Behaviour, Human Resource Management, Entrepreneurship Development, Essentials of Marketing, and Auditing and Corporate Governance. Dr. T. Srinivasan is a Professor and Director of the CDOE at Annamalai University. He has over 30 years of teaching experience at both undergraduate and postgraduate levels.

Dr. Srinivasan has authored two textbooks, edited six books, and contributed to 70 journal papers. He has also presented 34 papers at national and international conferences, supervised 24 M.Phil., and seven Ph.D. students, and is currently mentoring four Ph.D. candidates. His expertise is in Finance, Accounting, and Taxation.

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