Meaning, nature and importance of services - class-XI

A directors’ report is a legal financial document that companies are required to file at end of the financial year.

Despite having various advantages, the HUF form of business has disadvantages as well. One of them could be misuse of power. Since the karta has absolute freedom to manage the business, there is a scope for him to misuse it for his personal gains. An inefficient karta can do harm than good to the business.

These business are usually run at a smaller scale and hence are organised as proprietary business firms.

Services are intangible. They cannot be touched and felt. Inseparability is another characteristic of a service.

The purpose of strategy is to provide direction and scope of an organization over the long-term, which
achieves advantage in a changing environment through its configuration
of resources and competences with the aim of fulfilling stakeholder
expectations. Business strategy helps to increase the efficiency of the organizational activities and minimize costs.

In order for promissory estoppel to arise, a number of requirements exist. The promise must be made in clear words is not a requirement for promissory estoppel. Promissory estoppel can be defined as legal principle which is enforceable y law even if the promise is made without formal consideration.

Intentional trade has brought countries together. It involves technological improvements to cater to the needs of customers across the world. Such improvements help increase the nation's aggregate income.

An operations strategy is created directly from the business strategy. Operation strategy is associated with business strategy and it is a part of business strategy. It helps to maximize the efficiency of the organizational activities and minimize costs.

The
process of comparing the products and services with those of best in
the industry to improve quality and performance is known as bench marking. Bench marking can be defined as a process of measuring performance of the company against other companies in the market. Bench marking is conducted to identify the internal opportunities which will lead to improvement in organizational objectives.

ROI stands for Return On Investment

"A performance measure used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. To calculate ROI, the benefit (return) of an investment is divided by the cost of the investment; the result is expressed as a percentage or a ratio."

ROI stands for return on investment, which is a comparison of the profits generated to the money invested in a business or financial product. A negative ROI means the investment lost money, so you have less than you would have if you had simply done nothing with your assets.

Return on investment, or ROI, is the ratio of a profit or loss made in a fiscal year expressed in terms of an investment and shown as a percentage of increase or decrease in the value of the investment during the year in question. The basic formula for ROI is: ROI = Net Profit / Total Investment * 100.

ROI stands for Return On Investment. You can think of ROI as the actual 'worth' of your investment. Another way of seeing it, is that ROI is the money you get back from your invested money.

Effective supervision, unity of direction, and the summarization of management functions are standard outcomes or requirements of coordination. Creative force is generally considered a separate aspect of leadership or innovation rather than a direct functional advantage of coordination.

A flexible budget variable is calculated by multiplying the number of units by the variable cost per unit. Here, 5000 units multiplied by $600 equals $3,000,000.

In business transfers, tax liabilities accrued up to the date of transfer are typically shared between the transferor and transferee to ensure the government is protected. Both parties are held jointly and severally liable for these dues.

Under relevant legal frameworks, a proper officer has the authority to issue a summons to any person whose attendance is considered necessary for giving evidence, producing documents, or providing other materials required for an official inquiry.

Motives are influence by :-

C.

As per Section 109 a poll may be demanded by such number of members holding, shares worth minimum value of Rs. Five Lakh or 10% voting power in the Company. Principle of “One share – One vote” is recognized under this method.

As per Section 109 a poll may be demanded by such number of members holding, shares worth minimum value of Rs. Five Lakh or 10% voting power in the Company. 

Minutes of meeting is an official record of the proceedings of a meeting. A record of minutes of meeting is to be kept in a minutes book maintained at the Registered office of the company or at a place approved by the Board of Directors of the company.

Casting vote is called as second vote which is used by  Chairman in case of tie, to resolve a deadlock. 

Point of order is a type of formal motion that leads to an interruption of the meeting. A member can raise a question on the procedure of the meeting. Point of order by a member thus interrupts the meeting and draws the attention of the Chairman pointing out the irregularities in the proceedings.

According to Section 139 of the Companies Act, every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its sixth annual general meeting and thereafter till the conclusion of every sixth meeting. 

Profit making itself shall not be the purpose of business entities. It is running in an environment where a business entity's responsibilities widen. It contributes to the growth of the society. It supplies the required goods and services thereby catering to the needs of the society. A business entity creates job opportunities for the society. Thus, the purpose of a business entity has to be growth of the society by being a profitable enterprise in itself.

Business
services are those services which are
used by business enterprises for the
conduct of their activities.

Services are intangible and cannot be felt. They are heterogeneous, so are unique. They are customized to suit the requirements of customers. Hence customers are the important aspect of a service industry.

Services are intangible. They cannot be touched and felt. They are inconsistent as it they are unique and heterogeneous. They are inseparable as well which means that the production and consumption of service cannot be separated unlike a tangible product.

On the death of the Karta, the Joint Hindu Family business continues to
exist as the next senior-most family member becomes the Karta. However, a
Joint Hindu Family business can be dissolved any time either through
mutual agreement between members or by partition.

• Business services are those services which are used by business enterprises for the conduct of their activities.
  
• Social services are those services that are generally provided voluntarily in pursuit of certain social goals.
  
• Personal services are those services which are experienced differently by different customers. They will also depend upon customer’s preferences and demands. For example, tourism, recreational services, restaurants.
  

They are inseparable as well which means that the production and consumption of service cannot be separated unlike a tangible product.

Objectives are laid down so as to achieve the desired results. A good objective formed should be clear which is meaningful and understandable. While setting objective, it should be ensured that the performance can be measured in monetary terms.

Postal rule states that acceptance occurs as soon as the letter is posted.. According to the postal rule, there is a contract which makes the acceptance  possible when the letter gets posted. Postal rule is often referred as a rule of contract law.

International trade in goods & services is sometimes used as a substitute for international movement of capital, international movement of labour and international movement of technology except domestic production of different goods and services. Goods and services which are produced and consumed within the given territory are not included in the domain of international trade in goods and services.

International trade is based on the idea that resources are less mobile internationally are goods. International trade can be defined as a process by which exhange of capital goods and services are done across border of different territories. It forms a crucial share in an economy's GDP.

Standing offer means purchasing of goods on as and where basis. Standing offer is not to be referred as any contract. Standing offer can be described as an offer from a potential supplier in order to provide goods and services. The prices and terms and conditions should get fixed at a before hand in case of standing offer.

Repossess the goods after the buyer has resold them.is not a remedy available in case of default.  When the buyer defaults on payments, possessions on something cannont be retaken..

An agent, which sells the goods, which are in its possession for his principal, is broker. Broker is responsible for arranging transactions between the buyer and seller of any goods. A broker is entitled to a certain amount of commission when the deal is executed.

Goods displayed of a shop window with a price label will amount
invitation to offer since the shopkeeper making an invitation invites
others to make an offer to him. It is prelude to an offer inviting
negotiations or preliminary discussions.

Job method offers the opportunity to produce goods as per the requirements of a customer. Customer is the king pin of the market. Thus, job methods helps to know the requirements and interest of the customers and then production of the required goods and services are to be started accordingly.

ITES Information Technology Enabled Services. It covers the entire gamut of operations which is related to Information Technology. It helps to improve the efficiency of an organization. It is also known as enabled services or remote services.

Paid form of non-personal promotion of ideas, goods and services by an identified sponsor is called advertising. Advertising is a marketing tactic. It helps to reach the wide-base of customers who are willing to buy products or services of the company which are advertised.