International Monetary Fund (IMF)

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International Monetary Fund (IMF)   The International Monetary Fund (IMF), is an international monetary institution established by 44 nations under the Bretton Woods Agreement of July 1944.  It was established to – (a) promote economic and financial cooperation among its members (b) to facilitate the expansion and balanced growth ofRead More →

Advertising Agency

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An Advertising Agency is an independent organisation that provides one or more specialized advertising and promotion related services to assist companies in developing, preparing and executing their advertising and other promotion programme. Goal of an Advertising agency “Clients advertising leads to greater profits in the long run than without theRead More →

World Trade Organization

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World Trade Organization  The Uruguay round of General Agreements on Tariffs and Trade (GATT) (1968-93) gave birth to World Trade Organization (WTO).  World Trade Organization was formed as a replacement for General Agreements on Tariffs and Trade in 1995 with the purpose of supervising and liberalizing international trade.  Unlike GATT,Read More →

Export Promotion measures in India - EPZ, FTZ, SEZ,

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Export promotion measures are public policy measures taken by the government of a country to potentially enhance the exporting activities and employment of that country. In India, a number of export promotion schemes have been in existence for some time which promote the industries that have a potential for developing andRead More →

World Bank

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International Bank for Reconstruction and Development – World Bank   The International Bank for Reconstruction and Development (IBRD) commonly referred to as World Bank, is an international financial institution whose purposes include assisting the development of its member nation’s territories, promoting and supplementing private foreign investment and long term balanceRead More →

Responsibility Accounting

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According to Charles T Horngren, “Responsibility Accounting is a system of accounting that recognizes various responsibility centres throughout the organization and that reflects the plan of action of each oft these centres by allocating particular revenues and costs to the one having pertinent responsibility.” Responsibility Accounting is a system ofRead More →

Zero based budgeting

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Zero Based Budgeting Zero Based Budgeting was originally developed by Peter A Pyhrr at Texas instruments.  He defined Zero Based Budgeting as “an operating, planning and budgeting process which require each manager to justify his entire budget request in detail from scratch and shifts the burden of proof to each managerRead More →

Globalizaton

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Globalization Globalization means integrating the economy of a country with the economies of other countries under conditions of free flow of trade and capital and movement of persons across borders. IMF defines globalization as “The growing economic interdependence between countries through increasing volume and variety of cross-border transactions in goodsRead More →