Accounting is the process of systematically recording, measuring and communicating information about financial transactions. The three major financial statements produced by accounting are the profit and loss statement, the balance sheet and the cash flow statement. It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the.

A trademark protects a slogan, phrase, word, company name, logo, or design that identifies a company and/or its goods. A logo is a symbol or design used by a company that may fall under trademark protection laws. Many businesses choose to apply for trademark protection on their logos. Slogans, symbols, or inventive catchphrases are common examples of trademarks. Companies legally register their trademarks with the appropriate authorities in order to prevent competing companies from copying (called infringing upon) their trademark or trademarks (explicitly designated by the superscripted "TM").

A company whose shares are publicly traded and are usually held by a large number (hundreds or thousands) of shareholders. The usual British term is a public limited company. A government-owned company such as an airline or public transit company. See also corporation sole. 

examples - LIC, Food Corporation of India (FCI)

Multinational corporation ( MNC ) is an organisation who have branches in many different countries but managed wholly from one country i.e. home country. Hence, centralised control in MNC's implies control exercised by the headquarters.

Profit may be regarded as an essential objective of business for various reasons (a)It is a source of income for business persons. (b) It can be a source of finance for meeting expansion requirements of business. (c) It indicates the efficient working of business. 

An aim is where the business wants to go in the future, its goals. It is a statement of purpose, e.g. we want to grow the business into Europe. Business objectives are the stated, measurable targets of how to achieve business aims. For instance, we want to achieve sales of €10 million in European markets in 2004.

Warehousing : It refers to preserving a quantity of goods for use when required.

Functions of warehousing are as follows :
1. Consolidation : In this function the warehouse receives and consolidates, materials/ goods from different production plants and ispatches the same to particular customer on a single transportation shipment.
2. Break-Bulk : This functions refers to the shipment of bulk quantity of goods from the production plants to the distribution warehouse and then reshipment in small quantities to different customers.
3. Stock Piling : The next function of warehouse is the seasonal storage of goods to select business for eg. Agriculture products are harvested at specific times with subsequent consumption throughout the year.

Continuous increase in the profits of any enterprise
is possible only by performing useful services to the society. Infact, objectives are needed in every area that influences the survival and prosperity of busi¬ness. Since a business has to balance a number of needs and goals, it requires multiple objectives.
The five multiple objectives of business are as follows:

1. Market standing : Market standing refers to the position of an enterprise in relation to its competitors. A business enterprise must aim at stronger market standing in terms of offering competitive products to its customers and serving them to their satisfaction.
2. Innovation : Innovation is the introduction of new ideas or methods in the way something is done or made. There are two kinds of innovation in every business, i.e.,
   (i) innovation in product or service.
   (ii) innovation in the various skills and activities needed to supply them.
3. Productivity : Productivity is calculated by comparing the value of outputs with the value of inputs. It is used as a measure of efficiency.
4. Physical and financial resources : Any business requires physical resources like plants, machines, offices, etc., and financial resources i.e. funds to be able to produce and supply goods and services to its
   customers.
5. Earning profits : One of the main objectives of business is to earn profits on the capital employed.
   Profitability refers to profit in relation to capital investment. Every business must earn a reasonable profit which is crucial for its survival and growth

Transfer of interest refers tro transfer of ownership of property ,objects from one party to another. Transfer of interestb is possible in case of business businessman can transfer his business to another persoon. But in case of  profession or employement, transfer of interest is not possible . eg - a professional say a doctor cannot transfer his/her medical degree to anotherv person and make him / her a doctar. Also,in employement an employee cannot transfer his/her job to another person.

Following are the main characteristics of management:

• Management is a Goal Oriented Process: We need management when we have some goals to be achieved. A manager on the basis of his knowledge and experience tries to achieve the goals which are already decided.
• Management is all Pervasive: All types of activities-business and non-business require management for successful completion. If we remove management from these activities, the result will be a failure. Hence, management is necessary to conduct any type of activities. Hence, it is pervasive or universal.
• Management is a Group Activity: This means that it is not a single person who completes all the activities of an organisation but it is always a group of persons (Managers).Hence, management is a group effort.
• Management is an Intangible Force: Management cannot be seen. It can only be felt. If any organisation is heading toward higher levels of achievement, it signifies an existence of good management and vice-versa.

Types of Warehouses : There are various types of warehouses :
1. Private Warehouses : These are the warehouses owned by the traders or producers. In these warehouses they keep their own products and do not allow anybody else to keep their goods. Hence they are called private warehouses.
2. Public Warehouses : These warehouses are owned by private companies and government agencies. These godowns are large size and used by all persons such as traders, farmers, exporters, importers and government agencies. These godowns are located in the commerical centres of big cities. Their main objective is to make earning by providing storing facilities.
Once the goods are stored in the godown, warehouse receipt is issued to the owner of goods. After making the payment of godown charges goods are returned.
3. Bonded Warehouses : These are public warehouses which are licensed by the Government to accept imported goods for storage before payment of customs duty by their importers. When the importer finds that he cannot conveniently make payment of customs duty on the goods imported by him, he can request the customs authorities for storage of goods in the bonded warehouse till the customs duty is paid.
4. Duty paid Warehouses : These warehouses are located near the ports but are outside the dock bonds. They are constructed by Port Trust Authorities. We have such warehouses in Mumbai. When duty is paid on imported goods the importer can take the goods away into the domestic market.

Mutual agency is the right of all partners to represent the company's normal business operations and the authority to bind it to mutual contracts and agreements. In leman's terms, it is the authority given to a person doing business on behalf of the company, usually a business owner or partner. Mutual agency is the legal relationship between partners in a partnership where each partner has authorization powers and the ability to enter the partnership into business contracts. In other words, each partner in the partnership is an agent in the business and the authority to make business decisions that commit or bind the partnership, as a whole, to a business agreement with a third party or entity.
Mutual agency only exists for partners acting within the scope of normal business operations and dealings. For example, a retailer apparel partner with agency would not be able to contract the other partners into a deal to purchase a piece of investment real estate because this would be outside the normal operations of the business.

One of the retail partners can, on the other hand, purchase goods from a vendor and require the partnership pay for the goods. This transaction is within the normal course of operations of the business.