“Management is the process by which a co-operative group directs actions of others toward common goals.”
Management is defined as the process of planning, organising and controlling an organisation’s operations in order to achieve the target efficiently and effectively. It is essential for all organisations.

Payment to a retiring partner can be made in the following ways
(i) Lump Sum Payment : A lump sum payment can be made to the retiring partner in full settlement. In that case, the following Journal entry will be passed

(ii) Opening the Loan Account: Sometimes the amount due to the retiring partner is paid in instalments then the balancing figure of his/her capital account is transferred to his/her loan account, in this case, the retiring partner receives equal instalments along with the interest on the amount outstanding. In that case the following journal entries will be passed for transferring the amount paid to him/her in retiring partner’s loan account.

(iii)Some Payment in Cash and Some in Instalment: Sometimes the amount due to the retiring partner is paid partly in cash and partly in equal instalments in that case a certain amount is paid in cash to the retiring partner and the rest amount due to him/her is transferred to his/her loan account. The following necessary journal entry is to be passed. 

in case of retirement,the partners can retire only at the end of an accounting year whereas death of a partner may occur at anytime during the year.

Financial Markets are the institutional arrangements by which savings generated in the economy are channelised into avenues of investment by industry, business and the government. It is a market for the creation and exchange of financial assets.

A principle is a fundamental statement of truth that provides guidance to thought and action.

Principles of Management

Principles of management are broad and general guidelines for managerial decision making and behavior (i.e. they guide the practice of management).

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Unity of command:

It means getting orders from a supervisor or on behalf of a supervisor. Accordingly, there should be only one supervisor for a subordinate. The link between the supervisor and the subordinate should be direct. If two or more supervisors are there for a subordinate there might be conflict of interest, uneasiness, confusion as well as dilemma. Such things are a direct influence to the overall efficiency, productivity and ultimate goal of an organisation.

As a marketing manager of a hotel in a popular tourist city, I will have a certain societal concern

1. Activities of the hotel should not harm the tourist place, should not affect local and should not cause any pollution.
2. To maintain ethics and fair pricing of hotel rooms

Steps:- We will ensure that activities of the hotel do not harm the environment and locality, we will have a proper process for waste management, sustainable use of natural resources like water electricity etc. and will make guest also aware of it.

We will also ensure that our room prices are priced appropriately and we should not take advantage of guest in peak season by pricing room inappropriately.

Ms. Ananya : TOP LEVEL OF MANAGEMENT

Functions performed at TOP LEVEL OF MANAGEMENT are :

• Making strategies and goals of the organisation.
• Taking decisions regarding activities to be performed.
• Framing policies for the organisation.
• Responsible for Welfare and survival of the organisation.

Ms Ritu : MIDDLE LEVEL OF MANAGEMENT

Functions performed at MIDDLE LEVEL OF MANAGEMENT are :

• Interpret the policies to lower management.
• Taking decisions regarding a number of personnel in the department.
• Assigning duties and responsibilities to employees in their department.
• Convey suggestions and grievances of the supervisory level to the top level for the overall smooth functioning of the organisation.
• Liable for the ultimate production of respective departments.
• To act as a link between lower and management.

Importance of delegation
1. Effective management: By delegation, managers pass their routine work to their subordinates. So they get more time to concentrate on more important matters. This will help them to excel in new areas and be more efficient and effective.
2. Employee development: In the process of management, the work is passed on to the employees. This gives them opportunity to use their talents and increases their experience. It makes them better leaders and decision makers. Thus delegation helps in preparing better future managers.
3. Motivation of employees: When a superior passes on the responsibility to his subordinate, it is not merely sharing work but also sharing trust. This develops a feeling of belongingness and commitment for the subordinate. It improves his confidence and he feels encouraged to improve his performance.
4. Facilitation of growth: While passing on a responsibility and authority managers have to take care of the qualification and capability of the employee. This division of work and specialization provides a ready work force to take the leading position in a new venture and thus help in the expansion of the enterprise.
5. Basis of management hierarchy: Delegation establishes authority responsibility relationships between employees. The degree and flow of authority determines who is to report to whom. It also decides the power enjoyed by each job position in the organization.
6. Better coordination: Authority, responsibility and accountability help to define the powers, duties and answerability related to various job positions in an organization. This helps to avoid overlapping and duplication of efforts and thus helps in maintaining coordination amongst departments and functions of management.Importance of delegation

Coordination is a continuous process by which a manager integrates the inter-related activities of different departments in order to achieve the common organisational goals.

Objectives of Management Objectives can be classified into organisational, social or personal
(i) Organisational Objectives
(a) Survival It exists for a long time in the competition market.
(b) Profit It provides a vital incentive for the continued successful operations.
(c) Growth Success of an organisation is measured by growth and expansion of activities.
(ii) Social Objectives Involves creation of benefit for society.
(iii) Personal Objectives Objectives of employees like good salary, promotion, social recognition, healthy working conditions.

Depository is an institution or organisation, which holds securities (e.g. shares, debentures, bonds, etc) in electronic form, in which trading is done.
Depositories provide following services:
(i) Maintain records of shareholding in electronic form.
(ii) Enable deposit and withdrawal of securities to and from the depository through the process of dematerialisation and rematerialisation.
(iii) Effect the transfer of securities traded in the depository mode on a stock exchange.

Packaging refers to the process of designing the product’s package such as container, wrapper, etc.
Functions of Packaging :

1. Product Identification                                                                                                      The package of a product helps the customer to easily identify the product in the market, e.g. Red Label tea in a red colour packing, Taj Mahal tea in blue box pack, etc.
2. Product Protection                                                                                                           The package of a product protects it from spoilage, breakage, pilferage, leakage, damage, etc. e.g. oil in plastic bottles.
3. Facilitating use of the Product                                                                                         The package of a product helps the consumer to open, handle and use the product more conveniently, e.g. toothpaste tubes, handwash soap dispenser, etc.
4. Product Promotion                                                                                                            An attractive package attracts the attention of people and at the same time, provides detailed information about the product, e.g. ferrero rocher chocolates.

The fine purple and gold packaging is meant to portray the rich and creamy taste of Cadbury chocolate.

Nature of Management:

• Universal Process: Wherever there exists human pursuit, there exists management. Without effective management, the intentions of the organisation cannot be accomplished.
• The factor of Production: Equipped and experienced managers are necessary for the utilisation of funds and labour.
• Goal-Oriented: The most significant aim of all management pursuit is to achieve the purposes of a firm. The aims must be practical and reachable.
• Supreme in Thought and Action: Managers set achievable goals and then direct execution on all aspects to achieve them. For this, they need complete assistance from middle and lower degrees of management.
• The system of authority: Well-defined principles of regulation, the regulation of proper power and efficiency at all degrees of decision-making. This is important so that each self must perform what is required from him or her and to whom he must report.
• Profession: Managers require to control managerial expertise and education, and have to adhere to a verified law of demeanour and stay informed of their human and social responsibilities.
• Process: The management method incorporates a range of activities or services directed towards an object.

Significance of Management:

• Achieving Group Goals: Management encourages collaboration and coordination amongst workers. A general control must be provided to the organisational and personal objectives in order to favourably accomplish the aims.
• Increases Efficiency: Management improves productivity by managing resources in a reliable conceivable way in order to decrease cost upscale potency.
• Creates Dynamic organisation: Management undertakes the conditions by assuring that these variations are well accepted privately and that objection to change is controlled.
• Achieving personal objectives: Management promotes leadership and furnishes motivation to the employees to operate effectively in order to accomplish their personal aims while working towards the organisational goals.
• Development of Society: Management helps in the enhancement of community by manufacturing reliable quality commodities, establishing employment chances and fostering innovative technologies.

Principles of management are broad and general guidelines for managerial decision making and behavior (i.e. they guide the practice of management).

Nature of Principles of Management

The nature of principles of management can be described in the following points:

1. Universal applicability i.e. they can be applied in all types of organizations, business as well as non-business, small as well as large enterprises.

2. General Guidelines: They are general guidelines to action and decision making however they do not provide readymade solutions as the business environment is ever changing or dynamic.

3. Formed by practice and experimentation: They are developed after thorough research work on the basis of experiences of managers.

4. Flexible: Which can be adapted and modified by the practicing managers as per the demands of the situations as they are man-made principles.

5. Mainly Behavioural: Since the principles aim at influencing complex human behaviour they are behavioural in nature.

6. Cause and Effect relationship: They intend to establish relationship between cause & effect so that they can be used in similar situations.

7. Contingent: Their applicability depends upon the prevailing situation at a particular point of time. According to Terry, “Management principles are ‘capsules’ of selected management wisdom to be used carefully and discretely”.

Management is the process of planning, organising, staffing, directing and controlling the enterprise resources efficiently and effectively for achieving the goals of the organisation.

Which of the following is not an element of delegation?(a) Accountability(b) Authority(c) Responsibility(d) Informal organisation

Answer:Informal Organisation

Explanation: Informal Organisation is not an element of delegation.

Delegation means designating or transferring of authority to subordinates or another person. For example assigning of work by a manager to a subordinate to execute certain activities. It is the most important concept of management leadership.

The person who assigns the work is held accountable for the result of the delegated work. Delegation provides decisions making power to the subordinate . For example shifting of authority for making decision from one level to a lower one in the organisation.

Delegation  has three major elements such as authority, accountability and responsibility .

The term informal organisation means relationship which arises in an organisation because of informal communication among the employees . These are informal communication in nature. Unlike delegation it does not  involve any formal communication.