The Syllabus or courses in Business Studies and Accountancy are introduced at + 2 stage of Senior Secondary Education as formal commerce education is provided after first ten years of schooling. Therefore, it becomes necessary that instructions in these subjects are given in such a manner that students have a good understanding of the principles and practices bearing in business (trade and industry) as well as their relationship with the society. Business is a dynamic process that brings together technology, natural resources and human initiative in a constantly changing global environment. To understand the framework in which a business operates, a detailed study of the organisation and management of business processes and its interaction with the environment is required.
Concept includes meaning and features
Content After going through this unit, the student/ learner would be able to: History of Trade and Commerce in India: Indigenous Banking System, Rise of Intermediaries, Transport, Trading Communities: Merchant Corporations, Major Trade Centres, Major Imports and Exports, Position of Indian Sub-Continent in the World Economy. To acquaint the History of Trade and Commerce in India Business – meaning and characteristics Understand the meaning of business with special reference to economic and non-economic activities. Discuss the characteristics of business. Business, profession and employment- Concept Understand the concept of business, profession and employment. Differentiate between business, profession and employment. Objectives of business Appreciate the economic and social objectives of business. Examine the role of profit in business. Classification of business activities - Industry and Commerce Understand the broad categories of business activities- industry and commerce. Industry-types: primary, secondary, tertiary Meaning and subgroups Describe the various types of industries. Commerce-trade: (types-internal, external; wholesale and retail) and auxiliaries to trade; (banking, insurance, transportation, warehousing, communication, and advertising) – meaning Discuss the meaning of commerce, trade and auxiliaries to trade. Discuss the meaning of different types of trade and auxiliaries to trade. Examine the role of commercetrade and auxiliaries to trade. Business risk-Concept Understand the concept of risk as a special characteristic of business. Examine the nature and causes of business risks.
Sole Proprietorship-Concept, merits and limitations. List the different forms of business organizations and understand their meaning. Identify and explain the concept, merits and limitations of Sole Proprietorship. Partnership-Concept, types, merits and limitation of partnership, registration of a partnership firm, partnership deed. Types of partners Identify and explain the concept, merits and limitations of a Partnership firm. Understand the types of partnership on the basis of duration and on the basis of liability. State the need for registration of a partnership firm. Discuss types of partners –active, sleeping, secret, nominal and partner by estoppel. Hindu Undivided Family Business: Concept Understand the concept of Hindu Undivided Family Business. Cooperative Societies-Concept, merits, and limitations. Identify and explain the concept, merits and limitations of Cooperative Societies. Understand the concept of consumers, producers, marketing, farmers, credit and housing cooperatives. Company - Concept, merits and limitations; Types: Private, Public and One Person Company – Concept Identify and explain the concept, merits and limitations of private and public companies. Understand the meaning of one person company. Distinguish between a private company and a public company. Formation of company - stages, important documents to be used in formation of a company Highlight the stages in the formation of a company. Discuss the important documents used in the various stages in the formation of a company. Choice of form of business organization Distinguish between the various forms of business organizations. Explain the factors that influence the choice of a suitable form of business organization.
Public sector and private sector enterprises – Concept Develop an understanding of Public sector and private sector enterprises Forms of public sector enterprises: Departmental Undertakings, Statutory Corporations and Government Company. Identify and explain the features, merits and limitations of different forms of public sector enterprises Multinational Company – Feature. Joint ventures, Public private partnership – concept Develop an understanding of multinational company, joint ventures and public private partnership by studying their meaning and features.
Business services – meaning and types. Banking: Types of bank accounts - savings, current, recurring, fixed deposit and multiple option deposit account Understand the meaning and types of business services. Discuss the meaning and types of Business service Banking Develop an understanding of difference types of bank account. Banking services with particular reference to Bank Draft, Bank Overdraft, Cash credit. E-Banking meaning, Types of digital payments Develop an understanding of the different services provided by banks Insurance – Principles. Types – life, health, fire and marine insurance – concept Recall the concept of insurance Understand Utmost Good Faith, Insurable Interest, Indemnity, Contribution, Doctrine of Subrogation and Causa Proxima as principles of insurance Discuss the meaning of different types of insurance-life, health, fire, marine insurance. Postal Service - Mail, Registered Post, Parcel, Speed Post, Courier - meaning Understand the utility of different telecom services
E - business: concept, scope and benefits Give the meaning of e-business. Discuss the scope of e-business. Appreciate the benefits of ebusiness Distinguish e-business from traditional business. Business Process Outsourcing (BPO): Concept, need and scope Understand the concept of outsourcing. Examine the scope of outsourcing, appreciate the need of outsourcing. Discuss the meaning of Business Process Outsourcing and Knowledge Process Outsourcing
Concept of social responsibility State the concept of social responsibility. Case of social responsibility Examine the case for social responsibility. Responsibility towards owners, investors, consumers, employees, government and community. Identify the social responsibility towards different interest groups. Role of business in environment protection Appreciate the role of business in environment protection. Business Ethics - Concept and Elements State the concept of business ethics. Describe the elements of business ethics.
Concept of business finance State the meaning, nature and importance of business finance. Owners’ funds- equity shares, preferences share, retained earnings, Global Depository receipt (GDR), American Depository Receipt (ADR) and International Depository Receipt (IDR) – concept Classify the various sources of funds into owners’ funds. State the meaning of owners’ funds. Understand the meaning of Global Depository receipts, American Depository Receipts and International Depository Receipts. Borrowed funds: debentures and bonds, loan from financial institution and commercial banks, public deposits, trade credit, Inter Corporate Deposits (ICD). State the meaning of borrowed funds. Discuss the concept of debentures, bonds, loans from financial institutions and commercial banks, Trade credit and inter corporate deposits. Distinguish between owners’ funds and borrowed funds.
Entrepreneurship Development (ED): Concept, Characteristics and Need. Process of Entrepreneurship Development: Start-up India Scheme, ways to fund start-up. Intellectual Property Rights and Entrepreneurship Understand the concept of Entrepreneurship Development (ED), Intellectual Property Rights Small scale enterprise as defined by MSMED Act 2006 (Micro, Small and Medium Enterprise Development Act) Understand the meaning of small business Role of small business in India with special reference to rural areas Discuss the role of small business in India Government schemes and agencies for small scale industries: National Small Industries Corporation (NSIC) and District Industrial Centre (DIC) with special reference to rural, backward areas Appreciate the various Government schemes and agencies for development of small scale industries. NSIC and DIC with special reference to rural, backward area.
Internal trade - meaning and types services rendered by a wholesaler and a retailer State the meaning and types of internal trade. Appreciate the services of wholesalers and retailers. Types of retail-trade-Itinerant and small scale fixed shops retailers Explain the different types of retail trade. Large scale retailers-Departmental stores, chain stores - concept Highlight the distinctive features of departmental stores, chain stores and mail order business. GST (Goods and Services Tax): Concept and key-features Understand the concept of GST
International trade: concept and benefits Understand the concept of international trade. Describe the scope of international trade to the nation and business firms. Export trade – Meaning and procedure State the meaning and objectives of export trade. Explain the important steps involved in executing export trade. Import Trade - Meaning and procedure State the meaning and objectives of import trade. Discuss the important steps involved in executing import trade. Documents involved in International Trade; indent, letter of credit, shipping order, shipping bills, mate’s receipt (DA/DP) Develop an understanding of the various documents used in international trade. Identify the specimen of the various documents used in international trade. Highlight the importance of the documents needed in connection with international trade transactions World Trade Organization (WTO) meaning and objectives State the meaning of World Trade Organization. Discuss the objectives of World Trade Organization in promoting international trade.
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