The present edition is intended to serve the following aims: Adequate emphasis has been given to conceptual clarity, working of business processes and application of basic concepts to satisfy the three learning objectives, i.e., Knowledge, Understanding and Application. The whole subject-matter has been presented in a simple language and student friendly style for the benefit of beginners to the management discipline. Suitable diagrams, tables and boxes have been given at appropriate places to make the subject self-explanatory. Summary has been given at the end of each chapter for the quick recapitulation of the topics covered. To facilitate self-examination by the students, Short-answer and Long answer questions have been given in a logical sequence at the end of each chapter. Each chapter features Objective type questions including multiple choice questions (MCQs), assertion-reason type and competency-focused questions designed to help students sharpen analytical skills and enhance critical thinking across diverse topics.