Mr. Nicholas Osime

 Profit & Loss Account: This is an account prepared after the preparation of the Trading Account. It is debited with all operational expenses and credited with the gross profit and all other revenue accruing to a business. Purpose of Preparing…

Meaning of a Trial Ba;ance A trial balance is a list of debit and credit balances extracted from the ledger. The trial balance shows the arithmetical accuracy of ledger entries. Double entry book keeping requires that the totals of the…

A source document is the original record of transaction.it states the basic facts of the transaction such as its date, purpose (description of transaction), quantity of the goods exchanged, amount of money involved, name of the seller and buyer and…

What is book keeping? Book keeping is the name used to describe the recording of cash and credit transactions so that information relating to the transactions may be easily obtained. Book-keeping is an important activity which is performed by an…

What is Chemicals  Chemicals are essential components of our daily life. They are substance which are used for certain processes or tasks performed in the laboratory, workshop, home, industry and other place where work is done. Chemicals are very useful,…

What is business? Business is defined as all forms of activities that people engage in to satisfy their needs of people and sometimes also make profit. Business organisation is a commercial or industrial enterprise and the people who constitute the…

Truthfulness means being honest in what we say or do without lying or distorting the truth. It is the quality of being honest, consistent and straight forward in speech and action. A truthful person is an honest person. He or…

Learn the meaning, types, importance, and functions of commerce in business, including trade, aids to trade, and export promotion

Occupation can be defined in different ways. For instance. There are several things people do to earn a living. However, some of them are not legal e.g. stealing and cybercrimes are illegal e.g. of legal occupations are carpentry, fishery, mining,…

Office equipment or office machines are the machines or equipment used to carry out work in an organisation or establishment to make work easier and faster. Advantages of Office Equipment/Machine Disadvantages of Office Equipment/Machine Factors to Consider when Choosing Office…

Personnel Department This department is also refers to as human resources or human capital department. It is responsible for staff related matters. It is headed by a personnel manager or human resource manager or human capital Responsibilities Production department This…