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Book – keeping is the systematic recording of daily transactions (cash and credit) in the appropriate book. It is the art of keeping proper accounting records of business transactions. IMPORTANCE OF BOOK – KEEPING Book – keeping serves as a proof in time of doubt or confusion. It helps to determine the profit of the …
Meaning of chemicals – Chemicals are distinct compounds or substances which are prepared or purified artificially using different chemical reactions. E.g., baking soda, flavours of juice, medicine, food etc. GRADES OF CHEMICALS Reagent A.C.S. – these are used in a laboratory. R. – is used for chemical research. C.C. – is used in the requirements …
Who is a consumer? A consumer is defined as an individual who buys goods for his personal use. He/she buys goods and services and uses them to his satisfaction. Meaning of Market A market is a place or situation where buyers and sellers come in contact to sell goods and services. A market need not …
This is a business organisation which has been in corporation. It is an association of individuals who agreed to jointly put their resources together for the purpose of having a business distinct from their owners. It is a legal entity created through state approval and separate its owners. There are two types of limited liability …
Public corporation is a business organization set up, financed and managed by government not necessarily to make profit but to provide essential services for the members of the public. FEATURES OF PUBLIC CORPORATION It is owned by government It is financed by the tax payers money It is set up to render essentials services to …
SOLE PROPRIETORSHIP Sole trade is the oldest form of business organization. It is a form of business owned, engaged, and controlled by one person to make a profit. Another name for sole trade is sole proprietorship or one–man business. A man/woman who engages in sole trade is known as a sole trader are a shoe …
Entrepreneurship is important. It benefits the locality by creating jobs for people and leads to a better standard of living. Entrepreneurship plays a crucial role in the economy and society as a whole. Here are some key reasons why entrepreneurship is important Importance / Advantages of Entrepreneurship 1. Economic Growth and Job Creation: Entrepreneurs are …
Entrepreneurship is a self-employed person who puts together all the factors of production to start a new venture. In other words, entrepreneur is a person who organises and manages a commercial undertakings or business undertaking.
There are four factors of production namely:
(1) Land : rent
(2) Labour: wages or salary
(3) Capital: Interest
(4) Entrepreneur: Profit
Production is the transformation/changing or conversion of raw materials into finished goods. It is the changing of natural resources or raw materials into finished goods, exchange and distributed in order to satisfy human wants. In other words, it is the creation of goods and service. Production is not complete until the goods reach the final …
The success of any secretarial personnel is strongly dependent on the effective application of some of the basic typing techniques. The techniques that must be mastered in typing for expedient and neat typing are: Tabular key operation + Key _ Line–space regulator Carriage Return lever Margin release lever Alphabetic Sentence Drills Exercise: You are required …
Manuscripts are handwritten scripts or document. Manuscripts may contain correction additions, alterations and abbreviations etc. Proof correction signs Symbol Text Sign Meaning Caps/u.c Change letter business studies Capital upper case letter used # lnsert Insert space ~ University Elias_transpose Elias University , insert Insert comma Common Abbreviation Abbreviation Meaning Abt …
This is made up of cash column, bank column and discount column on both sides of the cash book. CASH DISCOUNT: This is an allowance received or reduction made when cash is paid promptly. It is classified into discount allowed and discount received. Discount Allowed – Is an allowance or reduction given by the business …
This is a cash book that takes care of both cash and bank. It is called double column cash book because it has cash and book column on both debit and credit side. The cash column is used for recording cash and cheque received while the credit side is used for recording all payments made …
Cash book is a book of accounting or ledger account used for recording cash receipt and payments of money. It is used to record all cash received and paid out by the organisations. The cash of a business constitutes cash in hand and cash bank. There are three types of cash book Single column / …
A petty cash book is a cash book used for recording small or minor expenses of the business. Petty means small, the minor expenses may include postage stamp, carriage, telegram, stationary, telephone, envelopes etc. To establish the petty cash an amount called cash float is disbursted to the petty cashier in the beginning of a …
Ledger is a principal book in which transaction are recorded in a summarize form. It is final destination of all transactions in the subsidiary book
Corruption is everywhere, it is a universal problem and everybody wants to eradicate it. The concept of TAP came about because of this reason. T – Transparency. A – Accountability P – Probity. T – Transparency means to be clear, easily understood or quality of being truthful or without a hidden agenda. It also …