FINANCIAL ACCOUNT 101.

         INTRODUCTION TO ACCOUNTING.

Hey Guys, we are starting a new Subject Today. For the Commercial Class People, other subjects will be introduced as time goes on, so sit back and enjoy.

WHAT IS FINANCIAL ACCOUNTING?

   Account can be as the Recording, Classifying, Creating, Summarizing and Communicating of Financial Information to interested Parties, to help in making specific Business Decisions. In Order words, it includes all processes involved in preparing a Financial Document.

Book Keeping is the act of Recording and Classifying Financial Transactions on a Daily Basis into Appropriate Books. It is a Part of Accounting; it is done using the Double Entry System.

IMPORTANCE OF BOOK KEEPING & ACCOUNTING.

1.      Accounting Information can be used for Decision-Making.

2.      It Provides Permanent Records for all Transactions.

3.      It Helps to Ascertain the True Position of the Business.

4.      It Helps to Prevent Fraudulent Practices.

5.      It is used for Tax Assessment.

6.      It Helps to Ascertain the Assets and Liabilities of the Business.

7.      It Shows the Income and Expenditure of the Company.

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COMMERCE 101.

               OCCUPATION & CLASSIFICATIONS.

Hey Guys, Hope you all had a Wonderful weekend? Cos I did, it’s still good to be back today. So let’s get started on our topics for today.

OCCUPATION:

      Occupation is any Economic Activity which people engage in, to create Goods & Services in order to make a Living. In Order words, what a person engages in, to make money as a Salary or Wage. For example, Teaching by Teachers, Banking by Bankers, Selling by Traders and Business People etc.

CLASSIFICATIONS OF OCCUPATION.

Occupation can be classified into three main groups namely:

1.     Industry

2.     Commerce

3.     Services.

INDUSTRY.

This is all the Segments involved in Producing a Good or Service housed under one Umbrella. In Order words, it can be defined as all that concerns the Physical Production of Goods & Services, which include-Extracting Raw Materials and the

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COMMERCE 101.

                        FOREIGN TRADE & AIDS TO TRADE.      

Hey Everyone, Its Been a while-Right?. I know and am sorry it took this long to post again. It’s just that when you start something NEW, you face a lot of oppositions, but not to worry am here now and we will pick up from where we stopped.

So we stopped at Home Trade, Today we continue from FOREIGN TRADE.

FOREIGN TRADE:

Foreign Trade is simply when a business Transaction happens between people living in two or more Countries. For Example, Nigeria as a Country sells Oil to countries like the USA (United States of America), in exchange for money. When we buy things like Clothes, Shoes etc on the internet from London or Paris in exchange for money using our Master Cards, we are engaging in FOREIGN, INTERNATIONAL or EXTERNAL TRADE. Moving on there are types of Foreign Trade, and they include:

1.    Bilateral Trade- which is a type of Trade between only two Countries, like our example above about Nigeria & USA. It is between only (2) Countries.

2.    Multilateral Trade- is a trade between more than two Countries, like a Trade between Nigeria, Ghana & South Africa.

DIVISIONS OF FOREIGN TRADE:

1.    Import: is the act of buying goods from a country. For Example Buying Cars from the US is IMPORT.

2.    Export: is the act of selling goods to another country. For Example Selling Oil to the US as mentioned earlier.

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