COMMERCE 101

                         DIVISION OF FOREIGN TRADE.

Hey Guyz, what’s happening? How are you all doing, hope great? It’s a beautiful day to live, learn and be merry. Today we are continuing our commerce 101 series.

International Trade can be divided into:

a.     Export.

b.     Import.

c.      Enter-port.

IMPORT.

This is the act of buying goods and services from other countries. It is sometimes restricted to control the country’s Balance of Payment.

It can be divided into:

VISIBLE IMPORT- Consists of goods that can be seen and touched ( i.e. Tangible Goods), that are bought from other countries. For example, The Tangible Visible Imports of Nigeria are Automobiles, Machineries, Electronics etc.

INVISIBLE IMPORT- Consists of services that cannot be seen or touched, which are bought from other countries. For example, Banking.

BARRIERS OF INTERNATIONAL TRADE.

1.     Language Problem- Two countries that speak and understand the same language can trade easily. For example, Nigeria trading with America. While it will be difficult

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ECONS 101.

                            PRODUCTION.

Hey Guyz, Happy Thursday to you. How was your day yesterday, hope it was fruitful and cool. Today we are back to Econs 101 with the above topic, so let’s get straight to work.

Production is defined as the various economic activities aimed at the creation of goods and services, and the distribution of these goods and services to the final consumer, for the satisfaction of their human wants.

It is also the creation of Utility, which is the satisfaction derived from consuming a unit of a product. Production can only be complete when the goods and services get to the final consumers.

TYPES OF GOODS.

Goods can be classified into two major groups, namely:

1.     CONSUMER GOODS:  are goods and services that don’t need further production; they can satisfy the wants of the consumer in their form. Like Milk, Services like The Police etc.

Consumer Goods can further be grouped into the following:

a.     Durable Goods- They are goods that can be used over and over again. Like Radio, Television, Cooking Pots etc.

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FINANCIAL ACC 101.

          BALANCING OF LEDGER ACCOUNT.

Hey Guyz, How was your Night. Hope it was beautiful and peaceful? Mine was great. It’s therefore a New day and a beautiful one at that, it’s really an honour to see and experience today don’t you think. Anyways I know it’s kind of been a while we did this subject ACC 101. Let’s get started.

Before the preparation of Trial Balance, the account must be balanced off at regular intervals during the financial year. It is necessary to balance each account in order to ascertain the overall position recorded in the bookkeeping system. In balancing the account, the following procedures must be followed:

1.     Post all debit items.

2.     Add all the items on the debit side.

3.     Post all credit items.

4.     Add all the items on the credit side.

5.     Compare both the two totals.

6.     If the debit side is greater, insert the difference in the credit side.

7.     If the credit side is greater, insert the difference in the debit side.

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