ECONS 101

BRANCHES OF ECONOMICS.

Hey Guyz, Happy Last day of the week. Happy Friday, It’s a beautiful day don’t you agree?. Am just too grateful for life and Beauty.

 Let’s get straight to work.

Economics can be grouped into two major groups namely: Micro- Economics and Macro- Economics.

MICRO-ECONOMICS.

Micro- Economics refers to the branch of economics that deals with smaller units/components of the economy. It is the branch of economics that studies the economic actions of individuals, firms and governments. It relates to cost, output, production, pricing and the marketing activities of households, firms and governments. It is the branch of Economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households. It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers. In particular, Microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets (e.g. coffee industry).

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FINANCIAL ACC 101

THE ACCOUNTING EQUATION & INTRODUCTION TO THE BOOKS OF ACCOUNT.

Hey Guys, today is a new day and we are going to have fun on the above mentioned Topics.

The Accounting Equation is the Fundamental Equation of the entire financial account. In order words, it the beginning of all equations in account as a whole, the Foundation.

1.     Assets are properties of a business. They are things owned by a business and are expected to be of Future Benefit. For example, Motor Van, Furniture & Fitting, Stock etc.

2.     Capital is the Total amount invested by the owner of a business. It is the Net Worth of a business.

3.     Liabilities are amounts of money owed by a business to outsiders. For example, Bank Overdraft, Creditors etc.

Therefore, the account equation is:

Assets= Capital + Liabilities

Example 1:

                    

Assets	Liabilities	Capital
a)      550,000	?	200,000
b)          ?	170,000	80,000
c)       260,000	60,000	?
d)      140,000	?	100,000

       a)     Assets= Capital + Liabilities

             550,000= 200,000 + L

            

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COMMERCE 101

OCCUPATION

Hey Guys, Happy New Week. Okay this past Saturday was VALENTINE'S DAY. So this is Edu-Made-Easy Blog Crew wishing you a Happy Belated Valentine's Day....

LOLZ, So back to business. We ended our Commerce 101 Session last week with some WAEC {West Africa Examination Council} Questions which are repeated below along with the correct answers to them. These Questions are to help Simplify the process of Understanding and Learning this Topic, so we should take them very seriously Guyz....

SOME QUESTIONS:

1. Production ends when Goods? (WAEC 1989)

ANSWER: And Services reach the Final User.

2. If a Business Man imports stock fish with a view to exporting them to other countries, this form of trade is known as? (WAEC 1989)

ANSWER: Entre-port Trade.

3. Buying and Selling of Goods and Services within the Geographical Areas of a Country is called? (WAEC 1989)

ANSWER: Domestic Trade.

4. Are Warehouses established to avoid changes in prices from resulting in shortage? True/False (WAEC 1989)

ANSWER: True.

5. Is the Retailer the Last Link in the Chain of Distribution? Yes/No ( WAEC 1989)

ANSWER: No.

So on to the Topic of the Day, we are rounding up our previous topic and beginning a New one.

FACTORS AFFECTING THE GROWTH OF COMMERCE IN WEST AFRICA

1. Lack of Sufficient Capital- Like this is very relatable, without Money Business can't be and when Business can't be then Commerce is DEAD. so for Commerce to be Alive then Business has to be Alive, and for Business to be Alive Money otherwise called Capital has to be on ground. Most times also the Capital can be Materials and Machineries which can also be lacking and this is not good for Commercial Activities.

2. LOW LEVEL OF EDUCATION- This can also affect Commerce because ignorance of a Business person about the industry his involved in might limit his activities and slow down Commerce. For example, If a Farmer is ignorant of the Modern Equipments and Techniques in Agriculture, then he would be grounded and so will the commercial activities in his environment.

3. CONSTANT CHANGE OF GOVERNMENT- This is a factor that is not too considered but the truth is with the change of governments laws change, new laws are enforced and some businesses are favoured in one Regime more than the other and this can make Business(es) suffer and in turn Commerce suffers.

4. LACK OF WELL-DEVELOPED AIDS TO TRADE- This has to do with the Country's General Development in terms of- Banking, Transportation, Communication etc and most of it has to do with Enabling Laws being made available in the Country and the absence of these 'Enabling Laws' can affect Commerce deeply.

OCCUPATION

This is any Economic/ Productive Activity which people engage in, to create/ procure goods and services in order to make a living. For example- Teaching, Buying and Selling etc.

CLASSIFICATION OF OCCUPATION:

* Industry

* Commerce

* Services

1. INDUSTRY

These are all the activities that concerns with the physical production of goods. here, people engaged in extracting raw materials from sea or soil and change them into finished goods.

TYPES OF INDUSTRIAL OCCUPATION:

# Extractive Industrial Occupation- This involves the getting of the raw materials that when processed is turned into finished goods, that gets to the final consumers. This is making available the raw materials to be used for production and can also be referred to as the PRIMARY STAGE OF PRODUCTION. This includes activities like- Farming, Mining, Forestry etc. As said earlier it involves getting materials from the sea or soil.

# Manufacturing Industrial Occupation- This involves processing and turning of Raw Materials into Finished Goods, like I humorously say 'This is where the MAGIC Happens' lolz. This involves taking the Raw Materials gotten from the Primary Stage of Production and turning them into Finished Goods that can be Distributed to the Final Consumers, and this activities include- Plastic Making, Shoe Making, Textile Making etc.

This brings us to the end of today's session. Hope this was very helpful to you, leave a comment of what you think of this tutorial and of your questions below. Have a Blessed Day and Remember You are Amazing. God Bless.

 

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FINANCIAL ACC 101

    INTRODUCTION TO ACCOUNTING.

Hey Guys, It's a New Day again, hope your day yesterday was awesome cos mine was.  Well for today we are beginning this course afresh like the others we are revisiting what we have treated in order to better digest it.

WHAT IS FINANCIAL ACCOUNTING?

   Accounting is the art of Recording, Classifying, Creating, Summarizing and Communicating in a systematic manner, 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.

DIFFERENCE BETWEEN BOOK KEEPING & ACCOUNTING.

1.      In Book Keeping, it requires a few weeks/months to become a Proficient Book Keeper. While In Accounting, it requires several years and experiments to become a Professional Accountant.

2.      Book Keeping involves Day-to-Day Recording of Transactions whereas; Accounting involves Designing of Accounting System.

3.      Book Keeping is a small part of Accounting whereas; Accounting goes beyond Recording of Transactions.

4.      Book Keeping involves Recording and Classifying Transactions while, Accounting involves Recording, Classifying, Summarizing, Analyzing and Interpretation of Financial Statement/Transaction.

USERS OF FINANCIAL INFORMATION.

1.      Government for Decision-Making and Statistics.

2.      Business Owners for Assessing the Progress of the Business. To know if the Business made Profit or Loss.

3.      Employees need it to know the level of the business and also to determine the Wage Demand, and Working Condition of the people.

4.      Investors need it to know the strength and Financial Position of the Business.

5.      Tax Authorities need it to fully ascertain the tax of the Business.

6.      Competitors need it to know the level of other companies in order to improve.

7.      Banks need it to ascertain the Health of the Business, if the Owner wants to take a Loan.

8.      Creditors.

9.      Financial Analyst.

10.  Public.

HISTORY OF ACCOUNTING.

The Precise Date when Book Keeping Originated is unknown but the Information available states that Book Keeping is as old as man.

    The Starting Point can be linked to the merchants in the Babylonian and Assyrian civilizations about 4000 years B.C. The modus operandi (way of doing things) for keeping records then was to make marks on the wall/stone/papyrus/wax tablets. The Method of keeping financial records was highly primitive.

  The history of accounting is not complete without mentioning an Italian monk and mathematician LUCCA PACIOLO. In 1494 the crucial event in accounting was the introduction of the Double Entry System called ITALIAN METHOD by LUCCA PACIOLO. He said all transactions must have double entry on the debit side and credit side.

   In 1605, a Dutchman called Simeon Stephen advocated the profit and loss account at yearly intervals.

     In 1665, The Preparation of Balance Sheet was introduced. The level of civilization through Technology Advancement helped in the development of modern methods of accounting.

   The Industrial Revolution increased the scale of business transactions based on this; more methods of accounting were needed. This was followed by the formation of Professional Accounting Bodies like I.C.A England and Wales in 1880, I.C.A Scotland In 1854, Association of Public Accountants in USA 1887 etc.

     In Recent Years, the Rules, Policies and Principle guiding Accounting Processes in Nigeria was almost the same as the ones in Britain.

    In 1965, the Institute of Chartered Accountants of Nigeria was established and Affiliated with the professional bodies in USA & Britain.

     In 1982, Nigeria Accounting Standard Board was born to set standards to guide accounting operations. Members include-Central Bank of Nigeria, Finance Ministry, Nigeria Accounting Teachers Association, Chamber of Commerce etc.

   Now in Nigeria, There are two Recognized Bodies namely, Institute of Chartered Accountants of Nigeria (ICAN) and Association of National Accountants (ANA).

PROFESSIONAL BODIES:

1.     Institute of Chartered Accountants of England and Wales.

2.     Institute of Chartered Accountants of Scotland.

3.     Institute of Chartered Accountants of Ireland.

4.     Association of Chartered Accountants.

5.     Association of National Accountants of Nigeria (ANAN).

6.     Institute of Chartered Accountants of Nigeria (ICAN).

7.     Association of Accounting Technicians.

8.     Institute of Cost and Management Accountants.

9.     Chartered Institute of Public Finance and Accountancy.

Hope this was very helpful to you, leave a comment of what you think of this tutorial and your questions below. Have a Blessed Day and Remember You are Amazing. God Bless.

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ECONS 101

  INTRODUCTION TO ECONOMICS

Hey Guyz, This is our First Official Economics Post for 2015, So we are Excited!!!. We are going back to the Beginning, to the Basics to truly understand what Economics is all about.

MEANING AND BASIC CONCEPTS.

Economics in my own understanding is a social science that studies human beings and their behavior. Most especially, their behavior in relation to production, distribution of wealth and business. It is also concerned with the analysis and explanation and not mere descriptions, of why standards of living in different countries vary

Some famous definitions of Economics include-

Alfred Marshal who defined economics as “A Study of Mankind in the ordinary business of life.”

Adam Smith defined economics as “An Inquiry into the nature and causes of wealth of nations.”

John Stuart Mill defined economics as “The Practical science of Production and Distribution of Wealth.”

H.J. Davenport defined economics as “The science that treats phenomena from the

stand point of price.”

However, the most generally accepted definition of economics is the one put forward by Prof Lionel C. Robbins. He defined Economics as “The Science which studies human behavior as a relationship between ends and scarce means which have alternative uses.

This definition is more acceptable because it covers Scarcity, wants, human behavior and choice. The ends here mean human wants, desires and needs which are numerous. 

Scarce means are the limited available resources used in satisfying the numerous human wants. This all put together is that the means to satisfy our human wants are limited. 

Alternative uses stands for the scarce resources that can be used for different purposes.

NATURE & SCOPE OF ECONOMICS.

Economics belongs to a group of subjects called the SOCIAL SCIENCES. Other of such subjects is Government, Political Science, Philosophy, Anthropology, Religious Studies, Psychology, Geography, Sociology etc. All these subjects deal with various aspects of human behavior.

Even though Economics is often regarded as a science subject, it does not assume the same level of precision and accuracy as any of the natural/ pure/ physical sciences like chemistry, physics and biology. This is because economics deals with human behavior, which is very complex and changes from time to time depending on circumstances.

BASIC CONCEPTS OF ECONOMICS.

1.     WANTS- are an insatiable desire/ need by human beings to own goods/ services that give satisfaction. The basic needs of man include- Food, Clothing, and Shelter. They are unlimited in number and nature.

2.     SCARCITY- is defined as the limited supply of resources which are used for the satisfaction of unlimited wants. In other words, they are the inability of human beings to provide themselves with all the things they desire/want.

3.     SCALE OF PREFERENCE-is defined as a list of unlimited wants arranged in the order of their relative importance. That is, in the order in which they matter to you. For instance, a book might be more important to you to buy now than even a car. Your list of priorities in the order of importance.

4.     OPPORTUNITY COST- It is the same as Alternative Forgone. That is, what you give up in order to gain something else, on your Scale of Preference what you delay in order to do another. When you prefer to buy a Beats by Dr Dre Headset over a pair of Nike Sneakers, the Sneakers are the alternative forgone/opportunity cost.

IMPORTANCE OF SCALE OF PREFERENCE:

a.     Ranking of Needs- Scale of Preference helps to put our needs in their right order. Order of Priority.

b.     Financial Prudence- It helps to make you more financially managed and accountable.

c.      Identification of Highest Priority- It helps you pick out with ease your highest priority.

WHY WE STUDY ECONOMICS:

1. To equip students with the basic skills for analyzing economic problems in order to take better economic decisions.

2. It helps the Government of a Country to promote growth and development and also improve the standard of living of the citizens.

3. It helps the Citizens to better understand the Economic decisions that are taken by the Government of a Country.

BASIC ECONOMIC PROBLEMS

1. WHAT TO PRODUCE- This is a Fundamental Question for every industry needs to answer, Are we going to be a Goods/ Service Provider? If Goods What Good do we Specialise In? If services What service do we specialise in? Questions like this are a must to be answered before any economic activity can take place.

2. HOW TO PRODUCE-  This is another fundamental question to ask. Are we Labour/Capital Intensive? Is this a Small-Scale/Large-Scale Production Company? These must receive answers before an industry is born.

3. FOR WHOM TO PRODUCE- This talks about your Target Market. Is it Women/Men/Youths/Elderly/Children/Adolescents. This talks about having a focus and purpose. Should it be for the Rich/Super-Rich/Wealthy/Average/Poor etc.

These are fundamental questions that must be answered before a Company or Industry can be set up.

Hope this was very helpful to you, leave a comment of what you think of this tutorial and your questions below. Have a Blessed Day and Remember You are Amazing. God Bless.

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COMMERCE 101

                          DIVISION OF TRADE

Hey Guyz, We are Back with the continuation of the Topic we started last week. Hope your weekend was splendid cos mine was... Well let's get right to business.

1. HOME TRADE

We defined it in our last session and it is divided into: a.) Wholesale b.) Retail.

a. WHOLESALE TRADE- It is the buying of goods in large quantity from Producers and selling of goods in large quantity to Retailers. For Example, A Huge Store Like Next In Abuja Nigeria buys in large quantity from the companies that produce these goods in order to sell to their customers in large quantity which can be smaller supermarkets or stores.

b. RETAIL TRADE- It is the buying of goods in small quantity from Wholesalers and selling of goods in smaller quantity to consumers and customers. For Example, When Small Stores buy in smallquantities and sell in smaller quantities to you, like where you go to buy a pack of sugar is a Retail Store because they sell in small quantity to you.

2. INTERNATIONAL TRADE

We defined it in our last session and it has 2 types, which are: a.) Bilateral b.) Multilateral.

a. BILATERAL TRADE- It is a trading between two countries. Like when We in Nigeria buy goods online from other countries like the UK, USA etc.

b. MULTILATERAL TRADE- It is a trading between more than two countries. Like a Trade between Nigeria, Ghana & Kenya.

It is however divided into three, namely:

i. IMPORT- It is the act of bring in (buying) goods and services from other countries into your country of residence. That is receiving Goods and Services from a different Border or geographical Location.

ii. EXPORT- It is the act taking goods & services to other countries from your own country. It is selling goods and services to other countries from your country for the purpose of increasing your brand popularity.

iii. ENTRE-PORT- It is the act of buying goods & services from one country to re-sell to other countries. It is double-way.

AIDS-TO-TRADE

1. BANKING- They are there to provide funds in form of loan and overdraft to individuals and companies to promote their businesses and industries. They indeed help Trade move in accelerated form and also enable employment to be provided to more people.

2. TRANSPORTATION- This is essential for Businesses that depend heavily on transportation, that is moving of the goods from the Production point to the Distribution point (Market). So the provision of Good and Portable Roads in the communities is very important and this is one of the aids to trade that involves Government's input.

3. ADVERTISING- This is solely the responsibility of the company in question, they have the burden of increasing the awareness of the customers about their goods or services. Be it by Catalog, Free Sample, Trade Fair, Fliers or Tv & Radio.

4. WAREHOUSING- This is also for the company to handle, making provision for the storage of some goods for future purposes is vital to the healthy growth of the company and its revenue and profit. It means you are never without your goods for the purpose of Purchase etc.

5. COMMUNICATION- This is mostly within the company and amongst the employees of the company. It involves sending and receiving information from one place to another through the Internet, Intranet or Telephone etc.

6. INSURANCE- This involves putting up security for the business in case of Loss in order to get restored to former position in such cases. It's very important especially for big budget and capital intensive businesses and companies.

FUNCTIONS OF COMMERCE

1. It helps to develop the Technology in the country and it also provides new ideas for what technology can step in to make better.

2. It provides lots of Employment Opportunities for the masses and it improves people's standard of Living and the Per Capita Income.

3. It contributes to the factors that satisfy the wants of man, it helps get our wants and needs met.

SOME QUESTIONS:

1. Production ends when goods? (WAEC 1989)

2. If a Business Man imports stock fish with a view to exporting them to other countries, this form of trade is known as? (WAEC 1989)

3. Buying and selling of goods and services within the geographical areas of a country is called? (WAEC 1989)

4. Are Warehouses established to avoid changes in prices from resulting in shortage? True/False (WAEC 1989)

5. Is the Retailer the Last Link in the Chain of Distribution? Yes/No ( WAEC 1989)

This brings us to the end of today's session, Pls do attempt the questions above, this is one of the changes we have inputted. Hope this was very helpful to you, leave a comment of what you think of this tutorial and of your questions below. Have a Blessed Day and Remember You are Amazing. God Bless.

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COMMERCE 101

                     INTRODUCTION TO COMMERCE

Hey Guys, This Year we are going to run by the special Grace of God a three-days per week blogging schedule, where we will upload posts on only three days in the week. This is to ensure that we adequately prepare our posts and give attend to promoting this blog more and to increasing the traffic and page views of this blog per day and week. To all those that kept coming every day, week or month to read what we have posted throughout the year 2014, this is me saying THANK YOU & GOD BLESS YOU ALL.

So back to business, we said in our last post that we will revisit all the topics we treated last year, in order to further break it down and understand it. So today we are starting Commerce 101 again!!!.

             Commerce we said is all about Production, Distribution & Exchange of Goods & Services. In Order words, it concerns all activities that make Trade & Aids-to-Trade possible. Now to add to that definition we are saying that commerce is for instance when a Milk Producing Company like Cowbell (In Nigeria) drills the milk in raw form from the cow and processes it to give us Evaporated ones or Powdered ones, now it is produced and a Mart like Wal-Mart buys it from Cowbell and thenMr. Van buys a sachet of cowbell. This is the process of commerce, we all perform commercial activity everyday knowingly and unknowingly.

        Scopes of Commerce just talks about the branches of commerce and they are just two:

1. Trade

2. Aids-to-Trade

        Trade is buying and selling, giving money and receiving service or good. Meeting the need of the seller (Money) for the seller to meet your (buyer) need (goods/services). It's an interaction of two people or two elements for the purpose of exchange one need for another- goods/services for money or worth or value. It's a Trade-by-Barter Situation only that this time it is more accurate in measure than in an actual Trade-by-Barter. Its paying $45 for a Jimmy Choo Heels or paying $100 to get the Latest Play Station. LOLZ

      Aids-to-Trade are like the catalyst of Trade, the Motivators of Trade, that make Trade possible and easier. In my Definition I stated that they are the auxiliaries to Trade, they are the Agents that Facilitate and help Trade become a Reality.

     DIVISIONS OF TRADE

1. Home Trade

2. Foreign Trade

     HOME TRADE

It is just basically Trading Activities within a Geographical Location, within the borders of a Country. Trade within the United States of America and Trade within the Federal Republic of Nigeria, these are classified as Home Trade. Going to a Supermarket in your area to buy something like a pack of sugar is Home trade while buying Shoes online from America that would be shipped to you is NOT Home Trade. We also said that another name for Home Trade is LOCAL/ INTERNAL TRADE.

      FOREIGN TRADE

It is basically buying across borders and geographical locations, crossing over physically or online to perform trade. For instance, Buying Clothes in Nigeria from Dubai, UK, USA. It can also be referred to as INTERNATIONAL/ EXTERNAL TRADE.

This is where we will draw the curtains for today, Hope you enjoyed every bit of it and hope to see you in our next tutorial by Next week by the Grace of God. Keep revising and understanding this topic. May God Keep you until we meet again. God Bless You. Pls do leave a comment below....

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HAPPY NEW YEAR 2015

       
                                                

                                          HAPPY BELATED NEW YEAR



                I DON'T KNOW WHAT TO SAY GUYZZZ, JUST DAT I MISSED ALL OF U AND AM SOOOO SORRY FOR GOING ON BREAK WITHOUT ANNOUNCEMENT... LOLZ. SCHOOL WAS MUCH MORE HECTIC THAN I CALCULATED IT WOULD BE, BUT AM HERE NW AND THIS IS ME FIRST OF ALL WISHING YOU A HAPPY HAPPY NEW YEAR. 2015 HAS BEGUN AND ITS JUST GLORIOUS TO BE ALIVE IN IT WITH U AMAZING PPLE. 
     THIS YEAR WE WILL SLOW DOWN A BIT TO ACTUALLY REVISE ALL WE HAVE DONE AND TREAT MORE QUESTIONS AND SOLUTIONS AND IT WILL BE SO MUCH FUN COS SCHOOL IS FUN AFTER ALL RIGHT!!!?
          SO HAPPY NEW YEAR AND WELCOME TO EDU-MADE-EASY D NEW LOOK AND D NEW YEAR. HOPE U LIKE D LOOK, ITS MORE ALIVE AND LOVELY. JOIN ME ON THIS NEW JOURNEY INTO HIGH SCHOOL SUBJECTS AND HELP ME BREAK IT DOWN TO THE SIMPLEST POINT POSSIBLE.

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COMMERCE 101

CAPITAL.

Hey Guyz, Happy Friday. Thank God it’s Friday Again, God has been Faithful this week, don’t you think. Well today we are back to Econs. 101.

Capital may be defined as man-made assets used in production. In other words, Capital refers to man-made wealth or goods used to produce other goods and services. It may also be defined as the stock of previous wealth invested in order to produce future wealth. Examples of Capital are Physical Cash, Cutlass, Buildings, Machines, semi-finished goods, and other
equipment.

CHARACTERISTICS OF CAPITAL:

1.     Capital is man-made.

2.     Capital is durable.

3.     Capital exists in different forms.

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FINANCIAL ACC 101

SOLUTION TO QUESTION 1.

Hey Guyz, Happy Thursday to you all. Wow, What a Beautiful Day, don’t you think. I Thank God for the Grace to see this day and to share it with you all, Beautiful in every right.

So hope you guyz were able to try out the questions I gave on yesterday? Any way today, we will provide the solution to the first Question. Here is the Question Below.

QUESTION 1:

You are required to enter up the following transactions for June 1999 in the books of Sharon Ltd. The accounts are then to be balanced off and a trial balance extracted as

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FINANCIAL ACC 101.

MORE EXERCISES ON TRIAL BALANCE.

Hey Guyz, Happy Wednesday. Theres just this feeling of being in the middle of the week, it’s the feeling of Weekend is near. Do you feel it? LOLZ.

Today we are doing something a little bit different, Below are questions that I would love for you guyz and Gals to try out. It’s to improve on our knowledge of this topic and to be sure we totally got this. So Good Luck.

QUESTION 1:

You are required to enter up the following transactions for June 1999 in the books of Sharon Ltd. The accounts are then to be balanced off and a trial balance extracted as at 30^th June 1999.

June 1- Sharon started business by depositing N 25, 000 in a bank a/c.

June 2- Bought motor van on credit from Bilikisu Enterprises N 3, 400.

June 3- Paid rent by

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FINANCIAL ACC 101.

TRIAL BALANCE EXERCISE.

Hey Guys, Happy Tuesday Morning. How was your day yesterday, Hope wonderful? God is set to wow you this week in Jesus Mighty Name- Amen. Today we continue with trial balance in Acc. 101 fully buttress the steps involved in this account.

ILLUSTRATION:

Enter the transactions in the books from the following details for the month of August and extract a trial balance as at 31^st Jan 1997.

Aug 1- Started Business with N 7, 500 in cash

Aug 2- Paid N 3, 500 of the opening cash into a bank account.

Aug 3- Bought goods on credit from Ajala N 135, Kayode N 115, Mark N 55.

Aug 4- Bought office equipment on credit from Ojo N 108.

Aug 6- Sod goods for cash N 501.

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ECONS 101.

LABOUR.

Hey Guyz, Happy New Week and how was your weekend. Hope it was fun, Thank Jesus for the gift of Life and for Health. This week shall bring forth Good news for each and every one of us in Jesus name- Amen. Let’s get straight to work with Econs. 101.

Labour as a factor of production is defined as all forms of human efforts put into or utilized in production. It also refers to man’s mental and physical exertions generated in the process of production. The Rewards for Labour as a Factor of Production comes in form of WAGES & SALARIES.

TYPES OF LABOUR.

There are two main types of labour and they are:

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