ECONS 101

PRODUCTION

Hey Guyz, Happy Friday 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. JESUS IS LORD!!!

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.

b. Non- Durable Goods- They are goods that can only be used once. For example, Bread, Drugs, Egg, Meat etc.

2. PRODUCER/ CAPITAL GOODS: These are goods used by people for further production of

FINANCIAL ACC 101

10:49 am ACC 101, HOME No comments

ILLUSTRATIONS ON THE SUBSIDIARY BOOKS

Hey Guys, Happy Mid-Week. This is a Continuation of what we did last so enjoy!.

EXAMPLE 1:

Write up the purchases journal of Jordan & sons, and post to the ledgers for the month of July 2012.

Sept 9-Bought from Coca cola, 15 crates of coke @ N250 each and 10 crates of Fanta @ N170 each. Trade Discount of 10%.

Sept 12-Bought from PZ Ltd, 140 bags of flour @ N20 each and 400 bags of sugar @ N10 each. Trade Discount of 15%.

Sept 13-Bought from Samsung, 3 sets of IPads @ N550 each and 4 sets of LCD TV’S @ N750 each. Trade Discount of 12%.

Sept 14-Bought from Drumsticks Restaurant, 7 packs of Roasted Chicken @ N500 each and 4

DIVISION OF LABOUR

Hey Guyz, Happy Monday. It's a new Month, MARCH is here. 2015 is really fast, don't you think? Well am just glad we all made it, so many pple have already lost their lives and we aren't better than them at all, God is just Faithful always. So today we are on a New Topic, New Month New Topic. So Let's get started!

Division of Labour is the co-operative specialization of labour. It dates back to as early as the start of civilization and was practiced by the Sumerians to group different jobs according to various skills of the members of the society. Division of Labour is historically associated with increased growth in total output and is viewed as the rise of Capitalism. It also helps to solve some of the complex industrialization processes. Division of Labour as explained by Adam Smith can be restricted based on the market extent. Adam has suggested that the bigger the market the higher the specialization. It can then be said that the Global market that we are currently enjoying has resulted to so much specialization. The conditions for Specialization to thrive on the global market are a free trade, free mobility and migration of labour. In Simplified Form, Division of Labour is the breaking down of production processes into smaller and separate units which allow for multiple small performances by different individuals and also machines. For Example, When Machine A mixes the batter and