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...

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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...

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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...

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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 31st 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...

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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...

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COMMERCE 101.

MAIN DOCUMENTS USED IN FOREIGN TRADE. Hey Guyz, Happy Friday to you all. Thank God its Friday feeling is in the air and once again we ought to be grateful to God for the precious gift of Life. THANK YOU JESUS. Let’s get started. There are various documents which facilitate International Trade and they include the following: 1.     CERTIFICATE OF ORIGIN This is a document that shows where goods come from or where it is manufactured. This document also enables the custom and excise authorities to determine the duties,...

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FINANCIAL ACC 101.

TRIAL BALANCE EXERCISES. Hey Guyz, Happy Thursday to you all. It’s almost the end of the week again wow, have you guyz noticed at all how quickly time flys. Hmmm it is well. Today we are back to Acc 101 with one more illustration on Trial Balance, so let’s get started. ILLUSTRATION: Enter the following in the books, balance off and extract a trial balance for the month of March 1994. March 1- Started business with N 15,000 in the bank and N 7,650 cash in hand. March 2- Put N 650 of the cash into bank account. March 3- Bought Goods on credit...

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ECONS 101.

FACTORS OF PRODUCTION. Hey Guyz, Happy Wednesday to you. Congratulations for being selected to be in the Land of the Living today. Hope this day brings you Joy unspeakable in all areas of your life. We are continuing from where we stopped in Econs. 101 with the above topic, so let’s get started. Factors of Production refer to Agents, Components or resources which are combined together to produce goods and services. There are four factors of production namely: a.     Land b.     Labour c.     ...

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FINANCIAL ACC 101.

TRIAL BALANCE. Hey Guyz, Happy Tuesday. How was Monday for you, well for me it was all school stuff but it was fun, hope it was at least enjoyable for you? It is well with you today in Jesus Mighty Name- Amen. So today we are back to Acc. 101 and a new topic I pray you will enjoy, let’s get started. Trial Balance is a statement showing the list of balance in a double entry form, extracted from the ledger to show the arithmetic accuracy of the account. The Trial Balance is drawn up at a given date after all the posting have been made in the...

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COMMERCE 101.

    BALANCE OF PAYMENT AND BALANCE OF TRADE. Hey Guyz, Happy Monday. How was the weekend, mine was cute, hope yours was lovely? Any way this is a new week and a new day to live, learn and have fun. So let’s get started. Balance of Trade is the relationship between the values of a country’s import and export of visible items within a particular period of time. If Visible Exports are more than Visible Imports, the Balance of Trade is said to be favorable. On the other hand, if the Visible Import exceeds the Visible Exports,...

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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...

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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...

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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...

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BRINGBACKTHEGIRLS.

I COULDNT LEAVE TODAY WITHOUY LENDING MY VOICE TO HEAVILY EXPRESS MY ANGER AND DISPLEASURE AT THE RECENT DEVELOPMENT IN MY COUNTRY NIGERIA. THE CHIBOK GIRLS THAT WERE ABDUCTED. BRING THEM BACK!!!!!!! GOD BLESS NIGERIA!!!...

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COMMERCE 101.

                                       FOREIGN TRADE. Hey Guyz, It’s a Beautiful Tuesday- isn't it? How was your day yesterday and your rest yesterday, hope it was peaceful and lovely? I Pray in the name of Jesus that he grants you peaceful rest in all areas of your life- Amen. Now to the matter, we are back with Commerce 101 and we are focusing...

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ECONS 101.

  BASIC ECONOMIC PROBLEMS IN THE SOCIETY. Hey Guyz, Happy Monday. It’s actually the first Monday in the month of May and it’s such an honour to be ALIVE don’t you think? Well today we continue Econs. 101. Basic Economics Problems refer to the problems people encounter in the society, while trying to satisfy their numerous human wants, and with the limited resources available. They include- What to Produce, How to produce, for whom to produce and Efficiency of Resource use. WHAT TO PRODUCE. The question of what to produce is one of the...

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ECONS 101.

BRANCHES OF ECONOMICS. Hey Guyz, Happy Last day of the week. Happy Friday, It’s a lovely 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...

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ECONS 101.

        BASIC CONCEPTS OF ECONOMICS CONTD. Hey Guyz, HAPPY WORKERS DAY to the viewers in Nigeria. It’s a day to recognize the workers of all levels in Nigeria and I Pray for more strength and grace to work effectively and productively and most of all joyfully. It’s a new day isn’t it; we are going to continue from where we stopped in Economics 101. Let’s get started. CHOICE. Choice can be defined...

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COMMERCE 101.

                                     WAREHOUSING. Hey Guyz, Sorry for the late posting. Sch and all kept me busy today; anyway we are here now-Praise God. It’s a new day to be glad and to jump for joy because God found us worthy to be alive and well, and ready to...

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COMMERCE 101.

        TYPES OF WHOLESALERS. Hey Guyz, It’s a Happy Tuesday to be Alive, Live, Learn and have Fun. I don’t know about you but I am glad to be alive and be well. I pray we are able to appreciate life more because there are sooooo many people who would do anything to have the Peace and life that we have. So be Grateful. Today we are continuing from where we stopped in commerce 101, with the above topic. Wholesalers can be classified into two board categories, namely: 1.     Merchant Wholesalers. 2.    ...

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SOMETHING NEW !!!!!!.

              A NEW SUBJECT!!!!!!!!!!!!!! Hey Guyz, Am so sorry about last week. God was delivering me from a very fierce battle and I am just too grateful for my life and my Health. Well on a lighter note, we are introducing a new subject today- ECONOMICS 101. We are beginning from the scratch today. ECONOMICS 101 - 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,...

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WATCH GUYZ.

Hey Guyz, Happy Day to learn and have fun don't you think?  Well today we are doing something different. we are not discussing any topic or subject. I came across this video on Youtube and thought of you guyz. so please take just 2mins to sit down and intensively watch this video and i pray that the Grace of God to be doers of the instructions imbeded in this video be released upon you. Have FUN. Until we meet again, remain ever blessed, Remember you are for SIGNS & WONDERS. God bless y...

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FINANCIAL ACCOUNT 101.

  ILLUSTRATION ON PETTY CASH BOOK CONTD. Hey Guys, Happy Thursday. It’s a Beautiful Day to see. It’s such a privilege to see such a day, let alone be well enough to learn and improve one’s self. For that God deserves Praise. Well today we will take one more example on PETTY CASH BOOK in order to fully understand it. ILLUSTRATION: Charles Limited operates a Petty Cash book on the imprest system with a cash float of N 300. The following transactions took place in November 2003. Nov 2- Envelopes N4. Nov 3- Petrol N16. Nov 4- Postage...

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FINANCIAL ACCOUNT 101.

PETTY CASH BOOK. Hello Everyone, it’s a New Day to learn and have fun. We are focusing on the above mentioned topic today. Guyz, am new at this so don't mind the awkward tables drawn for yesterday's topic. Petty Cashbook is the book for recording small expenses. For example- Postage, Stationery, Transport etc. The system for recording petty cash transactions is called IMPEST SYSTEM. In this system, a specific amount is given to cashier to start off accounting period. This specific amount is called CASH FLOAT. The source document for petty...

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FINANCIAL ACCOUNT 101.

    REVISION OF FINANCIAL ACCOUNT 101 CONTD. Hey Guys, It’s a New Day to learn and have fun. The Easter Period is really in the ear and I hope you all have great plans to enjoy this holiday season. Any way we have to finish our revision today on Financial Account 101 for us to fully grasp the foundation of Financial Accounting. DOUBLE COLUMN CASH BOOK. This is a cashbook that has folders for cash and bank transactions. ILLUSTRATION: Enter the following transactions in the cash book and ledger accounts of Mr. Timi for...

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FINANCIAL ACCOUNT 101.

    REVISION OF FINANCIAL ACCOUNT 101 SO FAR. Hey Guyz, Happy Monday. Easter is fast approaching when Jesus was crucified for our sins upon the cross of Calvary…. I pray God opens our eyes to see just how much he loves us….. Okay so today we face Account and we are revising all we have done so far, in order to remind ourselves of the foundation of Account. BOOK-KEEPING we said is the act of receiving and classifying financial transactions in a systematic way, in order to show the financial position of a business at anytime....

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NOTICE

Hey Guys, I just got my hands on this New App that helps students study for exams- WAEC, NECO, JAMB etc.. Here is a link to getting it. http://www.ogbongeblog.com/2014/04/walkieprep-nigerian-app-for-jamb-questions-answers.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SecretInfos-Ogbongeblog+%28Secret+Infos+-+Ogbongeblog+%29 I sincerely suggest it to those preparing for exams right now. Pe...

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COMMERCE 101.

                      WHOLESALE TRADE. Hey Guys, Happy Friday. It’s a New Day to learn and have FUN doing so. Let’s get straight to the point at hand. Wholesaling is a business activity which involves buying of goods and services from the producer in bulk, and selling in small quantities to the retailers and other merchants.  In other words, A Wholesaler is a trader who buys goods in large quantity and sells in small quantity to retailers. FUNCTIONS OF THE WHOLESALER TO THE PRODUCER: 1.      The...

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COMMERCE 101.

               MODERN TREND IN RETAILING. Hey Guys, it’s a lovely Thursday, a new day to Learn and have Fun. So let’s get started on our Topic for today. New Trends have been introduced in Retailing Business because of the dynamic nature of commercial activities. In order to enhance and facilitate business activities, new ideas and Techniques have been introduced. These include: Branding, Self-Service, After-Service, Vending Machine & Repackaging. 1.    ...

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COMMERCE 101.

 LARGE SCALE RETAILING. Hey Guys, It’s been long I know, and I missed you loads….   Anyways, I had to work on balancing my education with this my passion to help people educationally on this blog. So by Gods Grace it’s sorted out and I will be around more often. So today we are discussing the above mentioned Topic, so let’s relax, learn and have FUN.  Large Scale Retailing is a system of trading with large scope of operation. As the name implies it involves trading that is large in nature. It exists in the following: 1.    ...

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