COMMERCE 101

LARGE SCALE RETAILING Hey Guys, Happy New Week. The Last in the month of March. This month is soon over, well 2015 has been a FAST year wouldn't you say? Well All to the Glory of God. How was your weekend, mine was splendid. Alright, straight to Business... Large Scale Retailing is a trading with a large scope of operation. Everything is on a bigger scale unlike Small Scale Retailing. Buying is on a Large Scale, Selling is also on a Large Scale. They include: 1. CHAIN/MULTIPLE STORES It is a form of Large Scale Retail Trading whereby the Store...

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ECONS 101

LAWS OF DIMINISHING RETURNS Holla Everyone, wats popping today. Hope today is HEAVEN for you and all your loved ones. JESUS IS LORD 4EVER. Let's get started!!! The Law of Diminishing Returns states that as successive units of a variable factor is applied to a given fixed factor, output will increase at first but it will get to a point at which the addition of one more unit of the variable factor will result in less additional units of output. In order words, The variable Factor here can be Labour or capital and the fixed factor can be land. The...

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FINANCIAL ACC 101

THREE COLUMN CASHBOOK Hey Guys, it’s a new day to live and learn. Let’s get straight to work. Three Column Cashbook is a book that shows or combines Cash, Bank, and Discount on the debit and credit sides. On the debit side of the cashbook is the Discount Allowed column while Discount Received column is on the credit side. Discount is the reduction in the price of Goods in order to encourage Bulk Purchases and Prompt Payment. Types of Discount: 1.     Trade Discount is an Allowance made by Manufacturers...

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COMMERCE 101

CLASSIFICATION OF RETAIL TRADE Happy Monday Everyone, we are here again, wow March has been nice. Hasn't it ? Hope you have enjoyed March so far, anyway we are continuing on the topic we started Last week, pls Enjoy!!!                                                                                           ...

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FINANCIAL ACC 101

                 TWO COLUMN CASHBOOK Hey Guys, Happy Thursday. Sorry that this post is late, something came up but Praise be God that it is here now, so let's get started. Two Column Cashbook is a combination of the Cash Account and Bank Account for the sake of convenience. There are separate columns for Date, Particulars, Folio, Cash and Bank on both the Debit and Credit sides. Cash Column: contains cash receipts and payments. Bank Column: contains all payments made by cheque...

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COMMERCE 101

INTER-RELATIONSHIP AMONG PRODUCTION, SPECIALIZATION & EXCHANGE       Happy New Week Everyone, This is a Beautiful Week and Thank God we are Alive. Let's Get Started!!!.        Exchange is as a result of Specialization and Production. They are related in the sense that Production is enhanced by the broken down processes that are performed by different people. Division of Labor and Specialization creates room for Mass Production. Since individuals are not capable of producing all...

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ECONS 101

FACTORS OF PRODUCTION Hey Guyz, Happy Friday 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. 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                                                                                     ...

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FINANCIAL ACC 101

PRINCIPAL OF DOUBLE ENTRY- SINGLE COLUMN Hey Guys, Happy Friday!!! Hope you enjoyed the week so far? So let’s get started. LEDGER is the final destination of all transactions in the subsidiary books (that is the sales day book, purchases day book etc). It is the most important book of account because it is the book that contains permanent records of all Transactions in a summarized and classified form. Transactions are recorded here, using the Double Entry System of Book keeping. RULES OF DOUBLE ENTRIES: 1.     For Every...

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COMMERCE 101

QUESTIONS ON PREVIOUSLY TREATED TOPICS Hey Guyz, Happy Mid-week. This post is coming late cos of some issues but it is here now and that is what matters. Hope last week was a blast for you cos it was amazing for me. To God Alone be All the Glory, Jesus is Lord. We are treating questions on all the Topics we have treated just to warm us up and warm up our memory, and to really determine our understanding level of those Topics, lolz. So let's get Started. 1. Which of the following is not true of Commerce? a. It is part of production b. It is...

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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...

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FINANCIAL ACC 101

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....

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COMMERCE 101

           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...

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