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 Credit Entry in an Account, there must be a Corresponding Debit Entry in another Account.

2.     For Every Debit Entry in an Account, there must be a Corresponding Credit Entry in another Account.

3.     All Transactions must be Credit and the other.

DIVISION OF LEDGER:

1.     Personal Ledger:  These are ledgers for Creditors Account and Debtors Accounts. For example,

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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 the life blood of a nation's economic activities

c. Commercial Activities begin after the goods are produced

d. It has nothing to do with goods and services (WAEC 1994).

2. Which of the following is not a Factor of Production?

a. Profit

b. Entrepreneur

c. Capital

d. Land (WAEC 1994).

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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 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

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