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. It is carried out by using the Double Entry System.

ACCOUNTING is the recording, classifying, creating, summarizing and communicating of financial information to interested parties to help in making specific business decision.

It includes the design of the financial information system, preparation of financial statements, development of forecast and analysis, and interpretation of

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NOTICE

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I sincerely suggest it to those preparing for exams right now. Peace

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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 Wholesaler purchases goods in large quantities and sell in small quantity to the retailer.

2.     He makes spaces available for further production by buying and clearing the goods from the producer’s warehouse and storing them in his own warehouse (This is especially when the Producer has limited space in his warehouse).

3.     He makes money available to the manufacturer by buying goods and paying promptly.

4.     He keeps the manufacturer informed about the market situation from information he gathered from retailers and consumers.

5.     He relieves the manufacturer from the problem of transportation and distribution of goods.

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