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TYPES OF COMMERCE ACTIVITIES  Numerous activities are necessary to remove the obstacles or hindrances in the way of exchange of goods and services. Each group of activities undertaken to remove a particular obstacle takes the form of the branch of commerce. The branches of commerce can be classified into two broad categories viz (i) Trade , and (ii) Services which facilitate trade and industry.  TRADE  Trade refers to the sale, transfer or exchange of goods and services. It constitutes the central activity around which the services like banking, transportation, insurance, packaging, warehousing, and advertising cluster. Trade is actual purchase and sale of goods in a market.  Trade may be classified into following two broad categories:- (i) INTERNAL OR HOME TRADE :- It consists of buying and selling of goods within the boundaries of country and the payment for the same is made in national currency either directly or through banking system. Internal tra...

JOURNAL MEANING:- The term 'journal' is derived from the french word 'jour' which means a day. Journal therefore means a day book or daily record. And since business transactions are first recorded chronologically in the journal form the 'source documents' , journal is referred to as book of original or prime entry. Essential features:  (i) It is a day book or day record because it records transactions the same day. (ii) It is a chronological record book since transactions are recorded in order of their date of occurrence. (iii) It is a book of original entry.

ECONOMY AND ECONOMIC PROBLEM WHAT IS AN ECONOMY? MEANING OF AN ECONOMY:- In economics the world economics refers to the production activities of a well defined area or a region. It may be a village, a district, a city, a country or the whole world. For example when we refer to the Indian economy, we actually refer to the whole collection of farms, factories, shops, offices, banks, colleges, theaters, TV channels, and many more. Production activities are carried out by the people to earn livelihood. The earnings are in the form of wages, rent, interests and profits. On the basis of above description, economy can be defined as follows: Economy means the whole collection of production units operating in  a defined area or region by which people of that area get their living. FUNCTIONING OF AN ECONOMY An individual needs a large number of goods and services to survive and enjoy life. No individual can ever produce on his own all what he needs. He can ever prod...

INTRODUCTION TO ECONOMICS Economics is a social    science which studies the way the society chooses to use its limited resources to produce goods and services and disturb them among people. It is a science that analyses the choice making economic behavior. Is the analysis limited to the behavior of an individual or is it extended to the country as a whole? Economics studies both. It analyses the behavior of an individual under the branch of economics called ''microeconomics'' The behavior of the society as a whole is analysed under the branch ''macroeconomics''.        MICROECONOMICS AND MACROECONOMICS Study of economics is traditionally divided into microeconomics and macroeconomics. The terms ''micro'' and ''macro'' come from the Greek words meaning ''small'' and ''large''. MICROECONOMICS   Microeconomics studies the behavior of individual economic units...

FINANCIAL ACCOUNTING PRINCIPLES NATURE OF ACCOUNTING PRINCIPLES:- The dictionary meaning of the word principle is:' 'a fundamental truth or law as the basis of action .'' The term principle generally suggests universal application of rules and a degree of permanence which is not possible in accounting. Accounting is a social science and not a physical science. Thus the essential feature of accounting principles is that they are flexible rather than precise or rigid.  Accounting principles are man made and are derived from experience and reason. Accounting principles are judged on their general acceptability rather than universal acceptability to the makers and users of financial statements. Hence they are popularly called Generally Accepted Accounting Principles(GAAP) CHARACTERISTICS OF ACCOUNTING PRINCIPLES (i) Accounting principles have been developed to ensure uniformity and easy understanding of the accounting information. (ii) Accounting principle...

BASICS OF ACCOUNTANCY FINANCIAL ACCOUNTING In accounting. the two terms namely: Accounting  and Financial Accounting are used interchangeably. But accounting is a tree while financial accounting is one of its branches. All accounting work in the beginning was in nature of financial accounting which was used to record business transactions for a certain period usually called accounting period. Then, these transactions were classified and summarized in the form of profit and loss account to calculate or found out profit or loss for the accounting period which is generally of one year. Financial accounting also helps to know the financial position of the business enterprise as on the last date of the accounting period in the form of assets possessed or owned by it and the liabilities owing to others. The statement showing the financial position is technically called the balance sheet. ACCOUNTING AS AN INFORMATION SYSTEM Accounting is often referred to as the language of ...

E-COMMERCE CONCEPT OF E-COMMERCE e-commerce(electronic commerce) is the process of carrying out of business activities through the internet.It involves buying and selling products, services and information via computer networks including the internet. in other words e-commerce involves electronic trading of goods, services and electronic material. e-commerce helps in conducting commercial transactions through new ways of transferring and processing of information. It implies paperless exchange of business information using EDI(electronic data interchange), e-mail(electronic mail), electronic bulletin boards, electronic funds transfer and other network based technology.   E-COMMERCE v/s TRADITIONAL COMMERCE e-commerce differs from the traditional commercial methods because it uses information technology (IT) to carry out trading in goods and services. e-commerce has emerged as an important system of trading in goods and services both at the national and internati...