NOTES - COMMERCEIETS

DEPARTMENTAL ACCOUNTS BCOM 1ST YEAR

July 21, 2022 commerceiets No Comments

DEPARTMENTAL ACCOUNTS BCOM 1ST YEAR : Departmental accounting, meaning, features, objectives, advantages, allocation of expenses. QUESTION: What do you mean by departmental accounts? Explain its objectives. Briefly discuss the methods of departmental accounts. DEPARTMENTAL ACCOUNTING: Departmental Accounting refers to maintaining accounts for one or more departments of the company. Revenues and expenses of the department…

GNDU STUDENT NOTES

CONSIGNMENT ACCOUNTS NOTES FOR B.COM 1ST YEAR

July 19, 2022 commerceiets No Comments

Consignment Accounts notes on meaning and features of consignment accounts, treatment of normal and abnormal loss and valuation of stock on consignment? QUESTION: What do you mean by Consignment? What are its salient features? CONSIGNMENT: Consignment is a specialized kind of transaction which involves the two parties i.e. Consignor and Consignee. In this the consignor…

GNDU STUDENT NOTES

JOINT VENTURE NOTES – B.COM FIRST YEAR NOTES

July 19, 2022February 20, 2025 commerceiets

Joint Venture notes on different methods of recording transactions relating to joint venture; difference between consignment and joint venture; difference between joint venture and partnership. QUESTION: Explain different methods of recording transactions relating to Joint Venture? JOINT VENTURE: The Joint venture may be defined as temporary partnership between two or more persons without the use of firm’s…

GNDU STUDENT NOTES

VOYAGE ACCOUNT NOTES – COMPLETE AND INCOMPLETE VOYAGE ACCOUNTING

July 19, 2022February 28, 2025 commerceiets

Voyage Account Notes on the topic of complete voyage and accounting for incomplete voyage. QUESTION: What is the meaning of Voyage Account? How is it prepared? VOYAGE ACCOUNT: Voyage Account is an account which is prepared by the shipping companies. This account is prepared to get a complete record of the profits earned and loss…

GNDU STUDENT NOTES

FINAL ACCOUNTS OF SOLE TRADER

July 18, 2022 commerceiets No Comments

Final Accounts of Sole trader covers the topic of Preparation of Profit and loss account and Balance sheet. QUESTION: Explain the Income statement under Sole Trader Concept. Income statement of sole trader consists the preparation of Trading account and Profit and Loss account. Income statement shows how much the sole trader has earned the profit…

GNDU STUDENT NOTES

CAPITAL AND REVENUE NOTES

July 17, 2022 commerceiets No Comments

CAPITAL AND REVENUE NOTES covers the topic of Difference between Capital and revenue expenditure and Difference between Capital and Revenue receipts. QUESTION: What do you understand by capital and revenue expenditure? Explain the difference between these two? OR QUESTION: “Capital expenditure is different from revenue expenditure.” Explain CAPITAL EXPENDITURE The expenditure incurred by the business…

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GNDU STUDENT NOTES

ACCOUNTING CONCEPTS AND CONVENTIONS NOTES

July 17, 2022 commerceiets No Comments

QUESTION: Discuss important Accounting Concepts? Accounting Concepts are the foundation of the accounting. These concepts are the assumptions which are generally accepted and followed while performing the recording of transactions and preparation of final accounts. The accounting concepts help in conveying the financial information in a same meaning to the various users of the accounting….

GNDU STUDENT NOTES

NATURE AND SCOPE OF FINANCIAL ACCOUNTING

July 16, 2022February 20, 2025 commerceiets

Question: Discuss the nature and scope of Financial Accounting? Accounting is art of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character and interpreting the results thereof. The Nature of Accounting can be defined in two ways: Quantitative Attributes of…

GNDU STUDENT NOTES

OBJECTIVES OF BUSINESS

July 14, 2022 commerceiets No Comments

OBJECTIVES OF BUSINESS A business is an organisation of human, material and other intangible resources. It is created to offer satisfaction to its customers, owners, employees, managers and other stakeholders. The function of business is to create, retain and satisfy profitable customers as a means of successfully achieving the desired ends of an enterprise. Although…

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BUSINESS MANAGEMENT, BUSINESS ORGANISATION

FEATURES OF BUSINESS

July 14, 2022February 10, 2025 commerceiets

MEANING OF BUSINESS Business means the state of being busy. In essence, business concerns with buying and selling goods, manufacturing goods or providing services in order to earn profit. FEATURES OF BUSINESS 1. Entrepreneur: There must be someone to take initiative for establishing a business. The person who recognized the need for a product or…