What does Commerce Mean? Commerce Definition | 30minuteeducation

  What does commerce mean?

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Last Update:18/07/2020

Commerce Definition:

Commerce is the conduct of trade among economic agents. Generally, commerce refers to the exchange of goods,services or something of value, between businesses or entities.

 

 

Answer: Commerce means trade. We are not students of Commerce. We are students in business studies. 

 

 

The role of business education students is immense for the economic well-being of a country and for the betterment of the country. 

 

The role of accountants, managers, marketing officers in all the big industrial organizations, banks and industries of the country is immense. 

 

 

No large business can be approved by the government without the supervision of a chartered accountant or financial officers.

The role of business education students in maintaining the financial balance of the country is incomparable.

 

2.First want to know after opening the book, why read accounting?

A: Accounting is a subject that is observed by science and art. It is very important to know accounting to find out what activities an organization does,

how much income, expenses, profit and loss and the amount of assets and liabilities.

               

  3. Who discovered and where is his home?

Answer: This subject was discovered by Pastor Luca Pacioli. In his famous book in 1494,

he gave the idea of ​​two-way filing system.

He was a citizen of Italy. And friends and teachers of Leonardo da Vinci.

What does commerce mean #30minuteeducation

  

4. What is each topic? Why is it used?

A: Every topic, such as: Jabeda Khatian, Rewamil, cash books, financial statements are connected to one another.

And each topic needs to be analyzed to see which transaction belongs to which category.

5 . Why only money is accounted in accounting?

Answer: Wrong accounting does not calculate money. It calculates the amount of assets, liabilities, income, expenses, etc.

of the organization, which comes out in financial value. It can be money or it can be an asset.

            

                                

7 . What is the need to get out of debit credit?

Answer: The word debit means the left side of the account. The word credit means the right side of the account.

The main feature of the transaction is that there must be two parties. And debit credit is used to analyze both parties.

6 .Our work is financial, then why do we need to know the basics?

A: GAAP, IFRS, the body that specifies international standards, has set some standards or restrictions that must be met.

Just as results are obtained by applying the formulas of science, so we get the results of calculations by using scientific methods.

In addition, there are certain criteria, limitations, which, if complied with, correct every part of accounting. So it is important to know the basics.

 

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1.Rules of Articles

2.Simple, Complex & Compound

 

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