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Define what is a business activity?
Business activity refers to transactions that move the business forward. Sales, customer service and shipping products are all aspects of business activity.
How many sectors are there in economic activity?
Economic activity refers to all transaction between individuals/groups and countries make as well as investments/savings and consumption of those transactions. Therefore, there are literally billions of economic activity going on around the world. If you buy a cabbage in the supermarket, that's an economic activity If you put your money into a bank, that's an economic activity
What major economic events happened between the years 1997-1998?
all I can say is the Asian financial crisis in 1997
Political and legal socio cultural economic technology are environmental factors of business in Nigeria please explain them all.?
explain
Explain the concepts of recoverable schedule in dbms?
Transactions commit only after all transactions whose changes they read, commit
The difference between event and transaction and why?
transactions is exchange of an asset with consideration of money value while events is any thing in general purpose which occur at specific time and particular place. all transactions are events but not events are transactions. this is due that in order events to be called transactions must involve exchange of values
What is meant by business intity concept?
Business intity concept is all transactions that affect the firm. The business intitly does not affect the ownerÕs private transactions and will be recorded.
Why there is a need to keep a written record of all business transactions?
secret
What is the process of assigning a monetary value to all business transactions?
Valuation
What are the benefits of an accounting policy manual?
Accounting policy manual makes sure that all business transactions are recorded in same way and all related transactions are provided in same code of account and accuracy of transactions is also assured.
Define what is a business activity?
Business activity refers to transactions that move the business forward. Sales, customer service and shipping products are all aspects of business activity.
Is the Philippine accountant considers peso as the common unit of measure for all business transactions?
The Philippine accountant considers peso as the common unit of measure for all business transactions. There are rare times that the US dollar is also used.
Is it the Philippine accountant considers peso as the common unit of measure for all business transactions?
Yes
What is the purpose of the financial department?
To keep record of the financial transactions of a business. that is all now go away
Does domestic macro economic environment effect all business segment alike?
No, the domestic macro economic environment doesn't impact each business the same way. Since businesses have different business models, the results of the macro economic environment depends on the business.
How and why does accounting treat sole proprietorships and partnerships and corporations alike?
Accounting is a means of recording a business's transactions. The rules and standards applied are fairly universal and are meant to provide the most fair and accurate depiction of the company's financial position at any time. From this point of view, the business structure is irrelevant. While certain transactions or expenses may not be relevant to all three structures, the method of accounting for the business transactions is the same.
Why is the journal sub-divided?
When the size of business and number of transactions are large, recording of transactions in one journal will be inconvenient. It will also cause delay in collection and presentation of accounting information. Many of the transactions are repetitive in nature. If separate journals are maintained for recording transactions of a similar character, journalizing and posting will be easier and more convenient. For example, all cash transactions can be recorded in one ledger; all credit sales in another journal and so on.
