TOPIC 1: SUBJECT MATTER OF BOOK KEEPING Subject Matter of Book Keeping The Meaning of Book Keeping Define book keeping Book-keeping is an art of recording financial business transaction in a set of books in terms of money or money worth. Bookkeeping involves the recording, storing and retrieving of financial transactions for a company, nonprofit organization and individuals.Prior to computers and software, the bookkeeping for small businesses usually began by writing entries into journals. Journals were defined as the books of original entry. In order to reduce the amount of writing in a general journal, special journals or day books were…
Author: Msomi Bora
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COMMERCE NOTES FOR FORM FOURClick the links below to view the notes:TOPIC 1 – TAXATIONTOPIC 2 – INSURANCETOPIC 3 – BUSINESS UNITSTOPIC 4 – MANAGEMENT AND ORGANIZATIONS
TOPIC 4: MANAGEMENT AND ORGANIZATIONS Management and Organization The Meaning and Importance of Management Explain the meaning and importance of management Management – act of allocating resources to accomplish desired goals and objectives efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. or is the organization and coordination of the activities of a business in order to achieve defined objectives. Or is The activities associated with running a company, such as controlling, leading, monitoring, organizing, and planning.…
TOPIC 3: BUSINESS UNITS Business Units The Term Business Units Explain the term business units A business organisation is one unit of control which is engaged in the production or distribution of any commodity.business organisation are of business nature from the point of view of ownership,control and size. It comprise the following sole proprietorship partnership joint stock companies cooperative Meaning of Sole trading; Partnership; Joint Stock Company; Public Enterprise Parastatals; Cooperative Organization Define the following business units: Sole trading; Partnership; Joint stock company; Public enterprise parastatals; Cooperative organization A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type…
TOPIC 2: INSURANCE Insurance The Meaning of Insurance Define Insurance Insurance: is an agreement in which a person makes regular payments to a company and the company promises to pay money if the person is injured or dies, or to pay money equal to the value of something (such as a house or car) if it is damaged, lost, or stolen. Or is the Risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party. Under an insurance contract, a party (the insurer) indemnifies the other party…
TOPIC 1: TAXATION There are some services like roads, public hospital and public school that are run by the government. They need money to operate them, not just a small amount of money. To manage those finances,the government needs to collect taxes. In our country, Tanzania Revenue Authority (T.R.A) is responsible for collecting taxes. In this concept, you,re going to explore more about taxation. Taxation Meaning of Taxation Define taxation Taxation refers to the practice of government collecting money from its citizens to pay for public services. or A means by which governments finance their expenditure by imposing charges on citizens…
COMMERCE NOTES FOR FORM THREE Click the links below to view the notes: TOPIC 1 – TRANSPORTATION TOPIC 2 – COMMUNICATION TOPIC 3 – MARKETING TOPIC 4 – MONEY TOPIC 5 – BANKING TOPIC 6 – INTERNATIONAL TRADE TOPIC 7 – IMPORT TRADE TOPIC 8 – EXPORT TRADE
TOPIC 8: EXPORT TRADE Export Trade The Meaning and Importance of Export Trade Explain the meaning and importance of export trade Is the selling of goods, materials or services to foreign markets. An export is a function of international trade whereby goods produced in one country are shipped to another country for future sale or trade. The sale of such goods adds to the producing nation’s gross output. IMPORTANCE OF IMPORT TRADE Increasing sales; Exporting is one way of increasing your sales potential; it expands the “pie” that you earn money from, otherwise you are stuck trying to make money only out of the local market.…
TOPIC 7: IMPORT TRADE Import Trade The Meaning of Importance of Import Trade Explain the meaning and importance of import trade Import trade is the trade that involves buying goods from abroad. Examples of goods in Tanzania they are bought from abroad are cars, petrol and computer. There are basically five main reasons for which a country may decide to import a certain good or service: it simply does not exist in the country: a mineral which is not in the country’s soil, an agriculture product that can’t be produced there, an innovation that has been introduced in other countries; it does not exist…
TOPIC 6: INTERNATIONAL TRADE International Trade The Meaning of International Trade Explain the meaning of international trade International trade, economic transactions that are made between countries. Among the items commonly traded are consumer goods, such as television sets and clothing; capital goods, such as machinery; and raw materials and food. Other transactions involve services, such as travel services and payments for foreign patents (see service industry). International trade transactions are facilitated by international financial payments, in which the private banking system and the central banks of the trading nations play important roles. International trade and the accompanying financial transactions are generally conducted…