What are the 3 parts of an income statement?
What are the 3 parts of an income statement?
Revenues, Expenses, and Profit Each of the three main elements of the income statement is described below.
What are the two types of income statements?
There are two different types of income statement that a company can prepare such as the single-step income statement and the multi-step income statement.
What is the golden rules of accounts?
The sale account is a Nominal account and the Debtors Account is a Personal account. Hence the Golden Rule to be applied is: Debit the receiver. Credit the income or gain….Golden rules of accounting.
| Transaction | Accounts involved | Type of Accounts |
|---|---|---|
| Pays Rs.12,000 as rent | Rent Account Bank Account | Nominal Account Real Account – Asset account |
Can you name different branches of accounting?
There are three main accounting branches, which include financial accounting, cost accounting, and management accounting.
Who is the father of accounting?
Luca Pacioli
Who is the father of accounts in India?
Shri Kalyan Subramani Aiyar
Who is known as father of commerce?
Poseidon
What is the hardest subject in commerce?
Chartered Accountancy – This is one of the most preferred careers of a commerce student, yet it is one of the toughest. The course degree can actually be cleared in one attempt, which usually takes 3-3.5 years. The vast syllabus is what makes the course challenging.
Is commerce better than science?
When it comes to the course structure, Commerce is easier than Science. The science subjects require you to study continuously and extensively. Commerce requires you to be clear with the basics, and you are good to go. Commerce also opens the world of finance and management for you.
What are the two types of commerce?
Different Types of E-Commerce
- What Is E-Commerce?
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
- Mobile Commerce (M-Commerce)
- Facebook Commerce (F-Commerce)
- Customer-to-Customer (C2C)
- Customer-to-Business (C2B)
- Business-to-Administration (B2A)
What are the 3 major categories of e-commerce?
What are the different categories of e-commerce?
- Business-to-Business (B2B) B2B e-commerce refers to all electronic transactions of goods and sales that are conducted between two companies.
- Business-to-Consumer (B2C)
- Consumer-to-Business (C2B)
- Business-to-Administration (B2A)
- Consumer-to-Administration (C2A)
What are the three branches of commerce?
Branches of Commerce
- Trade: Trade eliminates the barriers of persons for the smooth flow of goods from producer to consumer.
- Transport: Transport removes the hindrances of place.
- Warehousing: Warehousing removes the hindrance of time.
- Insurance: Insurance removes the hindrance of threat.
- Banking:
- Advertisement and Salesmanship:
