Month: December 2020

A trade involving the exchange of goods and services between two or more countries. If the exchange is between two countries only, then it is referred to as bilateral trade, but if it is between more than two countries then Read More …

Introduction Inflation refers to an economic situation where the demand for goods and services in the economy is continuously increasing without corresponding increase in supply which pushes the general prices up. The opposite of inflation is called deflation. Inflation is Read More …

Public finance refers to the activities carried out by the government associated with raising of finances and the spending of the finances raised (it is the study of how government collects revenue and how it spends it) The components of Read More …

Barter trade This is a form of trade where goods and services are exchanged for other goods and services.   Benefits Satisfaction of wants: And individual is able to get what he or she needs. Surplus disposal: an individual or Read More …

These are prepared at the end of a given trading period to determine the profit and losses of the business, and also to show the financial position of the business at a given time. They includes; trading account, profit and Read More …

These are documents containing the information that makes basis of making entries in the books of accounts. They act as evidence that the transaction actually took place. They includes Cash sale receipt: – a document that shows that cash as Read More …

This is a special ledger which is used to record cash and cheque transactions. It contains only the cash in hand and cash at bank (i.e. cash and bank) accounts Nominal ledger This ledger is used to record business expenses Read More …

Introduction Population refers to the number of human beings living in a particular region at a particular time. The size of the population is ascertained through national headcount, which is referred to as a national census. It is an international Read More …

This is the total income received by the providers/owners of the factors of production in a given country over a given time period. Terms used in national income Gross Domestic Product (GDP). This is the total monetary value of all Read More …

Introduction Channels of distribution are the paths that goods and or services follow from the producers to the final users. The persons involved in the distribution of goods from the producer to consumer are called middlemen or intermediaries. There are Read More …