Commerce involves business activities carried out with the intention of earning a profit. Industry refers to centers of production where goods are manufactured. Commerce includes the distribution and trade of goods and services. It also involves transactions that can be cash-based, credit-based, or involve an exchange of goods. Key terms include assets, income, expenses, profit, loss, and narration to explain entries in accounts.

1. COMMERCE

2. COMMERCE
•BUSINESS
• ANY ACTIVITY CARRIED BY A
PERSON WITH THE INTENTION
TO EARN EARN PROFIT IS
CALLED AS BUSINESS

3. COMMERCE
INDUSTRY
INDUSTRY IS A CENTRE WHERE
PRODUTION IS CARRIED OUT.

4. COMMERCE
COMMERCE
ITS DISTRIBUTION OF
GOODS & SERVICES

5. COMMERCE
• GOODS
• GOODS ARE THE COMMODITIES OR
ITEMS IN WHICH A BUISNESSMAN
DEAL
• EG: PENCILS,BOOKS

6. COMMERCE
• assests
• PROPERTIES OF ANY KIND
OWNED BY A PERSON IS called
AS ASSERS
• EG: LAND,BUILDING

7. COMMERCE
•NARATION
• When an entry is recorded it
has to be followed by an
explanation.this explanation
is called naration

8. COMMERCE
•PROFIT
• Its excess of incomes
over expenses

9. COMMERCE
•LOSS
• ITS EXCESS OF EXPENSES
OVER INCOME

10. COMMERCE
•INCOME
• AMOUNT RECEIVED BY A
PERSON IN EXCHANGE OF HIS
SERVICES RENDERED IS CALLED
INCOME

11. COMMERCE
•TRANSACTION
• BUSSINESS DEALING HAVING
SOME MONETARY VALUE IS
CALLED AS TRANSACTION
• TRANSACTION ARE DIVIDED IN
THREE PARTS :
1) CASH TRANSACTION
2) CREDIT TRANSACTION
3) EXCHAGE TANSATION

12. COMMERCE
1.CASH TRANSACTION
• IN CASH TANSACTION THE BENEFIT
IS RECEIVED &PAYMENT IS MADE
IMMEDIATELY

13. COMMERCE
2. CREDIT TRANSACTION
• IN CREDIT TANSACTION THE
BENEFIT IS RECEIVED BUT THE
PAYMENT is not paid
immediately.
• Thepayment is delayed.
• the payment is posponded

14. COMMERCE
3.EXCHANGE TRANSACTION
• IN EXCHANGE TRANSACTION
GOODS ARE EXCHAGED FOR
GOODS.
• ONE COMODITY IS EXCHANGED
FOR OTHER.