Friday 8 July 2016

What is Transaction/Transcations?

Any Exchange of value is called "Transaction" such as
a: Purchase of Merchandise,land,building furniture on cash.
b: Purchase of Merchandise,plant,furniture etc on credit.
c: Sold merchandise,old furniture,Building,Equipment On Cash.
d: Sold Merchandise,Old Equipment,land etc..on credit.
e: Rendered services on cash.
f: Rendered services on Credit.
g: Received Cash/Cheque/Note/bill
h: Paid Cash/cheque/Note bill.
All the above Exchange involved the values.These transactions are sub-divided into:
1: Cash Transactions:
Th transaction which involved the immediate exchange of cash(Receipt or payment)
as a,c,e,g,h of the above transactions.
2: Credit Transactions:The Transactions in which the exchange of value is involved but the immediate exchange
 of cash is not made.The receipts and payment are to be made later on as b,d,f of the above transactions.

Thursday 7 July 2016

which parties are interested in accounting ?

Parties interested in accounting:
Accounting is actually the business language used by the accountant to furnish financial
information of a concern to different parties who are interested in such information.These are following:
1:Owner(s):
The own provide funds for the operations of a business and their interest is to know weather their capital is being properly utilized or not.Due to Curiosity of the owners the financial position of the concern before providing loans or credits Facilities.The current and previous financial statements(Income Summary and balance sheet) will guide them  in judging such position.
2:Investores:
Prospective investors,Who desire to invest money in a firm,would like to make an analysis of the financial statements of that firm to know not only the Safety of the proposed investment but also the regular earning.
3:Managers:
Accounting is the "Eyes and ears for management" All accounting  is management accounting".
In this modern age o automatic and electronic process,businessmen can maximize his profit due to efficences of his staff.Management is the art of getting things done through subordinates. Accounting is to measure of performance of the subordinates and provide information to take remedial action for the same.
4:Employees:
labour union and employees keenly interested in the financial position of the concern they serve particularly when payment of labour depends upon the profit earned.They would like to collect the information of the correctness of the income statement and would like to know that bonus being paid to them in correct or not.
5:Government:
Central and provisional governments are interested in the Financial statements because they reflect the earning for a purpose of taxation .More ever,these financial statements are used for the Compilation statistics concerning business which,in turn help in compiling national accounts.
6:Research Scholars:
The income statement and Balance sheet Being a mirror of the financial position of a firm/Business,are of immense value to the research scholar who wants to make a study into financial operation of a firm/Business.

Wednesday 6 July 2016

Objectives of Accounting

Objectives of Accounting:
The following are main objectives of accounting:
1:To keep  systematic records:
Accounting is maintained to keep a systematic record of financial transactions.In the absence of accounting there would have been terrific burden on human memory,which in  most cases would have been impossible to bear.
2:To protect Business Properties: Accounting provides protection to business properties(assets) from unjustified and  unwarranted use.This is possible when accounting department provided supplying the following information to the manager Or proprietor:
i:The amount of the proprietor's fund invested in  the business?
ii:How much have to pay to others?
iii:How much has to recover from others?
iv:how much prepaid or un-expired expenses?
v:How much advance or unearned income?
vi:How much amount are in the form of :
   a:Cash in hand
   b:Cash at Bank
   c:Stock of Raw materials
   d:Works-in Progress and finished goods?
   e:Fixed assets or non current assets
above information helps the proprietor in assuring that the funds of the business are not unnecessarily  kept idle or undertilized.
3:To asertain the opertional profit or loss:
Accounting helps in ascertaining the net profit earned or loss suffered on account of carrying the business.keeping a proper record of revenues and expenses of a particular period does this.The profit and loss Account is prepared at te end of a period and if the amount of revenue for the period is more than the expenditure incurred in earning that revenue,there is profit.in Case the expenditure  exceeds the revenue,there is loss.Income summary or profit and loss account will help the management,investors,creditors,etc.in knowing weather the business proved to be remunerative or not.In case it has not proved to remunerative or profitable ,the cause of such will be investigated and necessary remedial steps will be taken.
4:To ascertain the financial positionof the Business:
The Profit and loss account gives the amount of profit or loss made bythe business during the particular period.
However,it is enough.The Businessman must know about his financial position
 i-e where he stands:What he owes and whathe ownes? The Balance sheet or position statement serves this objectives.
The Balance sheet is a statement of assets and liablities of the business on a particular date.
it serves as barometer for ascertaining the financial haelth of business.
5:To Facilitate rational decesion-making:
Comuterized accounting has taken upon itself the tasks of collection,analysis and reporting of information at the required
points of time to the required levels of authority in order to facilitate rational decesion making.
The American accounting Association has also stressed this point while defining the term "Accounting" When it says that
accounting is "the process of identifying,measuring and communicating economic information to permit informed judgments and decesions by users of the information ". Of course,this is by no means an easy task.However,the accounting bodies all overthe world and particularly the international Accounting standards committee,have been trying to grapple with this problem and have archived suceess in laaying down some  basic postulates on the basis of which the accounting statements have to be  prepared.



Nature and Scope of Accounting

Nature of Accounting
In this modern age of money making period ,every entrepreneur needs financial information of the day to enrich himself in order to control the business activities and plan for future,on the one hand  and having a bird's eye view ont he present operating result.
If a task is assigned to a person for the receipt and payment of money he has to maintain some records and there is some credit transactions in the business,which needs business records for the settlement in future therefore it is necessary to have a system of keeping up to date and proper record for ready reference and future planning.
That system is known as"Accounting'
Scope of Accounting:
Accounting is essential in every field of the life,from the small business or a private account of small or large companies to the government,semi government institutions,even schools and collages etc. Nowadays students use to recall their memory at night to check their income and expenditure of the day(what they got from their parents and how much they have spent).

Accounting Systems

Systems of Accounting:
There are Basically Two systems of Accounting:
i:Cash System Of Accounting:
It is a system in which accounting entries are made only when cash is received or paid.No entry is made when
a payment or receipt is merely due.Government system of accounting is mostly on the Cash system.Certain Professional
people and small Business houses record their income on cash basis,but while recording expenses they take into account
the outstanding expenses also. in such a case,the financial statement prepared by them for determination of their income
is termed As"Receipts and Expenditure Account"
ii:Accrual System of Accounting:
it is a system in which accounting entries ar made on the basis of amounts having become due for payment or receipt.
This system recognize the fact that if a transaction  or an event has  occured; It's concequences Cannot be avoided and
therefore should be brought  into record in order to present a meaningful picture of profit earned or loss suffered
during a period and also of the financial Position of the firm concerned at the end of the a period.




Monday 27 June 2016

Right and Duties of the Partners

Some detail of rights and duties of partners  are as under:
Rights of the Partner(s): 
1: To take active part in  business management.
2: To be consuled or express his vierw before others partners.
3: To inspect and acess any of the businees book.
4: To share profit or losses as per written.
5: To use business property for business use only.
6: To claim profit on his investement(If agrreed by all)
7: To accept or not accept the new partner.
8: To retire
9: To chalenge the expell motion if made.
10: To be damnified bythe firm in respect of payments made or liability incurred by him,during
the ordinary and proper conduct or in an emergency for  the purpose of protecting the firm from l0ss and damage.
Duties of partner(s):
1: To obswerve good faith in all respect.
2: To perform his duties diligently without person interest.
3: To idemnify for wilful neglect.
4: To idemnify for fraud.
5: To share losses.
6: To account for  private profits obtain by him.
7: To act with in authoriy assigned to  him.
8: To hold and use property of the firm exclusively for the business purpose.
9: To be liable for the business debits jointly and serially.
10: Not to assign his rights to an  outsider.

partnership Contract/Agreement/Deed.

Partnership Business comes into existence by an agreement in writting or oral.However,in order to avoid the future dispute and to run the business smoothly by quick decesion it is highly desirable to have a written agrrement  among partners.This written agreement is known as"Partnersgp Agreement"Deed of partnership" or "article of partnership".It is drafted by a commercial lawyer;Income Tax advisiors,Tax advisiors,
and also some other lawyers so that stamps can be used according to the stamps can be used according to the Stamp Act as amended to date.An article of partnership will generally cover the following points:-
1:Name of The firm
2:Name of the partners
3:Nature eof the Business
4:Adres of the Business
5:Duration of the Business
6:Investment of the Capitalk Each Year
7:The Ratio of sharing the income and losses
8:The rate of interest on drawings,on capital and partner's loan(if any)
9: Procedures of Accounts,and name of the parnter(s) who will control?
10:Name of the Business partner/partnere who will control the busines Bank account?
11: Partners Salaries (If any)
12:Disribution of business activities among partners?
13:Matters relatring to the retiremnent,death and admission of partners.
14: Procedure  of settlement of accounts.
15:Arbitration clause to settlement of acconts on dissolution.
16:Any others clause deemed to be necessary for the nature of partnership business.

Wednesday 22 June 2016

Preliminary Expenses

Preliminary expenses:
Preliminary expenses  are the initial expenses which incurred in connection with the formation of a public limited company
company corporation and for obtaining share capital,i-e legal fees,cost of preparation of various documents,cost of
printing,remuneration of promotes,cost of publications and other legal formalities.it is also known as"Organization cost" initially it is recorded as asset but amortized i several years.

Friday 17 June 2016

Public and Private Banks in Pakistan.

This is a current Complete list  of  more than 50 Public and Private Banks working in Pakistan and the  establishment year of Bank  is also mentioned.

            BankName  &  Establishment Year 
                               PUBLIC SECTOR BANKS     

1 FIRST WOMEN BANK LIMITED 1989
2 THE BANK OF KHYBER 2003
3 NATIONAL BANK OF PAKISTAN 1949
4 THE BANK OF PUNJAB 1989
5 SINDH BANK LIMITED  2010

                                 ISLAMIC BANKS
1 BANKISLAMI PAKISTAN LIMITED    2006
2 ALBARAKA BANK (PAKISTAN) LIMITED    1991
3 BURJ BANK LIMITED   2006
4 MEEZAN BANK LIMITED     1997
5 DUBAI ISLAMIC BANK 1975

                                      PRIVATE BANKS
1 SAMBA BANK LIMITED   2006
2 JS BANK LIMITED 2006 
3 ALLIED BANK LIMITED 1942
4 KASB BANK LIMITED 2009 
5 SUMMIT BANK LIMITED 2009
6 MCB BANK LIMITED 1947
7 ASKARI BANK LIMITED 1991
8 NIB BANK LIMITED   2003
9 BANK ALFALAH LIMITED 1997
10 SILK BANK LIMITED  2001
11 BANK AL HABIB LIMITED  1991
12 SONERI BANK LIMITED 1991 
13 STANDARD CHARTERED BANK (PAKISTAN)    2006                                                                               14 FAYSAL BANK LIMITED  1994
15 UNITED BANK LIMITED 1959
16 HABIB BANK LIMITED 1941
17 HABIB METROPOLITAN BANK LIMITED    1992                                                                                                 
                                      FOREIGN BANKS
1 THE BANK OF TOKYO-MITSUBISHI UFJ LIMITED - PAKISTAN OPERATIONS   2006
2 CITIBANK N.A. - PAKISTAN OPERATIONS   2007                                                                                                                 3 HSBC BANK MIDDLE EAST LIMITED  PAKISTAN  1949
4 DEUTSCHE BANK AG - PAKISTAN OPERATIONS 1961                                                                   5 BARCLAYS BANK PLC 2008                                                                                                                    6 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED   PAKISTAN BRANCHES  2011

                               SPECIALIZED BANKS

1 INDUSTRIAL DEVELOPMENT BANK PAKISTAN  1961                                                                                                                                                       2 SME BANK LIMITED   2002
3 THE PUNJAB PROVINCIAL COOPERATIVE BANK LTD  1924   

4 ZARAI TARAQIATI BANK LIMITED 1961
             MICRO FINANCE BANKS / INSTITUTIONS.
1 KHUSHHALI BANK LIMITED 2000
2 U MICROFINANCE BANK LIMITED  2003 
3 NRSP MICROFINANCE BANK LIMITED  2008
4 TAMEER MICRO FINANCE BANK LIMITED 2005                                                                                      5 PAK OMAN MICROFINANCE BANK LIMITED 2006                                                                                                       6 THE FIRST MICRO FINANCE BANK LIMITED 2002
7 FINCA MICROFINANCE BANK LIMITED  1985
8 APNA MICROFINANCE BANK LIMITED 2003
9 WASEELA MICROFINANCE BANK LIMITED 2012 
10 ADVANS PAKISTAN MICROFINANCE BANK LIMITED 2012                                                                                                    DEVELOPMENT FINANCIAL INSTITUTIONS.
 1 HOUSE BUILDING FINANCE CORPORATION 2007                                          
 2 PAKISTAN KUWAIT INVESTMENT COMPANY LIMITED 1979                                                                                         3 PAK BRUNEI INVESTMENT COMPANY LIMITED  2006
 4 PAK OMAN INVESTMENT COMPANY LIMITED  2006                                                                                                       5 PAK IRAN JOINT INVESTMENT COMPANY 2007 
 6 SAUDI PAK INDUSTRIAL &; AGRICULTURAL INVESTMENT COMPANY LIMITED  1981 
 7 PAK LIBYA HOLDING COMPANY LIMITED  1978                                                                                                                 8 PAK-CHINA INVESTMENT COMPANY LIMITED 2007             

Accounts Officer jobs at shan foods

                                                Jobs Opening
                                          Accounts officer
Experience: 1-2 years
Education: B.com/M.com/MBA(Ongoing).

Location: Karachi (Pakistan).
Role:
Process of payments against purchases;services coordination with suppliers, maintaining general ledger,supplier reconciliation,disbursement of payments and inter-department coordination for payments amp; follow ups.
Interested candidates can send their CV's at careers@shanfoods.com latest by 18th june 2016.

Situation Vacant in well known VET/Livestock firm

A well known VET/Livestock firm needs the following personnel:
MARKETING MANAGER:
VET/LIVESTOCK Division karachi Based D.V/M.Phil in the respective field having at least
5-10 Years Experience.
TECHINICAL SALES MANAGER:
VET/Livestock Division Karachi Based D.V/M.Phil in the R & D field  having at least 5-10 Years Experience.
ACCOUNTANT CUM RECOVERY OFFICER:
Lahore Based at least B.COM having 3 years Experience inclusive of  Field  recovery Exposure.
ACCOUNTANT CUM RECOVERY OFFICER:
Faislabad Based.at least B.COM having 3 years Experience inclusive of  Field recovery Exposure.
      Professionals meeting the above criteria,email their CV with photo & Concised cover
letter at the given address:
hr.vet.la@gmail.com or hr.vet@yahoo.com
Please mention the "position applied for" in the subject line clearly.

Thursday 16 June 2016

Internship program Daewoo Pakistan Express Bus Service


Daewoo Pakistan Express Bus Service is Ltd. is offering "Summer Internship Program" for following departments in
their head office Lahore.It would be 2 months paid internship program for undergraduates starting from june 27,2016.
 .Administration
 .HR
 .Supply Chain
 .Marketing
 .Workshop
 .Daewoo Cab(Digital Marketing)
Requirements:-
The person should have excellent verbal and written communication skills,with extensive knowledge of IT,Power point,word and excel experience is a bonus,and will be considered when choosing the best applicant for internship position.
 How to apply:
 Interested student must send their  CV's at  jobs@daewoo.com.pk                 
 
last date of application is June 20,2016.

Wednesday 15 June 2016

Career opportunities in Islamic Banking

            CAREER OPPORTUNITIES in Meezan Bank
Meezan Bank, Pakistan's first and leading Islamic Bank, operating with a network of 551 branches in 143 cities across the country, is looking for dynan ii( and career oriented individuals with a passion to serve Riba-free banking, to join its Branch Banking team for the following position.
Branch Service Officers (Cash Officers) This is a career-oriented permanent position in the Branch Banking team for newly qualified graduate,' with clearly defined learning and career paths

Location: Multiple positions across the country.

Age:  Not over 24 years as on 30th June, 2016. 



■ For Huffaz-e-Quran, age should not be over 26 years as on 30th June, 2016.

Education: 14 years of education Graduates from HEC recognized universities/colleges who have scored. 1st or 2nd Divisions and base marks of 50% and above throughout their academic careers (SSC and above) are eligible to apply We offer the right candidates market based remuneration and excellent career growth opportunities.
Note:
■ Candidates awaiting their final academic results are ineligible.
■ Only short-listed candidates will be contacted.
■ No TA/DA will be admissible.
■ Any attempt to influence the recruitment process will lead to disqualification.
■ The Bank reserves the right to place: the selected candidates anywhere in Pakistan and change any of the parameters at its discretion.
Candidates meeting the above criteria may apply at https://meezanbank.com/bso latest by 19th June, 2016. Only online applications will be entertained. 
www.meezanbank.com 
24/7 Call Center 111-331-331 & 111-331-332 

Last date is :19 June 2016

Jobs in Track Petroleum and Testing Services Pvt.Ltd (Trackpts)

             Jobs in Track Petroleum and Testing Services Pvt.Ltd (Trackpts)  
                                                   
  TRACKPTS invites applications from highly trained and dynamic professionals for the followine positions/Vacancies/Posts: 
1: Assistant Accountant. MBA/BBA (Fin)/ M.Com.
2: Assistant H.R.O MBA/MPA/BBA (Hon.)
3 Assistant Manager HR. MBA/BBA(Hon.)
4: Admin Officer. MBA/MPA/BBA (Hon.)
5: Process Engineer BE/ BS Chemical Engineering.
6:Petroleum Engineer. BE/ BS Engineering in Petroleum and Gas.
7:Electrical Engineer. BE/ BS Engineering in Electrical/ Electronics.
8:Mechanical Engineer. BE/ BS Mechanical Engineering.
9:Civil Engineer. BE/ BS Civil Engineering.
10:Geologist. BSc /BS (Hon) Geology/ Geophysics.
11:IT Specialist. BS IT/ BSCS/BSCE /Software Engineering.
12:Office Assistant. BA/BSC/ B.Com/Equivalent.
13:Admin Assistant. BA/BSC/ B.Com/Equivalent.
14:Assistant Technician. DAE Electrical/ Electronics.
15:Assistant Technician. DAE Chemical/ Mechanical. 
  
Note:
1. The degrees must be from HEC recognized university.
2. In case of foreign degree, equivalency certificate from HEC must be provided.
3. Only short listed candidates will be contacted for test/interview.
4. Incomplete and the applications received after due date will not be entertained.
5. The company reserves the right to fill or not to fill any of the advertised position.
6. No TADA will be admissible for interview/test.
7. Post applied for should be clearly mentioned on the envelop.
  
How to Apply For Track Petroleum and Testing Services Pvt.Ltd (Trackpts)
Please submit your test fee (non refundable) through UBL deposit slip. Applications completed (Application form available below) in all respects giving name, father name, date of birth, domicile details of academic qualifications,deposit slips and professional experience (periods with dates, designations and name of the organization where worked) supported by relevant documents alongwith a copy of CNIC and four passport size photographs be sent latest by 22-07-2016 to the address given below.
MANAGER HUMAN RESOURCES (HR) _TRACK PETROLEUM & TESTING SERVICES PVT. LTD. Plot # 10B. Office number 103, hyper plaza G-13/1 Islamabad Phone No +92-51-2323829 

last date to apply is: 22-07-2016.
Application form: http://trackpts.com/documents/TrackPTSForm.pdf

Scope Of Commerce ?

As we know the Business is very wide term, and applies to any activity carried out with an intention of making a profit whole standing a risk or loss.
A person may be in business as a trader, a producer, a manufacturer, a transporter or a farmer.
All those engaged in commerce are businessmen but not all those engaged in business are necessarily commercial people, for instance a manufacturer is a businessman but is not engaged in commerce.
Commerce is   study of business activities, Commerce applies to activities related to trade and aids to trade only.Scope of commerce is very wide and important.
Every body, in his daily life is concerned with both economic and non economic activities.Economic activities like employment, profession, Business.
Scope of commerce is very wide and important; scope of commerce can be explained with the help of  diagram:



Commerce is concerned with activities related to trade and aids to trade.
                                            Trade:
Trade refers to buying and  selling /exchange of goods and services against  any medium like money etc are called trade.
“Trade is an activity of buying and selling of goods money or other goods”
                                          
Types Of Trade
1:Home Trade:  Trade(Buying & Selling) or exchange of goods and services within the boundaries of the same country is  known as Home Trade.
                                            Home trade is classified into two parts
Wholesale trade:    when goods are sold on large scale to a shop keeper, in order to resale this process is known as whole sale trade.
Retail trade: When shopkeeper purchase goods  from whole seller in small quantity on order to resale to the general public.

2. Foreign Trade:
Foreign trade or international refers to the exchange of goods or services between two or more countries.
                                                             
Kinds of foreign Trade
A: Import trade:when a country purchases goods and services from  another country is called import trade.
B: Export Trade: Export  Trade refers to the when  a country sent goods and services to another counrty by selling to that country.
C: Enreport Trade:  Entrepot refers to Purchasing of goods from different countries for the purposre of re_Export. In that case goods are stored bonded in ware houses till they are re_exported.

                                              Auxiliaries or Aids to  Trade
1:Bank: When  Businessmen needs Fund to carry on business , Bank provide funds to carry on  their Business.
2: Transportation: In trade transportation overcomes the barrier of distance which is very meaningful for a strong trade.
3:Communication: 
Information is very  important factor in trade so the means of  communication spread commercial information to a firm ,  companies and individual.
4:Insurance:  Every business have serval  kinds of risks expected every time in that case insurance Premium over come the chance of risk and secure a trader  against risk.
5: publicity /Advertisiment: Publicity or advertisement increases the numbers of buyer which is very important for a trade to run on successful track.
6: Warehouse:   warehousing system store goods for long time period and there is  no risk of damage or expires of  goods, warehouse stores of season goods also that’s way trade may be more successful with the help of warehousing.

7:Middleman:     The role of middleman is very help full for a good trade they provides their services for buyer and seller both, they get commission as their reward

Tuesday 14 June 2016

what do you mean by Commerce?

Commerce is buying and selling/Interchange/Exchange of goods and services on large scale,between different countries (import & Export) or among the different parts of the same country.
The word commerce is derived from Latin word Commercium  Com meaning Togather, and  mercium meaning merchandise”. 
Business,Trade are are all common synonyms.

Monday 13 June 2016

Features of Partnership

Significant Features of partnership:
Before dealing with  the accounting Problem regarding important factors of the partnership organization. One of the basic point is that a partnership is not a separate legal entity in itself, but merely a voluntary association of individuals.
 following  are the significant features of partnerships.

Ease of formation:
when two or more than two persons agree to become a partners, partnership is automatically  created, It is mutually understanding among the partners and requiring no legal formality for forming it.

Combined Judgment and managerial Skills:
An old idiom “Two heads are better than one”. In most of the cases two or more persons complement each other in securing maximum operational efficiency.

Large capital:
The Capital can easily be doubled, or increased by bringing in additional owners.
Younger can enter in business:
New blood can be infused into the business by admitting  them as partner(s). Thus the business can utilize and adjust the 
commercial minded young men, or to train the  youngers for business mentality.
Mutual Agency:
The partnership is bounded by the acts of any partner as long as these acts are within the scope of normal operations. This factor of mutual agency suggest the need for taking the great caution in the selection of a partner, because the presence of any cause
 loss.
Unlimited liability: The unlimited liability of a partner is double
 advantage to the business. It enables the partner to raise larger funds because it offers a great margin of safety to the suppliers who know that the partners are liable to the full extent of their private properties. The actually fact is that each partner is bounded to pay business liabilities upto the last paisa.


 

Why Partnership is formed?

Why Partnership is formed?
In the professional Business which stress the factor of personal service, the partnership form of organization  is widely used, such a business are of lawyers, income Tax advisers, Doctors, public and private Accountants, Repairs and maintenance workshops and Centers, Barber shops, Boutique ,Dry Cleaners, etc. In the field of trading and manufacturing business, partnerships are very popular, because they afford a means of combining the capital and abilities of two or more persons. Perhaps the most common factor which implies a business to seek partner is the lack of sufficient capital of his own to carry on his/her business.
Person who entered into partnership with another are called individually ‘Partner’ and collectively a firm and the name under which the business is carried on is called the ‘firm’s name’. Firm Name is often includes certain words as :-
Aslam &Company or Adnan & Company. Waseem & Son’s, Akram & Son’s, Raheem Bros.(Brothers), Siddiqi  Brothers.
Pakistani Traders, Qureshi Traders, Qadri Dealers.
Mirza & Mirza, Sultani & Sons, Bushra & Co. etc.

What is Partnership?

What is  partnership?
Partnership is relation between persons who have agreed to share the profits of a business carried on by all or any one of them acing for all.

An Analysis of this definition brings Following four elements essential characteristics of partnership 

i: There must be an agreement (written or Oral).
ii: There must be legal Business.
iii: The business must be controlled by all, some, or any one of them.
iv: The object of Business is to share the income of the Business.

What is E-Commerce ?

E-commerce is short for  Electronic commerce is all about online purchasing and selling of different products and services or " Transacting or doing business through internet.
it simply means doing business through internet or other electronic networks.Now, eople prefer to 
buy and Sell everything from online andp shopping portals including electronic gudget , books, life style accessories, home decoration and furnishing items, cosmetic products and more. With the increasing popularity of online shopping keep introducing their new products and services on their business web sites throughout the  years.  

 Examples of E-Commerce is:
*Student purchases books on internet.

*An individual withdraws funds from an automatic teller machine (ATM).
* Person reserves a hotel room over the internet.

Thursday 9 June 2016

what is Bank? Bank Defination and Meaning.

Bank, definition and Meaning:
Finance acts in a business like life blood,and the Banking Sector plays the role of backbone of modern business,and the development of any country depends upon the proper utilization and maintenance of finance,so for that Banking system plays an important role.
The term "BANK" is derived  form a  French word Banque or from Italian word Banca , these both words have same meaning a Bench or money exchange Table.
                                                    "A Bank is a financial institution or organization where people and business man can deposit/invest or  borrow,change it to foreign money or building  where these services are offered.

Tuesday 7 June 2016

How a Pakistani Student starts Career in commerce ?

How a Pakistani Student starts Career in commerce ?
To live a luxury and happy life it’s necessary to make suitable decisions tends to right thing at right place at right time, this is  best way to achieve a goals or Aims.
                         In Pakistan when we use to talk about setting Aims, few things comes in our mind like doctor, engineer, pilot...!! this is why because since childhood, children are taught by their parents or forced by their parents to start  their career according to their wish suppose a Student who is enrolled in nursery school, and he is forced by their parents that in future you must have to become a Doctor or Engineer without knowing the interest of their Children, and finally student tries to get admission in that field which is suggested by their parents rather than his own field interest, so mostly  becomes failure  in getting admission in any engineering or Medical university.!
                          So most of student choose commerce because they got few marks or not selected on merit to get admission in medical or any engineering university, and finally when   they have no choice than they choose commerce as their field for further study,this is how a  pakistani student starts Career in commerce..!! is it fair? If yes then why a commerce student cannot join medical or engineering university ?or to do some studies in the science fields then why a student with Bachlors of science is allowed to get admission in masters in commerce or in business?  
                          Let’s have a look about consequences, the first of all when we say the name of I.Com/B.om/M.com in comparesion of    Medical /engineering, why the people have a better image with people with science subjects specially rather than the people studying commerce or in Business?while finance plays the role of life blood for the  growth or development of country, and Commerce student acts as a back bone  for Management in Finance Sector. Economy of every country is primarily run by business men, economist etc. No doubt doctors, engineers, scientists are an important part but they are serving people and they are earning through it and earning quite well. The real problem is that the most important degree is getting down and down  by people  with different thoughts and mind set  ,students  themselves, by business community  and even by education institutes. And this could not be got back without  the collective efforts by students, business community, teachers, educational institutes and by regulatory authorities because this  fields produces good business men, financial analyst, financial advisors, managers, bankers, leaders, accountants, marketing and sales managers etc. have a look about commerce student and the things he can do after his graduation.
 A commerce graduates may purse the Master of Commerce and Master in Business Administration (MBA), with other post-graduate specializations in different subjects such as Finance, marketing, human resource and accounting etc.
The degree is usually  recognized by the various professional bodies, and graduates often therefore purse according to designation such as the Chartered Accountant (CA),certified public Accountant(CPA),Certified Management  Accountant (CMA),Certified General Accounts(CGA),or financial  Qualification such as Chartered Financial Analyst(CFA).
So what is Commerce?
Commerce includes all the legal activities which helps directly or indirectly in distribution of goods  for place of production to ultimate consumer"
So after reading this you will agree with me that it is a very vast field which includes lots and lots of business activities in it like trade, import, export, manufacturing, marketing etc.    
 after all this if still think that it’s for average students and they are also not paid nor given that much respect they  deserve  then...
 Think where we are standing......?
Commerce covers core competencies in accounting, finance, information system marketing, management, e-commerce etc. The innovative programme is designated for people in middle to senior management who are looking for further knowledge in their chosen careers. Graduates have the opportunity to change their career in other fields directions through the quality courses leading to professionals qualifications in the fields of applied finance, electronic commerce, information system or professional accounting.
Here is the graduation course matrix of  universities of Pakistan.
Business Mathematics, Micro Economics,Functional English,Introduction to computer,
Islamic Studies,Principle of Accounting-1,Principle of Accounting-ii,Business Statistics
 Business Communication & Report Writing,Computer Application in Business, Macro Economics, Pakistan Studies, Advanced accounting-1,Business Law,Economics of Pakistan,Income Tax law, Introduction to Business ,Money and Banking,Accounting for Specialized Institutions,Auditing,Business Finance,Cost accounting,Industrial Law,Custom and Sales Tax,Business Ethics,Computerized Accounting,D.F.I,Islamic Banking,Logic and arguments,Analysis of financial Management,Pakistan law and practices,Data Base and Management System,Insurance and Risk management,Inter personal Skills,Business Management,Computer programming,
Financial Management,Managerial Economics,Principle of Marketing,Consumer Behavior
Electronic Commerce,Human Resources Management,International Business and finance
Management Accounting,Elective Subjects.
After going through it did you find any deficiency and do think it as ordinary degree?..!!

Sunday 5 June 2016

What is Accounting

Accounting is an art of recording,classifying and summarizing,reporting and analyzing the financial data or transactions in systematic manner,in simple words it refers to the process of  keeping or maintaing the financial records.
                                             OR                          "it is a systematic process of identifying  recording,measuring,classifying,veryfing,summarizing,interpreting and communicating financial information.It reveals profit or loss given by period,and the value and nature of  a firm's assets,liabilities and owner's equity.
                                                                       Another simple words"accounting is information science used to collect,classify,and manuplate financial data for organisations and individuals".
                        While the term accountancy refers to the duties which consist of  book keeping,accounting,auditing  etc or job/profession of an accountant.

Recording: Accounting refers to the recording of  financial transactions which includes financial documents like revenue(invoice or Sales receipt),voucher etc.

Classifying:
 accounting classifies transactions in such  systematic manner that which is useful  for both internal & external Businessmen.

Summarizing: Accounting frees yo from these repetitive tassks by calculating  and summarizing  hundreds or thousand of individual transactions and generating  reports to satisfy managerial,governmental,investing,or banking needs.Based on generally accepted  standards,these reports are  powerful tools to help the businesswner,accountant,banker,or investor analyze the result s of their operations.

Accounting provides innformation on the:
1: Resources available to the firm,
2: The means employed to finance those resources,
3: The result achieved through the use.