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disa [49]
3 years ago
13

Explain business activities and classification ?​

Business
2 answers:
nexus9112 [7]3 years ago
7 0

Answer:

Business activities may broadly be classified into two categories namely (A) Industry and (B) Commerce. Industry involves production of goods and services whereas commerce is concerned with the distribution of goods and services.

Explanation:

hope helps

AfilCa [17]3 years ago
7 0

Explanation:

Business is the buying, selling & exchange of goods & services for-profit service or motive is commonly known as business. The term business is derived from the word ‘busy’. In a specific sense, business activities refer to any occupation in which people regularly engage in an activity with a view to earning the profit. Let us take a look at the classification of business activities.

Classification of Business Activities

Into two broad categories, various business activities can be classified-

Industry

Commerce

Industry

The sector where raw material gets converted into useful products is called industry. Activities related to production & processing as well as activities related to rearing & reproduction of animals or other living species are all included in the industry. The purpose of industry is to create form utility by converting raw materials into useful forms of finished products.

An industry may produce consumer goods or capital goods. Goods such as bread, butter, cloth, radio, etc. are consumer goods. These goods are directly used by the consumer. Goods such as machinery, cement etc. are called capital goods as these are used further in the production process to make useful products.

Commerce

We can refer to commerce as all those activities which help directly or indirectly in the distribution of goods to the ultimate consumer. There will be no use of producing goods unless & until these goods reach the ultimate consumer. Goods are produced at one place & consumers are scattered at different places. Commerce can be classified into two broad categories:

Trade

Aids to trade

Trade

Trade is an integral part of commerce. It includes buying & selling of goods & services. The trade segment of commerce brings together the manufacturer & the consumer, i.e. it is a link between the manufacturer & the consumer.

Trade can be classified into two types:

Internal trade: It refers to buying & selling of goods or services within the geographical boundaries of a country. It is also known as home trade or domestic trade. Under internal trade, goods & services are bought & sold in the home currency only. The internal trade can be two types:

Wholesale trade

Retail trade

External trade: When the buying & selling of goods & services is beyond the geographical limits of the country it is called external trade. It is also known as trade between two or more countries. In external trade, the market is very wide. External trade is of the following types:

Export trade

Import trade

Entrepot trade

Aids to Trade

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Answer:

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Explanation:

The utility for consuming the first donut is 9 utils.

The utility for consuming the second donut is the difference from the total utility for the first two and just the first donut.

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The utility for consuming the third donut is the difference from the total utility for the first three and just the first two donuts.

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The utility for consuming the fourth donut is the difference from the total utility for the first four and just the first three donuts.

U_4 = 38-30 =8\ utils

Since the utility for the 4th donut is less than the utility for the 3rd donut, utility begins to diminish after consuming the third donut.

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Explanation:

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TRANSACTIONSGave a cash refund of $750 to a customer because of a lost package.Sent a check for $1,050 to the utility company to
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Answer:

Journal entries

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Cash                                                   Credit                          $ 750

To record refund to customer for lost package

Utility Expenses                                 Debit          $ 1,050

Cash                                                    Credit                          $ 1,050

To record payment of utility company bill in cash

Accounts Receivable                         Debit         $ 7,800

Service Revenue                                Credit                          $ 7,800

To record receivables for services provided on credit

Equipment                                          Debit          $ 4,600

Cash                                                    Credit                            $ 4,600

To record purchase of equipment for cash

Accounts payable                               Debit          $ 3.500

Cash                                                     Credit                          $ 3,500

To record payment to creditors

Cash                                                     Debit         $ 15,250    

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Cash                                                      Debit        $ 6,250

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To record payment of monthly rent

Explanation:

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Answer:

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Explanation:

Gross pay is the total compensation earned by an employee before any deductions.

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8 0
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