Question : 1
Distinguish between :
a) Commercial and Non-commercial activities.
b) Book keeping and Accounting.
c) Journal and Ledger.
d) Industry and Commerce.
e) Profit and Non-profit organisation.
Answer it fastt
Commerce .
Answers
Answer:
commercial activities are those activities which are turn with the motive of profit earning where as non commercial activities are those activities which are done for self satisfaction and profit earning is not there primary or secondary
In the simplest of terms, bookkeeping is responsible for the recording of financial transactions whereas accounting is responsible for interpreting, classifying, analyzing, reporting, and summarizing the financial data. Bookkeeping and accounting may appear to be the same profession to an untrained eye.
When the transactions are entered in the journal, then they are posted into individual accounts known as Ledger. The Journal is a subsidiary book, whereas Ledger is a principal book. The Journal is known as the book of original entry, but Ledger is a book of second entry.
The industry is all about the production of goods, whereas commerce focuses on their distribution of goods and services.
While for-profit organizations are responsible for paying taxes based on their net income, nonprofit organizations are exempt from paying income tax. ... Another difference between a nonprofit and for-profit organization is that a for-profit will put together an income statement each quarter.