General Knowledge

Which of the country was not part of the Soviet Union in 1991?Yugoslavia

Who is the first person to reach the North Pole? Robert Peary

Who is the first person to reach Mount Everest? Sherpa Tensing, Edmund Hillary

Where would you find the Itaipu Dam? Panama River, South America

In 2008, Online Survey, which of the following is not one of the New Seven Wonders Petronas Twin Towers

What is the capital of Estonia?  Tallinn

What is the type of government of Denmark? Constitutional Democracy

Where is the official home of Santa Claus?  Finland

The largest dam in the world is located in? South America

What is the largest country in the world in terms of land area? Russia

the country of Singapore is made up of how many islands? 6

Adding and subtracting with debits and credits

Debits and credits affect the accounts differently. some accounts are increased by debits. while others are increased by credits. see how debits and credits affect accounts.

Asset

• Increases - Debit Entry impact 
• Decreases-Credit Entry Impact

Equity     

• Decreases- Debit Entry impact                              
• Increases-  Credit Entry Impact

Liability 

• Decreases-Debit Entry impact
• Increases- Credit Entry Impact

Revenue                               

• Decreases-Debit Entry impact                           
• Increases- Credit Entry Impact

Expense                               

• Increases- Debit Entry impact                              
• Decreases-Credit Entry Impact

Final Accounts

Final Accounts include trading and profit and loss account or revenue account, balance sheet, statement of changes in equity, cash flow statement, and other statements and notes related to above. you should understand that the trial balance is prepared by copying balances from ledger accounts and it is from the ledger account balances we should prepare the trading and profit and loss account and balance sheet and nothing to do with books of prime entry. the purpose of preparing the trading and profit and loss account is to ascertain whether the business made a profit or loss after doing business for a certain period. here there is a tie period. you can prepare the above revenue account for

Useful International Business Word

• Foreign Capital  
• Foreign Companies 
• Foreign Competitors 
• Foreign Consumers  
• Foreign Control 
• Foreign Customs 

Users of the financial statements and annual reports.

Though accounting records and reports a company’s transactions, many different parties benefit from this information. These individuals — called financial statement users

Shareholders of the company

The company owners, want to assess how well the management is performing. they want to know how profitable the company's operations are and so the potential for dividend payments as well as whether their investment is sound.

Useful English words for international business part 2

Consumer Associations

Consumer Price Index

Consumer Sovereignty

Control Methods

Conversion

Copyrights

Books of Account

Books of Prime Entry.

Books of prime entry are the initial accounting records where business transactions are first recorded before they are transferred to the general ledger. They are also known as "journals." The purpose of these books is to provide a chronological record of transactions, which makes it easier to later transfer the information into the general ledger.

Cash Book 

‘T’ form cash book contains two sides: the left-hand side means the debit side and the right-hand side means the credit side. The primary book where transactions regarding cash receipts and payments are recorded in chronological order of dates with explanations and balance is drawn at the end of the day or a particular period is called cash book.