Commerce Class 11 12 Quiz Notes CUET BCom

🌐 Global Enterprises Global enterprises are large business organisations that operate in more than one country. They are also called multinational corporations or MNCs. 🚥 Meaning of Global Enterprises Global enterprises are huge industrial organisations that extend industrial and marketing operations through branches in several countries. They operate with large capital, advanced technology and global marketing networks. 🚥 Features of Global Enterprises 📍 Huge capital resources➖ They can raise funds through shares, debentures, bonds and banks 📍 Foreign collaboration➖ They work with domestic companies for technology, production or brand use 📍 Advanced technology➖ They use superior production methods 📍 Product innovation➖ They invest in research and development 📍 Marketing strategies➖ They use strong advertising and sales promotion 📍 Expansion of market territory➖ They operate through branches and subsidiaries 📍 Centralised control➖ Headquarters controls broad policy decisions 🚥 Examples of Global Enterprises Examples include Coca-Cola, Nestle, Microsoft and Philips. These companies operate across countries but follow central policy control from their headquarters.

Disinvestment Meaning Disinvestment means selling equity shares of selected public sector enterprises to the private sector and the public. Its objective was to raise resources, improve financial discipline and encourage wider ownership. Memorandum of Understanding Meaning A Memorandum of Understanding, or MOU, gives public sector units clear targets and operational autonomy. It defines the relationship between the public sector unit and its administrative ministry.

GDP Formula

GDP FormulaGDP, also known as Gross Domestic Product, is the total market value or monetary value of all the finished goods and services produced within the borders of a country, during a specific time period. The total goods and services comprise all the government spending, net exports, investments and private expenditures. There are three approaches to determine GDP which are 1. Expenditure Approach 2. Income Approach 3. Output Approach Let us discuss these in brief in the following lines Expenditure Approach Expenditure approach calculates the GDP by calculating the sum of all the services and goods produced in an economy. The GDP formula is mathematically represented as Y = C + I + G + (X − M) Where Y= Gross Domestic Product C = Consumption I = Investment G = Government spending

National Income Formula

GDP Deflator

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✅Advantages of Computerized Accounting System ➖ The accounts developed by computers are accurate, uniformed, clear, and comprehensive. ➖ It saves time and increases the efficiency of the employees. ➖ The computer prepares the account and records in no time with accuracy. ➖ Computerized accounting minimizes boredom of doing monotonous accounting jobs. ➖ With the help of accounting software, an individual can easily access data securely outside the office as well. The best example would be internet banking, booking tickets, etc. ➖ The financial statements arranged by computers are so precise and accurate that anybody can rely on the report. ➖ The accounting software makes the whole process simpler and faster to prepare an account. ✅Disadvantages of Computerized Accounting System ➖ The accuracy of the end report entirely depends on the input of the information. ➖ Sometime the incompetent and biased employees may alter the data. ➖ It is expensive. ➖ There is a cybersecurity threat and it might hinder the whole saved data. ➖ Too much of the input on the computer might slow down the operating system and affect the work process. ✅Types of Accounting Softwares ➖ Ready-to-use Softwares – It is cheap and fit for small enterprises which has less accounting transactions and a low user base. However, such software is less secure and easily subject to risks. This software doesn’t require any specialised training. ➖ Customized Softwares – The software is customizable to satisfy the customer’s requirement and fit for medium and large firms. The software is costly as well as its training, but a company can use it for a various information system. It is more secure as compare to ready-to-use software. ➖ Tailored Softwares – It is suitable for big companies that have many divisions and scattered geographically. The cost is extremely high and requires specialized training to utilise the software. The software is highly secure.

✅Features of Income and Expenditure Account ➖Income and expenditure account presented by non-trading entities are much like the profit and loss a/c presented by trading entities. ➖It is prepared by stringently following the fundamentals of the double-entry system of bookkeeping or accounting. ➖It is always prepared during the end of the period which normally comprises of 1 year. ➖It decides the surplus or deficit of income over expends of the non-trading entities for the particular year. ➖The surplus or deficit from the income and expenditure account is moved to the capital fund a/c. ➖The Income and expenditure account of only revenue nature are incorporated in this account. Any income and expenditure of capital nature are not comprehended. ➖It is prepared by accountants chosen by the enterprise’s management and is audited by an independent auditor. ➖It does not begin with the opening balance, and it follows back the incomes received and expenditures incurred by the non-trading entities during the financial year. ➖The accumulated or accrual concept of accounting is rigidly pursued when it is prepared.

✅What is Reserve in Balance Sheet: A reserve is a retained earnings secured by a company to strengthen a company’s financial position, clear debt & credits, buy fixed assets, company expansion, legal requirements, investment and other plans. These are usually done to save the cash from being used in other purposes. Reserve funds do not have any legal restrictions so that the company can use it for any purpose. For instance: Let’s consider company ABC has to suspend one of its products and release refunds to its buyers over the periods of six months. To make sure that the company has enough money to give refunds, a balance sheet reserve of ₹1,00,000 is created. As customers demand refunds, Company ABC reduces the ₹1,00,000 reserve. Especially insurance companies regularly create balance sheet reserves to make sure they have sufficient funds to pay out claims. The reserves usually meet the expense of applications that have been registered but not yet paid. Balance sheet reserves are registered as liabilities on the balance sheet.

♻️ Features of Balance Sheet: ➖It is regarded as the last step in final accounts creation ➖It is a statement and not an account ➖It consists of transactions recorded under two sides namely, assets and liabilities. Assets are placed in the left hand side, while the liabilities are placed on the right hand side ➖The total of both side should always be equal ➖The balance sheet discloses financial position of the business ➖It is prepared after trading and profit and loss account is prepared. ♻️ Importance of Balance Sheet: ➖Creditors, investors, and other stakeholders use this financial tool to know the financial status of a business. ➖It is used to analyse a company’s growth by comparing different years. ➖While applying for a business loan, a company has to submit a balance sheet to the bank. ➖Stakeholders can find out the business accomplishment and liquidity position of a company. ➖Company’s balance sheet analysis can detect business expansion and future expenses.

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