M. Riaz Khan cs-rinance) Email: mriazkhan91d@gmail.com Cell# +92-313-95331 23,1. What is commerce? Commerce refers to and includes all those activities whichare necessary ta bring goods and services from the place of their origin to the place of their consumption 2. Inte how many departments is commerce mainly divided into? Which are they? Into two. They are + Trade «© Aids of trade 3. the trade is sub divided into two divisio which are they? -, Home trade and foreign trade, divided? Into two they are 5.Which are thet ‘They are import trad 6. When did the commerce Itis begun to grow only al and development afexcha growing, it spread its im the length and breadth o| 7.Whatisa company? f ‘A.company is an incorporated association which is an artificial person, having an independent legal entity, with a perpetual Succession, a common seal, a common capital comprised of transferable shares and carrying limited liability, ‘8. What is Audit? An audit may besaid to be such an examination of books, accounts and vouchers of a business, Prepared By: M. Riaz Khan whether itisin a proper manner for the financial period. 9. What is the minimum number of directors in a Public Company? At least two directors 10. What is public sector? Central government, local authorities and the public corporations that run nationalized glent for the borrower's temporary use, ney lent with conditions about d the payment of interest 15. What isan account? Anaccountis a book-keeping device used in summarizing the increases and decreasesin each asset or equity item 16. What isa Balance Sheet? It is the statement of account which is prepared at the end of every financial year. It gives the total picture of business at the point of time. 0313-953312317. What is Business? Business is the sum of activities comprising buying and selling goods, manufacturing goods or providing services in order to make profit. 18. What is Guarantor? A person who promises that ifa second fails ta fulfil some obligation, then he-will fulfill instead. or pay money up to a specified limit tocompensate for any loss caused by the second pers! jure 19. What is Quoted price? Ik is tio: peiee'dfa share comics stared official list of the stock exchange com ‘Thetangibfe resources of a perso including cash, machinery, land, buil material ete.arecalled capital 24, Who is sleeping partner? ‘A partner who-contributes capital but will not take part in business activities is called a sleeping partner, 25, When did the government institute the Companies Amendment Act? In February 1963, Prepared By: M, Riaz Khan 26. What is Debit? Itis the term using in double entry book keeping for an entry made on the left-hand side ofan account 27. Who is a Floor Trader? Aperson, usually a member of the stock exchange entitled ta trade on the floor of that exchange is, called floar Trader Liquid Asset? ‘of the business which comprises cash or << year ind mark which has legal or organization, d, building, raw 32.What is value Added Tax (VAT)? ‘The principle of V.A.7. is that tax is levied at each stage of the production of goods or services and on the value added at each stage of the production 33. What is Vital Statistics? Itis the statistics concerned with births, deaths, ages, health, marriages, diseases etc... 0313-953312%