Who Is The Father Of Commerce?

What are the three golden rules of accounting?

Take a look at the three main rules of accounting: Debit the receiver and credit the giver.

Debit what comes in and credit what goes out.

Debit expenses and losses, credit income and gains..

How many types of accounts are there?

3 Different types of accounts in accounting are Real, Personal and Nominal Account. Real account is then classified in two subcategories – Intangible real account, Tangible real account. Also, three different sub-types of Personal account are Natural, Representative and Artificial.

Why is commerce important in modern world?

Social influence in the country are also influenced by commerce. Trade and allied activities directly or indirectly influence every human being . Goods are provided as per the need of society. In order to Satisfy consumers needs, goods are increased the trade becomes manifold !!!!

What are the 3 types of e commerce?

Different Types of E-CommerceWhat Is E-Commerce? … Business-to-Business (B2B) … Business-to-Consumer (B2C) … Mobile Commerce (M-Commerce) … Facebook Commerce (F-Commerce) … Customer-to-Customer (C2C) … Customer-to-Business (C2B) … Business-to-Administration (B2A)More items…•

Who is the father of commerce according to Greek mythology?

PoseidonPoseidon is regarded as the father of commerce because according to Greek mythology, he is the god of the sea and sea was used for trading, which was important to commerce.

What does commerce mean in business?

Commerce is the conduct of trade among economic agents. Generally, commerce refers to the exchange of goods, services or something of value, between businesses or entities.

What is the history of commerce in India?

Trading and commerce had started from the pre-historic times when the people would trade through the system of barter. They would exchange goods and services with each other without any form of money being used. Thereafter came the system of trading through gold and silver coins.

Which is not a real account?

A real account is an account that retains and rolls forward its ending balance from period to period. The areas in the balance sheet in which real accounts are found are assets, liabilities, and equity. Examples of real accounts are: Cash. … But purchase a/c is also not a real account.

What are the six types of e commerce?

There are six basic types of e-commerce — Business-to-Business (B2B), Business-to-Consumer (B2C), Consumer-to-Consumer (C2C), Consumer-to-Business (C2B), Business-to-Administration (B2A) and Consumer-to-Administration (C2A) — and all of them represent a different purchasing dynamic.

What is the basic of Commerce?

Commerce can be defined as a series of activities essential for the transport of goods or services from the point of their origin to their consumption point. In today’s world development of commerce has lead to enhanced quality of standard of living.

Who is the father of modern commerce?

K VaitheeswaranTrading is significant to commerce and so he is regarded as the father of commerce. Indian Commerce: K Vaitheeswaran is the father of Indian e-commerce.

Who is the father of Indian commerce?

K. VaitheeswaranK. Vaitheeswaran is the author of the recently released book “Failing to Succeed – the story of India’s first e-commerce company” and is widely hailed as the ‘father of e-commerce in India’. He co-founded India’s first e-commerce company Fabmart.com (later rebranded Indiaplaza.com) in 1999.

What are the two types of commerce?

Four Traditional Ecommerce Business ModelsB2C – Business to consumer. B2C businesses sell to their end user. … B2B – Business to business. In a B2B business model, a business sells its product or service to another business. … C2B – Consumer to business. … C2C – Consumer to consumer.

Who is Father accounting?

Luca Pacioli, was a Franciscan friar born in Borgo San Sepolcro in what is now Northern Italy in 1446 or 1447.

What is the origin of commerce?

Commerce has evolved over the centuries from a simple trade of goods or services for other goods or services to the complex buying, selling, and trading that occurs online every day. In fact, eCommerce greatly changed commerce, allowing people to show whenever they want and making international orders much easier.

What are the branches of commerce?

Branches of commerce include trade, transport, banking, insurance warehousing, advertising and communication.

Who started e commerce in India?

The first real stepping stone towards setting off the e-commerce juggernaut, was perhaps the creation of Flipkart, when two engineers from IIT Delhi decided to sell books online from an apartment in Koramangala area of Bengaluru. A business idea not too dissimilar to that of Amazon.

What is an example of commerce?

The definition of commerce means the buying and selling goods on a large scale or social relations. An example of commerce is trade between two countries. An example of commerce is the social or intellectual exchanges amongst a group of friends.

What is the subject commerce all about?

Commerce as a stream of education can be defined as a study of trade and business activities such as the exchange of goods and services from producer to final consumer. The main subjects that are taught in the Commerce stream in Class 11 and 12 include Economics, Accountancy and Business Studies.

Who invented commerce?

Michael Aldrich (22 August 1941 – 19 May 2014) was an English inventor, innovator and entrepreneur. In 1979 he invented online shopping to enable online transaction processing between consumers and businesses, or between one business and another, a technique known later as e-commerce.

What is the important of Commerce?

Commerce ensures a free and smooth flow of goods from producers to consumers. Commerce provides the advantages of specialisation. It helps to better satisfy human wants by collecting and distributing goods. Commerce provides the necessary link between the producers and consumers of goods.

Who is called the father of accounting and why?

Fra Luca Bartolomeo de Pacioli (sometimes Paccioli or Paciolo; c. 1447 – 19 June 1517) was an Italian mathematician, Franciscan friar, collaborator with Leonardo da Vinci, and an early contributor to the field now known as accounting.

Why do we study commerce?

Students who deal with numbers easily and find it interesting, and who aim to shape their career in financial economics and business (corporate) world should take Commerce. Chartered Accountancy or CA is another interesting career options for commerce students.

What skills should a commerce student have?

Essential job skills for commerce graduatesNumeracy skills. In order to have a bright career in a commerce-related field, you must have excellent numeracy skills. … Communication skills. … Problem-solving ability. … Leadership skills.

Is Commerce easy or science?

When it comes to the course structure, Commerce is easier than Science. The science subjects require you to study continuously and extensively. Commerce requires you to be clear with the basics, and you are good to go.

Who is father of accountancy in India?

Shri Kalyan Subramani AiyarK. S. Aiyar – Father of Accountancy in India. Shri Kalyan Subramani Aiyar (1859-1940), better known as K. S. Aiyar, was a pioneer of commercial and accounting education in India.

What account means?

Definition: An account is a record in an accounting system that tracks the financial activities of a specific asset, liability, equity, revenue, or expense. … Each individual account is stored in the general ledger and used to prepare the financial statements at the end of an accounting period.