tag:blogger.com,1999:blog-8000522942138891282024-10-02T03:16:08.921-04:00Business Studies ResourcesResources for Business Studies Teachers and StudentsThe Business Teacherhttp://www.blogger.com/profile/01625279061590855745noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-800052294213889128.post-80299998260336220592010-12-24T06:21:00.000-05:002010-12-24T06:21:25.987-05:00CAT Paper 1 Recording Financial Transactions - The Law Of ContractWHAT IS A CONTRACT? A contract is a legally enforceable agreement between two or more parties for performing or refraining from performing an act of exchange. WHO NEED TO KNOW THE LAW? Buyers, sellers, owners, customers, accountants and employees etc., all need to know some aspects of the law of contract.    Customers need to know their rights and employees need to know their role The Business Teacherhttp://www.blogger.com/profile/01625279061590855745noreply@blogger.com1tag:blogger.com,1999:blog-800052294213889128.post-79248329073569442142010-12-24T06:08:00.000-05:002010-12-24T06:08:30.783-05:00MoneyMONEYMoney is defined as anything that is acceptable in exchange for goods and services.  This has solved all of the past problems of barter (exchange in goods or services without notes and coins).  In the past, fur from animals, shells, certain fruits and grains were the main forms of money.  Today, in a more modern society, money takes the form of notes, coins, current account The Business Teacherhttp://www.blogger.com/profile/01625279061590855745noreply@blogger.com0tag:blogger.com,1999:blog-800052294213889128.post-9330911306410325752010-12-07T16:08:00.000-05:002010-12-07T16:08:27.728-05:00The Need for Bookkeeping and AccountingImagine that you are a business owner trading in used car parts. Your sales and purchases are on a cash basis only. This would be simple as there would be no need to keep a record of who owes you or which suppliers you owe. The reality is, even the smallest business is a bit more complicated than that. Other than having to keep a record of the amount of cash collected, the business owner have toThe Business Teacherhttp://www.blogger.com/profile/01625279061590855745noreply@blogger.com0