ENTREPRENEURSHIP

Detailed explanation-1: -The business activities are classified into three different types namely operating activity, investing activity, and financing activity.

Detailed explanation-2: -Commerce is defined as the exchange of goods and services between two or more entities. It typically involves buying and selling things of value. Commerce can take place between businesses, between consumers, or between businesses and consumers.

Detailed explanation-3: -Business activities may be broadly classified into two categories-industry and commerce. Industry is concerned with the processing of materials and production of goods, whereas commerce is concerned with the distribution of those materials and goods.

Detailed explanation-4: -There are three main types of business activities: operating, investing, and financing. The cash flows used and created by each of these activities are listed in the cash flow statement. The cash flow statement is meant to be a reconciliation of net income on an accrual basis to cash flow.