WAEC GCE COMMERCE THEORY BY EXPOROOM
1a) (i) Double Coincidence of Wants
(ii) Lack of a Standard Unit of Account
(iii) Impossibility of Subdivision of Goods
(iv) Lack of Information
(v) Production of Large and Very Costly Goods not Feasible.
(1b) (i) Documents and Reports: Most businesses have some sort of productivity software which typically includes a word processor and spreadsheet application. These two programs allow businesses to create reports, memos, tutorials and even colorful ads for company events.
(ii) Education: Businesses use computers to help educate employees on software, company policy, standard procedures and safety. Instead of hiring teachers, computers can be used to educate employees at their own pace or through an online webinar with live questions and answers.
(iii) Research: From learning more about the competition to discovering what customers really want, research isn't as difficult as it once was because of computers. Search engines, forums, social networks and industry specific websites provide businesses with a wealth of information and research data.
(v) Storage: Instead of filing cabinets, businesses are able to store millions of files using computers and servers. Computerized storage saves space and provides a far more efficient organization strategy
(v) Accounting Accounting without computers presents a high risk for human error. Accounting software allows businesses to simply input their financial data and instantly see gains and losses.
(3a) Bill of exchange: A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), for payment of goods and/or services received
(3b) International bank draft: This is more likely to be accepted when purchasing goods abroad because the foreign exporter knows that even if the company purchasing the goods goes bankrupt, it will still be paid off.
(3c) Traveler's cheque: This is a medium of exchange that can be used in place of hard currency. They were generally used by people on vacation in foreign countries instead of cash, as many businesses used to accept traveler's cheques as currency.
(3d) Electronic transfer: This is Any transfer of funds from one account to another that occurs electronically. An electronic transfer can take various forms, including a transfer made between an individual's various accounts (move from savings to checking), from one individual's account to a corporation's account for an automatic reoccurring bill payment, or via a credit or debit card swiped at a retail location to pay for a purchase.
(4a) A commodities exchange is an legal entity that determines and enforces rules and procedures for trading standardized commodity contracts and related investment products.
(4b) -wheat -barley -sugar -maize -cocoa
(4c) (i) Providing a Market Place: A commodity exchange provides a convenient place where the members can meet at fixed hours and transact business in a commodity according to a certain well established rules and regulations.
(ii) Regulating Trading: As organised markets commodity exchanges establish and enforce rules and regulations with a view to facilitating trade on sound lines.
(iii) Collecting and Disseminating Market Information: The buyers and sellers on the commodity exchange enter into deals for settlement in future after making an assessment the trends of price and the prospects of a rise or fall in prices of a commodity.
(iv) Grading of Commodities: Commodities which are traded on the commodity exchanges have, to be graded according to quality. In this manner, the dealers can quickly enter into agreements for the purchase and sale of commodities by description.
(v) Settling Disputes through Arbitration: The commodity exchange provides machinery for the arbitration of trade disputes.
(8a) Average stick Opening stock 4 closing stock/2 55000 + 70000/2 = 90,000 (8b) Current working capital Current assets - current habilities (70,000 + 40,000) - 70,000 = 110,000 - 70,000 = 40,000
(8c) Cost of goods sold Opening stock + purchase - closing stock 55000 + 15000 - 70,000 205,000 - 70,000 = 135,000
(ii) Lack of a Standard Unit of Account
(iii) Impossibility of Subdivision of Goods
(iv) Lack of Information
(v) Production of Large and Very Costly Goods not Feasible.
(1b) (i) Documents and Reports: Most businesses have some sort of productivity software which typically includes a word processor and spreadsheet application. These two programs allow businesses to create reports, memos, tutorials and even colorful ads for company events.
(ii) Education: Businesses use computers to help educate employees on software, company policy, standard procedures and safety. Instead of hiring teachers, computers can be used to educate employees at their own pace or through an online webinar with live questions and answers.
(iii) Research: From learning more about the competition to discovering what customers really want, research isn't as difficult as it once was because of computers. Search engines, forums, social networks and industry specific websites provide businesses with a wealth of information and research data.
(v) Storage: Instead of filing cabinets, businesses are able to store millions of files using computers and servers. Computerized storage saves space and provides a far more efficient organization strategy
(v) Accounting Accounting without computers presents a high risk for human error. Accounting software allows businesses to simply input their financial data and instantly see gains and losses.
(3a) Bill of exchange: A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date (a term bill), for payment of goods and/or services received
(3b) International bank draft: This is more likely to be accepted when purchasing goods abroad because the foreign exporter knows that even if the company purchasing the goods goes bankrupt, it will still be paid off.
(3c) Traveler's cheque: This is a medium of exchange that can be used in place of hard currency. They were generally used by people on vacation in foreign countries instead of cash, as many businesses used to accept traveler's cheques as currency.
(3d) Electronic transfer: This is Any transfer of funds from one account to another that occurs electronically. An electronic transfer can take various forms, including a transfer made between an individual's various accounts (move from savings to checking), from one individual's account to a corporation's account for an automatic reoccurring bill payment, or via a credit or debit card swiped at a retail location to pay for a purchase.
(4a) A commodities exchange is an legal entity that determines and enforces rules and procedures for trading standardized commodity contracts and related investment products.
(4b) -wheat -barley -sugar -maize -cocoa
(4c) (i) Providing a Market Place: A commodity exchange provides a convenient place where the members can meet at fixed hours and transact business in a commodity according to a certain well established rules and regulations.
(ii) Regulating Trading: As organised markets commodity exchanges establish and enforce rules and regulations with a view to facilitating trade on sound lines.
(iii) Collecting and Disseminating Market Information: The buyers and sellers on the commodity exchange enter into deals for settlement in future after making an assessment the trends of price and the prospects of a rise or fall in prices of a commodity.
(iv) Grading of Commodities: Commodities which are traded on the commodity exchanges have, to be graded according to quality. In this manner, the dealers can quickly enter into agreements for the purchase and sale of commodities by description.
(v) Settling Disputes through Arbitration: The commodity exchange provides machinery for the arbitration of trade disputes.
(8a) Average stick Opening stock 4 closing stock/2 55000 + 70000/2 = 90,000 (8b) Current working capital Current assets - current habilities (70,000 + 40,000) - 70,000 = 110,000 - 70,000 = 40,000
(8c) Cost of goods sold Opening stock + purchase - closing stock 55000 + 15000 - 70,000 205,000 - 70,000 = 135,000
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