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WAEC COMMERCE 2014 Real Answers here.

Verified commerce OBJ:

(8a) current Assets are also
known as liquid capital. These are
assets that are used for day to
day running of the business.
Current assets can be changed
from one form to another.
Examples of current assets are,
stocks, debtors, cash in hand,
cash at hand, prepayment

(8b) uses of working capital
(i) it is made available for the
running of business
(ii) working capital is used tn determine the
financial position of the

(8c) state of affirs as at 31st
december 2009:

current liabilities -#
Creditors --60,000
Bank overdraft--10,000=70,000

current assets--#
Cash in hand--20,000=146,000.

(8ciii) working
capital=current assets-current

(7a) stock exchange market is a
market where share,stock an
other securities are purchased
and sold.The body that
regulate the affairs of stock
exchange market is stock
exchange council.

(7b) function of the stock
exchange market
(i) it is the market for buying
and selling of securities
(ii) stock exchange market
encourages and direct
members of the public to invest
viable stocks.
(iii) stock exchange market help
companies to raise capital by
assisting the company to
change their securities to cash.
(iv) it assist government in
implementing its monetary
(v) stock exchange determine
the value of shares, stock and
other securities.
(vi) stock exchange market
serve as a means or medium of
converging information to

(i.) It wastes time and energy:
This is because, a person may
use all his time going about in
the market looking for
someone who has what he
wants and at the same time
needs what he has.
(ii.) Difficulty in Assessing the
value of commodity: For
instance, it is difficult to
determine how many tubers of
yam will be equal to a basin of
(iii.) It does not encourage
installmental payment -: This is
as a result of the difficulty in
assessing the value and non
durability of the commodities
used for exchange.
(iv.) The double coincidence of
wants : That is, before
exchange can take place, one
has to look for somebody who
wants his commodity and at the
same time must have what he
wants at the material time.
(v.) It does not encourage
deferred payment: Deferred
payment is a system whereby
one buys a commodity and
pays in future. under trade by
barter, this is not possible
because the goods used for
exchange are not durable.

(i.) Money is generally
(ii.) Money is
easily recognizable
(iii.) The
value of money is more
(iv.) Money can be
stored for a long
(v.) Money measures
the value of
goods and services.

(6a) a contract of sale is
whereby the seller transfers or
agrees to transfer the property
in goods to the buyer for a
money consideration called the
price. the sale of goods is
governed by the law of

(i.) The price: the provision
of the
contract states that the
price in a
contract may be determined
by the
contract or left to be fixed
in a
manner thereby agreed (ii.)
The subject matter: the
matter of the contract is the
ownership of goods
seller can sue for price the
the goods passes to the

Verified commerce OBJ:


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