THEORY ANSWER ONLY FIVE QUESTIONS
Statement of Account : statement of account is a document sent by the seller to the buyer at regular intervals to inform him of all transactions made during a particular period and the amount due. It usually shows credits and debits to the account and the balance due. Statement of account enables the customer of a firm to have a thorough check of what he has purchased
Invoice: Invoice is a commercial document used in business transaction, giving a complete or comprehensive summary of a transaction involving sales or purchases of goods. Most invoice bears the term E & OE(Errors and Omissions Expected). It is sent by the seller to the buyer to provide him information such as lists of goods bought and descriptions.
Quotation: Quotation is a statement prepared by a supplier of goods and services for a particular order which shows the current price and terms of trade. Quotation is applicable to a particular transaction only. The supplier will send it to show the price to be changed, terms of payment and period of delivery. It is usually sent as a reply to an enquiry
Receipt: Receipt is a document which acknowledge that payment has been received from the buyer. When the customer receives the goods and he sends the money to the seller who in return issues the receipt as evidence of payment. It must be written and signed by the seller and sent to the buyer, stating the actual amount received. Receipt shows the date of payment and used for auditing purposes.
Cash book: Cash book is a financial journal that contains all cash receipts and disbursements, including bank deposits and withdrawals. Entries in the cash book are then posted into the general ledger. Cashbook is is the record of all business transactions in the form of note, taken place in a particular period.
Trade is one of the main division of commerce. It is the act or an instance of buying and selling of goods and services either on the domestic (wholesale and retail) markets or on the international (import, export, and entrecote) markets.
(i)Food items Eg beverages
(ii) Textile materials Eg wool
(i)The wholesaler buys in large quantities from the manufacturer and sells in small quantities to the retailers
(ii)The wholesaler requires a large space (warehouse) to store his goods
(iii)The wholesaler acts as an intermediary between the retailer and the manufacturer
(i)The retailer buys in small quantities from the wholesaler and sells in bits to final consumer.
(ii)The retailer requires a small space (shop) to display his wares
(iii)The retailer acts as an intermediary between the wholesaler and the final consumer.
Commerce can be defined as a branch of production which is concerned with the distribution, exchange of goods and services and all activities which assist or facilitate trade eg banking, insurance, transportation, communication and tourism.
(choose Any five)
(i)Exchange of goods and services :It facilitates the exchange of goods and services. Commerce facilitates exchange of goods and services through trading, transportation and telecommunication services.
(ii) Improvement in standard of living : The availability of variety of goods and services leads to improvement in standard of living and quality of life of people
(iii) Employment opportunities: It offers employment opportunities to a large number of people such as traders, bankers and insurance brokers.
(iv) warehousing: commerce facilitates the storage of goods until they are needed, thus bridging the gap between demand and supply in the market
(v) Transportation : It assists in moving people, raw materials and finished goods from production points to consumption points through means of transportation such as (Air, water and land)
(vi) Raising of capital : It facilitates the raising of capital for Individual needs and investment through the service of banks and other financial institutions
Business environment consists of a number of activities that affect the operation of a business. The environment of a business is full of complexities, intricacies and it is highly dynamic
Cultural environment: A business organization must take into consideration the beliefs, attitudes, needs, values and lifestyle of the people. The socio-cultural attitudes of the people will undoubtedly affect their consumption pattern eg Sharia state which do not allow alcohol consumption or sale
Economic environment :A country's economic system will determine the nature of business eg in a socialist economy, there is much state intervention while under capitalism, market forces prevail. The interfaces between a business and its economic environment also include income distribution, expenditure pattern and the saving capacity of the people.
Legal environment: A great deal of government legislations, laws, acts and decrees eg Company Act, Partnership Acts, Employment Act etc. will affect the conduct of a business. To avoid any legal action, the business must abide by the various legislations in its operation.
Political Environment: The policies of the political party in power would affect the operation of business. Government policies will determine business practices and investment climate in a country eg military regime in Nigeria during which the political situation was not conducive for investments. Business concern were badly affected during this period
Branding is the general term covering brand names, designs trademarks, symbols which may be used to distinguish one firms product from that of another. It is the act of giving a distinctive label or name to a product
(choose any five)
(i)Branding encourages standardized pricing
(ii) Branding facilitates self selection
(iii) Branding ensures easy recognition of product
(iv) Branding leads to a more readily acceptance of a product by middlemen
(v)branding help to differentiate products
(vi) Branding is useful for introducing new products
(vii) Branding prevents the adulteration of the branded product
(Choose any Two)
(i) The cost of branding may be prohibited
(ii) It create false buying on the part of the consumers.
(iii) Too many brands may confuse customers.
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