COMMERCE 101

QUESTIONS ON PREVIOUSLY TREATED TOPICS

Hey Guyz, Happy Mid-week. This post is coming late cos of some issues but it is here now and that is what matters. Hope last week was a blast for you cos it was amazing for me. To God Alone be All the Glory, Jesus is Lord. We are treating questions on all the Topics we have treated just to warm us up and warm up our memory, and to really determine our understanding level of those Topics, lolz. So let's get Started.

1. Which of the following is not true of Commerce?

a. It is part of production

b. It is the life blood of a nation's economic activities

c. Commercial Activities begin after the goods are produced

d. It has nothing to do with goods and services (WAEC 1994).

2. Which of the following is not a Factor of Production?

a. Profit

b. Entrepreneur

c. Capital

d. Land (WAEC 1994).

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ECONS 101

PRODUCTION

Hey Guyz, Happy Friday to you. How was your day yesterday, hope it was fruitful and cool. Today we are back to Econs 101 with the above topic, so let’s get straight to work. JESUS IS LORD!!!

TYPES OF GOODS

Goods can be classified into two major groups, namely:

1.     CONSUMER GOODS:  are goods and services that don’t need further production; they can satisfy the wants of the consumer in their form. Like Milk, Services like The Police etc.

Consumer Goods can further be grouped into the following:

a.     Durable Goods- They are goods that can be used over and over again. Like Radio, Television, Cooking Pots etc.

b.     Non- Durable Goods- They are goods that can only be used once. For example, Bread, Drugs, Egg, Meat etc.

2.     PRODUCER/ CAPITAL GOODS: These are goods used by people for further production of

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FINANCIAL ACC 101

ILLUSTRATIONS ON THE SUBSIDIARY BOOKS

Hey Guys, Happy Mid-Week. This is a Continuation of what we did last so enjoy!.

EXAMPLE 1:                 

Write up the purchases journal of Jordan & sons, and post to the ledgers for the month of July 2012.

Sept 9-Bought from Coca cola, 15 crates of coke @ N250 each and 10 crates of Fanta @ N170 each. Trade Discount of 10%.

Sept 12-Bought from PZ Ltd, 140 bags of flour @ N20 each and 400 bags of sugar @ N10 each. Trade Discount of 15%.

Sept 13-Bought from Samsung, 3 sets of IPads @ N550 each and 4 sets of LCD TV’S @ N750 each. Trade Discount of 12%.

Sept 14-Bought from Drumsticks Restaurant, 7 packs of Roasted Chicken @ N500 each and 4

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