ECONS 101

BUSINESS ORGANISATIONS

Hey Everyone, Happy New Week. Happy FRIDAY to you all. Hope this weekend brings you happiness and joy beyond your expectation. Let's get started!!!!

Business Organisation can be defined as an enterprise set up by an individual/group of individuals, government or its agencies for the main purpose of making profit and providing goods and services for the satisfaction of human wants. All firms irrespective of their size is there to provide goods & services to the customers.

TYPES OF BUSINESS ORGANISATIONS:

1. PRIVATE ENTERPRISES are the enterprises owned and managed by private individuals. This type of business organisation is usually classified as a private sector enterprises and examples are- Sole Proprietorship, Partnership, Private & Public Limited Liability Company and Co-operative Societies. Their Major Aim is to Maximise Profits.

CHARACTERISITICS OF PRIVATE ENTERPRISES:

# Private Individuals provide the capital- Private Individuals that owned the enterprises are the people

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FINANCIAL ACC 101

ANSWERS TO PREVIOUSLY ASKED QUESTIONS ON PREVIOUSLY TREATED TOPICS

HAPPY NEW MONTH Everyone, Welcome to the month of May-a month of Success, Breakthrough, Answered Prayers, Fulfilled Wishes, Joy, Love, Peace and all other good things for you and everyone around you in the Mighty name of Jesus- Amen.

You are Blessed and highly Lifted, this month shall see signs and wonders being a reality in every facet of your life. God is right beside you and he is saying to you this morning that all will be well, all secret tears would be wiped away and turned into laughter for you in this blessed month. therefore CONGRATULATIONS!!!!!!

LOLZ, Now we had some questions last week and this is the last post on this questions series until later, after this we would explore more topics and open more branches and types of account to us. Well Today we are basically answering the questions asked last week, hope you tried them and excelled at them. well if you found some tricky, no need to worry cos the answers are here today. So pls Enjoy!!!!

ANSWERS:

1. D- Discount Allowed (WAEC 2009, NO 38).

2. D- Discount, Cash and Bank (WAEC 2009, NO 15).

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COMMERCE 101

WAREHOUSING

Hey Everyone, Happy New Week. This week shall bring Good News for everyone of us in Jesus name- Amen. Today we are in a New Topic entirely, so let's get started.

Warehousing is the act of storing goods produced or bought in a place until they are needed. It ensures that there is a regular and steady supply of goods. In Other Words, It's just a place set aside for loading already produced goods to make room for more production and also where they can be stored until demand is made by customers.

TYPES OF WAREHOUSE:

a. BONDED WAREHOUSE- is a place, where goods whose custom duties have not been paid are stored until the duties are settled. It is usually located around the sea port. This is especially for goods that are being imported and exported.

b. STATE WAREHOUSE- is a place, where contraband and illegal goods seized by the Customs Authority are kept, until they are destroyed.

c. WHOLESALE WAREHOUSE- is a place, where a Wholesaler stores all the goods

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