FINANCIAL ACC 101

TRIAL BALANCE

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Trial Balance is a statement showing a list of balance in a double entry form, extracted from the Ledger to show the arithmetic accuracy of the account. The Trial Balance is drawn up at a given date after all the posting have been made in the ledger. The Techniques ensure that debit and credit balances as displayed in the ledger are complied, that is they must be in agreement and be equal. When they is a difference between the two sides, then some errors have been made.

Uses of Trial Balance:

1. All assets must be put in debit side.

2. All liabilities must be put on the credit side.

3. All income must be recorded on the credit side.

4. All expenses must be recorded on the debit side.

5. All items with debit balance in ledger will be debited.

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COMMERCE 101

MEANS/METHODS OF TRANSPORTATION

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There are four major forms of Transport namely:

1. LAND TRANSPORT

 This means of Transportation is very good for trading within a country. It is a means of conveying goods and passengers from one place to another through land. Land Transport can be divided into: Road and Rail Transport.

a. Road Transport is the most extensively used, of all the means of transportation. It is the movement of goods and passengers on the road, by motor vehicles, buses, cars, motorcycles, bicycles etc.

Advantages of Road Transport:

* It is flexible since there is no fixed time scheduled.

* It is good for carrying perishable goods.

* It is faster on the short distance journey.

* It has no special routes.

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ECONS 101

LIMITED LIABILITY COMPANIES

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A Company can be defined as a Legal Person or Entity created by the Association of a Number of People in accordance with the Law for the Purpose of Pooling their Capital together in order to set up a Business Venture. Examples of Limited Liability Companies are: Julius Berger Nigeria Plc, Dunlop Nigeria Plc etc. A Company is an artificial person and is more than a mere association of individuals. It is a legal person with a personality of its own.

Types of Companies:

1. UNLIMITED LIABILITY COMPANY- The Liability of a member is limitless and he may be liable to the full amount of the company's debts in the event of liquidation. The Members will contribute more money, including their capital, to settle the debt of the company.

2. LIMITED LIABILITY COMPANY- The Liability or Burden of Debt in the company is limited to the amount of share capital the shareholders had agreed to contribute individually in the event of liquidation. A Shareholder cannot suffer the liability of the company up to his/her

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