ECONS 101

BUSINESS ORGANISATION CONTD

Hey Guyz, Happy New Week hope the weekend was wonderful for you and your loved ones. I had a Blast myself. I Pray that this new week brings all kinds of happiness and joy your way in Jesus name- Amen. We are continuing from where we stopped last time, so let's get started.....

Differences Between Private and Public Enterprise:

Private Enterprises	Public Enterprises
6. Owners bear losses suffered by private enterprises.	Tax payers bear losses suffered by public enterprises.
7. They require small amount of capital to set up.	They require huge amount of capital to set up.
8. They are established by ordinary registration or by incorporation.	They are established by acts of parliament.

Reasons for the Establishment of Many Private Enterprises in West Africa:

1. Existence of Official Corruption in Public Enterprises- The existence of official corruption in public enterprises discourages government from further investment in public enterprises, thereby giving way for the proliferation of private enterprises in many west African countries.

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FINANCIAL ACC 101

PETTY CASH BOOK

Hey Guys, It's a New Day again, hope your day yesterday was awesome cos mine was.  Well for today we are beginning this course afresh like the others we are revisiting what we have treated in order to better digest it.

Petty Cashbook is the book for recording small expenses. The rational behind the system is to reduce the numerous cash payments for small expenses. Example- Postage, Stationery, etc. The System for recording petty cash transactions is called Imprest System. In this system, a specific amount is given to cashier to start off accounting period. This specific amount is called Cash Float. The Source documents for petty cash book are involved receipts and vouchers. At frequent intervals he must be reimbursed for the cash disbursed for the period concerned thus bringing the cash balance to the formal amount.

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COMMERCE 101

FOREIGN TRADE

Hey Guyz, Alot has happened let me gist you. Lolz. So it's been a while since I posted and thats because I was concluding plans to launch my second blog, this one would be a personally-run blog no other Authors and it's so exciting. I will release more info when its ready. That aside, well we know some of you would like to have other subjects/courses covered on this site so we have been searching for the right Candidates for these Positions and GOOD NEWS!!!, we found someone. She has been a friend for a while now and she would be taking ENGLISH LANGUAGE, CRK & GOVERNMENT watch out for her posts she would soon be posting on this blog. Just check out the tabs on the top of the page with the names of the subjects- plans are still on the way to get more Authors to take other Subjects especially for my Science Peepz. You are special and we are working hard at finding suitable Authors for your Courses, pls exercise a little more patience which we know you have already been doing but still a little more.  To crown our gist, we are now a .com site no longer a .blogspot.com- did you notice, even though you type the .blogspot.com address on your browser it redirects you to our new site name which is- edu-made-easy.com. Hurray!!!!. it has been a desire that we reduce the stress of typing in our long name -lolz so we made it shorter without losing the essence and

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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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ECONS 101

SMALL & LARGE FIRMS

Hey Everyone, Lovely New Week even though its ended but um its beautiful today isn't it. FRIDAY!!!. LOLZ- Its very self-explanatory.... Okay let's work a lil before we throw our books to the other side *winks*.

A Firm is defined as an independently administered businesses unit which is capable of carrying out production, construction or distribution activities. It forms an industry with other firms performing or producing complementary goods and services. Firms may be small or large depending on capital outlay and the level of production.

CHARACTERISTICS OF SMALL & LARGE FIRMS:

Characteristics	Small Firms	Large Firms
1. Capital Requirement	Require Small Capital Outlay.	Require Large Capital Outlay.
2. Type of Industry	They are mainly involved in primary production, agriculture and some direct services.	They are mainly involved in secondary and tertiary production.
3.  Nature of Market	They require small market due to output of goods.	They require a large market because of their high output of goods.
4. Employment	They usually employ few workers.	They usually employ large number of workers.
5. Techniques of Production	They employ simple techniques as most of the operations are manual.	They employ heavy techniques, with machinery and equipment.
6. Economies of Scale	They cannot take advantage of economies of scale.	They can easily benefit from internal and external economies of scale.
7. Nature of Product	They have no special or standard design for their product.	Their product is subject to standardisation.
8. Research and Publicity	They may lack the resources to carry out research and publicity.	They usually embark on extensive research and publicity to enhance their efficiency.

ECONOMIES OF SCALE/ SCALE OF PRODUCTION

Economies of Scale can be defined as the growth of a firm as a result of the expansion of the volume of productive capacity resulting in the increase in output and a decrease in its caot of production per

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