f EDU-MADE-EASY BLOG

Education is an ornament in prosperity and a refuge in adversity.

It is as impossible to withhold education from the receptive mind as it is impossible to force it upon the unreasoning. - Agnes Repplierg

Education aims to give you a boost up the ladder of knowledge.

Educating the mind without educating the heart is no education at all. - Aristotle

He who opens a school door, closes a prison.

If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest. - Ben Franklin

To the uneducated, an A is just three sticks.

To teach a man how he may learn to grow independently, and for himself, is perhaps the greatest service that one man can do another.

If you think education is expensive, try ignorance.

Education is what remains after one has forgotten what one has learned in school.

WAEC QUESTIONS CONTD



COMMERCE 101

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. We started Last week and we are continuing today, So let's get started.......
1. A Shop Repairer is engaged in a?
a. Service Occupation
b. Manufacturing
c. Extractive Occupation
d. Commercial Occupation.
2. The goods that are used for the Production of other goods are known as?
a. Commercial Goods
b. Consumer Goods
c. Capital Goods
d. Non-Durable Goods.
3. Which of the following brings about Specialization?
a. Recruitment of Staff
b. Division of Labour
c. Business Resource

ECONS 101



ANSWERS TO REVISION QUESTIONS

Hello World, Happy Holiday to you all and Happy Friday and Happy Weekend. Its alot of Happy Points for Us this Season Guyz. Lolz- Hope this Holiday is Fun for You and All Your Loved Ones. It is Well in Jesus Name. Well for some weeks now, we have dealt solely on revision Questions gotten from WAEC Past Questions and Today we will try to Answer them, Hope you all tried them cos thats the only way you can truly be sure of your performance. Alright Let's get Started.........

1. C- How to Produce.

2. C- Balance of Trade.

3. B- Change in Demand.

4. A- Elastic.

5. A- Equality of the Ratio of Marginal Utilities and the Ration of Prices.

FINANCIAL ACC 101



ANSWERS TO REVISION QUESTIONS

Hello World, Happy Holiday to you all and Happy Friday and Happy Weekend. Its alot of Happy Points for Us this Season Guyz. Lolz- Hope this Holiday is Fun for You and All Your Loved Ones. It is Well in Jesus Name. Well for some weeks now, we have dealt solely on revision Questions gotten from WAEC Past Questions and Today we will try to Answer them, Hope you all tried them cos thats the only way you can truly be sure of your performance. Alright Let's get Started.........

1.  B- Cash book.     
        
2. B- Current Liability.

3. D- On Equal Basis.

4. A- Current Liability.

5. C- Amortization.

COMMERCE 101



ANSWERS TO REVISION QUESTIONS

Hey Everyone, How you doing. LOLZ, I hope this wasn't hard to figure out. I hope it was easy to get the answers to the Questions we had this past weeks. It's fun to test ourselves and know where to improve on and what we are really good at. Today, we are answering them together, So Good luck!!!!

1. B- Distribution and Exchange of Goods and Services.

2. B- Assists in Raising Capital.

3. B- Creation of Utilities.

4. C- Labour.

5. D- Extractive Occupation.

6. C- Packaging.

ECONS 101



REVISION QUESTIONS

Hey Readers, Thank God Its Friday Again!!!!... It's always the Feeling of Friday, The Feeling of Now i can Relax, so before we do, lets revise some questions in the spirit of Holiday. We are continuing the Revision of Questions of WAEC, JAMB, GCE etc. So Let's get Started....

37. The Differences between Birth Rate and Death Rate is known as ?
a.  Demographic Transition
b. Natural Growth Rate
c. Migration Rate
d. Fertility Rate.

38. Mr Okpoti has Meat and wants Maize, while Mr Adama has Maize and wants Meat.  A Transaction is possible because of?
a. Joint Demand
b. Scale of Preference
c. Double Coincidence of Wants
d. Opportunity Cost.

FINANCIAL ACC 101



REVISION QUESTIONS

Hey Everyone, Happy Holiday to you. I guess i would say this till the end of the Holiday Period. So once again Happy Holiday Season and Happy Summer to those of us Aboard. Have Fun and be Joyful but don't displease God in the process cos He's the reason you can have fun-Be Blessed. So in the Spirit of Holiday we are continuing revising all WAEC, JAMB & GCE Questions we can find to keep our mind fresh and in tune that way we are ready when schools resume again, so let's get started........

36. Which of the following is debited to Partner's Current Account?
a. Capital                                
b. Interest on Capital
c. Drawings
d. Share of Profit.

37. A Debenture Holder is a?
a. Creditor
b. Promoter
c. Debtor
d. Shareholder.

COMMERCE 101



WAEC QUESTIONS CONTD

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. We started Last week and we are continuing today, So let's get started.......

37. Which of the Following receives Dividend based on Patronage?
a. Preference Shareholder
b. Co-operative Society Member
c. Cumulative Preference Shareholder
d. Debenture Holder.

38. If a Customer opens a Deposit Account with a Bank, he will
a. Receive a Crossed Cheque Book
b. Be given a Tally
c. Be given a Loan
d. Receive Interest.

ECONS 101



REVISION QUESTIONS

Hey Readers, Thank God Its Friday Again & lAST dAY OF THE mONTH OF jULY!!!!... It's always the Feeling of Friday, The Feeling of Now i can Relax, so before we do, lets revise some questions in the spirit of Holiday. We are continuing the Revision of Questions of WAEC, JAMB, GCE etc. 

So Let's get Started....

25. The Difference between the Number of Immigrants and Emigrants is?
a. Natural Growth Rate
b. Natural Increase
c. Net Migration                  
d. Census.

26. All the Following are Features of Optimum Population except
a. Full Employment of Available Resources
b. Unlimited Amount of Unexploited Resources
c. Maximum per Capita Production and Income
d. High Standard of Living.

27. The Financial Institution that specialises in risk spreading is called
a. An Investment Bank

FINANCIAL ACC 101



REVISION QUESTIONS

Hey Everyone, Happy Holiday to you. I guess i would say this till the end of the Holiday Period. So once again Happy Holiday Season and Happy Summer to those of us Aboard. Have Fun and be Joyful but don't displease God in the process cos He's the reason you can have fun-Be Blessed. So in the Spirit of Holiday we are continuing revising all WAEC, JAMB & GCE Questions we can find to keep our mind fresh and in tune that way we are ready when schools resume again, so let's get started........

24. In the Balance Sheet, the Balance on the Provision for Depreciation Account is shown as?
a. Addition to Fixed Assets
b. Deduction from Fixed Assets
c. Addition to Capital
d. Deduction from Current Liabilities.

25. S. Sule sets aside from his private fund N20, 000 for Business purposes. The N20, 000 is referred to as?
a. Drawings
b. Capital

COMMERCE 101



WAEC QUESTIONS CONTD

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. We started Last week and we are continuing today, So let's get started.......

25. Information requested from a Bank Concerning the Credit worthiness of a New Customer to a Business is
a. Private Enquiry
b. Status Enquiry
c. General Enquiry            
d. Letter of Enquiry.

26. The Document which gives Legal Authority to a Company to operate as a Legal Entity is
a. Memorandum of Association
b. Article of Association
c. Share Certificate

ECONS 101



REVISION QUESTIONS

Hey Readers, Thank God Its Friday Again!!!!... It's always the Feeling of Friday, The Feeling of Now i can Relax, so before we do, lets revise some questions in the spirit of Holiday. We are continuing the Revision of Questions of WAEC, JAMB, GCE etc. So Let's get Started....

13. If a Particular Consumer derives Total Utility of 22Utils having Consumed 4 units of a given product, his average Utility will be
a. 88 Utils
b. 18 Utils
c. 5.5 Utils
d. 3.5 Utils.

14. The Law of Diminishing Marginal Utility applies to a
a. Firm which Minimizes Cost
b. Consumer who Maximises Satisfaction
c. Producer who Maximises Marginal Product
d. Consumer who Minimises Total Utility.

15. Why is the Law of Diminishing Returns a short run Phenomenon?

FINANCIAL ACC 101



REVISION QUESTIONS

Hey Everyone, Happy Holiday to you. I guess i would say this till the end of the Holiday Period. So once again Happy Holiday Season and Happy Summer to those of us Aboard. Have Fun and be Joyful but don't displease God in the process cos He's the reason you can have fun-Be Blessed. So in the Spirit of Holiday we are continuing revising all WAEC, JAMB & GCE Questions we can find to keep our mind fresh and in tune that way we are ready when schools resume again, so let's get started........

13. Which of the Following is not part of Factory Overhead?
a. Factory Salaries
b. Factory Lighting and Heating
c. Depreciation of Plant and Machinery
d. Depreciation of Fixtures and Fittings.

14. Cost of Extension to a Factory Building is classified as
a. Capital Receipt
b. Revenue Expenditure
c. Capital Expenditure
d. Revenue Receipt.

COMMERCE 101



WAEC QUESTIONS CONTD

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. We started Last week and we are continuing today, So let's get started.......

13. The Main Purpose of Sending Delivery Notes along with Goods is to
a. Enable the Goods to be Checked on Arrival
b. Enable the Buyer to Pay the Correct Delivery Charges
c. Ensure the Safe Delivery of the Goods
d. Prevent the Goods from being stolen in Transit.

14. A Shop that sells only the products of a particulars manufacturer, is known as
a. Mobile Shop
b. Unit Shop
c. Tied Shop
d. Small Shop.

15. Which of the following statement cannot be found in a Partnership Deed?
a. Names of Partners

ECONS 101



REVISION QUESTIONS

Hey Readers, Thank God Its Friday!!!!... It's always the Feeling of Friday, The Feeling of Now i can Relax, so before we do, lets revise some questions in the spirit of Holiday. 

1. Which of the Following problems arises where there are more than one technically possible methods of production?
a. Where to Produce
b. For Whom to Produce
c. How to Produce
d. What to Produce.

2. Visible Balance is also known as
a. Terms of Trade
b. Balance of Payments
c. Balance of Trade
d. Capital Balance.

3. A Shift in the Demand Curve indicates
a. Exceptional Demand

FINANCIAL ACC 101



REVISION QUESTIONS

Hey Everyone, Happy Holiday to you. I guess i would say this till the end of the Holiday Period. So once again Happy Holiday Season and Happy Summer to those of us Aboard. Have Fun and be Joyful but don't displease God in the process cos He's the reason you can have fun-Be Blessed. So in the Spirit of Holiday we are revising all WAEC, JAMB & GCE Questions we can find to keep our mind fresh and in tune that way we are ready when schools resume again, so let's get started........

1. Which of the following books of original entry is used to record all payments and receipts by cash or cheque?
a. Sales day book
b. Cash book
c. Purchases day book
d. General Journal.

2. Expenses incurred but not yet paid is?
a. Contingent Liability
b. Current Liability
c. Capital Expenditure

COMMERCE 101



WAEC QUESTIONS

Hey Readers, Happy New Week. Well its Holiday Season so it's time to slow down on the tutorials and intensify the questions revision from JAMB, GCE, WAEC etc in order to remember what we have done previously and to test ourselves. 

So let's get started.......

1. Commerce can be defined as the
a. Exchange of Goods and Services
b. Distribution and Exchange of Goods and Services
c. Distribution of Services at Home
d. Export of Services.

2. Which of the Following is not a Function of Commerce
a. Facilitates Mass Production of Goods
b. Assists in Raising Capital
c. Creates Goods and Services
d. Offers Employment.

ECONS 101



PUBLIC CORPORATION

Hey Guyz, watsup? How are y'all doing, I hope you are great. I just had one of the most difficult week of my Life. I worked tirelessly hard on a project that was dear to my heart and it didn't just work out. So y'all have to be doing good cos my happiness clings on that, I find that so many times when am in a place of pain, the happiness of others heal me alot- I could just see and hear a good news about somebody else and immediately feel a surge of happiness come my way. so I can say I share in others happiness how much more the happiness and joy of my esteemed readers who have been with me from day one. so y'all be happy not just for yourselves but for others who might be like me near you. God Bless, so let's get straight to today's lesson.

Public Corporation is defined as a Large Scale Business Organisation set up, owned and financed by the government of a country mainly to provide services to the members of the public. They are directly under the control of the government  to cater for the welfare of the people. It can also be known as Public Enterprise or Statutory Corporation which are run by the government through the tax paid by the people, they are established by an act of parliament or decree. They are controlled by a Board of Directors, appointed by the Government. Examples include- Nigerian National Petroleum Corporation (NNPC), Federal Radio Corporation of Nigeria (FRCN), Nigerian Ports Authority (NPA), etc.

Features of Public Corporation:
a. Monopolistic in Nature- Some Corporations are conferred with monopoly power by an act of parliament or decree.
b. Restriction of Services- It is true that Public Corporations provide services but each one is restricted to the provision of special services, e.g. Former N.E.P.A provides electricity to the public.

FINANCIAL ACC 101



CORRECTION OF ERRORS

Hey Readers, Happy New Day to you all. I know without a doubt that God has been Kind to you and all your Family members. Even though you can't really boast of anything Amazing in your Life right now, you are ALIVE!!!!. that alone is Amazing so today if you are downcast just focus on celebrating your Life and let's make the enemy Mad together. LOLZ, so let's get right to work......

In preparing a Trial Balance the both sides must be equal where by one side is greater than the other, it means there is an error. Errors must be corrected in two ways.
# Errors that don't affect the agreement of the Trial Balance.
# Errors that will affect the agreement of the Trial Balance.

SOME ERRORS THAT CAN OCCUR IN TRIAL BALANCE:
1. Error of Original Entries- This occurs when a wrong amount is entered in the debit and credit side. For Example- Sales of N101 to Ayo must be entered in the account as N201.
2. Error of Omission- This occurs when a Transaction is totally omitted from the debit and credit side of the account.
3. Error of Commission- This occurs when a transaction is entered in a wrong person's account. For Example- Purchases of Goods of N70 from Martin was entered in Michael's

COMMERCE 101



BANK

Hey Guyz, Hows your week going. Happy New Week and Be Blessed. So Let's Get Started!!!
Bank is a financial institution, set up purposely for safekeeping of money valuable goods and documents like Wills & Others. They are institutions that create money, and give out loans to people.

Types of Banks:
They are different types of banks and they include:
1. Commercial Bank
2. Central Bank
3. Merchant Bank
4. Saving Bank
5. Development Bank.

COMMERCIAL BANK
  Commercial Banks are setup for keeping and lending money to people, with the aim of making profit. They are owned by private individuals, institutions or governments. Examples

ECONS 101



STOCK & DEBENTURE

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.....

Raising of Capital:
1. By Prospectus- By giving particulars of the company and its business, is published with application form. Shares are allotted to those who apply.
2. By Offer for Sale- The whole issue of shares is allotted to an issuing house (merchant bank, finance house) which offers them to the public by means of a document known as "Offer for Sale."
3. By Introduction- The company concerned can apply to the stock exchange for sales of its shares. There will be an offer to the public of a new issue of shares through the stock exchange.
4. By a Right Issue- When a Company is established, it may raise further capital by offering the shares concerned to existing members on favourable terms.
5. By Placing- This is a method of issuing securities through an intermediary such as a firm of stock brokers. The intermediary will Endeavour to place issue among its institutional

FINANCIAL ACC 101



JOURNAL PROPER

Hey Guys, wats happening with y'all. Hows the week going, have fun and be positive. I know sometimes it is very difficult to be but if it helps remember that God loves you very much and his son shed his blood publicly to make sure you are free and happy- so don't let the enemy win, when you are unhappy and negative he is winning. If not for yourself at least to make sure he is not happy concerning you, stay positive cos whenever you are positive he is like a mad man roaming about in anger. So upset the enemy today, lolz. Halleluya- Jesus is indeed Lord forever more. Okay enough of that, let's get straight to work.

The Journal is a book of Prime entries into which Transactions are entered on a daily basis. In other words, It is a day to day book of all Business Transactions, where both aspects of Transactions are recorded in a chronological order and classified as debit and credit before they are posted to the ledger. The Journal has columns for Date, Particulars, Folio, Debit and Credit. The Entries are recorded along with an explanation of each showing the nature of the Transaction. This is referred to as Narration.
The Journal shows:                                   
i. The Date
ii. Account to be debited

COMMERCE 101



MONEY

Hey Readers, How you doing y'all? lolz- how are you, your family, school, friends, even those people you don't like too much... I pray God brings Matchless Peace and Love your way and to everyone you are related to in Jesus Mighty Name- Amen. Today we are talking about the most wanted thing in the world-Money!!!. Lolz- Let's Begin....

Money can be defined as any medium of exchange which is generally accepted by the people, in payment for goods and services or settlement of debt and at the same time as a measure or stock of value.

Trade By Barter is a form of Trading in which goods are exchanged, directly for other goods without the use of money as an intermediary.

Problems of Trade By Barter:
a. Problems of Double Coincidence of Wants- This involves looking for someone who needs what you have, and at the same time has what you need.
b. No Fixed Rate of Exchange- Since no fixed amount is placed on a particular good, they is always a problem.

ECONS 101



SHARES

Hello Readers, How are you all today? It's Beautiful to be here with y'all doing this now and being a source of help to you all. I thank God everyday for meeting you all and being able to write to you and generally interact with you all. Let's Get Started.....

Shares can be defined as the individual portion of the company's capital owned by shareholders. It is the interest which a Shareholder has in a company. In other words, share is a unit of capital measured by a sum of money. The Company Act defines a Share as "The Interest in a Company's Share Capital of a Member who is entitled to share in the income of such company."

TYPES OF SHARES:
There are two major types of shares. These are Preference and Ordinary Shares.

1. PREFERENCE SHARES- is the type of share which has priority i terms of dividend payment and repayment of capital in the event of winding up. They have a fixed rate of dividends
Features of Preference Shares:
* They have no Voting Rights.

FINANCIAL ACC 101



BANK RECONCILIATION STATEMENT CONTD

Hey Everyone, Happy New Wednesday. Hope your week is going well, i hope you all are having fun???. This week shall be a week of Good news for all of you in Jesus Name- Amen. Am working on something New and Exciting and when am done y'all will know. LOLZ. I pray that God's will for your Lives come true and that you are not disappointed when you learn of it. I know that sometimes things might not turn out the way you have planned, but at the end you will be able to testify by yourself that God has been good to you. Well am not a Preacher oooo. LMAO but i just felt the need to say a few words of encouragement to any of you that might be going through something rough right now. I know cos i have been there and it's not easy but be STRONG!!!.

ILLUSTRATION OF METHOD B:
On 30th November 1993, Olukunmi and Sons Cash book showed a debit balance of N3, 500 whereas the Bank Statement showed a Balance of N2, 325. On Investigation the following items were discovered to have caused the discrepancy.
a. The Bank had made Charges of N310 which had not been entered in the Cash book.
b. A Cheque received for N2, 000 entered in the cash book had not been entered by the Bank until December 3rd 1993.
c. A Standing Order for subscription of N150 had been entered in the Bank Statement as paid

COMMERCE 101



PARTNERSHIP

Hello Peepz, Hows Life? HOW ARE YOU???. Be more positive and more thankful because they are alot of people all over the world that would die to have what you have or kill to be you- so you are a STAR to someone somewhere JUST D WAY U ARE. Yes YOU!!!!. It Is Well with You in Jesus Name-Amen. Okay, Let's get straight to work!!!!.

Partnership is a relationship that exists when two or more persons contribute skills or money in order to establish, own and manage business activities, with the aim of making profit. Partnership is formed by two to twenty persons but in banking the maximum number of partners is 10.

Characteristics of Partnership:
# The Partners are Liable for the Total of the Business without Limits. The Partners will lose their investment as well as private properties in event of liquidity.
# In Partnership Business, no special formalities are necessary but written agreement may be needed.
# Partnership is owned by two to twenty persons or two to ten persons in banking sector.
# Every Partner is an agent of the business and every act of a Partner done in carrying out of

ECONS 101



PUBLIC LIMITED LIABILITY COMPANY/ JOINT STOCK COMPANY

Hello Readers, How are you all today? It's Beautiful to be here with y'all doing this now and being a source of help to you all. I thank God everyday for meeting you all and being able to write to you and generally interact with you all. Let's Get Started.....

A Public Limited Liability Company is defined as one which by its articles allows the public to subscribe for its shares, must have a minimum of 7 persons but no maximum number. It allows the shares to be transferred and the name of the public limited company must end with the abbreviation "plc".
Public meaning that any member of the public is free to purchase shares in the business when shares are advertised for sale. Public limited company is usually owned by private individuals and organizations.
Public Limited Liability Companies or Joint Stock Companies are organisations which have separate legal entity. It is regarded in law as having an identity of its own. The Shareholders are not personally responsible for anything that is done in the name of the organisation. The shareholders also enjoy the advantage of a large number of people who through the purchase of shares become owners of the company. For Example- First Bank Plc, Texaco Nig. Plc etc.

FEATURES/CHARACTERISTICS OF PUBLIC LIMITED LIABILITY COMPANY:

FINANCIAL ACC 101



BANK RECONCILIATION STATEMENT

Hello Readers, Happy Wednesday to you all. How has your week been so far? It is well with all of you in Jesus name-Amen. Today you will hear Good news in Jesus name-Amen. Okay, so let's get started on our topic for today....

Bank Statement is a book prepared periodically and sent by a Bank to its Account holders, showing the transactions between the customer and the bank within a period of time. It shows a summary of the interactions between the Bank, its customer (the account holder) and others- it can be sent monthly or yearly or on any other agreed period to the customer.

Purpose of Bank Statement:
1. To inform the Customer of the transaction that takes place.
2. It helps the customer to know the position of his finance with the Bank.
3. It helps to provide customers with a continuous and permanent record of his account.

Bank Reconciliation Statement can be defined as a statement that is prepared to reconcile the disagreement of the cashbook and that of the bank statement. This is needed when a customer is dissatisfied with the bank statement sent by his/her bank and therefore wants to