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...

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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-...

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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...

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FINANCIAL ACC 101

QUESTIONS ON PREVIOUSLY TREATED TOPICS Hey Everyone, Happy New Week. Today is a beautiful day and God is indeed Good... How are you today, hope your week is going perfectly well. Am so glad to know that God's Faithfulness is evident in your life, to God alone be all the Glory. Amen. So Let's get start to the Point... QUESTIONS: 1. Which of the Following is Found in a Sales Ledger Account? a- Credit Purchases b- Bill Payable c- Discount Received d- Discount Allowed (WAEC 2009, NO 38). 2. A Three Column Cash Book contains columns for? a-...

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COMMERCE 101

TYPES OF WHOLESALERS Hey Everyone, How is your week so far. The Month of April is beautiful isn't it? LOLZ, Yes it is. Well may you experience all the Goodness of God for this month in Jesus name- Amen. Today we are continuing where we stopped last week with the above mentioned topic, so let's get started. Wholesalers can be classified into two broad categories namely: 1. MERCHANT WHOLESALERS- They buy and resell goods on their own account, taking title of the products they handle and conveying the title directly to those they deal with. FUNCTIONS...

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ECONS 101

RELATIONSHIP BTW PRODUCTION POSSIBILITY CURVE & OPPORTUNITY COST Hi Everyone, Happy New Week to you all. It's another opportunity to learn and grow and generally become better at what we already know or what we have an idea of. So let's get started... We are continuing from where we stopped last time. Interpretation/ Points to Note from the Graph:   Points A to F on the graph indicate efficient use of resources.   At Points O  & P (Outside the curve), production is not feasible. Production at these points...

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FINANCIAL ACC 101

QUESTIONS ON PREVIOUSLY TREATED TOPICS Hey Everyone, Happy New Week. We are on a Series and our aim is to treat National Exam Questions on the Topics we have treated here, in other to further be perfect if possible in those topics. So Let's Go!!! QUESTION: Koffi is a dealer in general merchandise. The following are his transactions for the month of June 2002. June 1: Sold goods to Mensah N20, 000 less 10% Trade Discount. June 4: Purchased from Kwesi the following: 200 Iron rods at N20 each 100 Fillers at N30 each Invoice subject to 10%...

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COMMERCE 101

WHOLESALE TRADE Hey Everyone, Hows this New Monday Morning to you, isn't is beautiful and full of promises and answered prayers. LOLZ, Yes it is. Well Let's get straight to out topic for today. WHOLESALING is a business activity which involves buying of goods in bulk from the Producer and selling in small quantities to the Retailers as well as other merchants. Wholesaling is included in the Channel of Distribution. FUNCTIONS OF THE WHOLESALER TO THE PRODUCER: a. The Wholesaler purchases Goods in Large Quantity From the Producer. b. He makes...

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ECONS 101

FACTORS OF PRODUCTION CONTD Hello Everyone, Happy Friday. Thank God It's FRIDAY!!!!!.... LOLZ, Yes the last working day of the week and then rest rest rest!!!... There's time for HARD WORK and also time for REST... Pls Make Sure you Balance the Two Very Essential. Straight to the Point of the Day CAPITAL CONSUMPTION refers to the using up of existing capital stock and not replacing worn-out capital goods used in production. When fixed assets like Buildings, Machinery or Motor Vehicle are used continuously, they undergo wear and tear, hence such...

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FINANCIAL ACC 101

QUESTIONS ON PREVIOUSLY TREATED TOPICS Hey Everyone, How is this week so far. We are continuing this series we started last week, reviewing all the topics we have treated by answering questions linked to the Topics we have treated. This will help us further understand these topics and if possible be guru's at them. So Pls Enjoy... QUESTION 2:                   The following Transactions were extracted from the book of Mercy Land Trading Company as at...

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COMMERCE 101

MODERN TRENDS IN RETAILING Hey Everyone, Hope the week is going well? It Is Well with You in Jesus Name- Amen. Today we are continuing from where we stopped last week. It's the First week of April by the way, how cool is that? New Trends have been introduced in Retailing Business because of the dynamic nature of commercial activities. In order to enhance and facilitate Business Activities, New Ideas and Techniques have been introduced and they include: a. Branding b. Self Service c. After Service d. Vending Machine e. Pre-Packaging f....

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ECONS 101

FACTORS OF PRODUCTION CONTD Hi Everyone, How Beautiful is today? Magnificent isn't it, well I think so too. Just being alive is such a pleasure and a privilege that sometimes, I think of some great people who have died and I am filled with awe that God picked me to live till today. God is Good. Last time we started this series and today hopefully we will either finish or draw closer to the close of this particular topic so let's take this ride together. CAPITAL Capital may be defined as man-made assets used in production. In other words, It...

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FINANCIAL ACC 101

MORE QUESTIONS ON PREVIOUSLY TREATED TOPICS Hey Everyone, Happy New Week even though the week has been far spent. Hope this week has and month has been beautiful for you. Remember you deserve the best of God and it is yours if only you believe and profess it. Well below is a Question. Enjoy!!! QUESTION 1: Dan Jumbo started business on 1/1/94 with the following: Building                                                  100, 000 Stock...

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