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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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- Cash, Assets and Liabilities

b- Bank, Cash and Assets

c- Cash, Bank and Returns

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