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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FINANCIAL ACC 101

BALANCING OF LEDGER ACCOUNT

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Before the preparation of Trial Balance, the account must be balanced off at regular intervals during the financial year, it is necessary to balance each account, in order to ascertain the overall position recorded in the book keeping system. In balancing the account, the following procedures must be followed:

1. Post all Debit Items.

2. Add all the Items on the Debit side.

3. Post all Credit Item.

4. Add all the Items on the Credit side.

5. Compare both the two totals.

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COMMERCE 101

QUOTING PRICE IN INTERNATIONAL TRADE

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1. Cost, Insurance and Fright (C.I.F)- This price means that the prices quoted includes the cost of the goods, the fright and insurance up to the port of destination while the purchaser is responsible for other subsequent charge.

2. Free On Board (F.O.B)- means that the price covers all cost up to the ship including charges, payable for loading goods on the ship.

3. Franco- means the price quoted includes the cost of the insurance, fright and all delivery charges to the importer's warehouse.

CUSTOM & EXCISE AUTHORITY

Custom and Excise Authority is a department in the Ministry of Internal Affairs that is charged for the collection of taxes imposed on goods, and the regulation and control of imports and exports in a country. Custom and Excise Authority collect the following duties:

* Import Duties are tax imposed on goods and services imported from other countries into a

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