Commerce Waec GCE Answers 2022
(5a)
The stock market is a market where stocks (pieces of ownership in businesses) are traded. These are traded between investors. It also has markets for investment vehicles like mutual funds, derivatives, and exchange-traded funds. A commodity market is a marketplace where raw or primary products are exchanged. These products, such as oil, gold, and copper, are often commodities extracted from the ground.
(5a)
The stock market is a market where stocks (pieces of ownership in businesses) are traded. These are traded between investors. It also has markets for investment vehicles like mutual funds, derivatives, and exchange-traded funds. A commodity market is a marketplace where raw or primary products are exchanged. These products, such as oil, gold, and copper, are often commodities extracted from the ground.
(5b)
i.) Steel
ii.) Copper
iii.) Gold
iv.) Silver
(8a)
(i) 5% trade discount: It implies that 5% trade discount would be given to the Customer when he buys in large quantity. This is to induce Customers to buy more goods because he will pay less.
(ii) 10% Cash discount: It means that a 10% cash discount would be allowed on Settlement of account of the buyer pay cash within a specified period. It reduces the amount to be paid
(iii) 2% net 30days: It means that there will be no discount after 30 days. The buyer would pay the total amount after 30 days which he ought to enjoy. 2% discount on goods bought before 30 days
(8b)
(i) CURRENT ASSETS
(a) Receivable #50,000
Cash in hand #40,000
Stock (31/12/21) #20,000
Cash at bank #25,000
Current Asset #135,000
(ii) CURRENT LIABILITIES.
Overdraft. #15,000
Current Liabilities #15,000
(iii) WORKING CAPITAL
Current Asset — Current Liabilities
135,000 – 15,000 = 120,000
(iv) AVERAGE STOCK:
= Opening stick + Closing stock ÷ 2
= 30,000 + 20,000 ÷ 2
=50,000÷2
=25,000
(2)
(i) CONSULAR INVOICE: Is used in the embassy of the importing country Showing the original price of the goods in the country of origin.It will ensure correct payment of duties by showing the correct price goods.
(ii) INDENT: is an order to buy goods conveyed by an importer to a potential supplier. It gives details of the goods required approximate price and date of delivery. It can be opened or closed
(iii) SHIP’S MANIFEST: Is a document to be completed by the captain of a ship and lodged with the customs authorities before the ship can leave the port.
(iv) BILL OF SIGHT: is a document used in the import trade where Importers are requited to complete the appropriate entry document I there is insufficient information about the cargo to determine correct duty in advance. It is submitted to the custom authorities if the full description of the imported goods cannot be provided.
(v) DOCK WARRANT: Is a receipt for goods delivered and stored in the warehouse. it entitles the Holder to take possession of goods