Waec Commerce 1993 Past Questions and Answers

Question 61:

• WAEC 1993

Who is liable for the contract entered into the agent on behalf of his principal? The

A. Agent
B. Principal
C. Agent and principal
D. Third party
E. Lawyer who drew up the agreement

Question 62:

• WAEC 1993

An instalmental buying system where ownership immediately transfers to the buyer is known as?

A. Deferred payment
B. Hire - purchase
C. Spot buying
D. Cash sales
E. Prompt payment

Question 63:

• WAEC 1993

A document that is sent to a buyer when credit is not allowed is?

A. Invoice
B. Consignment note
C. Debit note
D. Proforma invoice
E. Delivery note

Question 64:

• WAEC 1993

Which of the following is true of a delivery note? It

A. Is sent in anticipation of delivery
B. Does not show the prices of the goods
C. Gives additional information about the goods
D. Shows the pictures of goods being delivered
E. Is a demand for payment

Question 65:

• WAEC 1993

A parcel of shoes valued at N2,000 only. Which of the following would be used by the seller to correct this error?

A. An invoice for N200
B. A credit note for N1,800
C. A debit note for N1,800
D. A debit note for N2,000
E. A credit note for N2,200