Waec Commerce 2004 Past Questions and Answers

Question 61:

• WAEC 2004

(a)Distinguish between Authorized Capital and Called-up Capital
(b) Use the following information to answer the questions that follow: XYZ Limited is a trading company. The following transactions took place in the month of February:
Purchase of goods -
32 suitcases at N3,500 each
42 shirts at N800 each.Additional information:
(i) The cost of transporting goods to the firm's premises was #2,500
(ii) Two workers of the firm were paid wages and salaries of 4,500 each.
(iii) Total sales revenue was N180,000. You are required to calculate the: (a) gross profit (b) net profit.

Question 62:

• WAEC 2004

(a) Give five reasons why consumers need protection.
(b) Explain five means by which consumers can be protected

Question 63:

• WAEC 2004

List and describe five ways by which the post office aids business.