Waec Commerce 2007 Past Questions and Answers

Question 66:

• WAEC 2007

(a) List and explain four elements of a valid contract
(b) Explain four duties of an agent to the principal.

Question 67:

• WAEC 2007

(a) Amatco Ltd has an authorized capital of 6,000,000 ordinary shares of D5.00 per share. It issued 3,000,000 ordinary shares and all such shares were bought and paid for at D2.00 a share except 1,000 shares taken by Mr. Jones. Calculate the value of the: (i) authorized capital (ii) issued capital (iii) called-up capital (iv) paid-up capital.
(b) The following are the assets and liabilities of Morgan's Ltd:

	N
cash	8,000
Building	81,000
Creditors	6,500
sales returns	12,000
Debtors	18,000
Capital	122,000
Overdraft	11,000
Motor vehicle	20,000
sales	50,000
Net profit	20,000

Question 68:

• WAEC 2007

Outline five objectives of each of the following:
(a) International Monetary Fund (IMF).
(b) European Economic Community (EEC).

Question 69:

• WAEC 2007

On June 17, 2006, Mr. Cham wrote an order cheque of M. Sumarch for D500 drawn on Standard Chartered Bank, Bakau
(a) State the drawer, the payee and the drawee from the above information.
(b) The cheque is crossed "Account Payee only" and "Not Negotiable", Explain four effects of the crossing.
(c) State three advantages of payment by cheque.

Question 70:

• WAEC 2007

(a) State six facilities a good seaport should have.
(b) In what four ways is transport important to commerce?