2022 WAEC GCE Commerce (Essay & OBJ) Answers [29th November]

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WAEC GCE AUGSUT/SEPTEMBER, 2022 FREE COMMERCE QUESTION AND ANSWER ROOM [PRIVATE CANDIDATES]

Tuesday, 29th November, 2022

Commerce 2 (Essay) – 9:30am – 11:30am
Commerce 1 (Objective) – 11:30am – 12:20pm

A. 2022 WAEC GCE COMMERCE ESSAY (THEORY) ANSWERS | 29TH NOVEMBER, 2022

(1b)
Step 1:  The promoter devises a scheme of capitalisation, bearing in mind the cost of formation, assets to be bought and working capital.

Step 2: The promoter is required to secure the service of a solicitor to prepare certain documents to be filed with the registrar of companies. The documents are
(i) memorandum of association
(ii) Article of Association
(iii) statement of Nominal capital

Step 3: The documents are stamped and lodged with the registrar of companies.

Step 4: After going through the documents, the registrar  of companies then issues a certificate of incorporation to the company. This gives the company the power to commence business.

Step 5: A private company can commence business after recieving the certificate of incorporation.

(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 of the 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 required to complete the appropriate entry document if 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

(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

(5a)
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. While   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)
(Pick Any Four)

(i) Aluminium
(ii) Copper
(iii) gold
(iv) silver
(v) palladium
(vi) platinum

(5c)
(Pick Any Four)

(i)Increase in agricultural production: Commodity exchange ensure an increase in agricultural production in the sense that once produce are harvested and sold with ease and with good profits, this will give more encouragement for the farmers to produce more.

(ii)Stabilization in agricultural product pricing: Positive commodity exchange do encourage the farmers to produce more because of the assurance that whatever they produce, their products must be purchased because of the stable prices they enjoy.

(iii)Generation of employment: Commodity exchange generally involves exports and imports and these activities enable many people to be gainfully employed in making commodity exchange possible.

(iv)Encourage exploration of solid minerals: A country that enjoy more income as a result of the importation of some mineral resource will be encourage to explore more mineral resources in order to increase more income.

(v)Foreign exchange earnings: Countries that export their commodities (Agricultural and other mineral resources) generally earn more income through foreign exchange earnings.

 

B. 2022 WAEC GCE COMMERCE OBJECTIVES (OBJ) ANSWERS | 29TH NOVEMBER, 2022

1-10: ACBCCABDBB
11-20: DCABBDABDC
21-30: DAADDCCACD
31-40: ACDDACBCBA
41-50: AADBABCCAD

C. 2022 WAEC GCE COMMERCE OBJECTIVES (OBJ) QUESTIONS | 29TH NOVEMBER, 2022

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