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Thursday, 12 November 2026
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Commerce Past Questions and Answers

Waec Commerce Questions

Question 921:
The basic principles upon which International Trade is carried on among countries is
  • A Specialization
  • B Absolute cost advantage
  • C Comparative cost advantage
  • D Division of labour
  • E Scarcity
View Answer & Explanation
Question 922:
A supplier who needs to make additional charges for goods delivered will send
  • A A debit note
  • B A credit note
  • C A consignment note
  • D A advice note
  • E A delivery note
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Question 923:
Gross profit is correctly ascertained by
  • A Adding opening stock to purchases
  • B Adding closing stock to sales
  • C Subtracting returns outwards from purchases
  • D Subtracting returns inwards from sales
  • E Subtracting cost of goods sold from sales
View Answer & Explanation
Question 924:
The returns from capital investment are known as
  • A Turnover
  • B Commission
  • C Annuity
  • D Profit
  • E Bonus
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Question 925:
The total asset of business minus its total liability is the
  • A Net profit
  • B Capital owned
  • C Working capital
  • D Capital employed
  • E Gross profit
View Answer & Explanation