Commerce Past Questions and Answers

(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.

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

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

The form of trade practised by the early men was characterized by?

The form of trade practised by the early men was characterized by?