WAEC Commerce Answers 2021

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Commerce 2 (Essay) 3:00pm. –5:00pm.
Commerce 1 (Objective) 5:00pm. –5:50pm.

Commerce OBJ:

7,5,4,3,1 + No.2(Bonus)

Entrepot trade is a form of foreign trade in which goods are shipped to one port and subsequently re-exported and shipped to another port. It can be simply refers to as the re-exporting of goods imported from other nations.

Bill of lading is a legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried. A bill of lading also serves as a shipment receipt when the carrier delivers the goods at a predetermined destination. WHILE consignment note is a document regarding the carriage of goods by road which declares the contract of carriage and includes the instructions given to the carrier and proves the contract of carriage

Bill of sight is a document used in Foreign trade which is submitted to the customs authorities ,if a full description of the imported goods cannot be provided. This document enables the goods to be landed and their inspection is authorised by the customs while a full description of the goods will be provided later. Bill of sight is used to determine the duty on the cargo.

(i)Increased Price of The Product: Advertising increases the cost of the product as the expenses on it form the part of the total cost of the product.

(ii)Harmful For the Society:
Sometimes advertisements are un-ethical and objectionable. Most often, these carry indecent language and virtually nude photographs in order to attract the customers.

(iii)Multiplication of Needs:Advertising creates artificial demand for the product and induces people to buy those products which are not needed by them.

(iv)Multiplication of Needs:
Advertising creates artificial demand for the product and induces people to buy those products which are not needed by them.

(v)Deceptive:sometimes advertising is used as an instrument of cheating. In order to impress upon the people false statements are given with regard to different virtues of a product.



Merger is the process in which two or more companies come together to join forces towards a common goal. WHILE Acquisition is the process by which a company takes control of another and the latter ceases to exist completely.

(ii)Mergers are considered friendly and out of a mutual decision by each of the merging companies WHILE an acquisition is considered as either friendly or hostile, voluntary or involuntary.

(iii)In merger, the size of the merging companies is more or less the same WHILE In acquisition, the acquiring companies is larger or bigger than acquired one

(i)Exchange of Goods and services: Commerce facilitates the exchange of goods and services. Commerce facilitates the exchange of goods and services through transportation (road, rail, sea, air) and telecommunications services.

(ii)Improvement in standard of living: Commerce help to improve standard of a living of a nation. The availability of variety of goods and services leads to improvement in standard of living and quality of life of people.

(iii)Unity among Nation: Commerce fosters unity among nations thus, nations become interdependent as they engage in trading activities

(iv)Raising of capital: Commerce facilitates the raising of capital for individual needs and investment through the service of banks and other financial institutions.

(v)Creation of wealth for nation: Commerce helps to create wealth for nations, as duties are charged on goofs and services either exported or imported.

(vi)linkage of Buyers and sellers: Commerce through communication links buyers and sellers together to do business without physical contacts which private disease spreading, robbery and fight among buyers and sellers.

[Pick any FIVE] (i) Cash payment
(ii) Cheque
(iii) Bill of exchange
(iv) Money order
(v) Credit cards
(vi) Bank draft

(i) Accounting purposes: Accounting software enables a business to quickly and accurately obtain large- and small-scale pictures of the company’s financial situation. All the employees need to do is to input his financial information into the software which helps the employees understand everything about the financial health of the business’ operations

(ii) Document creation: Most businesses will need to produce numerous documents, either in the form of written documents or spreadsheets. Computers provide word processors and spreadsheet software to help with this.

(iii) Marketing: With a computer, a business can create and execute entire marketing campaigns that span across every social media platform on the internet. The business can create ads to run on websites and social media platforms, using special software, and it can also buy marketing services from other businesses.

(iv) Storage purposes: Computers also enable a business to store its data in different ways. The business could store the data in a central location, and it could have other computers on the network access the data whenever the business needs to; when the business has the permission to; or, when the business could store the data locally on individual computers.

(i)Medium of exchange: Money can serve as a medium of exchange through which people can exchange goods and services. Money can be used to buy different varieties of goods and services.

(ii)Unit of account: In serving as a unit of account, it becomes practically possible for individuals and companies to keep accounting record of their transaction in bank statement, ledgers and invoices

(iii)Store of value: Money is a goof store of vale because wealth can be stores for future use. When there is no inflation, money stored or saved retains its value for many years

(iv)As a measure of value: The value of goods and services are expressed by prices, therefore money is used as a yardstick to measure and compare the worth of goods and services as well as occupation.

(v)Standard of deferred payment: Since money cab be stored, it can be accumulated to pay debts that are fixed in terms of money. Money can serve as a medium by which business transactions on credit can be settled in the future.

(a)Bull: This us a spectator on the floor of the exchange who buys securities with the hope that the price will rise and that he will sell at a higher price for a gain. The bull will wait for a time of general rise in prices of securities. A market is said to be bullish if it is keen to buy

(b)Jobber: A jobber is a member of the exchange who is the actual dealer in securities. He transacts business of the investors. Jobbers specialize in a particular type of business, they buy and sell securities on their own for a profit called Jobber’s turn. They quote two prices: buying price and selling price.

(c)Broker: This is an agent who is professionally engaged in the purchase and sales of securities in the stock exchange on behalf of a client in exchange for commission called Brokerage. They act as a link or go-between the member of the public who want to buy and sell securities and other members of the exchange

(d)Stag: A stag is a speculator who applies for new issues of shares and stock in large quantity with the feeling or anticipation that prices of the shares will rise above the offer prices. The stag hopes to make profit after selling.

Economic grouping may be defined as the coming together of different countries with a common economic interest and goals with a view to promoting economic cooperation and development among member States.

(i) The sustainable and equitable management of Lake Chad and other shared water resources
(ii) The preservation of ecosystems
(iii) The promotion of integrating and preserving of peace and transboundary security in the Lake Chad Basin.

(i) Promotion of Cooperation and development.
(ii) Harmonization of Agricultural, Economic, Monetary and Industrial Policies.
(iii) Abolition of trade restrictions and Customs Duties.

(i) To ensure the most effective utilization of the resources of the river.
(ii) To streamline the construction of dams on the Niger.
(iii) To ensure the most effective use of the Niger water

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Further Mathematics/Mathematics(Elective) 2 (Essay) 9:30am. –12:00noon.
Further Mathematics/Mathematics(Elective) 1 (Objective) 3:30pm. –5:00pm.

F/Maths OBJ:














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Entrance Fees or Admission Fees is the amount that a person pays at the time of becoming a member of a Not-for-Profit Organization. It is a revenue receipt. Therefore, we account it as an income and credit it to Income and Expenditure Account.

A subscription is a signed agreement between a supplier and customer that the customer will receive and provide payment for regular products or services, usually for a one-year period.

(Pick Any five)
(i) No Opening Balance:- Opening balance is not require to prepare income and expenditure account.

(ii) Accrual Basis:- Income and expenditure account is maintained on accrual basis.

(iii) Based On Receipt And Payment Account:- Income and expenditure account is prepared on the basis of receipt and payment account at the end of the accounting year.

(iv) Non-cash Items:- This account records non-cash items also
(v) Debit And Credit Rule:- Expenses and losses are debited and incomes are credited as it is a nominal account.

(vi) No Capital Transactions:- Only revenue items are included in income and expenditure account. So, capital items are excluded while preparing this account.

(vii) Only Current Year’s Transactions:- Income and expenditure account includes only current periods transactions.

(1a) Accounting concepts are a set of general conventions that can be used as guidelines when dealing with accounting situations.

(I) Business Entity: The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.

(II) Accrual: The accrual principle is an accounting concept that requires transactions to be recorded in the time period in which they occur, regardless of when the actual cash flows for the transaction are received.

(III) Going concern: is an accounting term for a company that is financially stable enough to meet its obligations and continue its business for the foreseeable future.

(IV) Consistency: The concept of consistency means that accounting methods once adopted must be applied consistently in future

(V) Periodicity: The periodicity concept is a period during which business enterprises are required to prepare financial statement at specified intervals.

(VI) Historical cost: A historical cost is a measure of value used in accounting in which the value of an asset on the balance sheet is recorded at its original cost when acquired by the company.

Bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. In other words the statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period.

Bank charges covers all charges and fees made by a bank to their customers. In common parlance, the term often relates to charges in respect of personal current accounts or checking account.

Standing order is an instruction a bank account holder gives to their bank to pay a set amount at regular intervals to another’s account. The instruction is sometimes known as a banker’s order.

Credit transfer” means a payment transaction by which a credit institution transfers funds to a payee’s account on the basis of a payer’s order, and the payer and the payee can be the same person.

Dishonoured cheques are cheques that a bank on which is drawn declines to pay. There are a number of reasons why a bank would refuse to honour a cheque, with non-sufficient funds being the most common one, indicating that there are insufficient cleared funds in the account on which the cheque was drawn.

Unpresented cheque simply means that a cheque has been written and accounted for, but it has not yet been paid out by the bank from which the money is being drawn. Unpresented cheques are also referred to as outstanding cheques because the funds in question are, as the name suggests, outstanding.

Uncredited cheques represent money that is available to the company but has not yet been recognised by the bank. This comes in the form of cheques paid in by customers and clients.

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Secret cult is an enclosed organized association or group of people devoted to the same cause. It is also referred to as a dangerous and deadly group that share common ideologies, believe in secret, esoteric, mystic and engage in violent practices. Members if the cult groups commit themselves to oath allegiance, which serves as their strong bond.

(i)Public campaign against cultism: Different organizations, including the government, schools, religious institutions, and parents, should promote awareness against cultism. Seminars and workshops should be organized to discuss the dangers of cultism all over schools without leaving out the primary schools.

(ii)Government Standard: The government should also make laws to punish cultists for pushing away students and young people from joining these groups. The political leaders supporting them should also be put to judgment because they are damaging other children’s lives to make theirs better;

(iii)Discipline and Studying hard in school to achieve success: Students should be kept busy and engage in school via curricular and extra curricular activities. Because it is a known fact that an “idle mind is the devil’s workshop”. When students are engage with hard work, they will not have time to join cult.

(iv)Moral Education should be made compulsory in the primary and secondary schools in the country.Parents should take time to understand their children, give enough time to listen to them at home and satisfy their emotional psychological and physical needs.


Civil society organization: Civil society organization are groups of people who came together to pursue a common cause or goal and equally provide an alternative to pressure groups in many areas like politics,human right matters etc. They are non-governmental organization (NGOs) who are defenders of laws,fundamental rights,justices and good governance.

Free and independent press: The press is one of the vital institutions in the practice of government and also a major pillar of true democracy. No democracy exists without free press. The press can be described as the total sum of all the organization and systems that make up the mass media of any given society. The press or mass media includes all agents of public opinion and the watch dog that speaks through the voice or by pen.

Political party: Political party is an organization of citizens who act together as a political unit,having distinctive aims and objectives involving political questions in the state and acting together and seeking to obtain controls of government. Political parties are usually the institutions involved in the electoral contests. They exist in order to contest elections or bring about a condition that will lead to election of people’s representatives to legislative and executive councils.

(i) Anti Party activities: some party members are disloyal and involved in anti party activities which will lead to competition among each party

(ii)Irresponsible acts: Most of the party leaders are irresponsible. Many of them were imposed on party members or faithfuls. Irresponsible acts lead to division and competition among parties.

(iii)corruption and favouritism: Political parties are always guilty of nepotism ,bribery and corruption. Corruption and favouritism is one of the major cause of competition among parties


Youth empowerment is an idea or programmes fashioned to enable the youth learn skills,trade or profession . it is inherent in the idea of training and education. Youth empowerment aims at laying a solid foundation for sustainable poverty reduction ,employment generation, wealth creation and value orientation.

(i) Life Coping Skills: These are natural skills which every organism including man, acquires from birth to adapt fittingly in his or its environment. They are survival Instincts or skills.

(ii) Manipulative Skills: These skills are seen in skills acquisition centres as it involves economic activities that inculcate skills such as technical education.

(iii) Intellectual Skills: These skills are coordinates in character. It is the literary or theoretical frameworks that guide the practical aspects of the works, economic and scientific undertakings

(iv) Communicative Skills: Communication is a very important aspect of our life. Man evolved communications skills as a social being to enable him pass or send information from one person to the other or from place to place.

(v) Artistic Skills: These are close to communicative skills and are more complex. Includes they art of good writing, fine and applied arts, music and drama. These skills make effective use of all the other four kinds of skills where necessary.

(vi)Decision-making skills; These can be the difference in making a choice that improves your organization. The aptitude to make decisions is a leadership trait, which portrays your ability to think objectively and relates concepts to the goals you’re trying to reach.


(i)Right to life: Life is the greatest gift of God. We must do our best to protect our lives and while we do this, we must not do things that will destroy other people’s lives of put them in danger.

(ii)Freedom of speech: The UDHR declare that human beings have the right to speak their minds or express their opinion without dear of being intimidated or punished.

(iii)Freedom of Assembly: We all have the right to gather together with out friends and gold meeting in any place of our choice . Nobody can force us to join any group against our will.

(iv)Freedom from fear: We all have the right to be protected by the law and have the right to live as citizen of our country without fear

(v)Freedom from Want: The basic of man should be provided by out various government. Those needs are food, clothing and shelter. This is why the UDHR has listed it as one of the core freedom.

(vi)Freedom from discrimination: Everyone is entitled to all the Right and freedoms in the UDHR. Nobody should be discriminated against because of race, sex, religion, color, language, birth etc.

(vii)Freedom of movement: We all have the right to move about freely in our country and to go where we want to go without being harassed. If the government imposes curfew, it limits your freedom of movement.

(i)Study and know your Fundamental Human Rights and the Articles of the UDHR: You cannot claim Rights if you do not know that they exist and you cannot immediately quote them when the need arises. Ignorance is the greatest challenge to the UDHR.

(ii)Individuals who know their Rights must help Teach Others: Do not keep the knowledge to yourself alone. You must be ready to alert other people when their Fundamental Human Rights have been violated and teach them what to do to seek redress. You can do this when discussing with friends in your school

(iii)Groups can channel Advocacy through the print and Electronic media: Each Human rights group should have a website where they can be reached easily . they can publish abuses of human rights and their recommendations in newspaper,magazines and journals. They can also speak put through the radio and television

(iv)Groups can organize a forum from Time to Time and Educate people on human right: They can organize lectures on good governance and how government can help to promote and preserve human rights. In Nigeria a group known as human right watch has devoted much energy ,time and resources to educate people on the need for preservation of human right and championing the cause of the helpless.

Modern mode of popular participation is the mode of popular participation carried out through expressing of oneself through the mass media.

[Pick Any SiX] (i) Legitimacy of elected governments: If citizens actively participate in electoral process, society will have an elected legitimate government.
(ii) National development: There will be rapid socio-economic development if citizens participate in the electoral or political process.
(iii) Political stability: This ensures law and order for economic and political development in the society.
(iv) Responsible and responsive government: The society will elect or get a government that is receptive to the people’s concerns, needs and aspirations.
(v) Political awareness: When citizens participate in the electoral/political process, they will become politically conscious, enjoy their rights and perform corresponding duties and obligations to the society.
(vi) Credible elections: When citizens actively participate in the electoral or political process it will confer credibility on the process.
(vii) Peaceful order of succession: Peaceful transition is ensured from one regime to another.
(viii) Peace and harmony: When citizens actively participate in the political process they will enjoy peace and harmony without much agitation.
(ix) Accountability, transparency, due process and probity: Active participation of citizens in the political process ensures accountability, transparency, due process and probity in governance for the common good of the society.

Waec Commerce 2021 Answers

Waec Commerce Answers 2021

Waec Commerce 2021

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