2019 - JAMB Commerce Past Questions and Answers - page 5
The difference between Articles of association and memorandum of Association is that the latter deals
with the Internal working relationship of the company and its members
with the powers and relationships of the company with outsiders
The method of issue, transfer and future of the company's shares
The rights and responsibilities of shareholders
The memorandum of association of a company is an important corporate document in certain jurisdictions. It is often simply referred to as the memorandum. In the UK, it has to be filed with the Registrar of Companies during the process of incorporating a company. Wikipedia
All except one is not a corporation and boards at the federal level
FRCN
NNPC
CBN
MAN
Manufacturing Association of Nigeria (MAN) is a trade association.
The basic characteristics of co-operative society include all except one
It is managed democratically
It follows the principle of one man
Amateur Management
Extra capital is raised through loan
Members in the management committees of co-operative societies often lack business experience and expertise.
co-operative societies:
A person is free to join a cooperative society, and can also leave anytime as per his desire. Irrespective of their religion, gender & caste, membership is open to all. It is compulsory for the co-operative society to get registration
The basic characteristics of co-operative society include all except one
Members in the management committees of Co-operative societies often lack business experience and expertise.
Which of the limited liability companies have a limit of fifty members and do not issues their shares to the public
Private limited liability
Public limited liability
Partnership
Co-operative society
A private limited liability company is a profit-making business with fewer shareholders the public limited liability company, and no open market for its shares. The minimum number of shareholders for a private LLC is two and the maximum number is fifty.
Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
| ₦ | ₦ | ||
| Opening stock Purchase |
1000 7000 |
Sales | 8000 |
| Closing Stock | 3000 |
Trading Expenses
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate
Gross profit
300
3000
6000
11000
Gross profit = Sales - Cost of goods sold,
Where:
Cost of goods sold = Opening + Purchases - Closing stock
= 1000 + 7000 - 3000
= 6000
Therefore,
Gp = 8000 - 6000 = 3000
Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
| ₦ | ₦ | ||
| Opening stock Purchase |
1000 7000 |
Sales | 8000 |
| Closing Stock | 3000 |
Trading Expenses
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate
Net profit
1400
5000
1600
6400
Net profit = Gross profit - Expenses
hence,
3000 - 1400 = 1600
Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
| ₦ | ₦ | ||
| Opening stock Purchase |
1000 7000 |
Sales | 8000 |
| Closing Stock | 3000 |
Trading Expenses
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate
Percentage of net profit to turnover
An offer extended to several people at once is called
Acceptance
Offeror
Invitation to threat
Consideration
An invitation to treat is an action inviting other parties to make an offer to form a contract. These actions may sometimes appear to be offers themselves, and the difference can sometimes be difficult to determine
A conter offer is an offer that is
different from the original offer
breached
different in terms of acceptance
extended to several people at once