Business Documents
GCE Commerce

a) Define the term 'business document' as used in commerce. (2 marks) b) State FIVE types of business documents used in a typical buying and selling transaction and explain the purpose of each. (10 ma…

a) Explain the meaning of the following terms as used in business documents: i) Trade discount ii) Cash discount iii) E. & O.E. iv) Carriage forward (8 marks) b) State FOUR pieces of infor…

Alhaji Musa ordered 50 bags of rice at ₦18,000 per bag from Kano Traders. He was granted a trade discount of 10% and a cash discount of 5%. If Alhaji Musa paid promptly, how much did he pay?

Which document is used by a buyer to formally request goods from a seller, and forms the legal basis for the transaction?

A statement of account sent by a seller to a buyer at the end of the month serves primarily to

Which of the following documents is sent by a seller to a buyer to inform him that his account has been credited?

Which of the following correctly distinguishes a bill of lading from an airway bill?

A debit note is issued by a seller to a buyer when

In a typical sequence of trade documents, which of the following represents the CORRECT order from the buyer's initial inquiry to final settlement?

An invoice shows the following: List price of goods = ₦120,000; Trade discount = 15%; VAT = 7.5%. What is the total amount payable by the buyer?

A pro forma invoice is BEST described as a document that