Commerce Revision Questions - Internal Seminar 2020
Commerce Revision Questions - Internal Seminar 2020
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7. A Kwata traders association had the following records as at 31st December 2014
Shs
Debtors 390,000
Stock 840,000
Net profit for the year 620,000
Creditors 800,000
Equipment 280,000
Premises 950,000
Drawings 350,000
Bank loan 970,000
Capital 1,000,000
Cash at
Bank 540,000
Hand 40,000s
I. Prepare a balance sheet for the association
II. Determine
a. The value for total fixed assets
b. Total current assets
c. Long term liabilities
d. Working capital
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11. A. What is meant by the term Regional Integration?
B Explain the advantages and disadvantages of regional Integration.
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20. A Give the qualities of good money
B what are the functions of money?
C What led to the down fall of Barter system?
22. A. What factors are considered by the bank when giving a loan?
B Explain the methods used by the central bank to limit money in circulation
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Opening stock Shs 12,000,000
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You are required to determine
I. Cost of sales III. Average stock V. Profit margin
II. Gross profit for the year IV. Rate of stock turn VI. Net profit
24. A prepare a trading profit and loss account and a Balance sheet from the following
Information extracted from the books of Kwata traders association.
Debtor 12407
Creditors 18669
Purchases 48985
Sales 142007
Return in wards 1046
Return out wards 2134
Cash at bank 8362
Cash at hand 978
Wages for the workers 36046
Salary 18591
Sewing machine 11650
Rent 6000
Packing materials 3259
Electricity 2814
Shop fittings 6950
Stock 1st January 2014 42161
Capital 36439
199249 199249
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25. A The following information was extracted from the books of Henry and sons company ltd
On 31st December 2014
Shs
st
Stock 1 January 2014 35,000,000
Creditors 50,000,000
Capital 200,000,000
Loans 40,000,000
Purchases 132,000,000
Closing stock 40,000,000
Return out wards 7,000,000
Cash 10,000,000
Bank 35,000,000
Debtors 40,000,000
Lorry 120,000,000
Calculate
I. Net purchases
II. Average stock
III. Sales at cost
IV. Rate of stock turn
V. Working capital
B If the business markup was 25%
Calculate
I. The total net sales of the firm
II. The gross profit
III. The margin
26. A. Describe the methods through which an importer can pay for the goods he has received
b. Explain the characteristics of a good port
27. A. Give the ways through which the government can improve the Balance of payment
b. Explain the disadvantages of importing goods by less developed countries
28.
a. Differentiate between Publicity and public relations
b. Identify the challenges faced in public relations
c. Give solutions to the challenges of public relations
d. Explain the importance of good public relations
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29. a. Explain the services offered by the post office to the public
b. Why are post office services not so common these days?
30. a. Give some examples of insurable risks and non insurable risks
b. Explain the term pooling of risks as used in insurance
c. Insurance is gambling discuss
31.
a. Give the meaning of Tourism
b. Describe the various tourism attractions in Uganda
c. Discuss the challenges facing tourism industries in Uganda
d. Suggest solutions to the tourism challenges in Uganda
32.
a. State the aims of trade unions
b. Explain the challenges of trade unions
c. How can the above challenges be over come?
36. a. Explain the ways the government can use to support the private sector
b. give the methods used by the government to control the private sector
39. a. Explain the steps taken by your government to promote trade with other countries
b. Explain the factors that limit the smooth flow of International trade
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41. a. Distinguish between the following terms as used in banks
I. Bank account and statement of account
II. An open cheque and a closed cheque
III. Credit transfer and standing order
b. Explain the precautions a drawer can take to ensure the security of his/her cheque
c. Why is a bank draft preferred as a means of payment?
ITEMS SHS
Stock 31st December 2016 1,098,000
Average stock 936,000
Purchase 13,320,000
Sales 16,560,000
Return outwards 342,000
Return in wards 126,000
Years overheads 1,026,000
Required
I. Cost of sales
II. Gross profit ratio
III. Net profit ratio
IV. Markup
V. Rate of stock turn
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c. Outline the merits and demerits of personal selling as a form of sales promotion
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45. a. Explain the following terms as used in taxation
I. Indirect tax
II. Direct tax
III. Death tax
IV. Custom tax
V. Tax incidence
b. Explain the importance of taxation in Uganda
c. Identify the challenges faced by the tax authorities in your country
49. a. Why is small scale retailing the most common type of business in Uganda?
b. under what circumstances may whole sellers be eliminated from the chain of distribution
c. Explain the problems facing the Retailers of your country
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50. a. Outline the ways retailers use to increase their turnover in the business
b. The following records were extracted from the books of ME and YOU enterprises ltd for the year
ended 31st December 2016
ITEMS SHS
Capital 7,700,000
Debenture 10,500,000
Creditors 5,600,000
Land and buildings 12,600,000
Closing Stock 7,700,000
Cash in hand 3,360,000
Net profit 5,600,000
5 years bank loan 6,300,000
Bank over draft 5,320,000
Furniture 8,400,000
Debtors 7,560,000
Drawings 700,000
2 year bank loan 3,150,000
Equipment and tools 2,800,000
Cash at bank 2,450,000
Determine
I. Borrowed capital
V. Owners equity
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