WAEC Syllabus For Commerce 2022/2023 PDF | Download WAEC Syllabus

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WAEC Syllabus

WAEC Syllabus For Commerce 2022/2023 an outline of the main points of a discourse, the subjects, the contents of WAEC Commerce 2022/2023 curriculum Given out by The West African Examination Council for all candidates sitting for the Waec examination.

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Download WAEC Commerce Syllabus 2022/2023

SCHEME OF EXAMINATION:

There will be two papers, Paper I and Paper 2, both of which will constitute a composite paper to be taken at one sitting.

PAPER I: Will consist of fifty multiple choice questions to be answered in 50 minutes for 50 marks.

PAPER II: Will consist of eight essay type questions out of which candidates will be required to answer any five within 2 hours for 100 marks.

DETAILED SYLLABUS

INTRODUCTION

  1. Definition of Commerce and E-Commerce
  2. History/Background of Commerce

iii. The scope of Commerce and E-Commerce

  1. Functions of Commerce and E-Commerce

OCCUPATION

  1. Meaning of Occupation
  2. Types;- Industrial, Commercial, Service

Occupation

iii. Factors that determine types of occupation /

employment

Career Opportunities

PRODUCTION

  1. Meaning
  2. Factors – land, labor, capital and entrepreneurship

iii. Types:- Primary, Secondary and Tertiary production

  1. Division of labor/specialization – meaning – types – advantages and disadvantages, – limitation
  2. Inter-relationship between production and exchange

BUSINESS UNITS

  1. Meaning and objectives of the business
  2. Forms of business units — Sole proprietorship, — Partnership, — Co-operative Societies, — Credit Union and Thrift Societies,

— Public enterprises, — Companies –

iii. Types, Formation, characteristics, comparison,

advantages and disadvantages

  1. Sources of the capital of each form of business
  2. Meaning and purpose of – Amalgamations, – Mergers and acquisitions – Trust,

– Holding companies and Subsidiaries – Consortium and Cartel

  1. Dissolution/Liquidation of Companies/Partnership

TRADE ASSOCIATIONS

Aims and functions of

  1. Trade Association
  2. Chamber of Commerce, Employers Association

iii. Consumer Association/Consumerism

BUSINESS CAPITAL AND

PROFITS

  1. Meaning and types –Authorized/Registered/Normal capital, called-up, paid-up capital, capital owned, liquid/circulating capital
  2. Credit – Meaning, Sources, Instrument and

Functions

iii. Calculation of working capital, the Importance of working capital

  1. Profits – Meaning, types, and calculation of profit
  2. Turnover – Meaning, calculations, and factors affecting turnover.

TRADE

(a) HOME TRADE

Purpose and branches of trade –

Home Trade and Foreign Trade – Meaning and

Differences

  1. Retail trade:

Functions of retailer – Factors to consider in starting a retail business

– Reasons for success/failure of a retail business.

  1. Small scale and large scale retailing –

Types of Retail Outlets, – Unit shops, Stalls, Hawkers, Kiosks, Mobile shops, Supermarket, Chain Stores, Department Stores, Shopping malls, Hypermarkets, and Mail Order business

The main characteristics of each.

– Advantages and disadvantages.

– Modern trends in retailing – branding, self-service, Vouchers. Vending machines, credit cards.

iii. Wholesale trade – Functions of Wholesalers Types of Wholesalers. Factors. Merchant and agent

Wholesalers

  1. Factor making for elimination and survival of middlemen
  2. The channel of Distribution:

Meaning, Types.

Factors for the choice of Channel

(b) FOREIGN TRADE

  1. Meaning –

Types: Import, export, and entreport

ii Basic concept in International trade – terms of trade, the balance of trade, the balance of payment – favorable, unfavorable, visible and invisible items, bilateral and multilateral agreements and countertrade

  1. Advantages and Disadvantages
  2. Barriers to Foreign trade –
  3. Tariffs –

Meaning

Reason for tariffs,

vii. Functions of port and Airports Authorities, Customs and Excise Authority and Shipping, Clearing and Forwarding Agents. Exports Promotion Council.

PURCHASE AND SALE OF GOODS IN HOME AND FOREIGN TRADE

  1. Procedure and documents used in business – Order, Indent, Consular Invoice, Ordinary Invoice, Credit/Debit notes, Proforma Invoice, Letter of hypothecation, documentary credit, certificate of origin, certificate of inspection, insurance certificate.
  2. Price Quotation – Trade discount, Cash discount,

Quantity discount, COD, CWO, CIF, FOB, E &

OE, Ex-works, LOCO, FAS, FOR and Franco

iii. Terms of Payment: Cash/Spot Payment, Purchase, and deferred payment.

  1. Means of payment – Legal tender – (banknotes and coins), cheques, standing order, bank draft,

stamps, postal orders, money orders, bills of exchange and promissory Note, mail transfer,

traveler’s cheques, telegraphic transfer. Epayment

FINANCE AND FINANCIAL INSTITUTIONS

  1. MONEY
  2. Meaning
  3. Evolution/History

iii. Forms

  1. Qualities and functions
  2. BANKS
  3. Types of Banks – Central Bank, Commercial Banks, and other specialized banks e.g. Development Bank, Mortgage Bank, Building Society, Microfinance institutions, – their features and Functions.

Bureau-de-change (Meaning and Functions)

  1. E. Banking – Meaning, forms – ATM, Money transfer – WAEC E Payment – online transfer

iii. Types of Accounts: Current, Savings and Fixed Deposit Account – Their main features

  1. Meaning and basic principles – utmost good faith, insurable interest, indemnity and subrogation, Contribution and proximate cause
  2. Types of Insurance
  3. life Insurance – Whole life Assurance – Endowment
  4. INSURANCE
  5. Non-life Insurance – Motor vehicle – Fire – Fidelity – Burglary/Robbery/Theft – Accidents – Consequential Loss – Marine
  6. Types of Risk
  7. Insurable Risk e.g. fundamental risks – Pure risk – Particular risk
  8. Uninsurable risk

– speculative risk

  1. Importance of Insurance to business and individual.
  2. Procedure for taking an Insurance Policy.
  3. Underwriting – meaning
  4. Re-insurance – Meaning and purpose
  5. Meaning
  6. Functions

iii. Methods of raising funds by companies – offer for sale, offer for subscription, rights issue, private placement, issue by tender Second tier Security market

  1. meaning and functions
  2. Advantages to Companies/Public

iii. Requirement for listing

  1. CAPITAL MARKET
  2. Meaning and functions,
  3. Importance

iii. Transactions on the stock exchange

  1. Speculators – Meaning and Types
  2. Types of Security – Shares, Stock, Bond gilt edge, debentures/Convertible loans
  3. STOCK EXCHANGE

(first tier)

  1. Meaning
  2. Types of tradable commodities

iii. Requirements for trading – Grading, Standardizing,

Warehousing, Clearing system

  1. Method of Trading – open outcry and electronic

mechanisms

  1. The benefit of Commodity exchange
  2. COMMODITY EXCHANGE

(i) Meaning (ii) Importance (iii) Choice of transport (iv) Forms

(a) Land (b) Water (c) Air (d) Pipeline

(v) Advantages and disadvantage of each form

(vi) Documents – Waybills, Consignment note, tickets and manifest

TRANSPORT, TOURISM, COMMUNICATION and WAREHOUSING

  1. TRANSPORT,

(i) Meaning (ii) Advantages and disadvantages

(ii) Types – Oral. Written, Visual, Non-verbal, Non-visual, Traditional,

(iii) Advantages and Disadvantages

(iv) Importance and services of the Post Office

(v) Courier Agencies and other communication agencies – Telephone system, satellite services, internet- E-mail

(vi) Computer Appreciation – meaning, – component parts, – advantages and disadvantages

  1. TOURISM

(i) Meaning (ii) Importance (iii) Functions (iv) Types (v) Advantages

C COMMUNICATION

  1. WAREHOUSING

ADVERTISING

(i) Meaning (ii) Roles, advantages and disadvantages

(iii) Types – informative, persuasive, Competitive, mass/specific

(iv) Methods – direct and indirect

(v) Media- meaning, choice and types

INTRODUCTION TO MARKETING

  1. MARKETING

(i) Meaning (ii) Importance (iii) Functions (iv) Differences between market and marketing, market and marketing research.

The Marketing mix 4ps

  1. Marketing Concept

(i) Meaning (ii) Components – Products, – price, – place and – promotion (i) Meaning (ii) Importance

Customer Services

Types – Pre and after-sales services (i) Meaning (ii) Methods Trade fairs, exhibitions, gifts, demonstration

  1. Sales Promotion

(I)Personal Selling (ii)Meaning

(iii)Importance

LEGAL ASPECT OF BUSINESS

Areas of law that relate to Business (i) Contract – Meaning – – Elements of a valid contract– Discharge of a contract

(ii) Agency – Meaning – Creation – Duties and responsibilities of principals and agents – Termination

(iii) Sales of goods Act

(iv) Hire Purchase Act

(v) Rights and Obligations of employer and Employee

(vi) Government regulation of Business – patents, copyright. Trade mark

(vii) Registration of Business – Meaning and uses

(i) Meaning (ii) Need for protection (iii) Means of protection (iv) Consumerism

Meaning Means, Instrument of protection

Consumer Protection

Government Legislation – food and drugs Act standard organization Act – Price Control Act – Factory, Shops and Offices Act – Product quality

Government policies relating

to business

  1. Commercialsation
  2. Privatisation
  3. Deregulation

(i) Meaning and Reasons (ii) Advantages and disadvantages (iii) Comparison/differences

INTRODUCTION TO BUSINESS MANAGEMENT

  1. Meaning ii. Objectives of business iii. Meaning of Business Management iv. Functions
  2. Business Resources – Man, Money, Materials Opportunities/Goodwill
  3. Structure of Business organizational setup Organisational chart, Departments, Functions of each, Authority, Delegation of Authority – Responsibility Span of Control Meanings

vii. Business and its environment Economical – Political Competition Technological etc

viii. Social responsibility of Business to the Society

  1. Importance of Inter and Intra departmental communications

ECONOMIC GROUPINGS

  1. ECOWAS

B NIGERBASIN COMMISSION (NBC)

  1. LAKE CHAD BASIN COMMISSION (LCBC)
  2. MANO-RIVER UNION
  3. EUROPEAN UNION
  4. WEST AFRICAN CLEARING HOUSE
  5. History ii. Membership iii. Objectives. Achievements v. Problems/Obstacles

RECOMMENDED TEXTBOOKS

WAEC Syllabus For Commerce 

  1. Senior Secondary Commerce, Book One, two and three by M. O. Odedokun, P. C. Udokogu, and C. O. N. Oguji. ii. Basic Marketing- McCarthy Jerome, E. , William Perreault Jr. iii. Marketing – G. B. Giles ( The M & E handbook services) iv. Consumer Behaviour – Prof. Achumba ( University of Lagos

Above is the WAEC Syllabus and Recommended textbooks for COMMERCE 200/2022

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