Neco 2017 Book Keeping Theory And Obj Answers – May/June Expo
Neco 2017 Book Keeping QUESTION AND ANSWERS NOW 100% AVAILABLE WITH US.
NECO BOOK-KEEPING THEORY
(2a)Stock-taking or “inventory checking” is the physical verification of the quantities and condition of items held in an inventory or warehouse. This may be done to provide an audit of existing stock. It is also the source of stock discrepancy information.
2ci)Advantages of a sole trader
i.Control – Sole traders maintain full control of their business. Running it how they please without the interference of others.
ii.Personal – Because there is no need to confer with other decision makers, sole traders can make decisions quickly and act on them swiftly, providing for the needs of their customers
Disadvantages of a sole trader
i. Finance – sole traders often find it difficult to raise finance to fund their business. They may struggle with expansion in the future.
ii.Decision making – all decisions must be made by the sole trader. There is no room for help by others. So the success or failure of the business rests on one person.