WAEC Syllabus for Commerce & Recommended Textbooks 2022/2023

The WAEC syllabus for Commerce is the topic you must study to sit for the examination. It contains the aims and objectives, notes and format for the Commerce exam.

Studying the Commerce syllabus is necessary for your exam preparation. It will serve as a guide for you to know the topics to read. There are also notes on concepts you should pay attention to learning.

Exam preparations without using the Commerce syllabus are like going to the farm without your agricultural tools. You will end up not being productive.

Ensure you begin your exam preparations using the syllabus.

This post contains the Commerce syllabus and recommended textbooks of the West African Examination Council (WAEC).

WAEC Commerce Syllabus

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.

S/NoContentsNotes
1.INTRODUCTIONDefinition of Commerce and E-Commerce History/Background of Commerce
Scope of Commerce and E Commerce
Functions of Commerce and E-Commerce
2.OCCUPATIONMeaning of Occupation
Types;- Industrial, Commercial, Service Occupation
Factors that determine types of occupation/employment Career Opportunities
3.PRODUCTIONMeaning
Factors – land, labour, capital and entrepreneurship
Types:- Primary, Secondary and Tertiary production
Division of labour/specialization
meaning
types
advantages and disadvantages,
limitation
Inter-relationship between production and exchange
4.BUSINESS UNITSMeaning and objectives of business
Forms of business units  
Sole proprietorship, Partnership, Co-operative Societies, Credit Union and Thrift Societies, Public enterprises, Companies – 
Types, Formation, characteristics, comparison, advantages and disadvantages
Sources of capital of each form of business
Meaning and purpose of
–   Amalgamations,
–   Mergers and acquisitions
–   Trust,
–   Holding companies and Subsidiaries
–   Consortium and Cartel
Dissolution/Liquidation of Companies/Partnership.
5.TRADE ASSOCIATIONSAims and functions of Trade Association
Chamber of Commerce,
Employers Association
Consumer Association/Consumerism
6.BUSINESS CAPITAL AND PROFITSMeaning and types
– Authorized/Registered/Normal capital, called-up, paid-up capital, capital owned, liquid/circulating capital
Credit
– Meaning, Sources, Instrument and Functions
Calculation of working capital,
the Importance of working capital
Profits
– Meaning, types and calculation of profit
Turnover
– Meaning, calculations and factors affecting turnover.
7.TRADE (a)    HOME TRADEPurpose and branches of trade
– Home Trade and Foreign Trade
– Meaning and Differences Retail trade: Functions of retailer Factors to consider in starting a retail business
Reasons for success/failure of retail business.
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.
Wholesale trade
– Functions of Wholesalers
Types of Wholesalers.
Factors.
Merchant and agent
Wholesalers
Factor making for elimination and survival of middlemen
Channel of Distribution:
Meaning,
Types.
Factors for choice of Channel
 (b)    FOREIGN TRADEi. Meaning
– Types: Import, export and entreport
ii Basic concept in International trade
– terms of trade, balance of trade, balance of payment
-favourable, unfavourable, visible and invisible items, bilateral and multilateral agreements and counter trade
Advantages and Disadvantages Barriers to Foreign trade
– Tariffs
– Meaning Reason for tariffs, 
Functions of port and Airports Authorities,
Customs and Excise Authority and Shipping,
Clearing and forwarding Agents.
Exports promotion Council.
8PURCHASE AND SALE OF GOODS IN HOME AND FOREIGN TRADEProcedure 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.

Price Quotation
– Trade discount, Cash discount,

Quantity discount, COD, CWO, CIF, FOB, E & OE, Ex-works, LOCO, FAS, FOR and Franco Terms of Payment: Cash/Spot Payment, Purchase and deferred payment.
Means of payment
– Legal tender
– (bank notes and coins), cheques, standing order, bank draft, stamps, postal-orders, money orders, bills of exchange and promissory Note, mail transfer, traveller’s cheques, telegraphic transfer.
Epayment
9.                                                                                                                                         10.FINANCE AND FINANCIAL INSTITUTIONS A.   MONEY      
B.   BANKS                      
C.  INSURANCE                           D. CAPITAL MARKET                
E. STOCK EXCHANGE     (first tier)      
F. COMMODITY EXCHANGE   TRANSPORT, TOURISM, COMMUNICATION and WAREHOUSING
A. TRANSPORT,                      

B. TOURISM  
C.  COMMUNICATION             D. WAREHOUSING
i. Meaning
ii. Evolution/History
iii. Forms
iv. Qualities and functions.
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)
E. Banking
– Meaning, forms
– ATM, Money transfer
–  E Payment
– online transfer
iii. Types of Accounts:  Current, Savings and Fixed Deposit Account
– Their main features
Meaning and basic principles
– utmost good faith, insurable interest, indemnity and subrogation, Contribution and proximate cause
ii. Types of Insurance
a.   life Insurance     
–   Whole life Assurance     
–   Endowment
b. Non life Insurance     
–   Motor vehicle     
–   Fire     
–   Fidelity      
–   Burglary/Robbery/Theft     
–   Accidents     
–   Consequential Loss     
–   Marine
c. Types of Risk
i. Insurable Risk e.g. fundamental risks     
–   Pure risk     
–   Particular risk
ii.   Uninsurable risk     
–   speculative risk
d.   Importance of Insurance to business and individual. e.   Procedure for taking an Insurance Policy.
f.    Underwriting
– meaning g.  
Re-insurance 
– Meaning and purpose
i. Meaning
ii. 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
i. meaning and functions
ii. Advantages to Companies/Public
iii. Requirement for listing 
i. Meaning and functions,
ii.   Importance
iii.   Transactions on the stock exchange
iv.   Speculators
– Meaning and Types Types of Security
– Shares, Stock, Bond gilt edge, debentures/Convertible loans
i.    Meaning
ii.   Types of tradable commodities
iii.   Requirements for trading
– Grading, Standardizing, Warehousing, Clearing system
iv.   Method of Trading
– open outcry and electronic mechanisms
v.   Benefit of Commodity exchange        
Meaning Importance Choice of transport Forms      (a)   Land     
(b)   Water     
(c)   Air     
(d)   Pipeline
(v)    Advantages and disadvantages of each form (vi)   Documents
– Waybills, Consignment notes, tickets and manifest      
Meaning Advantages and disadvantages
Meaning Types
– Oral. Written, Visual, Non-verbal, Non-visual, Traditional, Advantages and Disadvantages
Importance and services of Post Office Courier Agencies and other communication agencies
– Telephone system, satellite services, internet
– E-mail
(vi)    Computer Appreciation
–  meaning,
–  component parts,
–  advantages and disadvantages.
Meaning
Importance
Functions
Types
Advantages
11.ADVERTISING  Meaning Roles, advantages and disadvantages   Types
– informative, persuasive, Competitive, mass/specific
Methods
– direct and indirect Media
–  meaning, choice and types
12INTRODUCTION TO MARKETING  
A.  MARKETING          
B.  Marketing Concept             C.  Customer Services    
D. Sales Promotion
(i)      Meaning
(ii)     Importance
Functions
Differences between market and marketing, market and marketing research.  
The Marketing mix 4ps Meaning
ComponentsProducts, price, place and promotion  Meaning
Importance  
Types
– Pre and after sales services  
Meaning
Methods Trade fairs, exhibitions, gifts, demonstration       
Personal Selling       
Meaning       
Importance
13.LEGAL ASPECT OF BUSINESS   Areas of law that relate to Business                                       Consumer Protection(i)   Contract    
–  Meaning
–  Elements of a valid contract    
–  Discharge of a contract
(ii)    Agency
Meaning
Creation
Duties and responsibilities of principals and agents
Termination
Sales of goods Act Hire Purchase
Act Rights and Obligations of employer and Employee
Government regulation of Business
– patents, copyright.
Trade mark
Registration of Business
–    Meaning and uses
(i)   Meaning
(ii)  Need for protection Means of protection
Consumerism
Meaning Means, Instrument of protection Government Legislation
– food and drugs Act standard organization Act –    Price Control Act
–    Factory, Shops and Offices Act
– Product quality  
14.Government policies relating to business
A. Commercialisation
B. Privatisation
C. Deregulation
    Meaning and Reasons Advantages and disadvantages (iii)   Comparison/differences
15.INTRODUCTION TO BUSINESS MANAGEMENTi.    Meaning
ii.   Objectives of business
iii.   Meaning of Business Management
iv.   Functions
v.   Business Resources     
– Man, Money, Materials
Opportunities/Goodwill
vi.   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
ix.    Importance of Inter and Intra departmental communications
16.ECONOMIC GROUPINGS
A.    ECOWAS
B    NIGERBASIN.      COMMISSION (NBC)
C.   LAKECHADBASIN      COMMISSION (LCBC)
D.   MANO-RIVER UNION E.   EUROPEAN UNION
F.   WEST AFRICAN CLEARING HOUSE
i.   History ii.  Membership iii.  Objectives iv.  Achievements v.  Problems/Obstacles  

WAEC Commerce Textbooks

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

I am an Enthusiastic SEO Writer engineering helpful skyscraping content on the internet. A lifelong learner who loves to read, learn and write.

Leave a Comment