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.
|1.||INTRODUCTION||Definition of Commerce and E-Commerce History/Background of Commerce|
Scope of Commerce and E Commerce
Functions of Commerce and E-Commerce
|2.||OCCUPATION||Meaning of Occupation|
Types;- Industrial, Commercial, Service Occupation
Factors that determine types of occupation/employment Career Opportunities
Factors – land, labour, capital and entrepreneurship
Types:- Primary, Secondary and Tertiary production
Division of labour/specialization
advantages and disadvantages,
Inter-relationship between production and exchange
|4.||BUSINESS UNITS||Meaning 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
– Mergers and acquisitions
– Holding companies and Subsidiaries
– Consortium and Cartel
Dissolution/Liquidation of Companies/Partnership.
|5.||TRADE ASSOCIATIONS||Aims and functions of Trade Association |
Chamber of Commerce,
|6.||BUSINESS CAPITAL AND PROFITS||Meaning and types |
– Authorized/Registered/Normal capital, called-up, paid-up capital, capital owned, liquid/circulating capital
– Meaning, Sources, Instrument and Functions
Calculation of working capital,
the Importance of working capital
– Meaning, types and calculation of profit
– Meaning, calculations and factors affecting turnover.
|7.||TRADE (a) HOME TRADE||Purpose 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.
– Functions of Wholesalers
Types of Wholesalers.
Merchant and agent
Factor making for elimination and survival of middlemen
Channel of Distribution:
Factors for choice of Channel
|(b) FOREIGN TRADE||i. 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
– Meaning Reason for tariffs,
Functions of port and Airports Authorities,
Customs and Excise Authority and Shipping,
Clearing and forwarding Agents.
Exports promotion Council.
|8||PURCHASE AND SALE OF GOODS IN HOME AND FOREIGN TRADE||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.
– 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.
|9. 10.||FINANCE AND FINANCIAL INSTITUTIONS A. MONEY |
C. INSURANCE D. CAPITAL MARKET
E. STOCK EXCHANGE (first tier)
F. COMMODITY EXCHANGE TRANSPORT, TOURISM, COMMUNICATION and WAREHOUSING
C. COMMUNICATION D. WAREHOUSING
|i. Meaning |
iv. Qualities and functions.
Types of Banks
– Central Bank, Commercial Banks and other specialized banks e.g.
– their features and Functions. Bureau-de-change (Meaning and Functions)
– 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
b. Non life Insurance
– Motor vehicle
– Consequential Loss
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.
– meaning g.
– Meaning and purpose
iii. Methods of raising funds by companies
– offer for sale, offer for subscription, rights issue, private placement, issue by tender Second tier
i. meaning and functions
ii. Advantages to Companies/Public
iii. Requirement for listing
i. Meaning and functions,
iii. Transactions on the stock exchange
– Meaning and Types Types of Security
– Shares, Stock, Bond gilt edge, debentures/Convertible loans
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
(v) Advantages and disadvantages of each form (vi) Documents
– Waybills, Consignment notes, tickets and manifest
Meaning Advantages and disadvantages
– 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
(vi) Computer Appreciation
– component parts,
– advantages and disadvantages.
|11.||ADVERTISING||Meaning Roles, advantages and disadvantages Types |
– informative, persuasive, Competitive, mass/specific
– direct and indirect Media
– meaning, choice and types
|12||INTRODUCTION TO MARKETING |
B. Marketing Concept C. Customer Services
D. Sales Promotion
|(i) Meaning |
Differences between market and marketing, market and marketing research.
The Marketing mix 4ps Meaning
ComponentsProducts, price, place and promotion Meaning
– Pre and after sales services
Methods Trade fairs, exhibitions, gifts, demonstration
|13.||LEGAL ASPECT OF BUSINESS Areas of law that relate to Business Consumer Protection||(i) Contract |
– Elements of a valid contract
– Discharge of a contract
Duties and responsibilities of principals and agents
Sales of goods Act Hire Purchase
Act Rights and Obligations of employer and Employee
Government regulation of Business
– patents, copyright.
Registration of Business
– Meaning and uses
(ii) Need for protection Means of protection
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 |
|Meaning and Reasons Advantages and disadvantages (iii) Comparison/differences|
|15.||INTRODUCTION TO BUSINESS MANAGEMENT||i. Meaning |
ii. Objectives of business
iii. Meaning of Business Management
v. Business Resources
– Man, Money, Materials
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 |
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
- Senior Secondary Commerce, Book One, two and three by M. O. Odedokun, P. C. Udokogu and C. O. N. Oguji.
- Basic Marketing- McCarthy Jerome, E., William Perreault Jr.
- Marketing – G. B. Giles ( The M & E handbook services)
- Consumer Behaviour – Prof. Achumba ( University of Lagos