Business Studies Lesson JSS 2 Second Term
Secondary School Business Studies note JSS 2 Second Term
SECOND TERM SCHEME OF WORK FOR JSS2 BUSINESS STUDIES
| WEEKS | TOPICS |
| 1 | Consumer Right Responsibilities of A Consumer |
| 2 | Shopping Tips |
| 3 | Book – keeping Ethics |
| 4 | Ledger Entries |
| 5 | Petty cash book |
| 6 | Cash book – single column cash book |
| 7 | Double column cash book |
| 8 | Three column cash book |
| 9. | Printers correction signs / speed development |
| 10 | Techniques Development in keyboard and accuracy skills |
| 11 | REVISION |
| 12 | EXAMINATION |
Edudelight Note
WEEK ONE
TOPIC: CONSUMER RIGHT
Consumerism – Is the actions of individuals and government is responsible to consumer dissatisfaction in exchange relation. In other words, consumerism is a protest of consumers against unfair business practices and business injustices. Consumerism make sure that businesses provides useful information and make sure that consumers get quality for their money.
Meaning of A Right – Is something that one is morally, legally and socially allowed to do or have. Right are social, legal and fundamental principles of what is allowed to people by a legal system.
Meaning of Consumer Right – Refers to a consumer right to satisfy to be informed to choose and to previce manufactures with information concerning their product.
RIGHTS OF CONSUMER
- Safety and hygienic product
- Right to be heard
- Right to choose
- Seeking redness
- Right to consumer education
- Right to healthy environment
- Right to basic needs
RESPONSIBILITIES OF A CONSUMER
Rights and responsibilities are two sides of the same coin along with consumer rights, there are also consumer responsibilities. They are as follows:
- To provide adequate information to the seller
- To exercise caution in purchasing
- To file a complaint in case of genuine grievances
- To be quality conscious
- To exercise his legal rights
- To be cautious against false and misleading advertisements
- To insist on cash memo or receipt
- Social concern
- Environmental awareness
Assignment
(1) What is the meaning of Right?
(2) What is the meaning of consumer rights? (3) List and explain five universal right of a consumer
WEEK TWO
TOPIC: SHOPPING TIPS -NOTE
Meaning of Needs and Wants
A. Needs refer to things we cannot do without. There are things we need to satisfy our basic requirement such as food, shelter, cloth.
B. Wants are things we would like to have, goods and services that are necessary but we desire or wish to have them.
All business activities should be directed to satisfy the customer. Emphasis on the needs and wants of consumers keeps the business on the right track.
Needs are fundamental to human survival, wants are something additional that a human being desires after he has satisfied his needs
DIFFERENCES BETWEEN NEEDS AND WANTS
| NEEDS | WANTS |
| They are necessary for one to survive | They are desire either to use in the present or future |
| Needs are the same. They do not differ from one person to another | Wants differ from the person to another |
Meaning of Impulse buying: refers to buying things without planning in advance to do so.
EFFECTS OF IMPLUSE BUYING – it affects the family budget adversely. At last, the buyer often buyer things that are not needed or storing in excess of needs.
MEANING OF AFTER SALES SERVICE : this refer to any assistant a seller renders to a buyer after a service or goods has been sold , it a means of ensuring that a buyer is satisfy with the product or service he/she purchase.
BENEFIT OF AFTER SALES SERVICE
- it build and sustains customer’s loyalty
- free service during the guarantee period is the best selling point
- Sales campaign will achieve remarkable success.
- It builds up and maintains seller’s goodwill.
- Complaints and grievance regarding service will be promptly and efficiently dealt with by the seller.
WARRANTY
It,s a written document made by a seller or company to a buyer of a product or service. It says that if the product or service does not function properly within a particular period, it would be replaced, repaired or the money would be refunded.
Warranty is an assurance of the quality, service and performance of the product.
TYPES OF WARRANTY:
- Warranty against the defects.
- Express warranty.
- Extended warranty.
Installation means setting up a system or machinery for used. Installation differ from company to company some companies, installation at no cost while some charges their customers.
Assignment
- Define needs, wants, and impulse buyers.
- Write a short note on :
- Warranty
- After sales service.
- Installation.
Edudelight Note
WEEK THREE
TOPIC: BOOK – KEEPING ETHICS
Corruption is everywhere, it is a universal problem and everybody wants to eradicate it.
The concept of TAP came about because of this reason.
T – Transparency.
A – Accountability
P – Probity.
T – Transparency means to be clear, easily understood or quality of being truthful or without a hidden agenda. It also means being honest and trustworthy.
A – Accountability means to be responsible for any action that takes place. That is someone is answerable for his/her action and responsible to rectify issue and errors resulting from decisions.
Accountability means being able to gives a reason or explanation for an action you have taken.
P – Probity means to be upright and have high morals, integrity and to be very honest in your position, responsibility, money in your custody and your office.
Need for transparency, accountability and probabilty {TAP}.it is compulsory for the public and private sector to maintain transparency, accountability and probity in management because:
- It promotes public integrity.
- The rule of laws should be maintained.
- Business should be done in a good way both by government and private sector.
- It reduces the incidence of bribery and corruption in every field.
- Good governance and good government should be maintained.
- It encourages foreign direct investment, FDI.
- It can reduce wastes tax payer’s money.
- It can make the citizens of the Nigerian well informed about the action taken by the government.
ATTRIBUTE OF TAP:
Public, private and government and business most exhibit to be seen to be transparency, accountability and above board in their dealings :
- Truthfulness
- Openness
- Fairness
- Impartiality
- Due process
- Respect for the rules of laws.
LACK OF TAP / PROBLEM OF LACK OF TAP.
- Increased case of bribery.
- Embezzlement
- Diversion of public funds into private pockets.
- Poor infrasture – roads, water, and electricity will not be maintained
- Increased incidence of fraud.
- Disregard for the rules of law.
- Increased nepotism in Nigeria government operations.
- Tax payers, funds are wasted on thins not really needed.
- Perversion of the justice system.
- Lack of openness in one conduct of government
ASSIGNMENT;
Explain these terms-
- Transparency
- Accountability
- Probity
Edudelight Note
WEEK FOUR
TOPIC: LEDGER ENTRIES
Ledger is a principal book in which transaction are recorded in a summarize form. It is final destination of all transactions in the subsidiary book.
Dr Format of ledger Cr
| Date | Particular | Folio | Amount | Date | Particular | Folio | Amount |
SIMPLE CLASSIFICATION OF LEDGER ACCOUNT
Ledger – Personal and impersonal
Personal – Debtors and creditors
Impersonal – real and Nominal
1. PERSONAL ACCOUNT: This ledger account record the persons account such as debtors, creditors, capital and bank account
2. IMPERSONAL ACCOUNT: This records non – persons account such as real and norminal account.
a. Real Account: records the assets of the business such as building, motor vehicle, furniture, stock etc.
b. Norminal Account: records the income and expenses of the business such as insurance, transport, salary etc.
Ledger Account is divided into
- Sales ledger / debtors ledger
- Purchases ledger / creditors ledger
- General ledger
- Private ledger
SALES LEDGER/DEBTORS LEDGER: This is used to record account relating to debtors. Debtors are those who owe money that belongs to an organisation.
PURCHASES LEDGER: This records account of creditors. Creditors are people to whom money is owned or person from whom goods have been bought.
GENERAL LEDGER: This takes care of both real and norminal account
PRIVATE LEDGER: This is ledger where properties confidential accounts are recorded.
WEEK FIVE
TOPIC: PETTY CASH BOOK
A petty cash book is a cash book used for recording small or minor expenses of the business.
Petty means small, the minor expenses may include postage stamp, carriage, telegram, stationary, telephone, envelopes etc.
To establish the petty cash an amount called cash float is disbursted to the petty cashier in the beginning of a month, the cash floor is credited to the main cash book while the petty cash book is debited.
The keeping of the petty cash book is the responsibility of the petty cashier who is supervised by the main cashier.
The petty cashier is re – imbused in the beginning of an other month to make up the cash float.
The Need for keeping Petty Cash Book are:
- The time wasted posting the minor expenses to the ledger is saved
- Petty cash book reduces the burden of the major cash book
Differences between cash book and petty cash book
| Cash book | Petty cash book |
| It has many sources of receipt | It has only one source which is cheque drawn from the bank |
| It records the major items of cash transactions | It records the minor items of transaction |
Form of a petty cash book
| Receipt | F | Date | Voucher No | Total expenses | Traveling expenses | Portage stamp | Statio- nery | Carriage | Telegram |
Example:
Enter the following into the petty cash book showing the analysis column for postage, travelling expenses, stationery, carriage and sundry expenses.
May 1 Petty cash in hand 2,000
May 3 Paid for postage stamp 150
May 5 Paid for travelling expenses 700
May 6 paid for stationery 500
May 10 Paid for carriage 100
May 20 Paid for sundry expenses 100
May 22 Paid for stationary 200
Petty Cash Book
| Receipt | F | Date | Details | Voucher | Total expenses | Postage stamp | Trade expenses | Stationary | Cornea | Sundry expense |
| 2,000 250 | C.B | May 1 May 3 May 5 May 6 May 10 May 20 May 22 May 25 June 1 | Postage stamp Travelling expense Stationery Carnage Sundry expenses Stationary Balance Balance b/d | 1 2 3 4 5 6 | 150 700 500 100 100 200 1,750 250 2,000 | 150 150 | 700 700 | 500 200 700 | 100 100 | 100 100 |
Class Work
Enter the following transaction into a petty cash book with these headings. Postage and stationery, travelling expenses, carriage, office expenses.
Jan 1 Petty cash in hand 3000
Jan 2 Bought stamp 500
Jan 4 Travelling expenses 300
Jan 8 Bought stamp 200
Jan 10 Paid carriage 100
Jan 12 Repairs of office equipment 500
Jan 15 Bought envelope 150
Jan 25 Paid office cleaner 200
WEEK SIX
TOPIC: CASH BOOK
Cash book is a book of accounting or ledger account used for recording cash receipt and payments of money. It is used to record all cash received and paid out by the organisations.
The cash of a business constitutes cash in hand and cash bank.
There are three types of cash book
- Single column / one column cash book
- Double column / two column cash book
- Three column cash book
SINGLE COLUMN/ONE COLUMN CASH BOOK
This cash book takes care of cash only. It is used to record cash received and cash payment.
It is called single column cash book because it has only cash in both debit and credit sides.
Dr Single Column Cash Book Cr
Date Particular F amount Date Particular F Amount
Single Column Cash Book
Example: Prepare single column cash book of Madam Kofo as at 31st Jan, 2000 and open all necessary ledger.
Jan 1 Started business with 10,000 cash
Jan 2 Paid office expenses 1,500
Jan 10 Bought goods worth 3,500
Jan 20 Paid rent 500
Jan 25 Cash sales 2,800
Jan 26 Paid insurance 300
Jan 27 Mr Timilehin paid cash 1,200
Jan 30 Paid wages 600
Madam Kofi
Single Column Cash Book
| Date | Particular | F | Amount | Date | Particular | F | Amount |
| Jan 1 | Capital | N : K 10,000 | Jan 2 | Office expenses | N : K 1,500 | ||
| Jan 25 | Sales | 3,800 | Jan 10 | Purchases | 3,500 | ||
| Jan 27 | Mr Timilehin | 1,200 | Jan 20 | Rent | 500 | ||
| Jan26 | Insurance | 300 | |||||
| Jan 30 | wages | 600 | |||||
| Jan 31 | Balance c/d | 8,600 | |||||
| 1,500 | 15,000 | ||||||
| Feb 1 | Balance b/d | 8,600 |
Ledger Account
Capital Account
| Jan 1: cash 10,000 |
Sales Account
| Jan 25: cash 10,000 |
Purchases Account
| Jan 10: cash 3,500 |
Office expenses
| Jan 2: cash 2,500 |
Mr Timilehin Account
| Jan 27: cash 1,200 |
Rent Account
| Jan 20: cash 500 |
Wages
| Jan 30: cash 600 |
Insurance
| Jan 26: cash 300 |
WEEK SEVEN
TOPIC: DOUBLE COLUMN CASH BOOK
This is a cash book that takes care of both cash and bank. It is called double column cash book because it has cash and book column on both debit and credit side.
The cash column is used for recording cash and cheque received while the credit side is used for recording all payments made by cheque and cash received and paid into the bank.
The debit side is for receipt of cash and cheque and credit side for payment.
Double / Two Column Cash Book
Date Particulars F Cash Bank Date Particulars F Cash Bank
Contra Entry: Is the recording of single entry in both debit and credit sides of the same cash book.
Example:
Mr. More Blessing started a business with #5000 cash and #7,000 bank on June 2014.
June 3 Purchase goods by cash 2,500
June 5 With draw cash from bank 1000
June 6 Cash sales 1800
June 10 Receive cash from Ngozi 1200
June 15 Cash sales 1000
June 20 Paid insurance by cash 500
June 25 Paid wages by cheque 1000
Dr Double Column Cash Book Cr
Date Particulars F Cash Bank Date Particulars F Cash Bank
Assignment
Enter the following transactions into the cash book of which Oluwaseyi Nig. Ltd as at 1st of May, 2014.
May 1 Cash in hand 7,000
Cash in Bank 10,000
May 4 Cash sales 2,000
May 6 Bought goods for sale 3,000
May 8 Received cheque from papa 1,500
May 12 Cash sales 2,000
May 15 Bought furniture by cheques 12,000
May 20 Paid rent by cheque 800
May 25 Paid wages by cash 700
May 27 Cash paid into bank 1000
Edudelight Note
WEEK EIGHT
TOPIC: THREE COLUMN CASH BOOK
This is made up of cash column, bank column and discount column on both sides of the cash book.
1. CASH DISCOUNT: This is an allowance received or reduction made when cash is paid promptly. It is classified into discount allowed and discount received.
a. Discount Allowed – Is an allowance or reduction given by the business organisation to debtors / customers for prompt payment of cash. It is an expenses and posted to debit side of profit and loss account and cash book.
b. Discount Received – This is an allowance or reduction granted by creditors/suppliers to the business organisation for prompt payment. It is a revenue item and credited to both the profit and loss account and the cash book.
2. CONTRA ENTRY: Is a situation whereby double entry for a particular transaction is completed in the same book of account. it is represented by letter ‘C’ in the folio column.
Three Column Cash Book
Dr Cr.
Date Particulars F Dis.allo Cash Bank Particulars F Cash Bank
Example: Olowolayemo started business with #10,000 cash as at 1st Jan., 2014
Jan 3 Paid rent by cash 1,500
Jan 5 Paid Insurance by cash 250
Jan 7 Received cheques from Mutiat 3,000
Jan 9 Cash sales #1000 with 5% discount
Jan 12 Cash purchase 3% discount 2,000
Jan 15 Paid office expense by cheque 400
Jan 18 Paid transport by cheque 200
Jan 20 Withdraw #1200 from cash into bank
Jan 25 Purchase goods by cash with 5% discount 1,500
Olowolayemo
Three Column Cash Book
| Date | Particular | F | Discount allowed | Cash | Bank | Date | Particular | F | Discount Received | Cash | Bank |
| Jan 1 | Capital | 10,000 | Jan3 | Rent | 1,500 | ||||||
| Jan 7 | Mutia | 3,000 | Jan 5 | Insurance | 250 | ||||||
| Jan 9 | sales | 50 | 950 | Jan12 | purchases | 60 | 1940 | ||||
| Jan 20 | Bank | C | 1, 200 | Jan15 | Office expenses | 400 | |||||
| Jan18 | Transport | 200 | |||||||||
| Jan20 | Cash | 1200 | |||||||||
| Jan26 | Purchases | 75 | 1425 | ||||||||
| Jan31 | Balance c/d | ||||||||||
| 50 | 12,150 | 3,000 | 135 | 12,150 | 3,000 | ||||||
| Feb 1 | Balance b/d | 7,035 | 1200 |
Assignment
Enter the following transactions into the cash book of Goodnews as at 1st Dec. 2013.
Dec. 1 Cash in hand 10,000
Cash in bank 5,000
Dec 4 Cash sales 3,000
Dec 5 Paid rent by cheque 500
Dec 8 Bought goods for sale less 4% discount 2,000
Dec 10 Receive cheque from Kofo less 10% discount 1,000
Dec 15 Withdrew for office use 1,200
Dec 20 Paid Jude by cash 500
Dec 22 Bought stationery for cash 200
Dec 23 Paid wages by cash 400
WEEK NINE
TOPIC: PRINTER’S CORRECTION SIGNS
Manuscripts are handwritten scripts or document. Manuscripts may contain correction additions, alterations and abbreviations etc.
Proof correction signs
| Symbol | Text Sign | Meaning |
| Caps/u.c | Change letter business studies | Capital upper case letter used |
| # | lnsert | Insert space |
| ~ | University Elias_transpose | Elias University |
| insert | Insert comma |
Common Abbreviation
Abbreviation Meaning
Abt About
Yrs fly yours faithfully
Asstt assistant
Assot associate
Encls enclosure
Ps post script
Manus. Manuscript
B.A. Bachelor of Arts
M.A Masters of Arts
M.B.A Master in Business Administration
Ph. D Doctor in philosophy
a/c amount
amt advertisement
ad.advt advertisement
IOU I owe you
Standard Abbreviation
Abbreviation Words
NITEL Nigeria Telecommunication Limited
NIPOST Nigeria Postal Services
OFN Operation Feed the Nation
WAI War Against Indiscipline
RAM Random Access Memory
CAN Christian Association of Nigeria
ETC et cetera
ASUU Academic Staff Union of University
Before typing a manuscript, read it over to make sure what is written is well understood. Manuscripts are typed on quarto – size paper in double line spacing.
Assignment
- What do you understand by ‘Manuscript’?
- Re write:
Thank you very much for yr ltd dated April, 2016, abt the gds we requested. The amt you stated as the price of the gds is acceptable tog in delivery charges as specified by you to be pd before the order is recd at the mango a/c dept.
WEEK TEN
TOPIC: DEVELOPMENT IN KEYBOARDING
The success of any secretarial personnel is strongly dependent on the effective application of some of the basic typing techniques. The techniques that must be mastered in typing for expedient and neat typing are:
- Tabular key operation + tab. Key _
- Line – space regulator
- Carriage Return lever
- Margin release lever
Alphabetic Sentence Drills
Exercise: You are required to type each sentence four times using single line spacing.
Margin: left – 11 Right margin 17
Left margin 20, Right margin 79 – elite
- The bag was full of eggs
- There is a dig in that house
- You must plan to succeed
- Exercise is good for you
- Look before you leap
One – line sentence Drill
The essence of one – line sentences drill is for the typist to type a sentence on a line before proceeding to the next one
Exercise 2
You are required to type the following sentences, one on each line three times using single line spacing.
Margin pica – 10 and 70
Elite – 12 and 80
- Ijioma escaped suspension last term for lateness
- Baby is gift from Almighty God
- Success is a product of hardwork
- Panadol is recommended for body pains
I need more explanation on TAP please
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