{"id":1395,"date":"2023-09-28T14:05:52","date_gmt":"2023-09-28T14:05:52","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=1395"},"modified":"2023-09-28T14:07:57","modified_gmt":"2023-09-28T14:07:57","slug":"week-4-and-5-jss-3-first-term-business-studies-lesson-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-4-and-5-jss-3-first-term-business-studies-lesson-notes\/","title":{"rendered":"Week 4 and 5 – Jss 3 First Term Business Studies Lesson Notes"},"content":{"rendered":"

WEEK 4
\n<\/strong>TOPIC: CONSUMER PROTECTION AND AWARENESS
\n<\/strong>
\n\u00a0CONSUMER PROTECTION
\n<\/strong>A Consumer \u2013 is an individual who makes final use of goods and services
\nProtection<\/strong> \u2013 is covering
\nConsumer protection \u2013 is defined as various ways and methods adopted by the government and private organisation to ensure that consumers are not cheated by producers and middlemen and that consumers enjoy maximum satisfaction from goods paid for.
\nIn other words, consumer protection are ways and methods put in place by government and private organisations to ensure that consumers are not cheated but derive maximum satisfaction in what they buy.
\nReasons for consumer protection
\n<\/strong><\/p>\n

\n\n\n\n\n\n\n\n\n
\n
    \n
  1. \n
    Substandard goods<\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
\n
    \n
  1. \n
    Misleading advertisement <\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
\n
    \n
  1. \n
    Unreasonable high price<\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
\n
    \n
  1. \n
    Protection against harmful goods<\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
\n
    \n
  1. \n
    To ensure maximum satisfaction<\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
\n
    \n
  1. \n
    To ensure regular supply of goods<\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

    Rights of consumers
    \n<\/strong><\/p>\n

    \n\n\n\n\n\n\n\n\n
    \n
      \n
    1. \n
      They have the right to choose the goods that serves them better<\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
    \n
      \n
    1. \n
      They have right to correct wrong actions <\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
    \n
      \n
    1. \n
      They have right to live in a healthy environment<\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
    \n
      \n
    1. \n
      They have right to safety<\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
    \n
      \n
    1. \n
      They have right to be informed or listened to <\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n
    \n
      \n
    1. \n
      They have right to good and important things of life <\/div>\n<\/li>\n<\/ol>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

      Agencies\/organisations of consumer protection
      \n<\/strong>1. Standard organisation of Nigeria (SON)
      \n2. National Agency for Food and Drug Administration and Control (NAFDAC)
      \n3. Price Control Board
      \n4. Manufacturing Association of Nigeria (MAN)
      \n5. Environmental Protection Agency
      \n6. Rent Tribunal
      \n\u00a0Exercise<\/strong>: Explain the following:
      \n(i) Rights to seek redness
      \n(ii) Rights to be heard <\/p>\n

      \u00a0
      \n\u00a0WEEK FIVE
      \n<\/strong>TOPIC: DOUBLE ENTRY BOOK KEEPING
      \n<\/strong>
      \n\u00a0Double entry is a system of book keeping in which transactions are recorded in both debit and credit sides of account.
      \nThe principle of double entry system says “for every debit entry, there must be a corresponding credit entry”. It is the foundation of book keeping.
      \nCredit the giver (cr) and debit the receiver (dr)
      \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Dr\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr
      \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N<\/p>\n

      \u00a0Treatment of Asset and Liabilities
      \n<\/strong>1. Assets: Assets are the properties of the business e.g. equipment, land, furniture and fittings, machine etc.
      \n2. Liability: is the amount that the business wed the outsider.
      \n3. Capital: is the amount used in starting a business or amount involved into a business.
      \nWorked Example
      \n<\/strong>1. On January 5, 2010, Ade started a business with N5000 cash<\/p>\n

      \u00a0\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Capital Account
      \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Jan. 5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0cash\u00a0\u00a0\u00a0\u00a05000<\/p>\n

      \u00a0\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash Account
      \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Jan. 2\u00a0\u00a0\u00a0\u00a0Capital\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05000<\/p>\n

      \u00a02. On Jan.3rd<\/sup>, bought machine N2000 cash <\/p>\n

      \u00a0\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Machine Account\u00a0\u00a0\u00a0\u00a0
      \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Jan. 3\u00a0\u00a0\u00a0\u00a0Cash\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02000<\/p>\n

      \u00a0
      \n\u00a0\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash Account
      \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Jan. 3 \u00a0\u00a0\u00a0\u00a0Machine\u00a0\u00a0\u00a0\u00a02000<\/p>\n

      \u00a0
      \n\u00a03. Jan 4th<\/sup> paid A. Ngozi N500 by cash<\/p>\n

        \n
      1. \n
        \"\"\/\"\"\/\"\"\/\"\"\/Ngozi\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash Account\n<\/div>\n<\/li>\n<\/ol>\n

        Jan 4\u00a0\u00a0\u00a0\u00a0Cash\u00a0\u00a0\u00a0\u00a0500\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Jan 4\u00a0\u00a0\u00a0\u00a0A. Ngozi\u00a0\u00a0\u00a0\u00a0500
        \n4. Janlo sold books for cash N10,000
        \n\"\"\/\"\"\/\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash Account\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Sales Account\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
        \nJan 10\u00a0\u00a0\u00a0\u00a0Sales\u00a0\u00a0\u00a0\u00a010,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Jan 10\u00a0\u00a0\u00a0\u00a0Cash\u00a0\u00a0\u00a0\u00a010,000<\/p>\n

        \u00a0
        \n\u00a0Expenses \u2013 are those items that have been paid for in the business in order to yield revenue e.g. electricity, wages, insurance, salary etc.
        \nExercise:
        \n<\/strong>
        \n\u00a0Papaluwe Transport Company has a cash balance of N15,000 at Feb. 2009. From the following truncations, open all the necessary ledger account:
        \nFeb. 1\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Paid wages by cash \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03000
        \nFeb. 4\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Paid electricity by cash\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01000
        \nFeb. 5\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Received cash from Felele\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a05,000
        \nFeb. 10\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Paid rent by cash \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0500<\/p>\n","protected":false},"excerpt":{"rendered":"

        WEEK 4 TOPIC: CONSUMER PROTECTION AND AWARENESS \u00a0CONSUMER PROTECTION A Consumer \u2013 is an individual…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,130],"tags":[],"class_list":["post-1395","post","type-post","status-publish","format-standard","hentry","category-posts","category-first-term-jss-3-business-studies"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=1395"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1395\/revisions"}],"predecessor-version":[{"id":1396,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/1395\/revisions\/1396"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=1395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=1395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=1395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}