<h1><strong>CONSUMER, MARKET AND SOCIETY</strong></h1> CONTENT <ol> <li>Meaning of Consumer, Market and Society</li> <li>Need for Consumer Education</li> <li>Importance of Consumer Education</li> <li>Consequences of Lack of Consumer Education</li> </ol> <br> <h2><strong>Meaning of Consumer</strong></h2> A consumer can be defined as any person or corporate individual that purchases a product for immediate personal use. A consumer is an end user of a product. <h2><strong>Meaning of Market</strong></h2> This can be defined as any arrangement (personal or impersonal, formal or informal) which facilitates the exchange of goods and services for money. Market is where buyers and sellers come together to exchange goods and services for payment. <h2><strong>Meaning of Society</strong></h2> Society is the collection of people living together in a more or less ordered community. It is an organization or club formed for a particular purpose or activities. It is also a situation of being in the company of other people. <h2><strong>Meaning of Consumer Education</strong></h2> consumer education is a process by which consumers get the necessary enlightenment that will help them to make best decisions when purchasing goods and services. It is the preparation of an individual through skills, concepts and understanding that are required for everyday living to achieve maximum satisfaction and utilization of its resources. It is also defined as education given to the consumers about various consumer goods and services, covering price, what the consumers can expect and standard trade practice.

<h1><strong>LIMITED LIABILITY COMPANY</strong></h1> CONTENT <ol> <li>Meaning of Limited Liability Company</li> <li>Public Limited Liability Company</li> <li>Advantages and Disadvantages of Public Limited Liability Company</li> <li>Meaning of Private Limited Liability Company</li> <li>Advantages and Disadvantages of Private Limited Liability Company</li> <li>Comparison between Public and Private Companies</li> </ol> <br> <h2><strong>Meaning of Limited Liability Company</strong></h2> A Limited Liability Company is a company in which the responsibility or liability of members for debts of the company is limited to the capital they have contributed or agreed to contribute. The private properties of members are excluded, and all that members lose if the company fails is the money they have contributed. It is formed and registered under the law known as the Company Act. When a company is formed and registered with the Registrar of Companies, it is said to be incorporated. There are two types of Limited Liability Company namely, Private and Public Companies. <h2><strong>Public Limited Liability Company</strong></h2> A Public Limited Liability Company is a business unit that carries on business to make profit for its owners. Examples are Nigerian bottling company Ltd., Total Nigeria Limited, First Bank of Plc. It is owned by Shareholders and managed and control by Board of management. <h3><strong>Advantages of Public Limited Liability Company</strong></h3> <ol> <li>It can raise money from the public through issuing of shares and debentures. This enhances the company expansion.</li> <li>It is a legal entity because it can sue and can be sued.</li> <li>The company’s properties are different from that of its owners.</li> <li>It enjoys continuity because it has perpetual life. The company can only be wounded voluntarily or on the order of a law court.</li> <li>Share holders cannot lose more than the value of their shares. This is because the company enjoys limited liability.</li> </ol>

<h1><strong>THE NEED FOR MONITORING AND CONTROL OF CHEMICALS</strong></h1> CONTENT <ol> <li>Meaning of Chemicals</li> <li>Chemicals Suitable for Use and Not Suitable for Use</li> <li>Need for Monitoring and Controlling Food, Drugs, and Chemicals</li> <li>Ways of Controlling Chemicals</li> <li>Effects of Lack of Monitoring of Chemicals</li> <li>Misuse and Improper Distribution of Chemicals</li> </ol> <br> <h2><strong>Meaning of Chemicals</strong></h2> Chemicals are compounds or substances that are artificially prepared or purified. Chemicals are substances used in chemistry or produced by a chemical reaction or process. Chemicals can be solid, liquid or gas. Examples are ice, gold, petrol, water, salt, cooking gas etc. They can be grouped into suitable and unsuitable chemicals. <h2><strong>Chemicals Suitable for Use and Not Suitable for Use</strong></h2> <h3><strong>Suitable Chemicals</strong></h3> A chemical is considered to be suitable when its use does not bring any bad (or negative) effect on health or pose danger to lives and properties. Examples are flavourings, spices and preservatives for foods. <h3><strong>Unsuitable Chemicals</strong></h3> A chemical is said to be unsuitable when its use leads to adverse effects on lives, property and environment. Examples are caustic acids, ammonia, cyanide, etc.

<h1><strong>INTRODUCTION TO BOOK-KEEPING</strong></h1> CONTENT <ol> <li>Meaning of Book-keeping</li> <li>Importance of Book-keeping and Parties Interested in Book-keeping</li> <li>Essential Qualities of a Book-keeper</li> <li>Common Book-keeping Practices</li> </ol> <br> <h2><strong>Meaning of Book-keeping</strong></h2> Book-keeping may be defined as the art of recording business transactions in a systematic manner so that the books of account will reveal at any time the financial position of the business to the owner and other stakeholders in the business <h2><strong>Importance of Book-keeping</strong></h2> Every business organization keeps daily records of their financial transactions. Therefore, the importance of bookkeeping becomes necessary for the following reasons: <ol> <li>It is for easy reference of business financial records.</li> <li>It shows an accurate standing position of business in relation to its customers i.e. what is owed and what is owed by the firm</li> <li>It reveals profits and losses position to the company through trading, profit and loss account.</li> <li>It provides information to members of the public who are interested in the business through the balance sheet.</li> <li>Auditors use the books to issue their audit reports.</li> <li>The records kept help in management decision-making.</li> <li>The records project the image of the business to the public.</li> <li>It is a means by which finances of a business can be controlled.</li> </ol>

<h1><strong>SOURCE DOCUMENTS</strong></h1> CONTENT <ol> <li>Meaning of Source Document</li> <li>Importance of Source Documents</li> <li>Types of Source Documents</li> </ol> <br> <h2><strong>Meaning of Source Document</strong></h2> Source documents may be defined as original documents on which monetary transactions are recorded, which provide necessary information for the preparation of books of original entry. It can also be defined as original documents on which information is recorded about business transactions. Transactions are the major feature of any business. The business transactions take place when goods and services are transferred from one person to another. There are two types of transaction namely cash and credit transaction. Cash transaction means that money is paid immediately the transaction occurs. Credit transaction means that payment for what is bought or sold is made at a later date. <h2><strong>Importance of Source Documents</strong></h2> The following are the importance of source documents:

<h1><strong>JOURNALS</strong></h1> CONTENT <ol> <li>Meaning of Journal</li> <li>Format of a Journal</li> <li>Types of Journal</li> <li>Purchase Day Book or Purchases Journal</li> <li>Sales Journal</li> <li>Returns Outward Day Book and Returns Inward Day Book</li> </ol>   <h2><strong>Meaning of Journal</strong></h2> A journal is a document which contains the daily records of business transactions. Each record in a journal is called an entry. The journal is called a book of original entry because its entries are transferred to a second book. <h2><strong>Format of a Journal</strong></h2>