Back to: Store Management SS 3
Welcome to today’s class!!
We are thrilled to have you in our class!!
In today’s Store Management’s class, we will be focusing on Revision
Revision
It’s almost that time of the year when you prepare for final examinations. As you know, one of the ways in which a student’s performance can improve is by constantly going through what has been taught in the previous classes.
Today, we’ll be looking at some of the topics we learned in Store Management. Do well to pay attention.
Certificate of Company Registration
Unlike school certificates that one receives after graduation, before the commencement or the starting of a business, the business must have what is called Certificate of Company Registration.
Certificate of Company Registration typically refers to the process of obtaining official documentation that confirms the legal existence of a business entity.
This means upon the receival of Certificate of Company Registration, a business is recognised by the law. So it is one thing to have a business or company recognised by your friends and family, it is another to have it recognised by the law.
This Certificate of Company Registration is issued by the government agency responsible for registering businesses in a particular jurisdiction, such as the Secretary of State or the Department of Commerce.
In Nigeria, the Corporate Affairs Commission is given the responsibility of registering companies in Nigeria.
The body was set up by the Companies and Allied Matters Act (CAMA).
The Corporate Affairs Commission registration is an unquestionable first requirement for setting up a business in Nigeria.
Below are the current requirements, key facts and steps for getting a company registered in Nigeria.
Key Facts And Requirements for Registering a Company in Nigeria
- Only one person can register a company and act as both director and shareholder where no foreigner will be involved in the composition of the company.
- Where foreigners will be involved, a minimum of two directors will be required. And where the shareholders are individual foreigners, a minimum of two persons are required to act as shareholders for the company.
- A foreign company can register a Nigerian subsidiary and be the sole shareholder provided such company will appoint a minimum of two directors.
- A private company with only local director(s) is not mandatorily required to appoint a secretary at a point of incorporation, however, a company owned by foreigners or involving foreign participation must appoint a secretary at the point of incorporation.
- Every company must have an address in Nigeria at the point of registration (registered office address).
Documents Used in Foreign Trade
Have you ever bought a shoe from the market and saw, ‘Made in China?’
Over the years, different countries of the world have engaged in buying and selling from one another.
However, for an international trade to succeed and go smoothly, there is a need for some documents to be made available and provided, these documents are as follows:
Indent: This is a document used in international trade; it is an order or privilege to buy goods conveyed by an importer to a potential buyer. Indent is an official order or requisition for goods; it gives details of the goods, approximate price, date of delivery and so on.
It can be open or closed. Open indent is the one that has to do with an order from abroad to a merchant with freedom to purchase goods from any manufacturer he pleases while closed indent the foreign buyer will specify the manufacturer from whom the goods are to be purchased.
Bill Of Lading: A bill of lading is a document of title giving the holder a right to take possession of the goods to which it refers. A bill of lading is a contract of carriage of goods between an exporter and the shipping company.
Certificate Of Origin
A certificate of origin (CO) is a document declaring in which country a commodity or good was manufactured. The certificate of origin contains information regarding the product, its destination, and the country of export. For example, a good may be marked “Made in the USA” or “Made in China”.
Required by many treaty agreements for cross-border trade, the CO is an important form because it can help determine whether certain goods are eligible for import, or whether goods are subject to duties.
Air Waybill (Awb)
An air waybill (AWB) is a document that accompanies goods shipped by an international air courier to provide detailed information about the shipment and allow it to be tracked.
The bill has multiple copies so that each party involved in the shipment can document it. An air waybill (AWB), also known as an air consignment note, is a type of bill of lading.
However, an AWB serves a similar function to ocean bills of lading, but an AWB is issued in non-negotiable form, meaning there’s less protection with an AWB versus bills of lading.
In summary, anytime you see a foreign product in the market, remember that it must have involved some documents for these countries to have their products available in the market.
Basic Computer Literacy
Basic computer literacy is a means of helping everyone understand how a computer works. Like our phones, operating a computer system has become a necessity in society. And in order to appreciate and understand how a computer works, we must first understand the idea behind the creation of the computer by defining it and highlighting its components.
What is a Computer?
Computer is a machine or device that performs processes, calculations and operations based on instructions provided by a software or hardware program. It has the ability to accept data (input), process it, and then produce outputs.
Let’s look at the components of a computer along with their purpose and functions.
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Input Unit
A computer will only respond when a command is given to the device. These commands can be given using the input unit or the input devices.
For example: Using a keyboard we can type things on a Notepad and the computer processes the entered data and then displays the output of the same on the screen.
The data entered can be in the form of numbers, alphabet, images, etc. We enter the information using an input device, the processing units convert it into computer understandable languages and then the final output is received by a human-understandable language.
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Output Unit
When we command a computer to perform a task, it reverts for the action performed and gives us a result. This result is called output. There are various output devices connected to the computer. The most basic of which is a monitor. Whatever we write using a keyboard or click using a mouse, is all displayed on the monitor.
Thus, the output unit gives us the final result once the entire processing is done within the mechanism of a device.
For example: when we visit an ATM, we enter our details like language, pin, amount to be withdrawn, etc. and then the final money which the cash dispenser releases is our outcome. In this case, the cash dispenser acts as an output unit.
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Memory Unit
When we enter the data into the computer using an input device, the entered information immediately gets saved in the memory unit of the Central Processing Unit (CPU). Because of the presence of some existing programming, the Memory Unit transmits the data further to the other parts of the CPU.
Similarly, when the output of our command is processed by the computer, it is saved in the memory unit before giving the output to the user.
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Control Unit
This is the core unit which manages the entire functioning of the computer device. It is one of the most essential components of the computer system.
The Control Unit collects the data entered using the input unit, leads it on for processing and once that is done, receives the output and presents it to the user. It can be said to the center of all processing actions taking place inside a computer device.
Basically, the instructions taken, interpretation of entered data, issuing signals to execute the data and then finally retrieving the data is all done in the Control Unit.
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Arithmetic & Logical Unit
As the name suggests, all the mathematical calculations or arithmetic operations are performed in the Arithmetic and Logical Unit of the CPU.
It can also perform actions like a comparison of data and decision-making actions. The ALU comprises circuits using which addition, subtraction, multiplication, division and other numerical based calculations can be performed.
Central Processing Unit (CPU)
The Central Processing Unit is the core of any computer device. It comprises three major components of the computer which have been discussed above:
- Memory Unit
- Control Unit
- Arithmetic and Logical Unit
All these three units are elements of the CPU and together help in the efficient working and processing of data. It is also known as the “Brain of Computer” and no action can be conducted by a device without the execution and permission of the Central Processing Unit.
The device is a close-knit circuit comparison microprocessor which helps in fetching the data and providing suitable results to the user. Thus, the CPU is the main processing unit of the computer.
Also, while discussing the various components of computers, it must be known that a device which is so complex and intricately made using circuits and wires comprises various other elements, which affects its overall programming and performance.
Evaluation
- Explain the term’Foreign Trade.’
- List three documents used in foreign trade
Reading Assignment
- Define a computer
- Explain the components of a computer
Weekend Assignment
Explain the following:
- Certificate of Company Registration
- CAMA
- CAC
We hope you enjoyed today’s class. All the best in your exams!
Let us know your thoughts and questions in the comment section, and we will attend to them as fast as we can.
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