Observation

Most candidates were able to explain the terms overdraft, loan and debit note. However, some candidates were unable to:

• Explain the term delivery note and consignment note;
• List the features of working drawing.

 The required responses to question 1 are given below.

(a)        EXPLANATION OF THE FOLLOWING TERMS:

(i)        Overdraft: is a short term source of finance given to current account holders to enable them withdraw more than their deposit.

(ii)       Loan: is lending of money from one individual, organization or entity to one another organization or entity at an interest rate and evidenced by promising note.

(iii)       Delivery note: this is a note that indicates that goods have been supplied, which must be signed by the organization that collected the goods.

(iv)       Consignment note: this is used when the supplier uses transport other than his own to deliver the goods. This is a formal instruction to the transport firm to accept the goods and deliver to the customer.

(v)        Debit note: is a document used by the purchaser to inform a vendor of the quantity and amount of goods being returned and requesting that the amount be returned to the purchaser.

(b)   FEATURES OF WORKING DRAWING
Sectional view, dimensions, scaled, site plans, specific plans, schedule, mechanical drawings, electrical drawings.