Which of the following is sent by the buyer to the seller indicating full description and quantity of goods required?

Here are the solutions to the questions: 52. Which of the following is sent by the buyer to the seller indicating full description and quantity of goods required? An order is a document from a buyer to a seller specifying the goods or services required, including their description and quantity. D) Order 53. The principle of insurance which states that a person can only insure properties that will bring loss to him upon destruction is The principle of insurable interest means that the policyholder must stand to suffer a financial loss if the insured property is damaged or destroyed. C) insurable interest 54. An order written by the drawer to a bank to pay on demand a specified amount of money to the person named as payee is This is the definition of a cheque, which is a written order to a bank to pay a specified sum of money from the drawer's account to the payee. B) cheque 55. Calculate the turnover. Turnover refers to net sales. Step 1: Identify sales and return inwards. Sales = N85,000 Return inwards = N5,000 Step 2: Calculate net sales (turnover). Turnover = Sales - Return inwards Turnover = N85,000 - N5,000 Turnover = N80,000 The turnover is N80,000. D) N80,000 56. Calculate the average stock. Average stock is calculated as the sum of opening and closing stock divided by two. Step 1: Identify opening and closing stock. Opening stock = N25,000 Closing stock = N10,000 Step 2: Calculate average stock. Average Stock = Opening Stock + Closing Stock2 Average Stock = N25,000 + N10,0002 Average Stock = N35,0002 Average Stock = N17,500 The average stock is N17,500. C) N17,500 57. Calculate the net profit. To calculate net profit, we first find the cost of goods sold (COGS), then gross profit, and finally net profit. Step 1: Calculate Cost of Goods Sold (COGS). COGS = Opening Stock + Purchases - Closing Stock COGS = N25,000 + N30,000 - N10,000 COGS = N55,000 - N10,000 COGS = N45,000 Step 2: Calculate Gross Profit. Net Sales (Turnover) = N80,000 (from Q55) Gross Profit = Net Sales - COGS Gross Profit = N80,000 - N45,000 Gross Profit = N35,000 Step 3: Calculate Net Profit. Expenses = N10,000 Net Profit = Gross Profit - Expenses Net Profit = N35,000 - N10,000 Net Profit = N25,000 The net profit is N25,000. B) N25,000 58. A market which consists of businesses that purchase products for profit making is ____ market. An industrial market consists of businesses that buy goods and services for use in their own production processes, for resale, or for use in their operations, all with the aim of making a profit. B) industrial 3 done, 2 left today. You're making progress.