Get the latest WAEC Bookkeeping (Obj & Essay) Questions and Answers for 2023. Prepare with our sample materials and excel in your exams.
WAEC Book keeping Obj & Essay Questions and Answers for 2023/2024.
Here's sample for the WAEC 2023 Bookkeeping Obj & Essay Q&A:
OBJ:
1-10: AEDCBDECEA
11-20: CECDEEBACD
21-30: DCEBCCBBAD
31-40: CDAABEEDCE
41-50: DDBDCEADAE
2a)
(i) The Balance sheet: This is a statement of assets and liabilities of a business organization at a particular point in time, which shows the financial position of the business.
(ii) The Trading Account: This is an account that shows the gross profit or gross loss of a business over a specific period.
2b)
(i) Personal Account: This type of account records transactions with individuals or businesses with whom the business has a direct relationship.
(ii) Real Account: This type of account records the assets, liabilities, and capital of a business.
(iii) Nominal Account: This type of account records expenses and income of a business.
2c)
(i) Receipt: This is a written or printed statement that acknowledges the receiving of goods, services or money.
(ii) Invoice: This is a document that shows the details of goods or services provided by a supplier to a customer.
(iii) Payment Voucher: This is a document that authorizes the payment of money to a supplier.
3a)
Bad debts are those debts that are not recoverable from customers due to reasons such as bankruptcy or death of the customer. They are usually written off by the business as an expense.
3b)
Provision for doubtful debts is an amount set aside by a business to cater for possible bad debts in the future. It is an estimate of the debts that may not be recoverable from customers.
4a)
(i) Sales ledger: This is a ledger that records transactions with customers.
(ii) Purchase ledger: This is a ledger that records transactions with suppliers.
4b)
A contra entry is an accounting entry that cancels the effect of a previous entry in the accounts. It is usually recorded in the same ledger account as the original entry but on the opposite side.
5a)
(i) Petty cash book: This is a book used to record small cash transactions.
(ii) Cash book: This is a book used to record all cash transactions in a business.
5b)
(i) Errors of commission: These are errors made when recording transactions in the wrong accounts.
(ii) Errors of omission: These are errors made when transactions are not recorded at all.
(iii) Errors of principle: These are errors made when recording transactions in the wrong category.
5c)
Suspense account is a temporary account used to hold transactions that cannot be immediately classified. It is usually used when errors are detected in the books of account and a correction is yet to be made.
Note: This is just a sample, and the actual questions and answers may differ. It is always best to prepare well for the exams and refer to official study materials
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2022 WAEC Book keeping Answers Expo Now Available
Book Keeping OBJ 2021:
1-10: CDBBBCDDCB
11-20: CDBADCAAAA
1-10: CDBBBCDDCB
11-20: CDBADCAAAA
more coming…
1a) A trading account is an account which is prepared to determine the gross profit or gross loss of a business.
2a) Discount is an allowance or
concession in price. Discount is given so that the buyer is induced (lured) to place an order and later to make payment in time.
Discount can be also referred to as a deduction in price. The seller deducts the discount from the gross or total price, and the buyer is supposed to pay the net amount.
concession in price. Discount is given so that the buyer is induced (lured) to place an order and later to make payment in time.
Discount can be also referred to as a deduction in price. The seller deducts the discount from the gross or total price, and the buyer is supposed to pay the net amount.
2b)
-i- • It lower operational business costs.
• Increases purchasing power.
• Improves goodwill.
• Higher consumer sales
-ii- • Increases cash flow.
• Helps Get the Sale and Spread the News
• Attracts New Customers
• Provides Lower Card Processing Fees
4b) a) To Calculate the True Profits:
Depreciation is an expense and becomes an important element of the cost of production. Though it is not visible like other expenses and never paid to the outside party yet it is desirable to charge depreciation on fixed assets as these are used for earning purposes; so their depreciation must be deducted out of the income earned from their use in order to calculate true profit net or loss.
b) To show true Financial Position:
Financial position can be studied from the balance sheet and for the preparation of balance sheet fixed assets are required to be shown at their true value. If assets are shown in the balance sheet without any charge made for their use or depreciation, then their value must have been overstated in the balance sheet and will not reflect the true financial position of he busines
(4a)
Depreciation refers to two aspects of the same concept: The decrease in value of assets The allocation of the cost of assets to periods in which the assets are used. Depreciation is a method of reallocating the cost of a tangible asset over its useful life span of it being in motion.
-i- • It lower operational business costs.
• Increases purchasing power.
• Improves goodwill.
• Higher consumer sales
-ii- • Increases cash flow.
• Helps Get the Sale and Spread the News
• Attracts New Customers
• Provides Lower Card Processing Fees
4b) a) To Calculate the True Profits:
Depreciation is an expense and becomes an important element of the cost of production. Though it is not visible like other expenses and never paid to the outside party yet it is desirable to charge depreciation on fixed assets as these are used for earning purposes; so their depreciation must be deducted out of the income earned from their use in order to calculate true profit net or loss.
b) To show true Financial Position:
Financial position can be studied from the balance sheet and for the preparation of balance sheet fixed assets are required to be shown at their true value. If assets are shown in the balance sheet without any charge made for their use or depreciation, then their value must have been overstated in the balance sheet and will not reflect the true financial position of he busines
(4a)
Depreciation refers to two aspects of the same concept: The decrease in value of assets The allocation of the cost of assets to periods in which the assets are used. Depreciation is a method of reallocating the cost of a tangible asset over its useful life span of it being in motion.
(4b)
PIck any two
PIck any two
(i) To Calculate the True Profits
(ii) To show true Financial Position
(iii) To make Provision for replacement of assets
(iv) To have some Incidental advantage
(v) To have Tax advantage
(ii) To show true Financial Position
(iii) To make Provision for replacement of assets
(iv) To have some Incidental advantage
(v) To have Tax advantage
(4ci)
Fixed Instalment
fixed installment method of depreciation the amount of depreciation each year is fixed and equal. At the end of each year, a fixed amount is removed from the book value of the asset concerned and charged to profit and loss account (or income statement ).
Fixed Instalment
fixed installment method of depreciation the amount of depreciation each year is fixed and equal. At the end of each year, a fixed amount is removed from the book value of the asset concerned and charged to profit and loss account (or income statement ).
This is the oldest and most commonly used method of depreciation. Here a fixed amount of depreciation is charged every year during the lifetime of the machine. There at the end of its useful life, the value of the asset will be zero. This is also known as straight-line method or original cost method.
(4cii)
Dimishing Balance
Diminishing balance depreciation method is one of the three
depreciation methods that mention in IAS 16. This kind of
depreciation method is said to be high charged at the first period, and then subsequently reduce.
This is because the charging rate is applying to the Net Book Value of Assets and the Net Book Value of Assets is reduce from time to time after charging depreciation.
Dimishing Balance
Diminishing balance depreciation method is one of the three
depreciation methods that mention in IAS 16. This kind of
depreciation method is said to be high charged at the first period, and then subsequently reduce.
This is because the charging rate is applying to the Net Book Value of Assets and the Net Book Value of Assets is reduce from time to time after charging depreciation.
4ci) Fixed installment method is one of the methods of allocating depreciation. In this method, every year a fixed amount of depreciation is deducted from the value of assets and the same amount is debited to profit and loss account. The book value of the assets is reduced to zero at the end of the expected life.
II) In Diminishing Balance Interest Rate method, interest is calculated every month on the outstanding loan balance as reduced by the principal repayment every month. … On every EMI payment, outstanding loan amount reduces by the amount of principal repayment
4ci)Fixed installment method is one of the methods of allocating depreciation. In this method, every year a fixed amount of depreciation is deducted from the value of assets and the same amount is debited to profit and loss account. The book value of the assets is reduced to zero at the
(8a)
Journal entry
Sales account
Dr 49,000
Suspense of account being error of principle and now corrected
Cr 49,000
Lammidu’s Account
Dr 76,200
Suspense account being error of parties omission now corrected
Cr 76,200
Discount allowed
Dr 57,000
Discount received
Dr 57,000
Suspense account being error of principle of complete
Cr 114,000
Return inward account
Dr 30,000
Suspense account under cast in return inward now corrected
Cr 30,000
(8b)
difference in trial balance recorded
Dr 269,200
Total =269,200
Credit side
Sales 49,000
Lammidu’s AK 76,200
Discount allowed 57,000
Discount received 57,000
Return inward 30,000
Total =269,200
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