Waec 2023 Store Keeping 2 (Essay) 09:30 am. – 11:30 am.
Store Keeping 1 (Objective) 11:30 am. – 12:20 pm.
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WAEC Store Keeping 2 (Obj & Essay) Questions And Answers for 2023/2024
Here's a sample of 2023 WAEC Store Keeping 2 (Obj & Essay) Questions and Answers:
OBJ:
The process of keeping records of sales and purchase transactions in a business is known as:
A. Bookkeeping
B. Banking
C. Stock control
D. Marketing
Answer: A. Bookkeeping
What is the function of a stock card in storekeeping?
A. To record stock purchases only
B. To record stock sales only
C. To record both stock purchases and sales
D. To record staff attendance
Answer: C. To record both stock purchases and sales
Which of the following is NOT a type of inventory control system?
A. Continuous inventory system
B. Periodic inventory system
C. Just-in-time inventory system
D. Last-in-first-out inventory system
Answer: D. Last-in-first-out inventory system
ESSAY:
Explain the importance of stock control in storekeeping.
Stock control is an essential function of storekeeping that involves keeping track of stock levels, ordering stock when necessary, and ensuring that the stock is sold before it becomes obsolete or spoils. The importance of stock control in storekeeping cannot be overemphasized as it helps to minimize the risk of overstocking or understocking, which can lead to significant losses for the business. In addition, stock control helps to ensure that the business always has the necessary inventory to meet customer demand, which can enhance customer satisfaction and loyalty. It also helps to improve cash flow management by reducing the amount of capital tied up in excess inventory.
Discuss the different types of inventory control systems.
There are three main types of inventory control systems: continuous inventory system, periodic inventory system, and just-in-time inventory system.
Continuous inventory system: In this system, inventory levels are constantly monitored to ensure that they are at the desired level. This is achieved through the use of computerized systems that keep track of inventory levels in real-time.
Periodic inventory system: This system involves taking physical inventory counts at predetermined intervals, such as monthly or quarterly. The inventory levels are then adjusted accordingly, based on the results of the count.
Just-in-time inventory system: This system involves ordering inventory only when it is needed, with the goal of reducing excess inventory and improving efficiency. The system relies on accurate demand forecasting to ensure that the right amount of inventory is ordered at the right time.
Each of these inventory control systems has its advantages and disadvantages, and the choice of which system to use will depend on the specific needs of the business.
2023 WAEC Store Keeping 2 (Obj & Essay) exam.
The Store Keeping 2 exam is a combination of objective and essay questions, with each section carrying 50% of the total marks. The objective section consists of 50 multiple-choice questions that cover various aspects of store keeping such as stock control, stock valuation, and record keeping.
The essay section, on the other hand, consists of 5 questions, out of which candidates are required to answer any 4. The questions are designed to test the candidate's understanding and application of store keeping principles and practices.
To excel in the exam, candidates are advised to study the WAEC Store Keeping 2 syllabus, which covers topics such as stock control, record keeping, stock valuation, financial management, and business ethics.
It is also important for candidates to practice past questions and answers in order to familiarize themselves with the exam format and improve their speed and accuracy. This will give them an edge in the exam and increase their chances of success.
In summary, the 2023 WAEC Store Keeping 2 (Obj & Essay) exam is a comprehensive assessment of a candidate's knowledge and understanding of store keeping principles and practices. Candidates who prepare adequately and practice past questions and answers have a higher chance of success
Store keeping
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Also Read: WAEC Book keeping questions and answers 2022
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