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WAEC May/June 2024 FREE FINANCIAL ACCOUNTING QUESTION AND ANSWER ROOM [School Candidates]
COMPLETE 2024 WAEC FINANCIAL ACCOUNTING OBJ & Essay Questions And Answers:
Tuesday, 21rd May, 2024
Financial Accounting 2 (Essay) – 09:30am – 12:00pm.
Financial Accounting 1 (Objective) –
12:00pm – 1:00pm
2024 WAEC Financial Accounting Theory Answers
Answer 2 from this section!!!!
(1a)
(i) The purchase of office equipment on credit would be recorded in the purchases journal or purchases day book.
(ii) Credit purchases would also be recorded in the purchases journal or purchases day book.
(iii) Bank charges would be recorded in the cash book, specifically in the bank column.
(iv) Goods returned by a customer would be recorded in the sales returns journal or returns inwards journal.
(1b)
(i) Purchases would come from the total of the purchases journal or purchases day book.
(ii) Cash payments would come from the cash book, where payments are recorded.
(iii) Returns outwards would come from the returns outwards journal or purchases returns journal.
(iv) Discount received would come from the cash book, where such discounts are often recorded alongside the relevant payment.
(v) Petty cash payments would be transferred from the petty cash book.
(1c)
(i) The sales ledger contains individual accounts for each customer. It records all the transactions related to the sales on credit and the subsequent receipts from customers.
(ii) The purchases ledger contains individual accounts for each supplier. It records all the transactions related to credit purchases and payments made to suppliers.
(iii) The general ledger is the main ledger and records all the accounts that do not go into the sales or purchases ledger. This includes assets, liabilities, income, and expenses.
(2a)
(i) Depreciation of fixed assets.
(ii) Adjustment for closing stock.
(iii) Accruals for expenses incurred but not yet paid.
(iv) Prepayments for expenses paid in advance.
(v) Bad debts written off.
(vi) Provision for doubtful debts.
(2b)
(i) Capital expenditure is for purchasing or improving fixed assets, which provide benefits over several years, whereas revenue expenditure is for the day-to-day running of the business, providing benefits within the current accounting period.
(ii) Capital expenditure is recorded on the balance sheet, while revenue expenditure is recorded on the income statement.
(iii) Capital expenditure aims to increase the earning capacity of the business, while revenue expenditure is related to the maintenance of the earning capacity.
(3a)
Ose, by not keeping proper books of account, operates a single-entry bookkeeping system. This system records only one aspect of the transaction—either the credit or the debit, and does not provide a complete double-entry record for each transaction.
(3b)
(i) It is simpler and easier to maintain than a double-entry system.
(ii) It requires less technical knowledge and is less time-consuming.
(iii) It is cost-effective for a very small business with simple transactions.
-Three disadvantages of the single-entry bookkeeping system are-
(i) It does not provide a complete and accurate financial picture of the business.
(ii) It lacks the checks and balances of a double-entry system, making it more prone to errors and fraud.
(iii) It is not suitable for larger businesses with complex transactions and may not comply with certain accounting standards.
Below 👇 👇 👇 are
2023 WAEC FINANCIAL ACCOUNTING OBJECTIVE ANSWERS:
01-10: BBBCDCACCB
11-20: CADBAABAAC
21-30: DDDCBBABDB
31-40: BCCADCDBAC
41-50: BBDBCCBBAB
COMPLETED===
2023 WAEC FINANCIAL ACCOUNTING ESSAY ANSWERS:
2023 WAEC FINANCIAL ACCOUNTING ESSAY ANSWERS:
(1a)
Incomplete records refers to a situation where a business or individual lacks certain essential accounting records or information necessary for accurate and comprehensive financial reporting.
OR
Incomplete records refers to a method of financial accounting where a business or individual maintains an incomplete set of accounting records. It means that essential accounting information, such as transactions, financial statements, and supporting documents, is missing or insufficiently recorded
(1b)
(PICK ANY THREE)
(i) Lack of knowledge or understanding: The business may lack the necessary knowledge or understanding of proper accounting practices, resulting in incomplete or inaccurate record-keeping.
(ii) Insufficient resources: Small businesses or startups with limited resources may not have the financial means to invest in sophisticated accounting software or hire professional accountants. As a result, they may struggle to maintain complete and accurate financial records.
(iii) Time constraints: Business owners or employees may be overwhelmed with day-to-day operations and find it challenging to allocate enough time to maintain comprehensive financial records. This can lead to incomplete or delayed recording of financial transactions.
(iv) Negligence or oversight: In some cases, business owners or employees may simply overlook the importance of maintaining complete records. They may neglect to document certain transactions or fail to follow proper accounting procedures due to carelessness or lack of attention to detail.
(v) Complexity of transactions: Certain businesses, such as those involved in international trade or complex financial instruments, may encounter transactions that are challenging to record accurately. This complexity can result in incomplete records or errors in financial reporting.
(vi) Legal or regulatory compliance issues: Businesses operating in highly regulated industries may face complex reporting requirements and compliance standards. Failure to understand or adhere to these regulations can lead to incomplete or inaccurate financial records.
(vii) Internal control weaknesses: Inadequate internal control systems within a business can contribute to incomplete record-keeping. Without proper checks and balances, there is a higher risk of errors, omissions, or even intentional manipulation of financial records.
(viii) Fraud or misconduct: In some unfortunate cases, incomplete records may be intentionally maintained as part of fraudulent activities or misconduct. By keeping certain transactions off the books or manipulating financial data, individuals within the organization may attempt to deceive stakeholders or evade taxes.
(1c)
(PICK ANY THREE)
(i) The business may lack the necessary knowledge or understanding of proper accounting practices, resulting in incomplete or inaccurate record-keeping.
(ii) Small businesses or startups with limited resources may not have the financial means to invest in sophisticated accounting software or hire professional accountants. As a result, they may struggle to maintain complete and accurate financial records.
(iii) Business owners may be overwhelmed with day-to-day operations and find it challenging to allocate enough time to maintain comprehensive financial records.
(iv) In some cases, business owners or employees may simply overlook the importance of maintaining complete records by neglecting to document certain transactions or fail to follow proper accounting procedures due to carelessness or lack of attention to detail.
(v) Certain businesses, such as those involved in international trade or complex financial instruments, may encounter transactions that are challenging to record accurately. This complexity can result in incomplete records or errors in financial reporting.
(vi) Businesses operating in highly regulated industries may face complex reporting requirements and compliance standards. Failure to understand or adhere to these regulations can lead to incomplete or inaccurate financial records.
(vii) Inadequate internal control systems within a business can contribute to incomplete record-keeping. Without proper checks and balances, there is a higher risk of errors, omissions, or even intentional manipulation of financial records.
(viii) Incomplete records may be intentionally maintained as part of fraudulent activities or misconduct. By keeping certain transactions off the books or manipulating financial data, individuals within the organization may attempt to deceive stakeholders or evade taxes.
(3)
(PICK ANY FIVE)
(i) Investors
(ii) Creditors
(iii) Managers
(iv) Government
(v) Employees
(vi) Shareholders
(vii) Suppliers
(viii) Competitors
(ix) Financial Analysts
(x) General Public.
THEIR RESPECTIVE INTERESTS IN THE ACCOUNTING INFORMATION:
(PICK ANY FIVE U PICKED ABOVE)
(i) Investors: Investors are interested in accounting information to assess the financial health and performance of a company. They use this information to make informed investment decisions and evaluate the potential returns and risks associated with their investments.
(ii) Creditors: Creditors, such as banks and suppliers, use accounting information to determine the creditworthiness and financial stability of a company. They rely on this information to assess the company's ability to repay loans or fulfill financial obligations.
(iii) Managers: Managers within an organization use accounting information to monitor and evaluate the financial performance of the company. They rely on this information to make strategic decisions, allocate resources, and identify areas for improvement or cost-saving measures.
(iv) Government Agencies: Government agencies, such as tax authorities and regulatory bodies, use accounting information to ensure compliance with financial reporting standards, assess tax liabilities, and monitor the financial health of businesses within their jurisdiction.
(v) Employees: Employees are interested in accounting information, particularly financial statements, to evaluate the financial stability and profitability of the company they work for. It helps them gauge job security and potential for career growth within the organization.
(vi) Shareholders: Shareholders, who own shares in a company, are interested in accounting information to assess the company's financial performance, dividends, and overall value. This information helps them evaluate the returns on their investment and make decisions related to buying or selling shares.
(vii) Suppliers: Suppliers analyze accounting information to evaluate the financial stability and payment capability of their customers. This helps them assess the creditworthiness and manage any risks associated with extending credit or providing goods and services on credit terms.
(viii) Competitors: Competitors may use accounting information, such as financial statements, to benchmark their own performance against industry peers. It provides insights into the financial strategies and competitive position of other companies, aiding in strategic decision-making.
(ix) Financial Analysts: Financial analysts rely on accounting information to analyze and interpret financial statements, assess company performance, and make recommendations to investors or clients. They use this information to provide insights, forecasts, and valuations of companies.
(x) General Public: The general public, including consumers and the local community, may have an interest in accounting information to evaluate the financial stability, ethical practices, and social responsibility of companies. This information can influence public perception, consumer behavior, and public trust in the organization.
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2023 WAEC PHYSICS QUESTIONS:
WAEC FINANCIAL ACCOUNTING (Video)
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WAEC 2023 F/Accounting Questions (ESSAY & OBJ) Answers.
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2023 WAEC Financial Accounting Questions and Answers
1. What is the equation for calculating the current ratio?
A. The current ratio is calculated by dividing the total current assets by the total current liabilities. The equation is Current Assets ÷ Current Liabilities = Current Ratio.
2. What is the definition of double-entry bookkeeping?
A. Double-entry bookkeeping is an accounting method where all entries are recorded in two accounts. Each transaction is recorded as both a debit and a credit. The total of debits must equal the total of credits in order for the books to balance.
3. What is the difference between a debenture and a bond?
A. The main difference between a debenture and a bond is the source of repayment. A debenture is a loan that is secured by the company's assets, while a bond is a loan that is secured by a third party. A bond is typically issued by a government entity or a large corporation with a good credit rating.
4. What is the definition of depreciation?
A. Depreciation is an accounting method used to distribute the cost of an asset over its useful life. It is used to recognize the decrease in value of an asset due to use, wear and tear, or obsolescence. Depreciation is also used to reduce taxable income.
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