HOME

WAEC
WAEC Financial Accounting 2024 Questions And Answers

WAEC GCE Financial Accounting 2024 Questions And Answers Expo

by

WAEC GCE Financial Accounting 2024 Questions And Answers Expo

The West African Examination Council (WAEC) Has Scheduled The WAEC GCE Financial Accounting 2024 Questions And Answers Paper To Take Place on 13th November, 2024.

F/ACCOUNTING
01-10: BBDACBBBBB
11-20: DABAAACAAA
21-30: DDADACDACA
31-40: DADACDCCAC
41-50: CAABCBAABD

COMPLETED

(1a)
(i) Mr. Abu, if appointed as an accountant for the position at XYZ Ltd, would be required to prepare financial statements. These financial statements would provide accounting information to enable management to make informed decisions about the company.

(1aii)
(i)Relevance: The information should be relevant to the decision-making process of the users.
(ii)Reliability: The information should be accurate and reliable, meaning it should be based on sound accounting principles and be free from material errors.
(iii)Understandability: The information should be presented in a clear and understandable manner, making it accessible to users with different levels of accounting knowledge.
(iv)Timeliness: The information should be provided in a timely manner to be relevant for decision-making.

(1b)
(i)Management: They use accounting information to make strategic decisions, assess performance, and plan for future activities.
(ii)Investors: They rely on accounting information to evaluate the financial health of the company and make investment decisions.
(iii)Creditors: They use accounting information to assess the company’s ability to repay loans and make credit decisions.
(iv)Employees: They may use accounting information to negotiate salaries, understand the company’s financial stability, and assess job security.
(v)Customers: They may use accounting information to evaluate the financial stability of the company and its ability to fulfill its obligations.
(vi)Regulatory bodies: They use accounting information to ensure compliance with laws and regulations and to assess the company’s financial reporting practices.
(vii)Competitors: They may use accounting information to analyze the financial performance and position of the company in the market.

(2ai)
Error of principle. This error occurs because a purchase of a fixed asset was mistakenly recorded as an expense (purchases) rather than as an asset.

(2aii)
Error of omission. Only the personal (debtor’s) account was updated, while the returns inwards (sales returns) account was omitted.

(2aiii)
Error of original entry. The error happened because the total was calculated incorrectly and posted at GH¢ 5,000 higher than it should have been.

(2aiv)
Compensating error. Since the same amount (GH¢ 4,300) was understated in both the cash book and the personal account, this error is compensated.

(2av)
Compensating error. The sales account and the discount received account have opposite errors that cancel each other out, leaving the trial balance unaffected.

(2bi)
This error affects the classification between expenses and assets. However, since both accounts are on the debit side, the trial balance totals will still match, even though the expenses and assets are misstated.

(2bii)
The trial balance will not balance due to the missing entry in the returns inwards account, causing a discrepancy of GH¢ 8,100.

(2biii)
The trial balance will not balance, as the error of GH¢ 5,000 overstates the returns inwards account, causing an imbalance.

(2biv)
Since the understatement affects both accounts equally, the trial balance remains balanced, even though the actual figures for discount allowed and personal accounts are incorrect.

(2bv)
This error does not affect the trial balance, as the overstatement in one account and understatement in another compensates for each other, keeping the trial balance totals equal. However, both sales and discount received accounts are misstated.

(3i)
Accruals Concept:
The accruals (or matching) concept states that income and expenses should be recorded in the period to which they relate, not necessarily when cash is received or paid. This principle ensures that revenues and expenses are matched to the same accounting period, providing a more accurate picture of the company’s performance. For Jasket Ltd, this means that all revenues earned and expenses incurred by 31st December 2022 are reported in the financial statements, even if cash has not yet changed hands.

(3ii)
Going Concern Concept:
The going concern concept assumes that the business will continue its operations into the foreseeable future and does not plan to liquidate or significantly curtail its activities. This affects asset valuation, as assets are valued based on their ongoing use rather than liquidation value. For Jasket Ltd, if it is assumed to be a going concern, assets are reported at cost or amortized cost, assuming they will continue to generate future economic benefits.

(3iii)
Consistency Concept:
The consistency concept mandates that a company should use the same accounting methods and principles across periods unless there is a valid reason to change them. This allows for better comparability of financial statements over time. For Jasket Ltd, if they previously used straight-line depreciation, they should continue to use it unless a change is justified and disclosed, helping stakeholders make meaningful year-to-year comparisons.

(3iv)
Prudence (or Conservatism) Concept:
Prudence requires that assets and income are not overstated, and liabilities and expenses are not understated. This principle dictates that uncertainty should be handled with caution, ensuring losses are recognized when probable, but gains only when realized. For Jasket Ltd, this means reporting potential bad debts or impairments and making provisions for anticipated losses, ensuring the financial statements are not overly optimistic.

(3v)
Materiality Concept:
Materiality states that financial statements should include all information significant enough to influence the decisions of users. Insignificant details can be omitted or aggregated for simplicity, but anything deemed “material” must be presented separately. Jasket Ltd would apply this concept by including significant items that could affect users’ decisions, while grouping minor ones to maintain clarity in the financial statements.

(4a)
Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It represents the wear and tear, deterioration, or obsolescence of an asset over time. Depreciation is an expense on the income statement and helps in matching the cost of an asset with the revenue it generates during each accounting period.

(4b)
(i) Accurate Financial Reporting: Depreciation allows companies to allocate the cost of an asset over its useful life, ensuring accurate financial statements by matching expenses with revenues.

(ii) Asset Replacement: Regular depreciation charges build up a reserve, helping a business prepare financially to replace assets when they become outdated or non-functional.

(iii) Tax Benefits: Depreciation is a non-cash expense that reduces taxable income, providing tax savings and improving cash flow.

(4c)
(i) Cost of the Asset: The original purchase price, including costs to make the asset operational (e.g., shipping, installation).

(ii) Useful Life: The expected period over which the asset will be productive or useful to the company.

(iii) Salvage (Residual) Value: The estimated value of the asset at the end of its useful life, which is subtracted from the asset cost to determine the depreciable amount.

=================================

This brings the attention of candidates writing the exam in to searching for WAEC GCE Financial Accounting 2024 Questions And Answers, WAEC GCE Financial Accounting Expo 2024, Financial Accounting WAEC GCE 2024, WAEC GCE Financial Accounting Questions 2024, WAEC GCE Financial Accounting Answer 2024 and etc.

WAEC GCE Financial Accounting 2024 Questions And Answers

In this section, you will read the steps and requirements needed for you to get Waec GCE Financial Accounting 2024 Questions And Answers before exam.

WAEC GCE Financial Accounting 2024 Paper is Categorized in to 2 parts:

  • WAEC GCE Financial Accounting 2024
  • WAEC GCE Financial Accounting Objective 2024

Here on zamgist, we have solved all the questions. That is WAEC GCE Financial Accounting 2024 Questions And Answers.

WAEC GCE Financial Accounting 2024 Questions And Answers Expo

CLICK HERE TO CHAT ME UP ON WHATSAPP & GET IT NOW

2024 GCE WAEC EXPO WAEC GCE Financial Accounting 2024 Questions And Answers
WhatsApp  N1000
Online Password  N1000
Direct SMS  N1000
Delivery Time  4 hours or midnight before exam
Answer page
WhatsApp No.  08023429251
Source  ZAMGIST
Group  ZAMGIST MIRACLE CENTER
WhatsApp Group Link  Click Here to Join
Tags WAEC GCE Financial Accounting 2024 Questions and Answers

WAEC GCE Financial Accounting Expo 2024

==> Online PIN: N1000
Online PIN MEANS The Pin to access our answers online will be sent to u at least 4 hours before the exam to access our answers.

==> WhatsApp: N1000
Whatsapp MEANS The answer will be sent to you on WhatsApp after we confirm your subscription. Add Us In WhatsApp With 08023429251.

Send The Following details:-

(i) Evidence of payment
(ii) Your Name
(iii) Subject
(iv) Phone number
===> 08023429251 via WhatsApp

RELATED POST:

NOTE:- All WhatsApp Messages Sent To The Above Number Are Attended To. Always Send Us WhatsApp Message Of Your Complaint, Your Message(s) Will Get To Us And We Will Reply immediately.

WAEC Financial Accounting 2024 Past Questions And Answers Expo

WAEC Financial Accounting 2024 Questions And Answers Expo

(1a)
(i) Purchase of office equipment on credit: General Journal
(ii) Credit purchases: Purchases Day Book
(iii) Bank charges: Cash Book
(iv) Goods returned by a customer: Returns Inwards Book

(1b)
(i) Purchases Journal: The total of all credit purchases is transferred from the purchases journal.
(ii) Cash payments: Details of payments made to suppliers are recorded in the cash book.
(iii) Returns outwards: This journal records goods returned to suppliers.
(iv) Discount received: Discounts received from suppliers are recorded in the cash book along with payment details.
(v) Petty cash payments: Small payments made through petty cash are recorded in this book.

(1c)
(i) Sales Ledger: The sales ledger contains individual accounts for each customer. It tracks all sales made on credit, payments received from customers, and any returns or allowances. This ledger helps in monitoring outstanding receivables and managing customer accounts.
(ii) Purchases Ledger: The purchases ledger includes individual accounts for each supplier. It records all credit purchases from suppliers, payments made to suppliers, and returns outwards. This ledger assists in managing outstanding payables and supplier accounts.
(iii) General Ledger: The general ledger is the central repository of all financial transactions in a business. It contains all the accounts necessary to prepare financial statements, including assets, liabilities, equity, revenues, and expenses. Each transaction recorded in the books of original entry is posted to the relevant accounts in the general ledger. This ledger provides a comprehensive overview of the company’s financial position and performance.

(2a)
(PICK ANY SIX)
(i) Accrued Expenses
(ii) Prepaid Expenses
(iii) Accrued Income
(iv) Unearned Income (Deferred Income)
(v) Depreciation
(vi) Bad Debts
(vii) Provision for Doubtful Debts
(viii) Inventory Adjustments
(ix) Amortization

(2b)
(PICK ANY THREE)
(i) Capital Expenditure is incurred to acquire or improve long-term assets, such as property, plant, and equipment whereas Revenue Expenditure is Incurred for the day-to-day running of the business and to maintain the existing assets.
(ii) Capital Expenditure provides benefits over a long period, usually more than one accounting period while Revenue Expenditure provides benefits within the current accounting period.
(iii) Capital Expenditure is recorded as an asset in the balance sheet and depreciated over its useful life while Revenue Expenditure is Charged directly to the income statement as an expense in the period it is incurred.
(iv) Capital Expenditure affects both the balance sheet (increase in assets) and the income statement (depreciation expense) while Revenue Expenditure directly affects the income statement by reducing profit for the period.
(v) Capital Expenditure costs are capitalized, meaning they are added to the value of the asset and amortized over time while Revenue Expenditure costs are expensed in the period they are incurred and do not appear on the balance sheet.

(3a)
Ose operate with Single Entry System of bookeeping. This system is typically used by small businesses or sole proprietors who do not keep proper books of account. In the single entry system, only one side of each transaction (either debit or credit) is recorded, which contrasts with the double entry system where every transaction affects at least two accounts.

(3b)
ADVANTAGES:
(PICK ANY THREE)
(i)The single entry system is easy to understand and use, making it accessible to those without formal accounting knowledge. It involves fewer records and less complex procedures.
(ii)Implementing and maintaining a single entry system is inexpensive. It does not require advanced accounting software or professional accountants, which can be costly for small businesses.
(iii)This system takes less time to manage compared to the double entry system. Business owners can spend more time focusing on their core operations rather than on detailed bookkeeping.
(iv)The single entry system requires minimal paperwork and fewer records. This reduces the administrative burden on the business owner.
(v)The system offers flexibility as it does not follow strict accounting rules and procedures. This can be advantageous for small businesses with straightforward transactions.

DISADVANTAGES:
(PICK ANY THREE)
(i)The single entry system can lead to incomplete and inaccurate financial records. Since it does not track both sides of transactions, there is a higher risk of errors and omissions
(ii)Due to the lack of checks and balances inherent in the double entry system, the single entry system is more susceptible to fraud and errors. It is difficult to detect discrepancies and irregularities.
(iii)The limited financial information provided by the single entry system makes it difficult for business owners to make informed decisions. Critical financial metrics and insights are often missing.
(iv)Financial institutions typically require detailed and accurate financial records when assessing loan applications. The single entry system’s lack of comprehensive financial data can make it difficult for businesses to obtain financing or attract investors.

WAEC Financial Accounting 2024 Questions And Answers Expo

Post Views: 1,591

1 thought on “WAEC GCE Financial Accounting 2024 Questions And Answers Expo”

  1. Pingback: WAEC Commerce 2024 Questions And Answers Expo - ZAMGIST ✅

Leave a Comment