WAEC Financial Accounting 2024 Questions And Answers

WAEC Financial Accounting 2024 Questions And Answers Expo

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The West African Examination Council (WAEC) Has Scheduled The WAEC Financial Accounting 2024 Questions And Answers Paper To Take Place on 21st May, 2024.

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

WAEC Financial Accounting 2024 Questions And Answers

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

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

  • WAEC Financial Accounting 2024
  • WAEC Financial Accounting Objective 2024

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WAEC Financial Accounting 2024 Questions And Answers Expo

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WAEC Financial Accounting Expo 2024

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WAEC Financial Accounting 2024 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

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