WAEC FINANCIAL ACCOUNTING OBJECTIVE AND THEORY ANSWER
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(1a)
General journal is the accounting version of
our
personal journals. It doesn't record
everything that
happens to the business, of course, but it
does record
every financial transaction that takes place
(sometimes
alone, sometimes as a group of similar
transactions). Like
our personal journal entries, it notes the
date, the
accounts involved, and the amounts of
money, as well as
providing a brief description of what
happened.
(1b)
-Opening entries
-Closing entries
-Correction of errors
-Transfer between accounts
-Purchase of fixed assets on credit
-Recording of disposal of fixed asset
(2ai.)
Discount Allowed
Bills receivable
Bad debts
Return inwards
__________________________
(2aii)
Discount Received
Bills Payable
Cash to suppliers
Return outwards
(2b)
- Error of original entry
- Error of omission
- Error of commission
- Error of principle
- Compensating errors
- Complete reversal of entry
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4a) Depreciation of an assets is the
measure of the wearing out, consumption or
other loss of value of a fixed asset whether
arising from use, effluxion of time or
obsolescence through technology and
market changes.
4b)
i)Physical deterioration
ii)Economic factor
iii)Inadequacy
(5)Adjusted Cash book:
Debit side:
Bal b/f(4500)
dividend(320)
under(180)
5000
Credit side:
subscri(350)
charges(500)
electricity(70)
insurance(100)
medical(120)
bal(3860)
5000
bank reconcilation statement:
bal as per adj cash book(3860)
add unpresented chequer(4800)
8660
uncredited cheque(1990)
bal as per bank statement(6670)
8a)
Gross profit as a percentage= Grossprofit/
sales
* 100/1
=96,000/240,000 * 100/1
=40%
b)
Net Profit as a percentage = Net profit/sales
*
100/1
=8000/240,000 * 100/1
=3.3%
c)
Profit/Cap employed * 100
=8000/142,000 * 100
=5.6%.
