Financial Accounting (Essay & Objective) Waec 2017 Free Answers

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Wednesday, 19th April, 2017
Financial Accounting 2 (Essay) 09.30am – 12.00pm
Financial Accounting 1 (Objective) 12.00pm – 1.00pm
Waec 2017 financial account obj and theory answers -may/june
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answers 1a)A source document is the original record containing the details to substantiate a transaction entered in an accounting system. ++++++++++++++++++++++ 1b) i) Invoice ii) credit note iii) debit note iv) payment voucher v) petty cash voucher vi)bank statement ====================
2ci) Unpresented cheques:
These represent cheques that have been issued by an entity to a customer or another third party but which have not presented to the bank by the reconciliation date.
2cii)Standing orders:
an instruction to a bank by an account holder to make regular fixed payments to a particular person or organization.
2ciii)credit transfer:
a direct payment of money from one bank account to another.
2a)bank reconciliation is a process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank , and the corresponding amount shown in the organization’s own accounting records.
i)To detect items not entered and errors in the cash book
ii)To discover dishonored cheques
iii) To discover bank errors ( bank personnel too make mistake!!)
Accumulated fund:This is the funds that correspond to the capital of the partnership or sole trader and it will be calculated using the statement of affairs
Subscription in arrears:This is the sum of money due for members but remained unpaid.It is treated as debtors in the balance sheet
Reciepts and payments:this is the accounts that shows the summary of a cash book over a particular period of time
Income and expenditure account:This is type of account being prepared based on the same principle as the profit and loss accounts.It is described as the equivalent of profit and loss account
Entrance fees:This is the money paid on application for membership of an association or club.It is normally treated as income in income and expenditure account
A share is defined as that portion of the joint stock companies capital owned by a share holder while debentures are documents in form of borrowing (eg bond issued under the seal of company in respect of money lent to it) on which the company agree to pay a certain fixed rate of interest
4a list the four main groups of accounting ratio?
i) Liquidity
ii) Solvency
iii) Solvency
iv) Profitability
Add carriage inwards:7500
Add direct expenses:11400
Less closing stock:40000
Add acrrued(4000)
Prime cost:205400
Overheads Exp:
Dept. Equip:12000
Add WIP @start:60000
Less WIP @ end:64000
less Gross profit on manufactured goods:22840
Market value=251240
Stock F.G:80000
Add Market value:251240
Less stock F.G:72000
Carriage out:7600
Office expenses:3800
Net profit:233000
Market value:21240
G.p b/d:240760
G.P on manufactured:22840

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