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Waec 2016 Free Financial accounting Objective and Theory Question and Answers

Waec 2016 Free Financial accounting Objective and Theory Question and Answers

Waec 2016 Financial accounting Obj And Theory Answers – May/June Expo

VERIFIED WAEC 2016 FINANCIAL ACCOUNTING(F/ACCT) QUESTIONS AND ANSWERS

Tuesday 19th April 2016 
FINANCIAL ACCOUNTING (ESSAY ) 9.30AM – 1PM
FINANCIAL ACCOUNTING ( OBJ & ESSAY ) 9.30AM – 1.00PM

ACCOUNT OBJ:
1-10: CCBBCACCCD
11-20: CCBCBBDBBB
21-30: CAADADBCBA
31-40: ABDCDACBBB
41-50: BBDDADCCCC

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 (1a) A general journal account is an account or record used to sort and store balance sheet and income statement transactions.

(1b)
-Opening entries
-Closing entries
-Correction of errors
-Transfer between accounts
-Purchase of fixed assets on credit

(2ai)
(i)Discount Allowed
(ii)Bills receivable
(iii)Bad debts
(iv)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

(4c)
(i)Straight line: This allows an equal amount to be charged as depreciation for each year of expected use of the asset. The basic formulae is
Cost- Estimated residual value/ number of years of expected use.

Advantage:
(i)it is simple to calculate
(ii)It is time oriented

Disadvantage:
(i) Assumption of equal or constant revenue per year is unrealistic
(ii) Might lead to a misleading picture of the financial statement

(4Cii) Reducing balance: Under this method, the depreciation charged per annum is determined by applying a fixed rate of depreciation on the net book value of the asset at the beginning of each year.

Disadvantage of reducing balance:
Difficulty in calculating the rate of depreciation

(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)

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CLICK HERE FOR NUMBER 9 ANSWERS

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Posted by on April 19, 2016.

Categories: Uncategorized

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