Waec 2022 financial Accounting past Questions and Answers

FINANCIAL ACCOUNTING OBJ

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FINANCIAL ACCOUNTING THEORY

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(1a)

- Sales ledger account

- Purchase Ledger account

- General ledger account

(1b)

_(Pick any two(2)_

i. Location of errors

ii. Prevention of fraud

iii. Easy detection of missing figure.

iv. Saves time

V. Grouping of accounts

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(2ai)

Goodwill is an intangible asset that is associated with the purchase of one company by another. Specifically, goodwill is the portion of the purchase price that is higher than the sum of the net fair value of all of the assets purchased in the acquisition and the liabilities assumed in the process.

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(3)

(3ai)

An accumulated fund holds excess money received by a non-profit organization (NPO). Similar to the retained earnings of a for-profit firm, the accumulated fund grows when revenues are greater than expenses and there is a budgetary surplus.

(3aii)

Statement of Affairs - or a SOA - is a document typically prepared by an accountant, which details a company's assets and liabilities. It is designed to provide an overview of the company's financial position and is particularly useful during when a com.

(3b)

- Donations.

- Subscriptions/ Dues.

- Entrance fees.

- Fines.

- Profits from bar.

(3c)

(I) Nature

• Receipts and Payments Account

- It is a summary of cash and bank transactions

• Income and Expenditure Account

- It is a summary of current year income and expenses

(II)

Revenue and Capital

• Receipts and Payments Account

- It records transactions related to both revenue and capital nature.

• Income and Expenditure Account

- It records transactions related to revenue nature only.

(III)

Type of account

• Receipts and Payments Account

- It is a Real Account

• Income and Expenditure Account

- It is a Nominal Account

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(4).

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(5a)
Dupe enterprises
TABULATE
DR
Dividend 315,000
Receipt 513,626
Credit transfer 1,050,000
Total= 1,878,626
CR
Balance b/d 216,126
Payment 332,500
Standing order 420,000
Bank charges 8,750
Dishourned cheque 700,000
Balance c/d 201,250
Total= 1,878,626
(5b)
Bank Reconciliation statement
Balance as per Adjusted cash book 201,250
Add unpresented cheque 1,165,500
Total= 1,366,750
Less;
uncredited cheque 192,375
Bank errors 350,000
2,272,375
Overdraft as per bank statement 905,625