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Author Topic: CORRECT: 2024 WAEC FINANCIAL ACCOUNTING ANSWERS (OBJ & ESSAY)  (Read 6634 times)

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Offline MANDINHO

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FINANCIAL ACCOUNTING THEORY ANSWERS


SECTION A:  ANSWER TWO(2) QUESTION ONLY

(1a)
(i) Purchase of office equipment on credit: Journal Proper (or General Journal)
(ii) Credit purchases: Purchases Journal
(iii) Bank charges: Journal Proper (or General Journal)
(iv) Goods returned by a customer: Returns Inwards Journal (or Sales Returns Journal)

(1b)
(i) Purchases: Invoices from suppliers
(ii) Cash payments: Cash Payments Journal
(iii) Returns outwards: Returns Outwards Journal (or Purchases Returns Journal)
(iv) Discount received: Credit Notes from suppliers
(v) Petty cash payments: Petty Cash Book

(1c)
(i) Sales Ledger: A ledger that records all credit sales made by a business, containing individual accounts for each customer.
(ii) Purchases Ledger: A ledger that records all credit purchases made by a business, containing individual accounts for each supplier.
(iii) General Ledger: A ledger that records all financial transactions of a business, including assets, liabilities, equity, revenues, and expenses, providing a comprehensive view of the company's financial situation.

===================================

(2a)
(PICK ANY SIX)

(i) Depreciation
(ii) Amortization
(iii) Accrued expenses
(iv) Prepaid expenses
(v) Outstanding expenses
(vi) Income received in advance
(vii) Inventory adjustments (e.g., stock write-downs)
(viii) Bad debts

(2b)
(PICK ANY 3)

(i) Purpose: Capital expenditure is made to acquire or improve a long-term asset, while revenue expenditure is made to maintain or operate an existing asset.
(ii) Benefit period: Capital expenditure provides benefits over several accounting periods, while revenue expenditure provides benefits only in the current accounting period.
(iii) Asset creation: Capital expenditure results in the creation of a new asset or an increase in the value of an existing asset, while revenue expenditure does not.
(iv) Accounting treatment: Capital expenditure is recorded as a non-current asset and depreciated over its useful life, while revenue expenditure is recorded as an expense in the income statement.
(v) Example: Capital expenditure examples include purchasing a new building or equipment, while revenue expenditure examples include paying for repairs, maintenance, or utilities.

===================================

(3a)
Ose operates a single-entry bookkeeping system, also known as a cash basis system. This system records only cash transactions, ignoring non-cash transactions like credit sales or purchases. Transactions are recorded in a simple cash book or ledger, with no separation of assets, liabilities, or equity.

(3b)
=ADVANTAGES
(i) Simplicity: The single-entry system is easy to understand and maintain, requiring minimal training or expertise.
(ii) Time-saving: Only cash transactions are recorded, reducing the time spent on bookkeeping.
(iii) Low costs: No need for elaborate accounting software or staff, keeping costs minimal.

=DISADVANTAGES=
(i) Incomplete financial picture: The single-entry system fails to account for non-cash transactions, providing an incomplete view of the business's financial situation.
(ii) Lack of accountability: Without proper records, it's challenging to track errors, fraud, or mismanagement.
(iii) Inaccurate tax compliance: The single-entry system may lead to inaccurate tax calculations, potentially resulting in penalties or fines.

===================================

(4a)
(i) Ownership: Equity shareholders own a portion of the company's ownership, while debenture shareholders are creditors with a fixed interest rate.
(ii) Risk: Equity shareholders bear higher risk, as their returns are tied to company performance, whereas debenture shareholders have a fixed return and lower risk.
(iii) Control: Equity shareholders typically have voting rights, while debenture shareholders usually do not.

(4b)
(i) Cumulative preference shares: Holders receive a fixed dividend, and if the company misses a payment, the dividend accumulates and must be paid before any dividend is paid to equity shareholders.

(ii) Redeemable preference shares: The company can redeem (buy back) these shares at a specified price and time, providing a exit option for shareholders.

(iii) Participating preference shares: Holders receive a fixed dividend and also participate in additional profits, usually in the form of a share of the company's profits beyond a certain level.

===================================

SECTION B:  ANSWER THREE(3) QUESTION ONLY


(5a)


(5b)


===================================

(7)


===================================

(9)


===================================

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