Confirm and Correct 2016/2017 WAEC Financial Accounting (Essay and Objectives) Questions And Answers Are Now Available For Free

Just keep Reloading the page to see new ans Click Here To reload the page ==================================== Welcome To Da' Technology Blog 2016/2017 Weac Answers Page. 2016/2017 WAEC financial accounting (Essay and objective) Answers. 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. 2ai.)Discount Allowed Bills receivable Bad debts Return inwards 2aii).Discount Received Bills Payable Cash to suppliers Return outwards 4a) Depreciation 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. Obsolescence iii. The time factor iv. Economic factor v. 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 •••••••••••••••••• ii )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. iii )Revaluation of fixed assets is the process of increasing or decreasing their carrying value in case of major changes in fair market value of the fixed asset ========================= (2b) - Error of original entry - Error of omission - Error of commission - Error of principle - Compensating errors - Complete reversal of entry (_3a_) Sales journal is use to record credit sales of transaction. – purchase journal is use to record credit purchase of a transaction -cash book is a book in which receipt and payment of money are recorded -The pretty cash book is a formal summaization of petty cash expenditions sorted by date. in most cases, the pretty cash book is an actual ledger book,rather than a computer record.thus the book is part of a manuel record- keeping system. -Return inwards are goods returned to the selling entity by the constomer,such as for warranty claims or outrig returns of goods for a credit (_3b_) ____Uses of journal_____ *They are used to record errors *record purchase and sale of fixed assets on credit. *record closing entrie *record transfers between ledgers. *Record opening the closing entires,write off debt =========================== 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% ============================ (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) ============================ 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 4ciii) Revaluation: By this method, the asset is revalue each year, any difference will be charged as depreciation to the profit and loss account. The value of the asset at the beginning and end of the year must be known.. The calculations is as follows Opening stock ** Add: purchase. ** --- Less: closing stock. ** ============================ OBJ ANSWERS ============================ 1-10: CCBBCACCCD 11-20: CCBCBBDBBB 21-30: CAADADBCBA 31-40: ABDCDACBBB 41-50: BBDDADCCCC ========================= **Answers are loading will be ready in a few minutes. **When many websites are asking students to pay for Waec Answers before they can send it To them, We here at Hellogist.com | Da' tech blog is Glad to tell you that we are given out for FREE Click Here To Reload the page That why we don't call it WAEC EXPO here, rather we call it WAEC HELPING HANDS