WAEC Financial Accounting Questions & Answers – 2020 May/June Exam

 


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WAEC Financial Accounting Answers – 2020 May/June Exam


FINANCIAL ACCOUNTING THEORY & OBJ

ACCOUNTING OBJ

01-10 DBABBCDCAB 

11-20 CCCBABBDCC 

21-30.DDBBCCDCAA

31-40 BDDBBBDBAB 

41-50 BADBBACCBB

 

 COMPLETED

(1a)

In a Tabular form

 

*(Choose Any two)*

 

(Book keeping)

(i)It is basis for accounting

(ii)Persons responsible are called Book keeper’s

(iii)It does not require any personal skill

(iv)Financial statements are not prepared from records

(v)It cannot help for decision making

 

*(Accounting)*

(i)It is basis for business language

(ii)Persons responsible are called Accountants

(iii)It require skill and knowledge

(iv)Financial statement can be prepared from accounting records

(v)It help for decision making

 

 

(1bi)Sales 

*(choose Any one)*

(i)out going invoices (ii)debit notes issued

 

(1bii)Purchased

*(choose Any one)*

(i)Incoming invoices

(ii)debit notes received

 

(1biii)Cash deposit

*(choose Any one)*

 

(i)Till slips

(ii)incoming cheque

(iii)Receipt

 

 

(1biv)Salary 

*(Choose Any one)*

(i)time sheets

(ii)Job sheets

(iii)Time recorders (iv)Payroll registers

 

(1bv)

Return outward book

(i)Incoming credit note

 

 

(1c)

(i) For record purpose

(ii)For accounting purpose

(iii)For auditing and legal purpose

(2a)

 A nonprofit organization (NPO), also known as a non-business entity, is an organization traditionally dedicated to furthering a particular social cause or advocating a shared point of view. In economic terms, it is an organization using the surplus of its revenues to further its objective, rather than distributing its income to the organization’s shareholders, leaders, or members.

(2a) 

NOT-FOR-PROFIT-MAKING-ORGANIZATION

 

Not-for-profit-making-organizations Are organizations that do not mainly engage in buying and selling of goods. In that light, their major objective is not to make profit. They are mainly formed for the mutual understanding of their members. 

 

(2b) 

TABULATE 

 

FOR PROFIT ORGANIZATION

(i) Sources of revenue are selling goods and services 

(ii) For profit Organization are responsible for paying taxes based on their net income. 

 

NOT-FOR-PROFIT-ORGANIZATION

(i) Sources of revenue are subscriptions. Membership fee, Donation etc

(ii) Not for profit Organization are exempted from paying taxes

 

(2c) 

(i) SUBSCRIPTION:- Is a regular contribution made by members for non trading concerns. 

(ii) LIFE MEMBERSHIP FEE:- The clubs members can make payment for life membership. This means that by paying a substantial amount, members can enjoy the facilities of the club for the rest of their lives. 

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

3a

 

Fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year. This includes plant, machinery, vehicles and equipment, installations and physical infrastructures, the value of land improvements, and buildings.

 

(4ai) 

(i) Governor’s

(ii) Legislative Arms

(iii) Local investor

(iv) The public

(v) Local Authorities

 

(4b) 

TABULATE

PUBLIC SECTOR

(i) doesn’t show creditor. 

(ii) revenues are derived from tax,fee,fine

(iii) basically on cash basic

(iv) reports to general public

(v) based on provision of service.

 

PRIVATE SECTOR

(i) shows creditor goods

(ii) revenue are derived from sales of goods

(iii) basically on accounting in annual

(iv) reports to share holders

(v) based on principle maximization

(4b)

(i)Training; Public accountants are trained in analysis, data collection and testing, which allows them to look at accounts and see if the assumptions made are the correct ones. WHILE. private accountants are trained more in process issues especially in terms of accounts payable and billing techniques.

 

(ii)Environment; A public accountant’s life is much more varied than that of a private one. WHILE private accountant you’re likely to be in your own office and not moving about, with regular hours to boot.

 

(iii)Exposure; public accountancy firm (such as the Big Four) expose you to a variety of different types of accountancy job within a whole host of industries. WHILE private accounting the jobs are within smaller firms who are not so well known, and the experiences gained are more niche.

 

(iv)Stress; public accountant is notoriously much more stressful than that of their private counterparts WHILE private accounting their industry, which is a regular day-to-day workforce and a steady stream of work.

(5a)

In the books of Odis Ent.

Statement of affairs as at 31/12/17

 

(Debit side)

Capital 43000.

Creditors 4000

Rent

Total=47000

 

(Credit side)

Fixed assets 8000

Stock 15900

Trade debtors 11000

Cash 12100

Total = 47000

 

(5b)

(Debit side)

Bal b/f 12100

Cash received

from debitors 100000

 

Total 112100

 

(Credit side)

Cash paid to

Suppliers 72000

Exp:

Rent 2500

Gen.exp. 1800

Drawing 52000

Bal c/d 30600

112100

(5c)

Trading profit&loss A/C for the year ended

(Credit side)

Opening stock. 15900

+Purchase. 74500

 

Total. 90400

– closing stock. 17000

73400

Gross profit. 28800

Total. = 102200

 

( Debit side)

Sales. 102200

 

 

Profit & loss a/c for the year ended 31/12/17

 

(Credit side)

Gen.exp. 1800

Rent. 3000

Depreciation 800

Wet profit. 23200

Total. = 28,800

 

(Debit side)

Gross profit. 28,800

 

 

 

Total. 28800

 

 

Q8

Q6

(8)

Departmental trading and profit account for the year ended 31st December 2017

 

Dep A

 

Sales 1,500,000

Less cost of sales

Opening stock 150,000

Add purchase 720,000

Cost of goods available 870,000

Less closing stock 175,000

Less cost of sales 695,000

Good profit 805,000

 

Add incomes

Discount received 72,000

Total income 877,000

 

Less expenses:

Rent & rates 25,000 —– 25,000

Commission 30,000 —- 25,000

Insurance 2500 —- 2500

Advertising 10,000 —- 10,000

Salaries and wages 150,000 —- 100,000

Administration and general expenses 75,000 —- 75,000

 

Depreciation 17,500

Total expenses 310,000

Net profit 567,000

 

Dept B

Sales 1,250,000

Less opening stock

Opening stock 100,000

Add purchase 520,000

Cost of goods available 620,000

Less closing stock 142,000

Less cost of sales 478,000

Gross profit 772,000

 

Add income:

Discount received 52,000

Total income 124,000

Depreciation 17,500

Total expenses 255,000

Net profit 569,000

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