Waec Gce 2020/2021 Financial Accounting Answers Now Available

Waec GCE 2020 Accounting Question and Answers Now Available


2020-WAEC-GCE-Accounting-ANSWERS
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Accounting-Obj!

FINANCIAL ACCOUTING
01-10: BAABDDDBAC
11-20: DABBDDCBAA
21-30: CACACCAACD
31-40: DBAABCACAA
41-50: BABBADDACC

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Accounting-Essay!

(1a) Cash book is a book of original entry or prime entry which contains records of all cash and bank transactions.

(1b)
(i) Gengeral ledger
(ii) Nominal ledger
(iii) Personal ledger

(1c)
(i) it provide written records essential for proper conduct of business
(ii) it helps the business to ascertain profit or loss
(iii) it fascinates comparison within and between firms
(iv) it provide information for future planning (budgeting)
(v) it helps to ascertain tax payable by the business

(3a)

Accounting ratios are groups of metrics used to measure the efficiency and profitability of a company based on its financial reports.

 

(3b)

(i)Inventory Turnover Ratio

(ii)Fixed Asset Turnover Ratio

(iii)Accounts Receivable Turnover

 

(3c)

(i)Activity Ratios help in comparison to businesses in the same line of operation.

(ii)Activity Ratios help in Problem identification c be done using the right and necessary corrections in the functioning of the business can be made.

(iii) Activity Ratios simplifies an analysis by providing the financial data in a simple format, which eventually helps in decision making.

(iv)Investors can rely on the information that Activity Ratios provide since it is based on numbers and is accurate.

(v)Activity ratios help in evaluating a business’s operating efficiency by analyzing fixed assets, inventories, and accounts receivables.

(Q5a & b)

5b & c

(4a)

Ordinary shares: is defined as shares of a company that give shareholders the right to vote in the company’s meeting and also an income in the form of dividends from the corporation’s profits.

 

(4b)

[Tabulate]:

– PRIVATE COMPANY

(i) A private company can sell its own, privately held shares to a few willing investors.

(ii) The stocks of a private company are owned and traded by only a few private investors.

 

– PUBLIC COMPANY

(i) A public company can sell its own registered shares to the general public

(ii) The stocks of a public company are traded on stock exchanges

 

(4c)

(i)Separate legal entity: A company has a distinct legal entity and is independent of it’s members

(ii) Artificial legal person: A company has its artificial person. It is not a natural person. It exists in the eyes of the law and cannot act as it’s own

(iii)Incorporated associated: It is created when it is registered under the companies Act. It comes into being from the date mentioned in the certificate of incorporation.

(iv)Perpetual existence: A company is stable form of business organization. It’s life does not depend on the death or retirement of any of its share holders.

(Q9)

zamgist Waec gce financial accounting

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