08023429251 || WAEC GCE Financial Accounting 2024 Questions And Answers Expo
The West African Examination Council (WAEC GCE) Has Scheduled The Waec Financial Accounting 2024 Paper To Kick Of On The 2nd February, 2024.
This brings the attention of candidates writing the exam in to searching for WAEC GCE Financial Accounting 2024 Questions And Answers, WAEC GCE financial accounting Expo 2024, waec GCE financial accounting question and answer 2024, 2024 Waec GCE Financial Accounting Questions and Answers and etc.
Waec gce Financial Accounting 2024 Questions And Answers
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WAEC GCE Financial Accounting 2024 Paper is Categorized in to 2 parts:
- WAEC GCE Financial Accounting Theory 2024
- WAEC GCE Financial Accounting Objective 2024
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WAEC GCE Financial Accounting Expo 2024
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WAEC GCE Financial Accounting Answer 2023/2024 Second Series
(1a)
(PICK ANY THREE)
(i) Purchase of goods for resale
(ii) Receiving goods as a gift or donation
(iii) Return of goods purchased from suppliers
(iv) Transfer of goods from one location to another within the company
(v) Manufacturing or producing goods
(iv) Conversion of raw materials into finished goods
(1b)
Goodwill is an intangible asset that represents the reputation, customer loyalty, and brand value of a business. It is an asset that is not easily measurable or physically quantifiable but can have a significant impact on the value and success of a business. Goodwill is associated with qualities such as trust, customer satisfaction, and positive relationships with stakeholders.
(1c)
(i) Water charges paid: Utility bill or receipt from the water company
(ii) Credit sales: Sales invoice or sales receipt
(iii) Credit purchases: Purchase invoice or purchase receipt
(iv) Wages: Payroll record or wage slip
(V) Cash payment: Cash receipt or payment voucher
(vi) Electricity owed: Utility bill or invoice from the electricity provider
(vii) Returns by customers: Sales return slip or return receipt
(viii) Returns to suppliers: Purchase return slip or return receipt
(ix) Cheque deposit: Deposit slip or bank statement
(x) Dishonoured cheque: Bank statement or notification from the bank indicating the dishonored cheque.
(2a)
A manufacturing account is a financial statement that summarizes the costs incurred in the production of goods during a specific accounting period. It includes direct and indirect costs associated with manufacturing, such as raw materials, labor, and factory overhead. The purpose of the manufacturing account is to calculate the total manufacturing cost and determine the cost of goods produced.
(2b)
(i) Direct materials
(ii) Direct labor
(iii) Direct expenses
(2c)
(i) Prime cost: It refers to the total cost of direct materials, direct labor, and direct expenses. It represents the main components of the production cost.
(ii) Factory overhead: Also known as indirect costs, factory overhead includes all the expenses incurred in the production process that are not directly attributable to specific units. It includes costs like rent, utilities, depreciation, and maintenance.
(iii) Work-in-progress: Work-in-progress (WIP) refers to goods that are in the process of being manufactured but are not yet finished. It represents the value of partially completed products at a specific point in time.
(iv) Finished goods: Finished goods are the completed products that are ready for sale to customers. They have gone through the entire manufacturing process and are in their final form.
(v) Market value of goods produced: The market value of goods produced refers to the estimated selling price of the finished goods at the time they are produced. It represents the value of the goods based on market demand and other factors.
(3a)
Bad debt refers to an amount that is considered uncollectible and is unlikely to be recovered by a business from its customers or debtors. When a customer fails to fulfill their obligation to pay, and it becomes evident that the amount is not recoverable, the business may classify that portion of the accounts receivable as a bad debt.
*OR*
Bad debt refers to an amount that is unlikely to be recovered by a business from its customers or borrowers. This typically occurs when a customer fails to pay back a credit sale or a borrower defaults on a loan.
(3b)
(PICK ANY FIVE)
(i)Customer Bankruptcy: If a customer declares bankruptcy, it may become evident that the business will not be able to collect the outstanding debt.
(ii)Persistent Non-payment:If a customer consistently fails to make payments despite multiple attempts to collect, it may indicate a need to write off the debt.
(iii)Inability to Locate the Customer: When the business cannot locate the customer, making it impossible to pursue payment.
(iv) Death of the Debtor: In cases where the debtor passes away and there are no assets or guarantors to cover the debt.
(v)Legal Judgments: If legal actions have been taken, and it becomes evident that the collection efforts will not result in the recovery of the debt.
(vi)Financial Hardship of the Debtor: If the debtor is facing significant financial hardship, making it unlikely for them to repay the debt.
(3c)
(PICK ANY FOUR)
(i)Bad Debt Recognized when a specific receivable is confirmed as uncollectible and is written off. WHILE
Provision for Doubtful Debts Established in anticipation of potential future bad debts before they are individually identified.
(ii)Bad Debts represents actual, confirmed losses on specific receivables. WHILE Provision for Doubtful Debts represents an estimated amount set aside to cover potential future losses based on a general assessment of credit risk.
(iii)Bad Debts recognized as an expense in the income statement. WHILE Provision for Doubtful Debts reflected as a contra-asset on the balance sheet, reducing the reported value of accounts receivable.
(iv)Bad Debts relates to identified, individual accounts that are deemed uncollectible. WHILE
Provision for Doubtful Debts is a general estimate that applies to the entire accounts receivable balance
(v)Bad Debts triggered by the confirmation that a specific receivable is uncollectible. WHILE Provision for Doubtful Debts established based on historical data, industry norms, and an overall assessment of the creditworthiness of customers, irrespective of individual account statuses.
First Series – Waec Gce Financial Accounting 2023 Questions And Answers
Tags: Waec Gce Financial Accounting Answers 2023, Waec Gce Financial Accounting Questions And Answers 2023, Waec Gce 2023 Financial Accounting, 2023 Waec Gce Financial Accounting Answers, Waec Gce Financial Accounting Expo 2023
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Past WAEC GCE First Series Accounting Answers 2023
(2a)
A drawing in business is defined as any money that is taken from the business account for personal use
(2b)
(i) Premium Method:
Under this method, when the incoming partner brings his share of goodwill in cash, the existing partners share it in the sacrificing ratio. However, when the amount of goodwill is paid privately by the new partner to old partners privately in cash, no entry is passed in the books of the firm.
(ii) Revaluation Method:
We use this method when the new partner decides not to bring his share of goodwill in cash. Thus, we need to raise the goodwill account in the books by debiting Goodwill account and crediting old partners’ capital accounts in the old profit-sharing ratio.
(2c)
(i) Due to the death of the partner.
(ii) Due to the admission of a new partner.
(iii) Due to the retirement of a partner.
(iv) Due to the bankruptcy of a partner.
(v) Due to the expiry of the partnership period, if the partnership is for a particular period.
(vi) Due to Insolvency of an existing partner.
(4a)
Public sector accounting is the systematic process of recording, communicating, summarizing, analyzing and interpreting the financial statements and statistics of government in aggregate and details.
(4b)
(i) Goods and services tax (GST)
(ii) Income tax
(iii) Corporation tax
(iv) Non-tax revenues
(v) Union excise duties
(4c)
(i) To ascertain the authenticity of transactions and their compliance with the established laws, regulations and statutes
(ii) Providing evidence of stewardship
(iii) Assisting planning and control
(iv) Assisting objective and timely reporting.
Q4. What Is Public Sector Accounting and List five sources of revenue for the central/federal government
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Past WAEC GCE financial accounting answers
ACCOUNTING OBJ
1-10: ADCBCCBBCD
11-20: DCCBDADDBC
21-30: BBBCABCABA
31-40: ABCBBDCDAB
41-50: BBBCCBDBDC
COMPLETED
(1ai)
Manual Data Processing; This data processing method is handled manually. The entire process of data collection, filtering, sorting, calculation, and other logical operations are all done with human intervention and without the use of any other electronic device or automation software.
(1aii)
Mechanical Data Processing; Data is processed mechanically through the use of devices and machines. These can include simple devices such as calculators, typewriters, printing press, etc. Simple data processing operations can be achieved with this method.
(1aiii)
Electronic Data Processing
Data is processed with modern technologies using data processing software and programs. A set of instructions is given to the software to process the data and yield output.
(1b)
(i)Data collection; Collecting data is the first step in data processing. Data is pulled from available sources, including data lakes and data warehouses.
(ii)Data preparation; Once the data is collected, it then enters the data preparation stage. Data preparation, often referred to as “pre-processing” is the stage at which raw data is cleaned up and organized for the following stage of data processing. During preparation, raw data is diligently checked for any errors.
(iii)Data input; The clean data is then entered into its destination (perhaps a CRM like Salesforce or a data warehouse like Redshift), and translated into a language that it can understand
Waec gce financial accounting expo 2023/2024
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FAQ About WAEC GCE Financial Accounting Questions and Answers 2024
How to get waec gce financial accounting 2024 question and answers before the exam?
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When do I get Verified WAEC GCE Financial Accounting question and answers 2024?
You will get 2024 Waec GCE Financial Accounting answers a night before the exam, because it is an important subject.
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You will score between 7As and 9As if you use our 2024 Waec GCE Financial Accounting answers .
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