WAEC GCE Financial Accounting 2023 Questions And Answers

Waec Gce Financial Accounting 2023 Questions And Answers

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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 2023

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