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WAEC Financial Accounting Expo Essay and Objective Complete Correct Questions and Answers 2020/2021 which is supposed to be written in May/June but now August/September now available. 
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==> FINANCIAL ACCOUNTING ANSWERS

ACCOUNT OBJECTIVE
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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)
Non-profit making organisation are organisations that do not mainly engage in buying and selling of goods. Thus, their main objective is not to make profit as they are formed to seek the welfare of their members eg mosque, churches etc.
(2b)
In a tabular form:
Profit making organisation
(i) It is engaging in the buying and selling of goods and services.
(ii) Their major objectives is the making of profit.
Non-profit organisation
(i) It does not engage in the buying and selling of goods and services.
(ii) The major object is not to make profit but to seek the welfare of members.
(2c)
(a) Subscription: This is the annual period dues of members of a club or social body or not for making profit organisation.
(b) Life membership fee: The club members can make payment for life. This means that they paying a fairly substantial amount now. Members can enjoy the facility of the club for the rest of his/her life.
(c) Entrance fee: These are amount payable when a person first joins a club. These are normally included as income in the year that they received.

(d) Donations: This is the amount received or given by non-trading organisation in cash or in kind in the form of gift from a person or an organisation.

(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

(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

(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
==================================

WAEC FINANCIAL ACCOUNTING EXAMINATION HAS BEEN SCHEDULED TO TAKE PLACE ON

Saturday, 5th September 2020
Financial Accounting 2 (Essay) – 9:30am – 12:00pm
Financial Accounting 1 (Objective) – 12:00pm – 1:30pm

FOR 2020 WAEC Financial Accounting Essay & Objective Answers📑

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WAEC Financial Accounting SOLUTION

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