Waec May/June 2022 Financial Accounting Answers

Waec May/June 2022 Financial Accounting Answers
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    ""WAEC 2022 FINANCIAL ACCOUNTING EXAMINATION""
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    (1a)
    - Sales ledger account
    - Purchase Ledger account
    - General ledger account

    (1b)
    - It is used to detect missing figures
    - It helps to prevent fraud
    - It facilitates easy identification of errors
    - It serves as a form of internal control
    (Pick any 2)

    (1ci)
    - Cheques to creditors
    - Cash to suppliers
    - Discount received
    - Bill payable
    (Pick any 3)

    (1cii)
    - Dishonoured cheque
    - Carriage outward
    - Discount disallowed
    - Debit note issue
    (Pick any 3)
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    (2a)
    Goodwill is an intangible asset that is associated with the purchase of one company by another. Goodwill is the portion of the purchase price that is higher than the sum of the net fair value of all of the assets purchased in the acquisition and the liabilities assumed in the process.

    (2b)
    (i) Public welfare
    (ii) Higher education
    (iii) Health and hospitals
    (iv) Highways and roads

    (2c)
    (i) Raw Material Inventory:
    Raw materials are the basic materials that a manufacturing company buys from its suppliers. The former uses them to convert them into the final products by applying manufacturing processes. It is essential to optimize raw material inventory.

    (ii) Work in Progress Inventory:
    Work in progress inventory can also be called semi-finished goods. They are the raw materials that have been taken out of the raw materials store and are now undergoing the process of their conversion into the final products. So these are the partly processed raw materials lying on the production floor.

    (iii) Finished Goods Inventory:
    Finished goods are the final products obtained after applying the manufacturing processes to the raw materials and the semi-finished goods discussed above in the article. They are saleable, and their sale contributes fully to the revenue from the company’s core operations.

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    (3ai)
    An accumulated fund holds excess money received by a non-profit organization (NPO). Similar to the retained earnings of a for-profit firm, the accumulated fund grows when revenues are greater than expenses and there is a budgetary surplus.

    (3aii)
    Statement of Affairs - or a SOA - is a document typically prepared by an accountant, which details a company's assets and liabilities. It is designed to provide an overview of the company's financial position and is particularly useful during when a com.

    (3b)
    - Donations.
    - Subscriptions/ Dues.
    - Entrance fees.
    - Fines.
    - Profits from bar.

    (3c)
    (I) Nature

    • Receipts and Payments Account
    - It is a summary of cash and bank transactions

    • Income and Expenditure Account
    - It is a summary of current year income and expenses

    (II)
    Revenue and Capital

    • Receipts and Payments Account
    - It records transactions related to both revenue and capital nature.

    • Income and Expenditure Account
    - It records transactions related to revenue nature only.

    (III)
    Type of account

    • Receipts and Payments Account
    - It is a Real Account

    • Income and Expenditure Account
    - It is a Nominal Account
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    4c.1. To know the financial position of each and every department separately, it is helpful to make a comparison.
    2. Calculate commission of the managers department wise.
    3. Evaluate performance, planning, and control.
    4. For Investors and outsiders may know the detailed information.



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