CONTACT COOLBOY FOR YOUR SURE WASSCE(WAEC), NECO, NABTEB,NABTEX,NCTVA, BECE,IJMB, JUPEB,AND GOVERNMENT WASSCE QUESTIONS AND ANSWERS BEFORE EXAM
COOLBOY
WHATSAPP NUMBER
08035452768
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
01-10: BACCBADCAA
11-20: DDACBACDCD
21-30: ACADDBACDA
31-40: DDDCBACCDB
41-50: CABCABBDAC
*WAEC GCE ACCOUNT ANSWERS*
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*WAEC GCE ANSWERS*
(1a)
i:An asset is anything that has current or future economic value to a business . Essentially, for businesses, assets include everything controlled and owned by the company that's currently valuable or could provide monetary benefit in the future. Examples include patents, machinery, and investments.
ii: a liability is an obligation between one party and another not yet completed or paid for
1C:
• helps to maximise all the expenses you claim and reduce your tax obligations
• will help out, should you be investigated by HMRC
• makes it quicker to prepare your accounts at year-end
• gives you the information you need to run your business and help it grow
• helps you plan for tax payments
• helps identify the strengths and weaknesses in your business
• helps manage changes and improvements in your business
• will help you plan to meet financial commitments such paying creditors or employees
• makes it easier to get a loan or sell your business
• avoids over/under tax payments
• helps identify if your business is liable for paying VAT to HMRC
• makes it easier to distribute profits to shareholders as dividends or for partnerships where both profits and losses have to be shared.
*PICK ANY SEVEN*
2a)
drawing in accounts is the record kept by a business owner or accountant that shows how much money has been withdrawn by business owners.
2c)
i) Death of a partner.
ii) Admission of a new partner.
iii)insolvency of an existing partner.
Early retirement of a partner.
iv) Due to expiry of a partnership period after a certain time as mutually agreed upon by all partners.
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(4a)
Public Sector Accounting is the process of recording the financial transactions concerning the receipts and payments of government funds, systematically, as well as their analysis and interpretation to guide governments and their agents in various financial decisions.
(4b)
[PICK ANY FIVE]
(i) Grants from central government.
(ii) Statutory Allocation e.g. Nigeria from the Federation Account.
(iii) Rates/levies: There are rates people pay to maintain, sustain and expand social services.
(iv) State allocation: In Nigeria, at least 10% of internally generated revenue of the State Government.
(v) Investment in business yields to the local government.
(vi) Fees from liquor licenses, registrations, markets, motor parks, etc.
(vii) Court fines: (Share of court fines in Nigeria).
(4c)
[PICK ANY FOUR]
(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.
(v) Providing the basis for decision-making.
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