Get Waec Financial Accounting Questions and Answers 2021 Obj & Essay

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Sample of Financial Accounting Waec answers

(1)
It can result in a business exhausting the budget, leading to spending more than
what is coming in.

(2)
Businesses may need to file for bankruptcy or shut their doors if they fail to keep adequate records from the
beginning.

(3)
It can result in problems with suppliers, payroll, utilities, and other vital components to a running successful business.

(1b)

(i)
Relevance means account information to make a difference in decision making

(ii)
Comparability means account information can be used to compare different entities

(Iii)
Consistency: information is consistently presented from year to year

(Iv)

Relevance means account information is verifiable, factual, and neutral
==============================

2ai)
Direct materials consist of all of the materials that become an integral part of the finished product. Direct materials should include the actual cost of the materials, as well as freight in, import duties, purchasing costs, receiving costs, storage costs and other directly attributable costs of acquiring the materials.
Example- Orange in fanta making
2aii)
Direct labor consists of all of the personnel costs required to manufacture the finished product. Direct labor should include wages, payroll taxes, and benefits associated with personnel who are integral to manufacturing the finished product.
Example- Wage of machine operator
2aiii)
Factory overhead consists of all of the other costs required to manufacture the finished product that do not fit into the direct material or direct labor elements. They consist mainly of indirect material, indirect labor, depreciation, utilities, rent, repairs and maintenance and insurance.
Example- Indirect wages.

2b)
i)RAW MATERIALS
These are the materials or goods purchased by the manufacturer. The manufacturing process is applied to the raw material to produce desired finished goods.
ii)WORK-IN-PROGRESS (WIP) These are the partly processed raw materials lying on the
production floor.
iii)FINISHED GOODS
These are the final products after the manufacturing process
on raw materials. They are sold in the market. There are two kinds of manufacturing industries.

===========================

(3A)
Where a big business with diverse trading activities is conducted under the same roof the same is usually divided into several departments and each department deals with a particular kind of goods or service. For example, a textile merchant may trade in cotton, woolen and jute fabrics. The overall performance for this type of business depends, however, on departmental efficiency.

(3B)

(i)
Compare the results among the different departments together with the previous results thereof,

(ii)
Formulate policy in order to extend or to develop the enterprise in the proper line; and

============================

(4a)
– employees
– banks
– government
– creditors
– analyst
– owners

======================

6a)
Tabulate
Cash book Adjustment
Bal bld N48,500
interest on investment N2500
credit transfer N3000
54,000
Left Table
Bank Charges N1000
Dishonored cheques N2000
bal cld N51,000
54,000
Total Bal bld N51,000
6b)
Tabulate
Bank Reconciliation statement at 31/12/2016
balance as per adjusted cash book N N51,000
add unpresented cheques 8850
add back wrong credit 3500
12,350/63,350
less uncredited cheques (8450)
balance as per bank statement N54,900

========================

(7a)

Statement Of affairs as at 1 | 1 | 06

Tabulate

Right Table

Capital ( Opening ) N 30,000

Creditors N 1 ,000

Insurance N 2 ,000

N 33,000

Left Table

Land And Building N 15,000

Motor Vehicle N 6 ,000

Stock N 4 ,000

Cash N 6 ,000

Debtors N 2 ,000

N 33,000

(7b)

Trading Profit and loss account for the year ended 31st december 2016

Tabulate

Right Table

opening stock N 4000

purchases N 11,500

15,500

Closing Stock ( 2 ,000 )

Cost of goods sold 13500

gross profit cld 17500

31,000

salaries N 5000

rent and rates N 4000

insurance N 5000

dep on motor vechicle N 2000

net profit N 1500

17500

Left Table

Sales N 31,000

31,000

gross profit b | d N 17,500

N 17,500

(7c)

Balance Sheet as at 31| 12| 2006

Tabulate

Right Table

Capital N 30,000

add net profit N 1500

N 31,500

current liability

creditor N 500

insurance Owning N 6000

N 38,000

Table Left

Fixed Assets

Land and Building N 15,000

motor vehicle N 4000

19,000

current assets

stock N 2000

debtors N 3000

Cash N 14,000

N 38,000

=======================
(9)
Obihan trading profit and loss account

SALES = 1,200,000
Less return inward =
15,000
= 1,185,000

Less cost of sales
Opening stock = 3000,000
Add purchase 1,050,000
Less return outward = 18,600

Net purchase=1,031,400
Cost of goods available. =1,331,400
Less closing stock=360,000
Cost of goods sold=971,400
GROSS PROFIT=213600

LESS OPERATIVE EXPENSIVE
Rates (18,000 +1,500) = 16,500
Rates ( 18,000 + 660) = 3,660
Salaries (90,000 + 15,000) = 105,000
Bad Debits = 600
Insurance = 93,000
Depreciation: Furniture 9,000
Machineries = 18,000
Provision for bad debit = 540
NET LOSS 246,300
32,700

 

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