Waec 2024 Financial Accounting
Waec 2024 Financial Accounting

WAEC 2024 FINANCIAL ACCOUNTING ANSWERS (FREE OBJECTIVE & ESSAY)

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WAEC 2024 FINANCIAL–ACCOUNTING ANSWERS Expo 2024

 

 

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WAEC FINANCIAL ACCOUNTING (OBJ AND ESSAY) QUESTIONS AND ANSWERS 2024

 

Is WAEC 2024 FINANCIAL ACCOUNTING ANSWERS out

 

YES

 

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WAEC 2024 FINANCIAL–ACCOUNTING ANSWERS

 

01-10: CDBACACBBC


11-20: CDDBDBDACB


21-30: AADCCBBBBB


31-40: ACBBDDADAA


41-50: CCDABDBBCD

 

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FINANCIAL ACCOUNTING ESSAY

 

NUMBER 1

 

(1a)

(i) Purchase of office equipment on credit: This transaction would be recorded in the purchases journal or the purchases day book.

 

(ii) Credit purchases: Also recorded in the purchases journal or the purchases day book.

 

(iii) Bank charges: These would typically be recorded in the cash book under the bank column.

 

(iv) Goods returned by a customer: Recorded in the returns inward journal or the returns inward book.

 

 

(1b)

 

(i) Purchases: From the purchases journal or purchases day book.

 

(ii) Cash payments: From the cash book.

 

(iii) Returns outwards: From the returns outwards journal or returns outwards book.

 

(iv) Discount received: From the cash book or the discount received journal.

 

(v) Petty cash payments: From the petty cash book or petty cash vouchers.

 

 

(1c)

 

(i) Sales ledger: This ledger records all credit sales transactions. It contains individual accounts for each customer, detailing their purchases on credit and any payments made against those purchases.

 

(ii) Purchases ledger: This ledger records all credit purchases transactions. It contains individual accounts for each supplier, detailing the goods purchased on credit and any payments made to them.

 

(iii) General ledger: Also known as the nominal ledger, it records all financial transactions of a business. It contains various accounts such as assets, liabilities, equity, revenues, and expenses. Transactions from subsidiary ledgers like sales ledger and purchases ledger are summarized and posted to the respective accounts in the general ledger.

 

 

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NUMBER 2 Waec 2024 Financial Accounting

 

(2a)

 

(i) Depreciation of fixed assets.

 

(ii) Adjustment for closing stock.

 

(iii) Accruals for expenses incurred but not yet paid.

 

(iv) Prepayments for expenses paid in advance.

 

(v) Bad debts written off.

 

(vi) Provision for doubtful debts.

 

 

(2b)

 

(i) Capital expenditure is for purchasing or improving fixed assets, which provide benefits over several years, whereas revenue expenditure is for the day-to-day running of the business, providing benefits within the current accounting period.

 

(ii) Capital expenditure is recorded on the balance sheet, while revenue expenditure is recorded on the income statement.

 

(iii) Capital expenditure aims to increase the earning capacity of the business, while revenue expenditure is related to the maintenance of the earning capacity.

 

 

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NUMBER 3

 

(3a)

 

Ose, by not keeping proper books of account, operates a single-entry bookkeeping system. This system records only one aspect of the transaction—either the credit or the debit, and does not provide a complete double-entry record for each transaction.

 

 

(3b)

 

(i) It is simpler and easier to maintain than a double-entry system.

 

(ii) It requires less technical knowledge and is less time-consuming.

 

(iii) It is cost-effective for a very small business with simple transactions.

 

 

-Three disadvantages of the single-entry bookkeeping system are-

 

(i) It does not provide a complete and accurate financial picture of the business.

 

(ii) It lacks the checks and balances of a double-entry system, making it more prone to errors and fraud.

 

(iii) It is not suitable for larger businesses with complex transactions and may not comply with certain accounting standards.

 

 

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NUMBER 4

 

(4a)

 

 

(i) Equity refers to ownership in a company, while shareholders are individuals or entities that own shares of a company’s stock.

 

(ii) Equity represents the residual interest in the assets of a company after deducting liabilities, while shareholders hold a portion of that equity through owning shares.

 

(iii) Equity holders have voting rights in the company, while shareholders may or may not have voting rights depending on the type of shares they hold.

 

(iv) Equity holders are entitled to dividends if declared by the company, whereas shareholders receive dividends based on the type of shares they hold and the company’s dividend policy.

 

(v) Equity represents ownership in the entire company, whereas shareholders hold ownership in specific portions of the company based on the number of shares they own.

 

RECOMMENDED POST: WAEC Chemistry Practical (ALTERNATIVE A) Questions And Answers 2024

 

 

(4b)

 

(i) Cumulative preference shares: These shares guarantee that any dividends not paid in previous years due to insufficient profits are accumulated and paid out in later years before any dividends are paid to common shareholders. They ensure that shareholders receive their dividends even in lean years.

 

(ii) Redeemable preference shares: These shares come with a predetermined date or event upon which the issuing company can repurchase them, usually at a specified price. This provides the company with the flexibility to buy back shares at a later date, reducing its outstanding equity.

 

(iii) Participating preference shares: These shares give their holders the right to receive dividends in addition to a fixed dividend rate. If the company’s profits exceed a certain level, participating preference shareholders are entitled to receive a share of the surplus profits along with common shareholders, which means they participate in the company’s profits beyond their fixed dividend rate.

 

 

NUMBER 5

 

WAEC 2024 FINANCIAL ACCOUNTING ANSWERS (FREE OBJECTIVE & ESSAY)

 

 

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NUMBER 7

 

WAEC 2024 FINANCIAL ACCOUNTING ANSWERS
WAEC 2024 FINANCIAL ACCOUNTING ANSWERS 

 

NUMBER 9

 

WAEC 2024 FINANCIAL ACCOUNTING ANSWERS (FREE OBJECTIVE & ESSAY)

 

 

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