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WAEC Bookkeeping 2022 Answers

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WAEC Bookkeeping Questions and Answers 2022. Objective and Essay answers (Expo), for the West Africa examination council (May/June 2022. WAEC Bookkeeping Objective and Essay Answers. This post will provide you with repeated questions as as the answers to your WAEC Bookkeeping Bookkeeping exam. This post will help you understand the WAEC Bookkeeping objectives and answers.

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Bookkeeping 2(Essay) 9:30am.–11:30am.
Bookkeeping 1 (Objective) 11:30am.–12:20pm.


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Below is WAEC Bookkeeping 2021 Answers

(2a)
Expense is the cost of operations that a incurs to generate revenue. As the popular saying goes, “it costs money to make money”.

(2b)
Revenue generated from normal operations and includes discounts and deductions for returned merchandise. It is the top line or gross figure from which costs are subtracted to determine net income

(2c)
loss is a decrease in net income that is outside the normal operations of the . In other Words losses can result from a number of activities such as; sale of an asset for less than its carrying amount, the write-down of assets, or a loss from lawsuits.

(2d)
Capital is the value of the in the business by the owner(s). It is that part of the business that belongs to the owner; hence it is often described as the owner's interest.


(1a)
Stock valuation is the process of determining the current (or projected) worth of a stock at a given time period.

(1bi)
-CHARACTERS OF FIFO-
(i)it is easy to apply
(ii)the assumed flow of costs corresponds with the normal physical flow of goods.

(1bii)
-CHARACTERISTICS OF LIFO-
(i)It is used to account for inventory that records the most recently produced items as sold first.
(ii)The cost of the most recent products purchased (or produced) are the first to be expensed as cost of goods sold (COGS).


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2022 WAEC Bookkeeping Questions & Answers

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