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Financial Accounting (ESSAY/OBJ) Waec 2016 Free Expo Runz Answers






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Tuesday 19th April 2016

FINANCIAL ACCOUNTING ( OBJ & ESSAY ) 9.30AM - 1.00PM
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ACCOUNT OBJ

1-10: CCBBCACCCD
11-20: CCBCBBDBBB
21-30: CAADADBCBA
31-40: ABDCDACBBB
41-50: BBDDADCCCC



1a) General journal is the accounting version of our
personal journals. It doesn't record everything that
happens to the business, of course, but it does record
every financial transaction that takes place (sometimes
alone, sometimes as a group of similar transactions). Like
our personal journal entries, it notes the date, the
accounts involved, and the amounts of money, as well as
providing a brief description of what happened.




(2ai.)
Discount Allowed
Bills receivable
Bad debts
Return inwards

(2aii)

Discount Received
Bills Payable
Cash to suppliers
Return outwards


(2b)
- Error of original entry
- Error of omission
- Error of commission
- Error of principle
- Compensating errors
- Complete reversal of entry



(_3a_)
Sales journal is use to record credit sales of
transaction.
– purchase journal is use to record credit purchase of a
transaction
-cash book is a book in which receipt and payment of
money are recorded
-The pretty cash book is a formal summaization of petty
cash expenditions sorted by date. in most cases, the pretty
cash book is an actual ledger book,rather than a computer
record.thus the book is part of a manuel record- keeping
system.
-Return inwards are goods returned to the selling entity by
the constomer,such as for warranty claims or outrig
returns of goods for a credit

(_3b_)
____Uses of journal_____
*They are used to record errors
*record purchase and sale of fixed assets on credit.
*record closing entrie
*record transfers between ledgers.
*Record opening the closing entires,write off debt




(4a)
Depreciation is the measure of the wearing out, consumption or other loss of value of a fixed asset whether arising from use, effluxion of time or obsolescence through technology and market changes

(4b)
I. Physical deterioration
ii. Obsolescence
iii. The time factor
iv. Economic factor
v. Inadequacy

4c .)
i ) Straight line : This allows an equal amount to
be charged as depreciation for each year of
expected use of the asset . The basic formulae
is
Cost - Estimated residual value/ number of
years of expected use.

ii )Reducing balance : Under this method , the
depreciation charged per annum is determined
by applying a fixed rate of depreciation on the
net book value of the asset at the beginning of
each year.

iii )Revaluation of fixed assets is the process of
increasing or decreasing their carrying value in
case of major changes in fair market value of
the fixed asset .

4c.)
i)Straight line: This allows an equal amount to
be charged as depreciation for each year of
expected use of the asset. The basic formulae
is
Cost- Estimated residual value/ number of
years of expected use.
Advantage:
i)it is simple to calculate
ii)It is time oriented
Disadvantage:
i) Assumption of equal or constant revenue
per year is unrealistic
ii) Might lead to a misleading picture of the
financial statement
4Cii)
Reducing balance: Under this method, the
depreciation charged per annum is determined
by applying a fixed rate of depreciation on the
net book value of the asset at the beginning of
each year.
Disadvantage of reducing balance:
Difficulty in calculating the rate of depreciation
4ciii) Revaluation: By this method, the asset is
revalue each year, any difference will be
charged as depreciation to the profit and loss
account. The value of the asset at the
beginning and end of the year must be known..
The calculations is as follows
Opening stock **
Add: purchase. **
---
Less: closing stock. **



(5)Adjusted Cash book:
Debit side:
Bal b/f(4500)
dividend(320)
under(180)
5000
Credit side:
subscri(350)
charges(500)
electricity(70)
insurance(100)
medical(120)
bal(3860)
5000
bank reconcilation statement:
bal as per adj cash book(3860)
add unpresented chequer(4800)
8660
uncredited cheque(1990)
bal as per bank statement(6670)




8a)
Gross profit as a percentage= Grossprofit/sales
* 100/1
=96,000/240,000 * 100/1
=40%

b)
Net Profit as a percentage = Net profit/sales *
100/1
=8000/240,000 * 100/1
=3.3%

c)
Profit/Cap employed * 100
=8000/142,000 * 100
=5.6%






9)





ACCOUNT OBJ

1-10: CCBBCACCCD
11-20: CCBCBBDBBB
21-30: CAADADBCBA
31-40: ABDCDACBBB
41-50: BBDDADCCCC



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