ADS! Get Admission into 200 Level and Study any Course in any University of Your Choice. Low Fees | No JAMB UTME. Call 08063692710

WAEC GCE Financial Accounting Questions 2019 and OBJ and Theory Answers

Filed in Exam, WAEC News by on August 9, 2019

CHAT Right HERE with Our Representative - Immediate Response


WAEC GCE Financial Accounting Questions 2019 and OBJ and Theory Answers.

Financial Accounting, Financial Accounting WAEC Questions 2019 | In this article, I will be showing you past Financial Accounting objective and theory random repeated questions for free. You will also understand how WAEC Financial Accounting questions are set and many other examination guides. Stay focus and read through.

WAEC GCE Financial Accounting Questions 2018The West African Examinations Council (WAEC) is an examination board that conducts the West African Senior School Certificate Examination, for University and Jamb entry examination in West Africa countries. … In a year, over three million candidates registered for the exams coordinated by WAEC.

Keep accessing this page as update will be made in a jiffy

Naijamod Account obj

1DDBABBBDDB,
11BAACCDDBBD
21BDCDCBCBCD
31CDDBBBDCDB
41ACBABAAACD

1a)
A control account, often called a controlling account, is a general ledger account that summarizes and combines all of the subsidiary accounts for a specific type. In other words, it’s a summary account that equals the sum of the subsidiary account and is used to simplify and organize the general ledger.

1b)

i)Control accounts provides a check on the accuracy of entries made in the personal accounts in the sales ledger and purchase ledger

ii)It could also assist in the location of errors, where posting to the control accounts are made daily or weekly, or even monthly

iii)Where there is a separate of clerical bookkeeping duties, the control account provides an internal check.

1ci) Uses of Accounting ratios/Financial ratios

Financial ratios are not very useful on a stand-alone basis; they must be benchmarked against something. Analysts compare ratios against the following:

1. The Industry norm – This is the most common type of comparison. Analysts will typically look for companies within the same industry and develop an industry average, which they will compare to the company they are evaluating. Ratios per industry are also provided by Bloomberg and the S&P. These are good sources of general industry information. Unfortunately, there are several companies included in an index that can distort certain ratios. If we look at the food and beverage ratio index, it will include companies that make prepared foods and some that are distributors. The ratios in this case would be distorted because one is a capital-intensive business and the other is not. As a result, it is better to use a cross-sectional analysis, i.e. individually select the companies that best fit the company being analyzed.
2. Aggregate economy – It is sometimes important to analyze a company’s ratio over a full economic cycle. This will help the analyst understand and estimate a company’s performance in changing economic conditions, such as a recession.
3. The company’s past performance – This is a very common analysis. It is similar to a time-series analysis, which looks mostly for trends in ratios.
1cii) Limitations to Accounting ratios/Financial ratios
There are some important limitations of financial ratios that analysts should be conscious of:
i)Many large firms operate different divisions in different industries. For these companies it is difficult to find a meaningful set of industry-average ratios.

ii)Inflation may have badly distorted a company’s balance sheet. In this case, profits will also be affected. Thus a ratio analysis of one company over time or a comparative analysis of companies of different ages must be interpreted with judgment

2a. Working capital is the amount of a company’s current assets minus the amount of its current liabilities.

2b. Capital employed, also known as funds employed, is the total amount of capital used for the acquisition of profits. It is the value of all the assets employed in a business and can be calculated by adding fixed assets to working capital or subtracting current liabilities from total assets.

2c. A fixed asset is an item with a useful life greater than one reporting period, and which exceeds an entity’s minimum capitalization limit .

2d. A current asset is cash and any other company asset that will be turning to cash within one year from the date shown in the heading of the company’s balance sheet. (If a company has an operating cycle that is longer than one year, an asset that will turn to cash within the length of its operating cycle is considered to be a current asset.)

2e. The rate of stock turnover is a measure of the number of times inventory is sold or used in a time period such as a year. The equation for inventory turnover equals the cost of goods sold or net sales divided by the average inventory.

3a. The accrual concept in accounting means that expenses and revenues are recorded in the period they occur, whether or not cash is involved.

3b. The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses. Doing so requires the use of separate accounting records for the organization that completely exclude the assets and liabilities of any other entity or the owner.

3c. Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction.

3d. PERIODICITY CONCEPT is the concept that each accounting period has an economic activity associated with it, and that the activity can be measured, accounted for, and reported upon.

3e. The going concern principle is the assumption that an entity will remain in business for the foreseeable future. Conversely, this means the entity will not be forced to halt operations and liquidate its assets in the near term at what may be very low fire-sale prices.

4a)
A company is a legal entity made up of an association of persons, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.

4bi) An ordinary share represents equity ownership in a company proportionally with all other ordinary shareholders, according to their percentage ownership in the company. All other shares of a company’s stock are, by
definition , preferred shares

4b(ii)Preference shares, more commonly referred to as preferred stock, are shares of a company’s stock with dividends that are paid out to shareholders before common stock dividends are issued. If the company enters bankruptcy, the shareholders with preferred stock are entitled to be paid from company assets first.

4b(iii) A debenture is a type of debt instrument that is not secured by physical assets or collateral.
Debentures are backed only by the general creditworthiness and reputation of the issuer. Both corporations and governments frequently issue this type of bond to secure capital.

4b(iv) The authorised capital of a company (sometimes referred to as the authorised share capital, registered capital or nominal
capital, particularly in the United States) is the maximum amount of share capital that the company is authorised by its constitutional documents to issue (allocate) to shareholders.

5a) journal
(i)suspense purchase Dr GHC(19,000) , Cr GHC(19,000)
(ii)returns inwards suspenses Dr(8000), Cr(8000)
(iii)suspense cashbook Dr(19,600), Cr(19,000)
(iv)suspense cash ook Dr(98,000), Cr(98,000)
(v) repairs of plant and machinery Dr(11,000) , Cr(11,000)
(vi) customer sales Dr(158,980), Cr(158,950)
(vii) supplier suspense(25,500 *2) Dr(51,000) cr(51,000)
(5b)
Suspense A/C:

Debit side:
purchases(19,000)
cash book(19600)
cash book(98000)

credit side;
returns inward(8,000)
supplier (51,000)
c/f (77,600)
136,600

No.5) use the image below

No.6) use the image belowNo7) use the image belowNo.8) use the image below

(9)
king star enterprises
departmental, trading, profit & loss acct
Debit side:
A le, B le
opening stock: 1000, 800
add purchases: 147200, 132800
148200, 123,600
add carriage: 1000, 1000
149200, 124600
less closing stock: 1200, 600
148000,124000
gross profit: 12000,16000
160000, 140000
office exp: 480, 120
rates: 176, 94
insurance: 692, 173
light: 384, 96
repairs: 240, 60
net profit: 10028, 159507
12000, 160000

credit side
A le, B le
sales: 160000,140000
160000, 140000
gross profit: 12000, 16000
12000, 160000

No.9) use the image below

Most Search Keywords Online

  • waec gce financial accounting questions 
  • waec questions for financial accounting
  • 2017/2018 waec gce financial accounting
  • waec gce financial accounting past questions download 
  • waec financial accounting questions 
  • gce financial accounting questions 2018
  • waec financial accounting question 
  • financial accounting questions for GCE 

If you need us to help you with updated questions and answers at the right time about WAEC GCE Financial Accounting Examination 2019, kindly provide us your phone number and email address in the comment box below. Also feel free to ask any question pertaining to this guide. 

What’s your take on this? We believe this article was interesting right, if yes, don’t hesitate using our share button below to inform – friends and relation via Facebook, twitter or Google+. 

CSN Team

Join Over 500,000+ Readers Online Now.

Total Cure for Diabetes => CLICK HERE. Only 15 Product Remaining - Hurry Now!

Subscribe NOW to Latest GIST from CSN PORTAL in Your EMAIL ADDRESS

Copyright Warning: Contents on this website may not be republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. All contents are protected by DMCA.
The content on this site is posted with good intentions. If you own this content & believe your copyright was violated or infringed, make sure you contact us at [[email protected]] to file a complaint and actions will be taken immediately.

Tags: , , , ,

Comments (36)

Trackback URL | Comments RSS Feed

  1. Adeyemo adeleke says:

    Please add me up 08094964283

  2. TOLANI says:

    pls i need feedbacks i am writing GCE financial accounting 2morow

  3. Marvllous omachonu says:

    Awesome can’t wait for feed backs

  4. bolaji says:

    it nice

  5. Mary says:

    Nice one!! I really need accounting questions to work on pls help

  6. Immanuel says:

    Please I desperately need Mathematics expo today and asap.
    [email protected] is my email.
    08104761652

  7. Simon cosmos says:

    add me up 09076054868

  8. Simon cosmos says:

    this is my number add me to the group plz. 09076054868

  9. Gabriel says:

    08189716507 pls kindly add me up

  10. Hunyingan Tomiwa says:

    This is my number 08149066152 please add me to your group

  11. ifeoluwa says:

    07017968402 add me up

  12. Haqdaslayer says:

    08163215505 pls add me to your groupS

  13. Livingson onoriode Alexander says:

    Answers to financial accounting

  14. mubarak says:

    i need financial account

  15. Mbolexy says:

    you can pls add up to the group on 08161806340

  16. adelani atobatele says:

    Help me send account today. Thanks

  17. Dammy says:

    09029220264 pls add me

  18. Emmie says:

    is d answer real

  19. Habeeb says:

    Please I need accounting answer my number is 09065854871

  20. chukwudi says:

    This is my number 09052441513 add me to your group

  21. chris says:

    07039259996

  22. adedeji abdulazeez says:

    please add me my number is 08080205992

  23. ibrahim says:

    Pls I need sciece subject my no 08149770680

  24. segun says:

    this is my number 08068920984

  25. Zaddy says:

    This is my number ..Pls I beg of you to add me to your group…I am writing GCE

  26. Ayobami says:

    This my number 08169413017

  27. Olanrewaju Oyindamola says:

    This is nice thank you

  28. Adetomiwa paul says:

    It Cool i love it Add me to your group 09058743339

  29. tolly says:

    it z sure

  30. oyinda says:

    Pls help me out this Mai number 08092325764

  31. oyinda says:

    this is my number 08092325764

  32. adelani atobatele says:

    Well done guys

  33. adelani says:

    Nice one

  34. SAMUEL says:

    this is my number add me to your group 07062132704