WAEC GCE Financial Accounting Objective & Theory Answer 2017 Free Expo




  • WAEC GCE Financial Accounting Objective & Theory Answer 2017 Nov/Dec Free Expo.

    WAEC GCE Financial Accounting

    West African Examination Council WAEC GCE 2017 Free Objective & Theory answer, to all candidate setting for the WAEC GCE examination 2017 and you are among those that will write Financial Accounting exam on the 7th of September 2017 we present you the Answer to the Question.

    So if you are among those looking for WAEC GCE Financial Accounting question & answer u are at the correct expo site.

    The answer will uploaded on this portal is 100% verified and it free, my word of advice don’t depend on anybody or website, i do advice student to always read there books. ”the way you lay your bed you lie on it.

    WAEC GCE Financial Accounting Objective Answer/Expo

    1-10 CCABCBAABA
    11-20 DCCBCBCCAD
    21-30 BACDDBADDC
    31-40 DBADADBABA
    41-50 CADCBDBDCC

    WAEC GCE Financial Accounting Theory Answer/Expo

    1a)
    i)trade discount An amount or rate by which the catalog, list, or retail price of an item is reduced when sold to a reseller.
    ii)cash discount is a deduction allowed
    by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time.
    iii)bad debtis a monetary amountowed to a creditor that is unlikely to be paid and, or which the creditor is not willing to take action to collectbecause of various reasons, often due to the debtor not having the money to pay
    iv)provision for doubtful debts is the estimated amount of bad debt that will arise from accounts receivable that have been issued but not yet collected.
    v)bad debt recovery is business debt from a loan, credit line or accounts receivablethat is recovered either in whole or in part after it has been written off or classified as a bad debt.
    1b)
    i)Error of commission
    ii)Error of principle
    iii)Error of compensation
    iv)Error of original entry
    v)Error of transition
    =======================
     (3a)
    A suspense account is an account used on a temporary basis for any transaction or balance that cannot be identified.
    3bi )
    A reserve is an appropriation of profits for a specific purpose. The most common reserve is a capital reserve, where funds are set aside to purchase fixed assets. By setting aside a reserve, the board of directors is segregating funds from the general operating usage of a company.
    A provision is the amount of an expense or reduction in the value of an asset that an entity elects to recognize now in its accounting system, before it has precise information about the exact amount of the expense or asset reduction
    3bii)
    revenue is the term used to describe income earned through the provision of a business’ primarygoods or services, while expense is the term for a cost incurred in the process of producing or offering a primary business operation.
    ====================================
    4a
    Easy formation
    Tax advantage
    Unlimited liability
    Diffusion of risk
    ==========================
    6)
    Tabulate
    Sales lodger control account
    Mar 2016
    Sale journal =GH$112,415
    cheque dishonoured =GH$300
    cash refuned =GH$150
    set off =GH$500
    interested charge =GH$50
    bal c|d =GH$125
    total =GH$113,540
    apr 2016
    bal b|d =GH$6,540
    -Left-Table-
    Mar 2016
    Bal b|d ={113540-112540} GH$1000
    cash received =GH$101600
    returnted inwards =GH$1700
    discount allowwed =GH$2500
    bad debt written off =GH$200
    bal c|d =GH$6540
    apr 2016
    bal cld =GH$125
    total =GH$113,540
    ======================
    9a)
    Tabulate
    Agege local government
    Statement of capital expenditure for the year ended 31st
    Extention of classroom =N400,000
    construction of bridges =N635,000
    purchase of drugs =N135,000
    provision of street light =N74,500
    renovation of office building =N106,500
    Total= N1,351,000
    31st Dec bal C|d =N1,351,000
    Total =N1,351,000
    9b)
    Tabulate
    statement of recurrent expeniture for the year ended
    Entertainment =N45,900
    training and development =65,330
    maintenance of motor vehicle =55,800
    administrative expenses =100,870
    salaries of traditional chief =105,000
    disposal of refuse =203,440
    postages and salaries =123,450
    personel cost =877,540
    total =N1,577,330
    31st dec bal c|d =N1,577,330
    total =N1,577,330

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    Updated: January 15, 2018 — 11:43 am

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