Waec 2024 Financial Accounting Obj & Essay Questions And Answers Now Available

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Financial Accounting

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(1a)
(i) Purchase of office equipment on credit: General Journal
(ii) Credit purchases: Purchases Day Book
(iii) Bank charges: Cash Book
(iv) Goods returned by a customer: Returns Inwards Book

(1b)
(i) Purchases Journal: The total of all credit purchases is transferred from the purchases journal.

(ii) Cash payments: Details of payments made to suppliers are recorded in the cash book.

(iii) Returns outwards: This journal records goods returned to suppliers.

(iv) Discount received: Discounts received from suppliers are recorded in the cash book along with payment details.

(v) Petty cash payments: Small payments made through petty cash are recorded in this book.

(1c)
(i) Sales Ledger: The sales ledger contains individual accounts for each customer. It tracks all sales made on credit, payments received from customers, and any returns or allowances. This ledger helps in monitoring outstanding receivables and managing customer accounts.

(ii) Purchases Ledger: The purchases ledger includes individual accounts for each supplier. It records all credit purchases from suppliers, payments made to suppliers, and returns outwards. This ledger assists in managing outstanding payables and supplier accounts.

(iii) General Ledger: The general ledger is the central repository of all financial transactions in a business. It contains all the accounts necessary to prepare financial statements, including assets, liabilities, equity, revenues, and expenses. Each transaction recorded in the books of original entry is posted to the relevant accounts in the general ledger. This ledger provides a comprehensive overview of the company’s financial position and performance.

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(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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(4a)
(i) Ownership: Equity shareholders own a portion of the company’s ownership, while debenture shareholders are creditors with a fixed interest rate.
(ii) Risk: Equity shareholders bear higher risk, as their returns are tied to company performance, whereas debenture shareholders have a fixed return and lower risk.
(iii) Control: Equity shareholders typically have voting rights, while debenture shareholders usually do not.

(4b)
(i) Cumulative preference shares: Holders receive a fixed dividend, and if the company misses a payment, the dividend accumulates and must be paid before any dividend is paid to equity shareholders.

(ii) Redeemable preference shares: The company can redeem (buy back) these shares at a specified price and time, providing a exit option for shareholders.

(iii) Participating preference shares: Holders receive a fixed dividend and also participate in additional profits, usually in the form of a share of the company’s profits beyond a certain level.

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