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WAEC GCE 2020: Jan/Feb Financial Account { Obj & Essay } Answers.


WAEC GCE 2020 FINANCIAL ACCOUNT { OBJ & ESSAY } ANSWERS BY EXAMCAMP TEAM.



ACCOUNT OBJ:

1-10: ABAAABACAB
11-20: DABADADDCB
21-30: DA#BADBABC
31-40: CBCAABCCAB
41-50: BACBDDCACD



ESSAY ANSWERS

(3a)
Double entry bookkeeping:- is a system of bookkeeping so named because every entry to an account requires a corresponding and opposite entry to a different account.

(3b)
-Internal-
(i)Owners and Stockholders
(ii)Directors

-External-
(i)Creditors
(ii)Investors
(iii)Government

(3c)
(i)prepayment:- is the sum paid for goods or services before their receipt or invoiced due date. In other words, a company has ordered and paid for goods or services but has not received anything yet.

(ii)accrued expense is an accounting term that refers to an expense that is recognized on the books before it has been paid; the expense is recorded in the accounting period in which it is incurred.

(iii)bad debt:-is a monetary amount owed to a creditor that is unlikely to be paid and, or which the creditor is not willing to take action to collect for various reasons, often due to the debtor not having the money to pay, for example due to a company going into liquidation or insolvency.

(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. It is identical to the allowance for doubtful accounts.

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(4a)
A statement of account is a detailed report of the contents of an account. An example is a statement sent to a customer, showing billings to and payments from the customer during a specific time period, resulting in an ending balance.

(4b)
i) The single entry system is unsystematic and unscientific system of recording financial transactions.

ii) Single entry system is not based on the principles of debit and credit. It fails to provide the arithmetical accuracy of the books of accounts.

(4C)
i) Sales ledger
ii) Purchase ledger
iii) Day book
iv) Assets and liabilities account
v) Nominal accounts.

Updated: January 31, 2020 — 8:53 am

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