FREE WAEC 2017 FINANCIAL ACCOUNTING OBJ & THEORY/ESSAY ANSWERS EXPO

Waec 2017 Financial Accounting OBJ & Theory/Essay QUESTION AND ANSWERS Free Expo

Account OBJ:
1-10: ABBCCBACCA
11-20 CCACCACCAB
21-30: CACBCCABBD
31-40: BCCDADDBBD
41-50: DBABAABBDC

1a)A source document is the original record containing the details to substantiate a transaction entered in an accounting system.

1b)

i) Invoice 

ii) credit note

iii) debit note

iv) payment voucher 

v) petty cash voucher

vi)bank statement

3ai)

Accumulated fund:This is the funds that correspond to the capital of the partnership or sole trader and it will be calculated using the statement of affairs

3aii)

Subscription in arrears:This is the sum of money due for members but remained unpaid.It is treated as debtors in the balance sheet

3aiii)

Reciepts and payments:this is the accounts that shows the summary of a cash book over a particular period of time

3aiv)

Income and expenditure account:This is type of account being prepared based on the same principle as the profit and loss accounts.It is described as the equivalent of profit and loss account

3av)

Entrance fees:This is the money paid on application for membership of an association or club.It is normally treated as income in income and expenditure account

3b)

A share is defined as that portion of the joint stock companies capital owned by a share holder while debentures are documents in form of borrowing (eg bond issued under the seal of company in respect of money lent to it) on which the company agree to pay a certain fixed rate of interest

4a list the four main groups of accounting ratio? 

Ansa:

i) Liquidity

ii) Solvency

iii) Solvency

iv) Profitability

(6)

MANUFACTURING TRADING PROFIT AND LOSS A/C FOR THE YEAR END 31/12/2014

DEBIT SIDE:(Le)

Stock:56000

Purchases:150000

=206000

Add carriage inwards:7500

=213500

Add direct expenses:11400

=224900

Less closing stock:40000

=184900

Wages(16500)

Add acrrued(4000)

=20500

Prime cost:205400

Overheads Exp:

fuel:15000

Dept. Equip:12000

=27000

Add WIP @start:60000

=87000

Less WIP @ end:64000

=23000

less Gross profit on manufactured goods:22840

Market value=251240

Stock F.G:80000

Add Market value:251240

=331240

Less stock F.G:72000

=259240

240760

=500000

Carriage out:7600

Office expenses:3800

Salaries:19200

Net profit:233000

=263600

CREDIT SIDE:(Le)

Market value:21240

=251240

Sales:500000

=500000

G.p b/d:240760

G.P on manufactured:22840

=263600 

Incoming Searches:

Verified WAEC 2017 Financial Accounting (Obj & Theory) question Waec Free 2016/2017 Financial Accounting Theory & Obj Questions and answers have been posted FOR FREE OOOO 2016/2017 WAEC F/Accounting OBJ AND THEORY ANSWERS NOW AVAILABLE. ANSWERS NOW POSTED BY ADMIN. CLICK BELOW IMAGE FOR THE ANSWERS NOW. Waec 2016/2017 verified Financial Accounting OBJ THEORY/ Questions and Answers Here (Financial Accounting OBJ AND THEORY) waec Financial Accounting expo,waec 2016 Financial Accounting answers, FREE F/Acct ans for waec, see waec expo questions for free, correct Financial Accounting ans,Financial Accounting answers runz runs expo free real and correct waec 2016 Financial Accounting free expo runz runs ans answers online for freee see free answers online. waec 2017 further mathematics expo 2016/2017 Waec Free Financial Accounting Financial Accounting Obj and theory Answers have been posted Financial Accounting 2017 WAEC EXAMINATION EXPO/ANSWER RUNZ RUNS OBJECTIVES and ESSAY. KINDLY COMMENT “ I NEED IT ” IN THE COMMENT BOX BELOW. REAL WAEC Financial Accounting QUESTIONS & ANSWERS Direct To … RE: 2015/2016 WAEC WASSCE Financial Accounting (Expo)waec 2016/2017 certified Financial Accounting questions and answers WAEC WASSCE MAY JUNE 2016 Financial Accounting THEORY / OBJ QUESTION AND EXPO I need waec Gce free expo site, how can I get the answer for, Congratulation to Those who Sub For Previous Subjects and Received KINDLY COMMENT “ I NEED IT ” IN THE COMMENT BOX BELOW. Their Answers One Hour before Exam Financial Accounting. waec Financial Accounting expo, waec examscampus expo, 2017 waec Financial Accounting, waec Financial Accounting ans, answers/questions f/m waec WAEC 2017 Financial Accounting Obj And Theory Answers – May/June Expo Financial Accounting.