WAEC GCE 2017 financial Accounting Obj And Theory Answers-NOV/DEC EXPO

F/Acct obj

1-10 CCABCBAABA
11-20 DCCBCBCCAD
21-30 BACDDBADDC
31-40 DBADADBABA
41-50 CADCBDBDCC
F/Account-Theory
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
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3a)
suspense account is an account in the general ledger in which amounts are temporarily recorded.
3b)
i)Provision Profit and loss account will not disclose true profit/loss, unless provision is created.WHILE Revenu Profit and loss account discloses true profit/loss, even if no reserve is created.
ii)expense is the term for a cost incurred in the process of producing or offering a primary business operation. While Revenue is the term used to describe income earned through the provision of a business' primary goods orservices.
3c)
i)capital reserve- this is a type of account on a municipality's or company's balance sheetthat is reserved for long-term capital investmentprojects or other large and anticipated expenses that will be incurred in the future.
ii)revenue reserve- The portion of a business' profits retained by the companyfor investmentin future growth, and are not redistributed to the shareholders through regular or special dividends.
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4a)

Diffusion of risk

Unlimited liability

Tax advantage

Easy formation.
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6) SALES LEDGER CONTROL ACCOUNT ————————————————-


DEBIT SIDE:


Sales journal:112414


Cheque dishonoured:300


Cash refunded to customers:150


Interest charge on account:50


Bal c/d:125


CREDIT SIDE:


Cash recieved:101600


Returns inward:1700


Discount allowed:2300


Bad debts:200


Set off:500


Bal c/d:6540


PURCHASES LEDGER CONTROL ACCOUNT ——————————————————— DEBIT SIDE:


Bal b/f:50


Cash paid:16000


Returns outward:1000


Discount recieved:500


Set off:500


Bal c/d:10760


CREDIT SIDE: Bal b/f:300


Purchases:20000


Cash refunded:50


Bal c/d:60
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