Waec Financial Accounting Obj & Essay Answers 2021, Waec Financial Accounting Expo 2021, Waec Financial Accounting Runs 2021/2022, Waec Financial Accounting Questions and Answers 2021, Waec Financial Accounting Obj /Essay Expo 2021/2022 Waec Financial Accounting Runz 2021, Free Waec Financial Accounting Practical, Answers to Financial Accounting questions 2021.
Waec Financial Accounting Answers 2021: Subscribe with just a 600 MTN recharge card to get Waec Financial Accounting Questions and Answers 2021, Waec Financial Accounting Answers 2021, Waec Financial Accounting Runs 2021 some hours to your exam.
Get the Financial Accounting 2021 answers for waec 2021 here on expobite, the most trusted exam runz portal. Waec Financial Accounting runz 2021, Waec Financial Accounting answers 2021 for SSCE.
waec Financial Accounting exam key answers 2021, waec 2021 examking Financial Accounting answers, waec ceebook Financial Accounting answers, early answers, verified 2021 waec answers,
Waec Financial Accounting Answers 2021
If you writing Financial Accounting as one of the subjects in this 2021 Waec, be assured that you will Score High in this subject this year in Waec, as we said earlier we guarantee you a score of A1 to B2 in Waec so that you will be Proud of Us In Anywhere Of Your School
Waec 2021/2022 Financial Accounting Obj & Essay Questions and Answers, Waec 2021/2022 Financial Accounting Obj & Essay Questions and Answers, Waec 2021/2022 Financial Accounting Obj & Essay Questions and Answers.
Our Waec questions and answers also contain both Waec 2021 Financial Accounting theory questions and also the correct 2021 Waec Financial Accounting questions and answers for Objective all in this July/August Waec 2021 Financial Accounting question and answer. The questions and answers were sourced from an insider of the Waec African examination council and were confirmed to be accurate by another insider of the West African Examination Council. The Waec Financial Accounting questions 2021 also contain the Waec 2021 Financial Accounting answers to both theory Questions and Objective questions. There is a need to carefully look into the Waec Financial Accounting 2021 questions and answers for all those who want to get there As and make it through in Waec 2021.
Expobite Waec 2021 Answer Page
(2a) An imprest system of petty cash means that the general ledger account Petty Cash will remain dormant at a constant amount. If the amount of petty cash is ₦10,000, then the Petty Cash account will always report a debit balance of ₦10,000. This ₦10,000 is the imprest balance.
As long as ₦10,000 is adequate for the organization’s small disbursements, then the general ledger account Petty Cash will never be debited or credited again.
When the currency and coins on hand gets low, the petty cash custodian will request a check to replenish the coins and currency that were disbursed. Since the requested check is drawn on the organization’s checking account, the Cash account will be credited. The debits will go to the expense accounts indicated by the petty cash receipts, such as postage expense, supplies expense. In other words, the general ledger account Petty Cash is not involved in the replenishment. The petty cash custodian will cash the check and add the amount to the other cash.
(Picl Any Two)
(i)Outdated System: Petty cash book is a largely outdated and inefficient system, and it does not fulfil the needs and expectations of the company’s current requirements.
(ii) Inconvenient for Larger Expenses: it causes huge inconvenience for larger expenses. The system is highly compatible and convenient for smaller expenses while opposite for larger expenses.
(iii) Overspending: Not setting the expenditure limits for every nominal transaction can even put an organization at the risk of facing overspending on purchases.
(i) Petty Cash Vouchers are used to purchase tangible items from local suppliers who will not take a purchase order.
(ii) Petty Cash Voucher is used to control the disbursement of cash from the Petty Cash Fund.
(iii) it helps to financially control the petty cash accounts in order to make sure that no one can abuse or mismanage the funds in the petty cash fund.
(iv) it provides solid evidence when it comes to the reconciliation of the amount of cash that is left in the petty cash fund.
Entrance Fees or Admission Fees is the amount that a person pays at the time of becoming a member of a Not-for-Profit Organization. It is a revenue receipt. Therefore, we account it as an income and credit it to Income and Expenditure Account.
A subscription is a signed agreement between a supplier and customer that the customer will receive and provide payment for regular products or services, usually for a one-year period.
(Pick Any five)
(i) No Opening Balance:- Opening balance is not require to prepare income and expenditure account.
(ii) Accrual Basis:- Income and expenditure account is maintained on accrual basis.
(iii) Based On Receipt And Payment Account:- Income and expenditure account is prepared on the basis of receipt and payment account at the end of the accounting year.
(iv) Non-cash Items:- This account records non-cash items also
(v) Debit And Credit Rule:- Expenses and losses are debited and incomes are credited as it is a nominal account.
(vi) No Capital Transactions:- Only revenue items are included in income and expenditure account. So, capital items are excluded while preparing this account.
(vii) Only Current Year’s Transactions:- Income and expenditure account includes only current periods transactions.
bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. In other words the statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period.
bank charges covers all charges and fees made by a bank to their customers. In common parlance, the term often relates to charges in respect of personal current accounts or checking account.
standing order is an instruction a bank account holder gives to their bank to pay a set amount at regular intervals to another’s account. The instruction is sometimes known as a banker’s order.
Credit transfer” means a payment transaction by which a credit institution transfers funds to a payee’s account on the basis of a payer’s order, and the payer and the payee can be the same person.
Dishonoured cheques are cheques that a bank on which is drawn declines to pay. There are a number of reasons why a bank would refuse to honour a cheque, with non-sufficient funds being the most common one, indicating that there are insufficient cleared funds in the account on which the cheque was drawn.
unpresented cheque simply means that a cheque has been written and accounted for, but it has not yet been paid out by the bank from which the money is being drawn. Unpresented cheques are also referred to as outstanding cheques because the funds in question are, as the name suggests, outstanding.
uncredited cheques represent money that is available to the company but has not yet been recognised by the bank. This comes in the form of cheques paid in by customers and clients.
Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts.
Business entity: This provides that the financial activities of a firm be kept separate from the personal affairs of its owner.
Accrual: This concept states that revenues and costs are recognized as they are earned or incurred, not as when money is received or paid.
Going concern:This assumes that a business will continue to operate intothe foreseeable future, unless something contrary happens.
Consistency: The concept of consistency means that accounting methods once adopted must be applied consistently in future
Periodicity: The concept provides that preparation and reporting of accounting information should be done at regular intervals to allow users to have access to information at all times, since decisions may be taken at any time.
Historical cost: this concept states that the value of an asset is determined by the cost of its acquisition and not by the value of returns which are expected to be earned.
Keep Refreshing This Page
Refer your friends to us.
We love you
Thank you for choosing expobite.
Waec Financial Accounting (Obj & Essay) Exam Date 2021
Thursday, 2nd September 2021
- Financial Accounting 2 (Essay) 9:30 am. –12:00 noon.
- Financial Accounting 1 (Objective) 12:00noon.–1:00pm.
With our tireless work, our subscribers have confirmed us to be the best in exams. There is no need to ask us if we are real or not. Subscribe and never fail your exam. Have 100 % trust in us.
Waec Financial Accounting Obj & Essays Exam will be the best as we always fulfill our promises starting from JAMB, WAEC, and now Waec.
NB: Waec Financial Accounting Obj & Essays Expo 2021, Waec Financial Accounting Runs 2021, Waec Financial Accounting Obj, and Essay Answers will be sent Midnight to your exam.
- Waec Financial Accounting Answer 2021
- Waec Financial Accounting Past Questions Pdf
- Waec Financial Accounting Question for 2021
- Waec Financial Accounting Questions And Answers Pdf
- Waec Financial Accounting Syllabus
- Financial Accounting 2021 Answers
- Financial Accounting 2021
There is no need to be afraid, we have been in this exam assistance for 4 years and our good work speaks for us.
WAEC Financial Accounting Questions and Answers 2021
WAEC Financial Accounting Questions and Answers 2021/2022
WAEC Financial Accounting/Science Questions and Answers
Answers 2021/2022: How do I get 2021 Waec Financial Accounting
Is WAEC Financial Accounting 2021 Objectives Questions
2021 WAEC Financial Accounting (Essay & OBJ) Answers
WAEC Financial Accounting Questions and Answers 2021/2022
WAEC Correct 2021 Financial Accounting EXPO Questions
WAEC Financial Accounting Questions 2021 Theory Answers
HOW TO SUBSCRIBE FOR 2021 WAEC Financial Accounting QUESTIONS AND ANSWERS EXPO
DIRECT WHATSAPP: 600
Financial Accounting Exam 2021, Waec Financial Accounting Answer 2021, Waec Financial Accounting Past Questions Pdf, Waec Financial Accounting Question for 2021, Waec, Financial Accounting Syllabus, Financial Accounting 2021 Answers, Financial Accounting 2021, Waec Financial Accounting Practical, Waec Financial Accounting 2021.
To subscribe send an MTN RECHARGE CARD of N600 with your
Phone number to 07062154881
NAME: Mukhtar Isaac
Subject: Financial Accounting Obj & Essay.
Phone number: 070xxxxx
Card: 674443xxxxxx to 07062154881
Note: “There are two types of people who will tell you that you cannot make a difference in this world: those who are afraid to try and those who are afraid you will succeed.”
ADVICE:- Just N600 can Free you from Waec Problem Forever, It is not even up to the Money you Spend on your Girl Friends, Wears & rinks when Flexing with Friends.
How To Contact Expobite Admin.
Waec Financial Accounting Questions and Answers 2021, Waec Financial Accounting 2021 Answers, 2021 Waec Expo Financial Accounting Questions And Answers, Waec Financial Accounting Questions and Answers 2021, Waec Financial Accounting question and answer 2021, Waec Financial Accounting Questions 2021 Answers, Waec Financial Accounting answers 2021, Waec Financial Accounting Questions and Answers 2021, Waec Financial Accounting Questions and Answers 2021
WAEC 2021 prayers.
Our father who is in Nigeria and West Africa.
WAEC is in thy hand.
As it’ll be done in August, September, and October.
Throughout Nigeria’s states and West Africa.
Give us our A’s and B’s.
And forgive us our mistakes.
In Practical, Objectives, and Theory Papers, help us to succeed.
As we forgive those who copy from us,
Deliver us from failures and pending errors.
Show your power and glory to take us 100 Level in Universities/Polytechnics.
By removing our six years uniform in Secondary School.
To wear our desired clothes to classes in Higher Institution.
If You believe, comment “AMEN”