2022 WAEC GCE 2nd SERIES FINANCIAL ACCOUNTING ANSWERS - Verified 2022 WAEC EXAM English Questions and Answers

FINANCIAL ACCOUNTING

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2022 WAEC GCE 2nd SERIES FINANCIAL ACCOUNTING ANSWERS 2022 WAEC EXAM English  Questions and Answers WAEC English Questions and Answers 2022. WAEC Eng Expo for Theory & Objective (OBJ) PDF: verified & correct expo Solved Solutions, 2022 WAEC GCE 2nd SERIES FINANCIAL ACCOUNTING ANSWERS. 2022 WAEC EXAM English  Questions and Answers
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(1a)
Cash book is a book of original entry or prime entry which contains records of all cash and bank transactions.

(1b)
(i) Gengeral ledger
(ii) Nominal ledger
(iii) Personal ledger

(1c)
(i) it provide written records essential for proper conduct of business
(ii) it helps the business to ascertain profit or loss
(iii) it fascinates comparison within and between firms
(iv) it provide information for future planning (budgeting)
(v) it helps to ascertain tax payable by the business
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(3a)
Accounting ratios are groups of metrics used to measure the efficiency and profitability of a company based on its financial reports. They provide a way of expressing the relationship between one accounting data point to another and are the basis of ratio analysis.

(3b)
(i)Inventory Turnover Ratio
(ii)Fixed Asset Turnover Ratio
(iii)Accounts Receivable Turnover

(3c)
(i)Activity Ratios help in comparison to businesses in the same line of operation.
(ii)Activity Ratios help in Problem identification c be done using the right and necessary corrections in the functioning of the business can be made.
(iii) Activity Ratios simplifies an analysis by providing the financial data in a simple format, which eventually helps in decision making.
(iv)Investors can rely on the information that Activity Ratios provide since it is based on numbers and is accurate.
(v)Activity ratios help in evaluating a business's operating efficiency by analyzing fixed assets, inventories, and accounts receivables.
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WAEC English Questions and Answers 2022. WAEC Eng Expo for Theory & Objective (OBJ) PDF: verified & correct expo Solved Solutions, 2022 WAEC GCE 2nd SERIES FINANCIAL ACCOUNTING ANSWERS. 2022 WAEC EXAM English Questions and Answers

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