2024 WAEC ACCOUNT: 2024 WAEC FINANCIAL ACCOUNTING ANSWERS (8570)

FINANCIAL ACCOUNTING OBJ ANSWER J:

1-10: BBBCDCACCB

11-20: CADBAABAAC

21-30: DDDCBBABDB

31-40: BCCADCDBAC

41-50: BBDBCCBBAB

Welcome to official 2024 Account WAEC answer page. We provide 2024 Account WAEC Questions and Answers on Essay, Theory, OBJ midnight before the exam, this is verified & correct WAEC Acc. Expo. WAEC Account Questions and Answers 2024. WAEC Acc. Expo for Theory & Objective (OBJ) PDF: verified & correct expo Solved Solutions, 2024 WAEC FINANCIAL ACCOUNTING ANSWERS . 2024 WAEC EXAM Account Questions and Answers

Questions Students ask about 2024 WAEC ACCOUNT: 2024 WAEC FINANCIAL ACCOUNTING ANSWERS (8570)

• How to get 2024 Account WAEC QUESTION AND ANSWERS before the exam? To get 2024 WAEC FINANCIAL ACCOUNTING ANSWERS midnight before the exam, all you need to do is to visit Gistpower.com with the pin sent to you by the admin and login. With the pin, you can have a full access to 2024 WAEC FINANCIAL ACCOUNTING ANSWERS

---

• When do I get Verified 2024 Account WAEC QUESTION AND ANSWERS? You will get 2024 WAEC FINANCIAL ACCOUNTING ANSWERS a night to the exam because Account is an important subject.

---

• After using 2024 Account WAEC ANSWERS, How many am I assured of in Account? You will score between 7As - 9As in Account if you write verbatim 2024 WAEC FINANCIAL ACCOUNTING ANSWERS .

---

• How verified is your 2024 Account WAEC ANSWERS? Our 2024 WAEC FINANCIAL ACCOUNTING ANSWERS is 100% verified and legit and it is worthy to be trusted because it from Gistpower.com which is the most trusted website for exam runs in Nigeria.

---

• Where do I get 2024 Account WAEC QUESTION AND ANSWERS? You can get 2024 WAEC FINANCIAL ACCOUNTING ANSWERS only from Gistpower.com

---

• Is the answers on this page actually the main 2024 WAEC FINANCIAL ACCOUNTING ANSWERS ? No, This is 2023 WAEC FINANCIAL ACCOUNTING ANSWERS , to get 2024 WAEC FINANCIAL ACCOUNTING ANSWERS , you need to subscribe with us by texting or WhatsApping us.

---

• How do I subscribe for 2024 Account WAEC Questions & ANSWERS? To subscribe for 2024 Account WAEC Questions & ANSWERS, Message 09069477458 stating that you need 2024 Account WAEC Questions & ANSWERS a day to the exam.

(4a)

Accounting ratios are mathematical calculations used to evaluate and analyze the financial performance and position of a company. These ratios are derived from the financial statements, such as the balance sheet, income statement, and cash flow statement, and provide insights into various aspects of a company's operations, profitability, liquidity, solvency, and efficiency.

OR

Accounting ratios, also known as financial ratios, are quantitative tools used to analyze and interpret financial statements. They are derived from the financial data contained in the balance sheet, income statement, and cash flow statement of a company. Accounting ratios help assess the financial performance, efficiency, liquidity, profitability, and solvency of an organization.

These ratios provide meaningf

EXAMPLE OF LIQUIDITY RATIO:

(Pick Any ONE)

-Current ratio

-Quick ratio

-Cash ratio

(4b)

(PICK ANY THREE)

(i) Accounting ratios are used to assess the overall performance of a company by analyzing key indicators such as return on investment (ROI), return on assets (ROA), and return on equity (ROE).

(ii) Accounting ratios such as current ratio, quick ratio, and debt-to-equity ratio help assess the financial health and stability of a business.

(iii) Accounting ratios such as gross profit margin, net profit margin, and return on sales (ROS) are used to measure a company's profitability.

(iv) Accounting ratios like current ratio and quick ratio help evaluate a company's liquidity position and its ability to meet short-term obligations.

(v) Accounting ratios play a crucial role in investment analysis by allowing investors use ratios like earnings per share (EPS), price-to-earnings (P/E) ratio, and dividend yield to assess the investment potential of a company's stock.

(vi) Lenders and creditors use accounting ratios to evaluate a company's creditworthiness and determine its borrowing capacity.

(vii) Accounting ratios are used to compare a company's performance with industry averages or competitors.

(4c)

(PICK ANY THREE)

(i) Accounting ratios are based on historical financial statements, which may not accurately reflect the current financial position or future prospects of a company.

(ii) Accounting ratios provide numerical indicators but often lack the context behind the numbers.

(iii) Accounting ratios heavily rely on the accuracy and reliability of financial statements. However, financial statements can be subjective and influenced by management judgments, accounting policies, and potential manipulation. Inaccurate or misleading financial statements can lead to distorted ratio analysis.

(iv) Accounting ratios primarily focus on financial data, such as balance sheets and income statements, while excluding non-financial aspects like customer satisfaction, employee morale, or brand value.

(v) Varying reporting practices of different companies can distort the accuracy and comparability of ratios, limiting their usefulness for benchmarking or industry analysis.

(vi) Financial statements are typically prepared on a quarterly or annual basis, leading to a time lag between the occurrence of events and their reflection in the ratios.

(vii) Accounting ratios often overlook non-financial factors such as environmental sustainability, social responsibility, or corporate governance practices.

(1a)

Incomplete records are financial records that do not contain all necessary information required for the preparation of financial statements. 

(1b)

(i)Difficulty in establishing accountability and ownership of assets and liabilities.

(ii)Inability to accurately determine the profitability of the business.

(iii)Difficulty in making informed decisions as the records do not provide adequate information.

(1c)

(i)Lack of knowledge and skills required for record-keeping.

(ii)Cost and time constraints.

(iii)The absence of regulatory requirements mandating complete record-keeping.

========================================

(2a)

The error in this transaction is that consumables should be posted to the consumables account instead of the purchases account. This error will affect the agreement of the trial balance totals.

(2b)

The error in this transaction is that an invoice amount should be posted to the purchases ledger account instead of the purchases day book. This error will not affect the agreement of the trial balance totals.

(2c)

The error in this transaction is that returns outwards should be posted to both the personal account and the returns outwards account. This error will not affect the agreement of the trial balance totals.

(2d)

 The error in this transaction is that the cheque payment to Ige was posted on the receipt side of the cash book instead of the payment side, and credited to Ige's account. This error will affect the agreement of the trial balance totals.

(2e)

 Payment of cheque to Ige entered on the receipt side of the cash book and credited to Ige's account:

Error: The payment of the cheque to Ige was incorrectly entered on the receipt side of the cash book and credited to Ige's account.

Effect on trial balance: This error would result in an overstatement of receipts and an incorrect entry in Ige's account.

Impact on trial balance agreement: The error affects the trial balance totals as it misstates the receipts account and potentially Ige's account.

====================

(3)

(PICK ANY FIVE)

(i) Investors

(ii) Creditors

(iii) Managers

(iv) Government

(v) Employees

(vi) Shareholders

(vii) Suppliers

(viii) Competitors

(ix) Financial Analysts

(x) General Public.

THEIR RESPECTIVE INTERESTS IN THE ACCOUNTING INFORMATION:

(PICK ANY FIVE U PICKED ABOVE)

(i) Investors: Investors are interested in accounting information to assess the financial health and performance of a company. They use this information to make informed investment decisions and evaluate the potential returns and risks associated with their investments.

(ii) Creditors: Creditors, such as banks and suppliers, use accounting information to determine the creditworthiness and financial stability of a company. They rely on this information to assess the company's ability to repay loans or fulfill financial obligations.

(iii) Managers: Managers within an organization use accounting information to monitor and evaluate the financial performance of the company. They rely on this information to make strategic decisions, allocate resources, and identify areas for improvement or cost-saving measures.

(iv) Government Agencies: Government agencies, such as tax authorities and regulatory bodies, use accounting information to ensure compliance with financial reporting standards, assess tax liabilities, and monitor the financial health of businesses within their jurisdiction.

(v) Employees: Employees are interested in accounting information, particularly financial statements, to evaluate the financial stability and profitability of the company they work for. It helps them gauge job security and potential for career growth within the organization.

(vi) Shareholders: Shareholders, who own shares in a company, are interested in accounting information to assess the company's financial performance, dividends, and overall value. This information helps them evaluate the returns on their investment and make decisions related to buying or selling shares.

(vii) Suppliers: Suppliers analyze accounting information to evaluate the financial stability and payment capability of their customers. This helps them assess the creditworthiness and manage any risks associated with extending credit or providing goods and services on credit terms.

(viii) Competitors: Competitors may use accounting information, such as financial statements, to benchmark their own performance against industry peers. It provides insights into the financial strategies and competitive position of other companies, aiding in strategic decision-making.

(ix) Financial Analysts: Financial analysts rely on accounting information to analyze and interpret financial statements, assess company performance, and make recommendations to investors or clients. They use this information to provide insights, forecasts, and valuations of companies.

(x) General Public: The general public, including consumers and the local community, may have an interest in accounting information to evaluate the financial stability, ethical practices, and social responsibility of companies. This information can influence public perception, consumer behavior, and public trust in the organization.

======

Welcome to official 2024 Account WAEC answer page. We provide 2024 Account WAEC Questions and Answers on Essay, Theory, OBJ midnight before the exam, this is verified & correct WAEC Acc. Expo

Name: Gistpower.com

Founded: 2010 (14 years)

Founder: Mr. Frank

Headquarters: Borno, Nigeria

Official Website: https://gistpower.com/

Official Contact: +234