2021 WAEC GCE 2021nd SERIES FINANCIAL ACCOUNTING Questions & Answers: 2020 WAEC GCE 2nd SERIES FINANCIAL ACCOUNTING ANSWERS Night before Exam

OBJ & NOTICE SECTION

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FINANCIAL ACCOUNTING

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GENERAL & ESSAY SECTION

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(Another 7)

(9)

(9 rest)

(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

2021 WAEC GCE 2021nd SERIES FINANCIAL ACCOUNTING Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
2021 WAEC GCE 2021nd SERIES FINANCIAL ACCOUNTING Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
2021 WAEC GCE 2021nd SERIES FINANCIAL ACCOUNTING Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
2021 WAEC GCE 2021nd SERIES FINANCIAL ACCOUNTING Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)

(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.

2021 WAEC GCE 2021nd SERIES FINANCIAL ACCOUNTING Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
2021 WAEC GCE 2021nd SERIES FINANCIAL ACCOUNTING Questions & Answers (ESSAY, OBJ, THEORY, PRACTICALS ETC)
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QUESTIONS AND ANSWERS FOR 2021 WAEC GCE 2021nd SERIES FINANCIAL ACCOUNTING ANSWERS

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Updated At: April 12th 2021, (09:04:38)