2024 WAEC FINANCIAL ACCOUNTING: 2024 GCE waec accounting (9816)

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Answers loading3a)
A ledger is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns

3b)
*Seller*
i)It is used for future reference

ii)Acts as an evidence

3a)
A ledger is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns

3b)
Seller
i)It is used for future reference
ii)Acts as an evidence


3c)advantages of dividing ledger
i) private ledgers:these are ledgers for capital and drawings of the proprietor. The book is divided into separate sections called accounts which has one or more pages.the advantage of its divisions is to permit the  clerk to attend concurrently to the various groups of accounts,so that delay in posting and balancing is avoided

3cii) personal ledger: these are the ledgers for creditors accounts and debtors account, e.g purchases and sales ledger

3iii) nominal ledger: the ledger contains accounts losses ,expenses,income and fains

3b...uses of invoice to seller
i) it is used for future reference
ii) it can be used as a business security when borrowing money

3b...uses of invoice to the buyer
i)It used to keep track of goods
ii)it helps control inventory and help facilitate delivery of goods and services

2a) sources of revenue to the federal government
I)direct taxes
a)personal tax
b)petroleum tax
ii) Armed forces
a) sales of small weapons
b)income from armed forces educational receipt

2C)purposes of public sector accounting
I) to serve as a control instrument and for decision making
ii) to serve as a basis for government planning
iii) to give evidence of financial accountability

2b) advantages of cash basis...
I) it helps the government in keeping records when cash is paid or received
ii) it makes it easy for transactions to be understood
iii) it also makes it possible for creditors and debtors not to be taken into consideration

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