2024 WAEC FINANCIAL ACCOUNTING: 2024 WAEC GCE 2nd SERIES FINANCIAL ACCOUNTING ANSWERS (1265)

FINANCIAL ACCOUNTING

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Welcome to official 2024 Financial Accounting WAEC answer page. We provide 2024 Financial Accounting WAEC Questions and Answers on Essay, Theory, OBJ midnight before the exam, this is verified & correct WAEC Account Expo. WAEC Financial Accounting Questions and Answers 2024. WAEC Account Expo for Theory & Objective (OBJ) PDF: verified & correct expo Solved Solutions, 2024 WAEC GCE 2nd SERIES FINANCIAL ACCOUNTING ANSWERS. 2024 WAEC EXAM Financial Accounting Questions and Answers

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(5a and 5b)


(5c and 5d)

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

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