2024 WAEC FINANCIAL ACCOUNTING: 2024 WAEC MAY/JUNE FINANCIAL ACCOUNTING ANSWERS (5898)

ACCOUNTING OBJ
1-10: ABABABDCAA
11-20: CCCBABBDAC
21-30: DDDCBCCBBB
31-40: BDCBBBDCCB
41-50: CAABDBCCBB

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(1a)
In a Tabular form

(Choose Any two)

(Bookkeeping)
(i)It is the basis for accounting
(ii)Persons responsible are called Book keeper's
(iii)It does not require any personal skill
(iv)Financial statements are not prepared from records
(v)It cannot help with decision making

(Accounting)
(i)It is the basis for business language
(ii)Persons responsible are called Accountants
(iii)It requires skill and knowledge
(iv)The financial statement can be prepared from accounting records
(v)It helps for decision making


(1bi)Sales
(choose Anyone)
(i)outgoing invoices (ii)debit notes issued

(1bii)Purchased
(choose Anyone)
(i)Incoming invoices
(ii)debit notes received

(1biii)Cash deposit
(choose Anyone)

(i)Till slips
(ii)incoming cheque
(iii)Receipt


(1biv)Salary
(Choose Anyone)
(i)timesheets
(ii)Job sheets
(iii)Time recorders (iv)Payroll registers

(1bv)
Return outward book
(i)Incoming credit note


(1c)
(i) For record purpose
(ii)For accounting purpose
(iii)For auditing and legal purpose

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(2a)
Non-profit making organisation are organisations that do not mainly engage in buying and selling of goods. Thus, their main objective is not to make a profit as they are formed to seek the welfare of their members eg mosque, churches etc.

(2b)
In a tabular form:
Profit-making organisation
(i) It is engaging in the buying and selling of goods and services.
(ii) Their major objectives are the making of profit.

A non-profit organisation
(i) It does not engage in the buying and selling of goods and services.
(ii) The major object is not to make a profit but to seek the welfare of members.

(2c)
(a) Subscription: This is the annual period dues of members of a club or social body or not for making profit organisation.
(b) Life membership fee: The club members can make payment for life. This means that they paying a fairly substantial amount now. Members can enjoy the facility of the club for the rest of his/her life.
(c) Entrance fee: These are amount payable when a person first joins a club. These are normally included as income in the year that they received.
(d) Donations: This is the amount received or given by non-trading organisation in cash or in-kind in the form of a gift from a person or an organisation.
 

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(4b)
(i)Training; Public accountants are trained in analysis, data collection and testing, which allows them to look at accounts and see if the assumptions made are the correct ones. WHILE. private accountants are trained more in process issues especially in terms of accounts payable and billing techniques.

(ii)Environment; A public accountant’s life is much more varied than that of a private one. WHILE private accountant you’re likely to be in your own office and not moving about, with regular hours to boot.

(iii)Exposure; public accountancy firm (such as the Big Four) expose you to a variety of different types of accountancy job within a whole host of industries. WHILE private accounting the jobs are within smaller firms who are not so well known, and the experiences gained are more niche.

(iv)Stress; public accountant is notoriously much more stressful than that of their private counterparts WHILE private accounting their industry, which is a regular day-to-day workforce and a steady stream of work.
 

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(5A & 5B)

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(6)


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(8a)

(8b remaining]

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

(9)

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