2024 WAEC GCE SECOND SERIES (NOV.) FINANCIAL ACCOUNTING: 2024 WAEC GCE Second Series FINANCIAL ACCOUNTING QUESTIONS AND ANSWERS (7197)

(1ai)
Manual Data Processing; This data processing method is handled manually. The entire process of data collection, filtering, sorting, calculation, and other logical operations are all done with human intervention and without the use of any other electronic device or automation software.

(1aii)
Mechanical Data Processing; Data is processed mechanically through the use of devices and machines. These can include simple devices such as calculators, typewriters, printing press, etc. Simple data processing operations can be achieved with this method.

(1aiii)
Electronic Data Processing
Data is processed with modern technologies using data processing software and programs. A set of instructions is given to the software to process the data and yield output.

(1b)
(i)Data collection: Collecting data is the first step in data processing. Data is pulled from available sources, including data lakes and data warehouses.

(ii)Data preparation: Once the data is collected, it then enters the data preparation stage. Data preparation, often referred to as “pre-processing” is the stage at which raw data is cleaned up and organized for the following stage of data processing. During preparation, raw data is diligently checked for any errors.

(iii)Data input: The clean data is then entered into its destination (perhaps a CRM like Salesforce or a data warehouse like Redshift), and translated into a language that it can understand

(4a)
(i) Fixed assests: may be defined as the resources, Properties or possession of a Firm. They are owned by a business and are expected to be of Some future benefits.

EXAMPLE
(i) Furniture and Fitting
(ii) plant and machinery
(iii) Land and Building

(ii) Current assests: these are assets, which are usually held For a short period of time For the purpose of Conversion in the ordinary Course of business.

EXAMPLE
(i) Stock of goods
(ii) Debtor
(iii) Bank
(iv) Cash

(iii) Capital is the original Money invested in a business by the owner. it is also referred to as net worth or Owner's equity

EXAMPLE
(i) Equity Capital
(ii) Loan Capital
(iii) Working capital

(iv) Intangible assets: these are assets, which have no physical substance or properties but Contribute economic benefits to the organization

EXAMPLE
(i) Goodwill
(ii) Trademark
(iii) patent
(iv) Copyright

(v) Current Liabilities: these are liabilities which are due for settlement within one year.

EXAMPLE
(i) Creditors
(ii) overdraft
(iii) Accrued expenses
(iv) income madvance.

(5a)

(6)

(7)

(8)