2020/2021 WAEC/NECO Answers: NECO GCE 2021. FINANCIAL ACCOUNTING ANSWERS



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SECTION A

1ai)

The three column cash book

has three money columns on both debit and credit side – one on each side for recording discount, cash and bank amounts. If a business keeps a bank account and receipts and payments are frequently made through bank account than it is useful to maintain a three column cash book rather than a single or a double column cash book . 


1aii)

Nominal capital

Nominal Capital is the maximum amount of share

capital that the company allowed to issue as a

registered capital when the company is incorporated.


1aiii)

Turnover

The annual

sales volume net of all discounts and sales taxes or the amount of money taken by a business in a particular period.


1aiv)

Gross profit

the cost of making a product or providing a service, before deducting overheads, payroll, taxation, and interest payments. 


1av)

Net profit

is a measure of the profitability of a venture after accounting for all costs and taxes. It is the actual profit, and includes the operating expenses that are excluded from gross profit


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

(3a)

A control account, often called a

controlling account, is a general ledger

account that summarizes and combines all

of the subsidiary accounts for a specific

type. 


3aii)

-Sales ledger control account/total

debtors control account

-Purchases ledger control account/total

creditors control account

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

(3b)

(i)Sales ledger control account or total debtors control account


(ii)

Purchases ledger control account or total creditors control account

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

(4)

In Tabular form


(i)Preference share have no voting right WHILE Ordinary share have voting right


(ii)Preference share have fixed rates of interest WHILE ordinary shares have no fixed rate of dividend


(iii)In preference share,Holders receive dividends before others WHILE In ordinary share Holders receive dividends last,after others have been paid

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

(4bi)

Capital also known as net assets or equity  refers to what is left to the owners after all liabilities are settled. Simply stated, capital is equal to total assets minus total liabilities.


(4bii)

(i)Issued capital:-This represent the part of the authorised capital given out to member of the public for subscription. It is after the issued capital is fully subscribed that it can now be referred to as subscribed capital


(ii)Reserved capital:-This represents the portion of the capital not called up,which the directors have assumed to be incapable of being called up any time. The uncalled up capital is a liability to the company and is set aside for future expansion


(iii)Authorised capital:-This is also called nominal or registered capital. this is the highest amount of capital stipulated in the memorandum of association considered as enough to set up and run a company


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