Waec 2020 Financial Accounting questions and answers

Waec 2020 Financial Accounting questions and answers

Waec 2020 Financial Accounting questions and answers

The Waec 2020 Financial Accounting questions and answers you are looking for is at the end of this post. But read this ones first to avoid mistakes. 

Great work!! This is the Waec 2020 Financial Accounting questions and answers that you have been looking for. I am about to let the cat out of the bag by sharing the Waec 2020 Financial Accounting questions and answers and expos with you. If you are writing this 2020 waec Financial Accounting exams, then you don’t have to panic about how you will pass it because I will help you with that.

Now, what does it take to pass this Financial Accounting exams?

The simplest answer to that question is “NOTHING”. It takes something but nothing to pass this exams.
All you need to pass this Financial Accounting waec exam is to do the following.
1. Start preparing for the exams as soon as possible. This is one of the best way to get the
2. Study waec Financial Accounting past questions. This is one of the best ways to get the Waec 2020 Financial Accounting questions and answers Most of the 2020 waec Financial Accounting questions and answers in the question paper are repeated questions. Studying the weac Financial Accounting past questions and answers will actually help you to do better in this exams. 50% of the questions you will see on question paper are repeated questions.
3. Read and study your Financial Accounting Textbook. Your Financial Accounting textbook has all the Waec 2020 Financial Accounting questions and answers that you need. All you need to do is to use the waec Financial Accounting syllable to get the correct guide on the topics that waec will set the questions from.
4. Read your Financial Accounting SS1-SS3 note. Almost all the Waec 2020 Financial Accounting questions and answers is in your SS1-SS3 Financial Accounting notebook. Why you still have your textbook but fail exams is because you have eventually made it your biggest enemy.
5. Pray before and after exams. Prayer is the key to every success. With God, the Waec 2020 Financial Accounting questions and answers will be reflecting here and there. Even after the exams, you still need God through prayer to make sure your exams script are well and properly marked.
6. Arrive before time. Rushing to exams hall is very bad. In fact, a lot of things can skip your memory if you go into exams hall in a rush. Endeavor to be there before the exams start and make sure you start along with others to avoid shortening of time.

Very good Waec 2020 Financial Accounting questions and answers Instructions to follow.

Below are some good Waec 2020 Financial Accounting questions and answers Instructions that you should follow to make it large and still leave without issues. So if you don’t want either WAEC body or your examiner to cease your paper or result, then follow this instructions on Waec 2020 Financial Accounting questions and answers Instructions to follow for safety.
1. Read the instructions at the first page of the exams paper before you start writing.
2. Do not open your question paper until you are told to do so.
3. USE only HB pencil to shade your OMR in the OBJ Section
4. You are free to use Biro in the theory part
4. You can use calculator in subjects that has calculations. But endeavor to use the recommended calculator.
6. Make sure that you fill your name, Subject, paper, write WAEC, paper code and other examination details where necessary.
7. Ensure that the texts in your question papers are boldly printed. Else, call the attention of the examiner.
8. Behave yourself. Misbehaving in the exams hall may mark the end of your exams on that very subject.
9. Don’t let invigilators catch you using expo (Unless you are using Miracle centre for your WAEC Physics).
10. Use a very bold and clear handwriting.
11. Checkout for writing errors, misspelling an wrong sentence usage.
12. Head straight and answer the questions you know first before trying out the difficult ones.

The Waec 2020 Financial Accounting questions and answers format

As you will see, the 2020 waec Financial Accounting exams will take the below format.
The Financial Accounting waec exams consist of two different papers( paper 1 & 2)
PAPER 1 : will consist of about forty multiple-choice objective questions which will cover the entire syllabus. Candidates are expected to answer all the questions in 50 minutes for 40 marks.
PAPER 2 : Will be a 2-hour paper consisting of six essay questions, out of which candidates will be expected to answer any four for 80 marks.

Below are the Waec 2020 Financial Accounting questions and answers (samples for both OBJ and Theory)

Below are some Waec 2020 Financial Accounting questions and answers sample from other years exam.

The Waec 2020 Financial Accounting questions and answers will be posted here sooner.. Keep refreshing this page for real Waec 2020 Financial Accounting questions and answers.

 

1. DDBABBBDDB,
11BAACCDDBBD
21BDCDCBCBCD
31CDDBBBDCDB
41ACBABAAACD

1a)
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. In other words, it’s a summary account that equals the sum of the subsidiary account and is used to simplify and organize the general ledger.

1b)

i)Control accounts provides a check on the accuracy of entries made in the personal accounts in the sales ledger and purchase ledger

ii)It could also assist in the location of errors, where posting to the control accounts are made daily or weekly, or even monthly

iii)Where there is a separate of clerical bookkeeping duties, the control account provides an internal check.

1ci) Uses of Accounting ratios/Financial ratios

Financial ratios are not very useful on a stand-alone basis; they must be bench marked against something. Analysts compare ratios against the following:

1. The Industry norm – This is the most common type of comparison. Analysts will typically look for companies within the same industry and develop an industry average, which they will compare to the company they are evaluating. Ratios per industry are also provided by Bloomberg and the S&P. These are good sources of general industry information. Unfortunately, there are several companies included in an index that can distort certain ratios. If we look at the food and beverage ratio index, it will include companies that make prepared foods and some that are distributors. The ratios in this case would be distorted because one is a capital-intensive business and the other is not. As a result, it is better to use a cross-sectional analysis, i.e. individually select the companies that best fit the company being analyzed.
2. Aggregate economy – It is sometimes important to analyze a company’s ratio over a full economic cycle. This will help the analyst understand and estimate a company’s performance in changing economic conditions, such as a recession.
3. The company’s past performance – This is a very common analysis. It is similar to a time-series analysis, which looks mostly for trends in ratios.
1cii) Limitations to Accounting ratios/Financial ratios
There are some important limitations of financial ratios that analysts should be conscious of:
i)Many large firms operate different divisions in different industries. For these companies it is difficult to find a meaningful set of industry-average ratios.

ii)Inflation may have badly distorted a company’s balance sheet. In this case, profits will also be affected. Thus a ratio analysis of one company over time or a comparative analysis of companies of different ages must be interpreted with judgment

2a. Working capital is the amount of a company’s current assets minus the amount of its current liabilities.

2b. Capital employed, also known as funds employed, is the total amount of capital used for the acquisition of profits. It is the value of all the assets employed in a business and can be calculated by adding fixed assets to working capital or subtracting current liabilities from total assets.

2c. A fixed asset is an item with a useful life greater than one reporting period, and which exceeds an entity’s minimum capitalization limit .

2d. A current asset is cash and any other company asset that will be turning to cash within one year from the date shown in the heading of the company’s balance sheet. (If a company has an operating cycle that is longer than one year, an asset that will turn to cash within the length of its operating cycle is considered to be a current asset.)

2e. The rate of stock turnover is a measure of the number of times inventory is sold or used in a time period such as a year. The equation for inventory turnover equals the cost of goods sold or net sales divided by the average inventory.

3a. The accrual concept in accounting means that expenses and revenues are recorded in the period they occur, whether or not cash is involved.

3b. The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses. Doing so requires the use of separate accounting records for the organization that completely exclude the assets and liabilities of any other entity or the owner.

3c. Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction.

3d. PERIODICITY CONCEPT is the concept that each accounting period has an economic activity associated with it, and that the activity can be measured, accounted for, and reported upon.

3e. The going concern principle is the assumption that an entity will remain in business for the foreseeable future. Conversely, this means the entity will not be forced to halt operations and liquidate its assets in the near term at what may be very low fire-sale prices.

4a)
A company is a legal entity made up of an association of persons, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.

4bi) An ordinary share represents equity ownership in a company proportionally with all other ordinary shareholders, according to their percentage ownership in the company. All other shares of a company’s stock are, by
definition , preferred shares

4b(ii)Preference shares, more commonly referred to as preferred stock, are shares of a company’s stock with dividends that are paid out to shareholders before common stock dividends are issued. If the company enters bankruptcy, the shareholders with preferred stock are entitled to be paid from company assets first.

4b(iii) A debenture is a type of debt instrument that is not secured by physical assets or collateral.
Debentures are backed only by the general creditworthiness and reputation of the issuer. Both corporations and governments frequently issue this type of bond to secure capital.

4b(iv) The authorised capital of a company (sometimes referred to as the authorised share capital, registered capital or nominal
capital, particularly in the United States) is the maximum amount of share capital that the company is authorised by its constitutional documents to issue (allocate) to shareholders.

5a) journal
(i)suspense purchase Dr GHC(19,000) , Cr GHC(19,000)
(ii)returns inwards suspenses Dr(8000), Cr(8000)
(iii)suspense cashbook Dr(19,600), Cr(19,000)
(iv)suspense cash ook Dr(98,000), Cr(98,000)
(v) repairs of plant and machinery Dr(11,000) , Cr(11,000)
(vi) customer sales Dr(158,980), Cr(158,950)
(vii) supplier suspense(25,500 *2) Dr(51,000) cr(51,000)
(5b)
Suspense A/C:

Debit side:
purchases(19,000)
cash book(19600)
cash book(98000)

credit side;
returns inward(8,000)
supplier (51,000)
c/f (77,600)
136,600

No.5) use the image below

No.6) use the image belowNo7) use the image belowNo.8) use the image below

(9)
king star enterprises
departmental, trading, profit & loss acct
Debit side:
A le, B le
opening stock: 1000, 800
add purchases: 147200, 132800
148200, 123,600
add carriage: 1000, 1000
149200, 124600
less closing stock: 1200, 600
148000,124000
gross profit: 12000,16000
160000, 140000
office exp: 480, 120
rates: 176, 94
insurance: 692, 173
light: 384, 96
repairs: 240, 60
net profit: 10028, 159507
12000, 160000

credit side
A le, B le
sales: 160000,140000
160000, 140000
gross profit: 12000, 16000
12000, 160000

Waec 2020 Financial Accounting questions and answers

SIMPLE GUIDES FOR THE WAEC EXAMS

1. HAVE SELF-CONFIDENCE
No one owns yourself, you are the owner, try and coordinate yourself during the exams because nothing in the exams hall is new. I tell you, with self-confidence, you will conquer.
2. PRAY TO GOD CONCERNING YOUR EXAMS
The Almighty God is your Creator, he cannot hide his face from you if you seek his face. Pray to God for through Him everything is possible in your Waec day.
3. GO TO THE EXAMS VENUE AS EARLY AS POSSIBLE.
Punctuality is another factor that determines success in exams. You have all days to prepare before your Waec exams commence. Do not claim to be busy while you suppose to be in the exams venue. Go earlier and settle before the exams start.
4. FOLLOW STRICTLY THE INSTRUCTION ON THE EXAM PAPER
Many candidates overlook the instructions given in the exams hall. They think the instructions are not important. this is not good, adhere to the instructions and you will come out the best in your Waec exams.
5. USE WHAT YOU READ
I know you read during the course of your preparation. Now is the right time to pour out you have upstairs and scatter Waec with the answers to the theory questions. You can get the 2020 Waec answers from what you read so far.
6. ANSWER THE ONES YOU KNOW.
First of all provide 2020 Waec answers that you know while waiting for the rest.
7. USE THE WAE E-LEARNING PORTAL TO LEARN SOME NEW LESSONS:
The West African Examination Council (Waec) recently launched a portal called Waec e-learning to curb the number of failures in the Waec May/June SSCE by creating a portal that contains the resources for all Waec approved subjects that will students understand the standards required for success in respective examinations.
Those were the Waec 2020 Financial Accounting questions and answers that you should know and make use of them. They are Financial Accounting past questions and answers. This Waec 2020 Financial Accounting questions and answers were sample Waec 2020 Financial Accounting questions and answers, keep on refreshing this website to get the correct Waec 2020 Financial Accounting questions and answers

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