Waec GCE 2017 Financial Accounting Obj and Theory Answer Now Available.

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Account OBJ:

ACCOUNT OBJ:
1-10: AAABADDDDA
11-20: CBBBBBAACC
21-30: BADBDADDDD
31-40: AACDBADDAA
41-50: BBCBBBAAAD

1a)
i)trade discount An amount or rate by which the catalog, list, or retail price of an item is reduced when sold to a reseller.
ii)cash discount is a deduction allowed
by the seller of goods or by the provider of services in order to motivate the customer to pay within a specified time.
iii)bad debtis a monetary amountowed to a creditor that is unlikely to be paid and, or which the creditor is not willing to take action to collectbecause of various reasons, often due to the debtor not having the money to pay
iv)provision for doubtful debts is the estimated amount of bad debt that will arise from accounts receivable that have been issued but not yet collected.
v)bad debt recovery is business debt from a loan, credit line or accounts receivablethat is recovered either in whole or in part after it has been written off or classified as a bad debt.

1b)
i)Error of commission
ii)Error of principle
iii)Error of compensation
iv)Error of original entry
v)Error of transition

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

(3a)
A suspense account is an account used on a temporary basis for any transaction or balance that cannot beidentified.

3bi )
A reserve is an appropriation of profits for a specific purpose. The most common reserve is a capital reserve, where funds are set aside to purchase fixed assets. By setting aside a reserve, the board of directors is segregating funds from the general operating usage of a company.

A provision is the amount of an expense or reduction in the value of an asset that an entity elects to recognize now in its accounting system, before it has precise information about the exact amount of the expense or asset reduction

3bii)
revenue is the term used to describe income earned through the provision of a business’ primarygoods or services, while expense is the term for a cost incurred in the process of producing or offering a primary business operation.

3Ci)
Capital reserve denotes funds set aside out of profitsgenerated from exceptional transactions notoccuring inordinary courseof business.e.g sale of Assets (being agoing concern), Profits arising in Forfeiture of Shares due to non payment of calls in arrear etc.They are not available for distribution to share holders in normal circumstances.

ii )
Revenue reserve denotes profits set aside from transactionsinvolving ordinary & usual business activities.e.g sale ofgoods & services, investment profits if it is inordinarycourse of business etc.They are available fordistributionto share holders in normal circumstances.

 

(6)
SALES LEDGER CONTROL ACCOUNT
————————————————-
DEBIT SIDE:
Sales journal:112414
Cheque dishonoured:300
Cash refunded to customers:150
Interest charge on account:50
Bal c/d:125
CREDIT SIDE:
Cash recieved:101600
Returns inward:1700
Discount allowed:2300
Bad debts:200
Set off:500
Bal c/d:6540

PURCHASES LEDGER CONTROL ACCOUNT
———————————————————
DEBIT SIDE:
Bal b/f:50
Cash paid:16000
Returns outward:1000
Discount recieved:500
Set off:500
Bal c/d:10760
CREDIT SIDE:
Bal b/f:300
Purchases:20000
Cash refunded:50
Bal c/d:60

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