![2024 WAEC Book Keeping (Essay & OBJ) Answers [9th May]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjqEx-z-89hLWWVmtKePIpvlheqwsDr2UQ3TPj9ZEwUS9VBdLbwVrsiaazDviGC4IGra6XO3_6AYd9c9JOnLCrtrvm1vbC3JhlZBu4N12Ho3enia47iDrLIbqYXcWD61NNGGGPfA5DhEM/s1600/WAEC+LOGO.png "2024 WAEC Book Keeping (Essay & OBJ) Answers [9th May]")
Thursday, 22nd June, 2024
2024 WAEC BOOK KEEPING OBJECTIVES (OBJ) ANSWERS
1-10: BBCDCBDCCC11-20: BACAACCBBA
21-30: DCCDDCBBDB
31-40: CCBBAAABBB
2024 WAEC BOOK KEEPING ESSAY (THEORY) ANSWERS:
(1a)
(PICK ANY THREE)
(i)Doesn't Detect Errors of
Principle: A trial balance may not identify errors related to the
classification of transactions. For instance, if an expense is
mistakenly recorded as an asset, the trial balance will still balance,
but the financial statements will be misstated.
(ii)Doesn't
Detect Compensating Errors: Compensating errors occur when two or more
errors offset each other, resulting in a trial balance that still
balances. For example, if an amount is over-recorded in one account and
under-recorded by the same amount in another account, the trial balance
will still show equality.
(iii)Doesn't Identify Errors of
Omission: If a transaction is completely omitted from the accounting
records, it will not be reflected in the trial balance, resulting in an
inaccurate representation of the financial position.
(iv)Doesn't
Detect Errors of Commission: Errors of commission occur when
transactions are recorded with incorrect amounts. If an incorrect amount
is recorded, but the debits and credits still balance, the trial
balance will not detect this error.
(v)Timing Differences: Trial
balances are prepared at a specific point in time, usually at the end of
an accounting period. Therefore, it may not capture transactions that
occur after the cutoff date but belong to the current period, leading to
incomplete or inaccurate financial reporting.
(1b)
(PICK ANY THREE)
(i)Recording Transactions: It serves as a central repository for recording all financial transactions of a business.
(ii)
Tracking Account Balances: Allows businesses to monitor the balances of
individual accounts, such as assets, liabilities, revenues, and
expenses.
(iii) Preparing Financial Statements: Provides the data
needed to prepare accurate financial statements like the balance sheet
and income statement.
(iv)Facilitating Analysis: Enables
businesses to analyze financial performance, identify trends, and make
informed decisions based on financial data.
(v)Ensuring
Compliance: Helps ensure compliance with accounting standards and
regulations by maintaining a comprehensive record of financial
activities.
(4a) Drawings: Drawings represent withdrawals
made by the owner for personal use from the business's funds or assets.
Drawings decrease the owner's equity in the business. Drawings are
typically shown as a deduction from the owner's equity section in the
balance sheet, reducing the total equity amount.
(4b) Creditors:
Creditors represent entities or individuals to whom the business owes
money for goods or services purchased on credit. Creditors are
categorized as liabilities on the balance sheet, specifically under the
current liabilities section. The amount owed to creditors is reported as
the total outstanding balance owed by the business at the reporting
date.
(4c) Debtors: Debtors, also known as accounts receivable,
represent amounts owed to the business by customers or clients for goods
sold or services rendered on credit. Debtors are categorized as assets
on the balance sheet, specifically under the current assets section. The
amount owed by debtors represents the total receivables that the
business expects to collect in the near future.
(4d) Accruals:
Accruals represent expenses that have been incurred but have not yet
been paid or recorded in the accounting records. Accruals are
categorized as liabilities on the balance sheet, typically under the
current liabilities section. These are amounts that the business owes
but has not yet paid by the end of the reporting period, such as accrued
wages or accrued utilities expenses.
(4e) Stock: Stock referred
to as inventory, represents the goods held by the business for sale in
the ordinary course of operations. Stock is categorized as an asset on
the balance sheet, specifically under the current assets section. The
value of stock is reported at the lower of cost or net realizable value,
reflecting the amount the business expects to realize from selling the
inventory.
OR
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1 Comments
God bless you sir for ur good work. But upload OBJ please
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