![2025 WAEC Book Keeping (Essay & OBJ) Answers [9th May]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjjqEx-z-89hLWWVmtKePIpvlheqwsDr2UQ3TPj9ZEwUS9VBdLbwVrsiaazDviGC4IGra6XO3_6AYd9c9JOnLCrtrvm1vbC3JhlZBu4N12Ho3enia47iDrLIbqYXcWD61NNGGGPfA5DhEM/s1600/WAEC+LOGO.png "2025 WAEC Book Keeping (Essay & OBJ) Answers [9th May]")
Friday, 9th May 2025
2025 WAEC BOOK KEEPING OBJECTIVES (OBJ) ANSWERS
1-10: BDCDABBCCB11-20: DADABADBAA
21-30: DBCCAABBDD
31-40: CCCAABCDCA
2025 WAEC BOOK KEEPING ESSAY (THEORY) ANSWERS:
(1a)
(PICK FOUR ONLY)
(i) Cash book
(ii) Sales day book
(iii) Purchases day book
(iv) General ledger
(v) Debtors ledger
(vi) Creditors ledger
(vii) Journal proper
(viii) Petty cash book
(1b)
(PICK THREE ONLY)
(i) Accurate record keeping: Mr. Adamu would ensure all financial transactions are properly recorded and maintained.
(ii) Financial planning and control: With accurate records, the business can plan and control its finances effectively.
(iii) Preparation of financial statements: He would help in preparing profit and loss accounts and balance sheets.
(iv) Compliance with regulations: Proper bookkeeping ensures the business complies with tax and legal requirements.
(v) Detection and prevention of fraud: Regular and accurate record-keeping can help detect and prevent financial irregularities.
(vi) Informed decision-making: Reliable financial data provided by Mr. Adamu would aid in making sound business decisions.
(3a)
A balance sheet is a financial statement that shows the
financial position of a business at a specific point in time. It
provides a summary of a company’s assets, liabilities, and owners'
equity, helping stakeholders understand what the business owns and owes.
(3b)
(PICK ANY THREE)
(i) It shows the financial position of a business.
(ii) It is prepared at a specific date.
(iii) It contains assets, liabilities, and capital.
(iv) Total assets equal total liabilities plus capital.
(v) It does not record income or expenses.
(3ci)
Bought
goods by cheque: This transaction reduces the bank balance (asset) and
increases inventory (asset). The overall effect on the balance sheet is
neutral as one asset decreases while another increases.
(3cii)
Paid
creditors by cheque: This reduces both bank balance (asset) and
accounts payable (liability). It decreases liabilities and decreases
assets by the same amount, keeping the balance sheet balanced.
(3ciii)
Additional
capital introduced by the owner: This increases cash or bank (asset)
and increases owner’s equity (capital). It reflects more funds available
to the business and a corresponding increase in the owner's stake.
(3civ)
Bought
motor vehicle on credit: This increases fixed assets (motor vehicle)
and increases accounts payable (liability). The business acquires an
asset and incurs a liability, with no immediate effect on cash.
(3cv)
Owners
withdrew money from the business: This reduces cash or bank balance
(asset) and reduces owner’s equity (capital). It represents drawings by
the owner, lowering the resources and equity of the business.
(4a)
Depreciation is the gradual reduction in the value of a fixed
asset over time due to wear and tear, usage, obsolescence, or passage
of time. It represents the cost of using the asset and is recorded as an
expense in the financial statements.
(4b)
(PICK ANY FOUR)
(i) Wear and Tear: Physical deterioration due to regular usage.
(ii) Passage of Time: Even without use, some assets lose value over time.
(iii) Obsolescence: Assets become outdated due to technological advancements.
(iv) Exhaustion: In the case of natural resources, depletion causes depreciation.
(v) Accidents or Damages: Unexpected events can reduce an asset’s value.
(vi) Lack of Maintenance: Poor upkeep can accelerate depreciation.
(vii) Legal or Regulatory Changes: New laws may reduce the usability or value of an asset.
(4c)
Scrap
value is the estimated amount that a fixed asset can be sold for at the
end of its useful life. It represents the residual value after the
asset is no longer useful for operations.
WHILE
Estimated
useful life of a fixed cost , on the other hand, is the expected time
period during which the asset will be actively used in the business to
generate income.
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3 Comments
God bless you sir for ur good work. But upload OBJ please
ReplyDeleteGood bless you sir please upload the objective
ReplyDeleteGod bless you sir
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