2022 WAEC F/Accounting (Essay & OBJ) Answers [24th May]
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WAEC May/June 2022 FREE FINANCIAL ACCOUNTING QUESTION AND ANSWER ROOM [School Candidates]

Tuesday 24th May, 2022
Financial Accounting 2 (Essay) – 9:30am – 12:00pm
Financial Accounting 1 (Objective) – 12:00pm – 1:30pm


2022 WAEC FINANCIAL ACCOUNTING OBJECTIVE ANSWERS

1-10: ACCDCABCDA
11-20: BBCDBCCCCB
21-30: BDBABCBACC
31-40: BBCCADBACA
41-50: BCDDACCDDA

 

2022 WAEC FINANCIAL ACCOUNTING ESSAY ANSWERS:

SECTION A: Answer ONLY TWO Questions

(1a)
(i) Sales ledger account
(ii) Purchase Ledger account
(iii) General ledger account

(1b)
(Pick any two)
(i) Control accounts helps in locating errors
(ii) Control account is used to detect missing figures
(iii) control account provide a check on the accuracy of balances of the ledgers
(iv) control account save time and eradicate fraud



(1ci)
(PICK ANY FOUR)
(i) Cheque to suppliers
(ii) Return outwards
(iii) Discounts received 
(iv) Contra entry
(v) Credit notes received
(vi)Bills payable

(1cii)
(PICK ANY FOUR)
(i) Discounts allowed
(ii) Dishonoured cheque
(iii)Debit note issued
(iv)Credit sales
(v)Carriage outward
(vi)Interest charged on overdue


(2a)
Goodwill can be defined as the excess of the purchases consideration over the total value of assets less liabilities. It is also an asset that cannot be seen it touched hence it is referred to as intangible asset

(2b)
(PICK FOUR)
(i) Public welfare
(ii) Higher education
(iii) Health and hospitals
(iv) Highways and roads
(v) Transportation
(vi) Maintenance of building/infrastructure

(i)Raw Material Inventory: Raw materials are the basic materials that a manufacturing company buys from its suppliers. The former uses them to convert them into the final products by applying manufacturing processes. For example, aluminum scrap is the raw material for a company that produces aluminum ingots.

(ii)Work in Progress Inventory (WIP): Work in progress inventory can also be called semi-finished goods. They are the raw materials that have been taken out of the raw materials store and are now undergoing the process of their conversion into the final products. So these are the partly processed raw materials lying on the production floor

(iii)Finished Goods Inventory:Finished goods are the final products obtained after applying the manufacturing processes to the raw materials and the semi-finished goods discussed above in the article. They are saleable, and their sale contributes fully to the revenue from the company’s core operations.

(3ai)
Accumulated fund: Accumulated fund are fund held by a non-profit making organization (such as a club or society) to which a surplus of income over expenditure is credited and to which any deficit is debited. The value of the accumulated funds can be calculated at any time by valuing the net assets (i.e. assets less liabilities) of the organization.

(3aii)
Statement of affairs: statement of affairs is a financial statement that displays assets and liabilities, but it's not as detailed as the balance sheet. The statement of affairs is a single entry system that shows the beginning and ending balances for capital. If the ending capital is higher, there's a profit; otherwise, there's a loss.

(3b)
(PICK ANY FIVE)
(i) Entrance fees
(ii) subscription/dues
(iii) Donation
(iv)Profit from bar
(v)Disposal of assets
(vi)Profit from special events
(vii)Interest from investment
(vii)) Government subvention

(3c)
(In a tabular form)
Receipt and payment account:
(i) only cash transactions are recorded
(ii) It includes capital item
(iii)Balance represents cash in hand or bank overdraft

Income and Expenditure account:
(i) There is adjustment for accruals and prepayments
(ii) It excludes capital items
(iii) balance represents surplus or deficiency

SECTION B

5.

2022 WAEC F/Accounting (Essay & OBJ) Answers [24th May]

2022 WAEC F/Accounting (Essay & OBJ) Answers [24th May]


 6.

2022 WAEC F/Accounting (Essay & OBJ) Answers [24th May]

2022 WAEC F/Accounting (Essay & OBJ) Answers [24th May]

 9. 


2022 WAEC F/Accounting (Essay & OBJ) Answers [24th May]

2022 WAEC F/Accounting (Essay & OBJ) Answers [24th May]


8.


2022 WAEC F/Accounting (Essay & OBJ) Answers [24th May]

2022 WAEC F/Accounting (Essay & OBJ) Answers [24th May]



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TO SUBSCRIBE FOR 2022 WAEC FINANCIAL ACCOUNTING ANSWERS
  1. JUST GO OUT AND BUY MTN CARDS OF N800 (400 + 400 = 800)
  2. GO TO YOUR MESSAGE, TYPE THE CARD PINS CORRECTLY AND SEND TO 08107431933.
  3. DON'T CALL, JUST TEXT, IF THE CARDS PINS ARE VALID, A REPLY WILL BE SENT TO YOU CONFIRMING THAT YOU HAVE BEEN SUBSCRIBED.
  4. RELAX AND WAIT FOR YOUR ANSWERS 30MINUTES BEFORE EXAM STARTS OR AFTER EXAM STARTS.
  5. NB: DO NOT SEND USED CARD PINS OR YOUR NUMBER WILL BE BLACKLISTED.