WAEC GCE Financial Accounting Answers [23rd November, 2021]

Get Free Live 2021 WAEC GCE August/September (2nd Series) Financial Accounting Essay & OBJ Questions and Answers for Private Candidates Free of Charge | WAEC GCE Aug/Sept Free Accounting Questions and Answers (Essay & OBJ) EXPO Room (23rd November, 2021 ).

WAEC GCE AUGUST/SEPTEMBER 2021 FREE FINANCIAL ACCOUNTING (ACCOUNT) QUESTION AND ANSWER ROOM [PRIVATE CANDIDATES]

Tuesday, 23rd November, 2021
Financial Accounting 2 (Theory and Practice) - 9:30am. – 12:00 noon.
Financial Accounting 1 (Objective) - 12:00 noon. – 1:00pm.

A. 2021 WAEC GCE FINANCIAL ACCOUNTING ESSAY (THEORY) ANSWERS | 23RD NOVEMBER, 2021

(1a)
partnership or partnership deed can be defined as a document that is drawn up by the partners of a business which contains the rules and regulations guiding the business.

(1b)
(i) Limited liability partnership
(ii) Limited partnership
(iii) General partnership
(iv) Limited liability limited partnership

(1c)
(i) Duties of each partner
(ii) The nature of business
(iii) Amount of salary to be paid to each partner.
(iv) Method to be adopted in admission of a new partner.
(v) How to dissolve the partnership.
(vi) Address of the registered office.
(vii) Partnership account procedures
(viii) The terms and conditions of the partnership.
(ix) The profit and loss sharing ratio.
(x) Rate of interest on drawings.


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(3a)
A manufacturing account is an account in the general ledger which is used to accumulate all the manufacturing costs of goods completed by a business during an accounting period. For a manufacturing business the manufacturing account needs to be prepared before completing the trading and profit and loss accounts.

(3b)
(i) It helps to determine manufacturing costs of finished goods.
(ii) It helps in improving the cost-effectiveness of manufacturing activities.
(iii) To ascertain the amount of any profit or loss on the manufacturing process

(3c)
(i) Accounting ratios do not resolve any financial problems of the company. They are a means to the end, not the actual solution.
(ii) Accounting ratios completely ignore the qualitative aspects of the firm. They only take into consideration the monetary aspects (quantitative)
(iii) Accounting ratios are based on accounting figures given in the financial statements.

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(5)


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(6)



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(7)


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(9)


B. 2021 WAEC GCE FINANCIAL ACCOUNTING OBJECTIVE (OBJ) ANSWERS | 23RD NOVEMBER, 2021

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11-20: DACBDDDDAC
21-30: DBDCCAABCC
31-40: BDCCDCACDD
41-50: CADDBACBDB


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