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2020 WAEC BOOK KEEPING OBJ AND ESSAY QUESTIONS AND ANSWERS

Book Keeping-Obj

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THEORY

 


Section B
(8)


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

Section B
(6)

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

(3a)

Tabulate

 

(i)Trial balance considers opening stock. The balance sheet considers closing stock.

 

(ii)Trial balance is not a part of financial statements and final accounts. The balance sheet is an essential part of financial statements and final accounts.

 

(3b)

(i)It fails to show the transactions on an accrual basis.

(ii)It does not define any targets making

it incapable of showing surpluses and

deficits at the end of the year.

(iii)Receipts and payments account does

not show Non-Cash transactions like

depreciation of assets, pilferage etc.

======================
(1ai)
To keep a complete and accurate record of all the financial transactions in a systematic orderly, logical manner. This ensures that the financial effects of these transactions are reflected in the books of accounts.

(1aii)
To ascertain the overall effect of all recorded transactions on the final statement of the company. Book-keeping will eventually ascertain the final accounts of the company, namely the Profit and Loss Account and the Balance Sheet

(1bi)
(i)Balances of cash and bank can be obtained at a glance.
(ii)Performs the function of a subsidiary book.
(iii)It also performs the function ofa ledger.

(1biii)
(i)Recording of disposal of fixed assets.
(ii)Correction of errors.
(iii)Double entry transactions

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