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2018 Waec Financial Accounting Essay and Objective Questions and Answers | Financial Accounting Waec Expo

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Emmi
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PostEmmi on Tue Apr 17, 2018 3:15 pm

2018 Waec  Financial Accounting Essay and Objective questions and answers is now available, get verified 2018 waec Financial Accounting Essay and Objective answers, expo for 2018 waecFinancial Accounting Essay and Objective and Essay exam. Correct answer for  Financial Accounting Essay and Objectivequestions and answers. SSCE/waec 2018  Financial Accounting Essay and Objective exam runz , Get correct 2018 waec Financial Accounting Essay and Objective answers
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Thursday, 19th April, 2018


Financial Accounting 2 (Essay) � 09:30 a.m. � 12:00 noon

Financial Accounting 1 (Objective) � 12:00 noon � 1:00 p.m




ACCOUNT OBJ:
1-10: DABDABABBC
11-20: BCAADBBBAA
21-30: ADCABCBDDC
31-40: BACBDDACDB
41-50: CCCBACCCAC






2018 WAEC MAY/JUNE FINANCIAL ACCONTING


*1a*. 1. It can result in a business exhausting the budget, leading to spending more than
what is coming in.
2. Businesses may need to file for bankruptcy or shut their doors if they fail to keep adequate records from the
beginning.  
3. It can result in problems with suppliers, payroll, utilities, and other vital components to a running successful business.

*1b.* I. Relevance means an account information to make a difference in decision making
Ii. Comparability means an account information can be used to compare different entities
Iii. Consistency: information is consistently presented from year to year 
Iv. Reliability means an account  information is verifiable, factual, and neutral

*1c*
- Accounting information is historical in nature 
- there is no information as to usefulness, size or quantity because accounting is expressed in monetary terms


           *Number 2*
*2 ai)*
Direct materials consist of all of the materials that become an integral part of the finished product . Direct materials should include the actual cost of the materials, as well as freight in, import duties , purchasing costs , receiving costs , storage costs and other directly attributable costs of acquiring the materials.
Example - Orange in fanta making
*2 aii )*
Direct labor consists of all of the personnel costs required to manufacture the finished product . Direct labor should include wages, payroll taxes , and benefits associated with personnel who are integral to manufacturing the finished product .
Example - Wage of machine operator
*2 aiii)
Factory overhead consists of all of the other costs required to manufacture the finished product that do not fit into the direct material or direct labor elements. They consist mainly of indirect material , indirect labor , depreciation , utilities , rent , repairs and maintenance and insurance .
Example - Indirect

*2b*

I) Merchandise stock

It is the inventory of trading goods held by the trader.

II).  Manufacturing Stock

It is the inventory held for manufacturing and selling of goods. Based on the value addition or stage of completion, the manufacturing inventories are further classified into 3 types of inventory – Raw Material, Work-In-Progress, and Finished Goods


III)Anticipatory Stock

Based on the past experiences, a businessman is able to foresee the future trends of the market and takes certain decisions based on that. Expecting a price rise, a spurt in demand etc some businessman invests money in stocking those goods. Such kind of inventory is known as anticipatory stock. It is normally the raw materials or finished goods and this strategy is executed by traders.
            *Number 3*
*3A*
Where a big business with diverse trading activities is conducted under the same roof the same is usually divided into several departments and each department deals with a particular kind of goods or service. For example, a textile merchant may trade in cotton, woolen and jute fabrics. The overall performance for this type of business depends, however, on departmental efficiency.

*(3b)..*
Pick just 2(two)

(A)

Departmental accounts help to understand or locate the success, failure, rates of profit, etc.

(B) It helps the management to make proper plan of action, policies in order to increase profit after analysing the results of operation of various departments.

(C) Departmental accounting helps us to understand which department should be expanded further or which one should be closed down as per the results of the operation.

(D) If also helps to encourage a healthy competitive spirit among the various departments which, ultimately, helps to increase profits of the firm as a whole.

(E) For additions or alterations of various departments, departmental accounts helps a lot as it supplies the necessary information.

Click Here To See Answers Number 6



Click here to See Answers Number 9




Click Here To See Answers Number 7


Click Here To See Answers Number 8


Last edited by Emmi on Thu Apr 19, 2018 12:14 pm; edited 16 times in total
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PostEmmi on Thu Apr 19, 2018 8:02 am

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