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WAEC GCE Financial Accounting 2021 Verified Essay and Objective Answers


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WAEC GCE Financial Accounting Questions and Answers 2021 Objectives Answers LOADING……

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1a)
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.

1bi)
General partnership
ii)Limited partnership
iii)Limited liability partnership.

1C) PICK ANY 10 below 👇
*CONTENTS OF DEED OF PARTNERSHIP*
The following are the contents of a partnership deed.
1. The name and details of the partners.
2. The name of the business.
3. The signatories to the bank account(s) of the business.
4. Duration of the Partnership.
5. The amount of money contributed by each partner (capital).
6. The rights and responsibilities of each partner.
7. Duties of each partner
8. The nature of business
9. Amount of salary to be paid to each partner.
10. Method to be adopted in admission of a new partner.
11. How to dissolve the partnership.
12. Address of the registered office.
13. Partnership account procedures
14. The terms and conditions of the partnership.
15. The profit and loss sharing ratio.

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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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(4a)
(i) National security and defence
(ii) Grants and aids
(iii) Interest on loans.

(4b)
(i) Prepaid expenses;
The prepaid portion of the expense (unexpired) is reduced from the total expense in the profit & loss account.The prepaid expense is shown on the assets side of the balance sheet under the head “Current Assets”.

(ii) Accrued expenses;
The expense is recorded in the accounting period in which it is incurred. Since accrued expenses represent a company’s obligation to make future cash payments, they are shown on a company’s balance sheet as current liabilities.

(4c)
(i) Capital expenses are incurred for the long-term while Revenue expenses are incurred for a shorter-duration and are mostly limited to an accounting year.
(ii) Capital expenses are capitalised while Revenue expenses are not capitalised.
(iii) Depreciation of assets is charged on capital expenses while Depreciation of assets is not levied on revenue expenditure.
(iv) Capital expenses are borne by a company to boost its earning capacity while Revenue expenses is mostly limited to the current accounting period.

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