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2016/2017 WAEC EXPO:FINANCAL ACCOUNT THEORY AND OBJ QUESTIONS AND ANSWERS NOW AVAILABLE HERE FOR FREE

Poster: alexical | Date: 1:58am, 19th Apr 2016. | Views: 757 | 1 Replies
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alexical . Jalingo, Taraba
1:58am, 19th Apr 2016.

FINANCIAL ACCOUNTING (ESSAY ) 9.30AM
– 1PM
FINANCIAL ACCOUNTING ( OBJ & ESSAY )
9.30AM – 1.00PM

1a) General journal is the accounting
version of our personal journals. It doesn't
record everything that happens to the
business, of course, but it does record every
financial transaction that takes place
(sometimes alone, sometimes as a group of
similar transactions). Like our personal
journal entries, it notes the date, the
accounts involved, and the amounts of
money, as well as providing a brief
description of what happened.


(2ai.)
Discount Allowed
Bills receivable
Bad debts
Return inwards

(2aii)
Discount Received
Bills Payable
Cash to suppliers
Return outwards

(2b)
- Error of original entry
- Error of omission
- Error of commission
- Error of principle
- Compensating errors
- Complete reversal of entry

(4b)
I. Physical deterioration
ii. Obsolescence
iii. The time factor
iv. Economic factor
v. Inadequacy

4C(ii) Reducing balance;
Under this method, the depreciation
charged per annum is determined by
applying a fixed rate of depreciation on the
net book value of the asset at the
beginning of each year of expected use.

Advantage: it is simple to calculate

ii. It is time oriented

Disadvantage:

i. Assumption of equal or constant
revenue per year is unrealistic
ii. Might lead to a misleading picture of
the financial statement

Cii) Reducing balance: Under this method,
the depreciation charged per annum is
determined by applying a fixed rate of
depreciation on the net book value of the
asset at the beginning of each year.
Disadvantage of reducing balance:
Difficulty in calculating the rate of
depreciation


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