2020 WAEC Financial Accounting Essay & Objective Expo Answers Now Available

2020 WAEC Financial Accounting Essay & Objective Expo Answers Now Available

WAEC Financial Accounting Expo Essay and Objective Complete Correct Questions and Answers 2020/2021 which is supposed to be written in May/June but now August/September now available. 

WAEC UPDATE!!!: Don’t send your subscription/card twice. If you do so your subscription will be terminated be warn. Send your subscription early to get your password early. 100% Refund if the 2020 WAEC exam is not delivered to your taste and satisfaction. 100% assurance and authentic answers will reach to you.

Don’t panic we never fail to our promise. Give it a try and enjoy our service. Once again don’t be deceived by other sites or WhatsApp people or groups promising and telling you stories they will only give you fake or late answers. For your own good kindly subscribe to us for 100% assurance.

Our Official Number Remains 08032773749 AVOID Calling us. We don’t pick calls but only attend to SMS/WhatsApp. Click Here To Chat Us On WhatsApp

==> FINANCIAL ACCOUNTING ANSWERS

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

ACCOUNT OBJECTIVE
1-10 AAABBCDCAB
11-20 CCCBABBDCC
21-30 DDBBCCDCAA
31-40 BDDBBBDBAB
41-50 BADBBACCBB

Completed ✅✍️

(1a)
In a Tabular form

(Choose Any two)

(Book keeping)
(i)It is basis for accounting
(ii)Persons responsible are called Book keeper’s
(iii)It does not require any personal skill
(iv)Financial statements are not prepared from records
(v)It cannot help for decision making

(Accounting)
(i)It is basis for business language
(ii)Persons responsible are called Accountants
(iii)It require skill and knowledge
(iv)Financial statement can be prepared from accounting records
(v)It help for decision making

(1bi)Sales
(choose Any one)
(i)out going invoices (ii)debit notes issued

(1bii)Purchased
(choose Any one)
(i)Incoming invoices
(ii)debit notes received

(1biii)Cash deposit
(choose Any one)

(i)Till slips
(ii)incoming cheque
(iii)Receipt

(1biv)Salary
(Choose Any one)
(i)time sheets
(ii)Job sheets
(iii)Time recorders (iv)Payroll registers

(1bv)
Return outward book
(i)Incoming credit note

(1c)
(i) For record purpose
(ii)For accounting purpose

(iii)For auditing and legal purpose

(2a)
Non-profit making organisation are organisations that do not mainly engage in buying and selling of goods. Thus, their main objective is not to make profit as they are formed to seek the welfare of their members eg mosque, churches etc.

(2b)
In a tabular form:
Profit making organisation
(i) It is engaging in the buying and selling of goods and services.
(ii) Their major objectives is the making of profit.

Non-profit organisation
(i) It does not engage in the buying and selling of goods and services.
(ii) The major object is not to make profit but to seek the welfare of members.

(2c)
(a) Subscription: This is the annual period dues of members of a club or social body or not for making profit organisation.
(b) Life membership fee: The club members can make payment for life. This means that they paying a fairly substantial amount now. Members can enjoy the facility of the club for the rest of his/her life.
(c) Entrance fee: These are amount payable when a person first joins a club. These are normally included as income in the year that they received.

(d) Donations: This is the amount received or given by non-trading organisation in cash or in kind in the form of gift from a person or an organisation.

(4ai)
(i) Governor’s
(ii) Legislative Arms
(iii) Local investor
(iv) The public
(v) Local Authorities

(4b)
TABULATE
PUBLIC SECTOR
(i) doesn’t show creditor.
(ii) revenues are derived from tax,fee,fine
(iii) basically on cash basic
(iv) reports to general public
(v) based on provision of service.

PRIVATE SECTOR
(i) shows creditor goods
(ii) revenue are derived from sales of goods
(iii) basically on accounting in annual
(iv) reports to share holders
(v) based on principle maximization

==================================================
(5a)
In the books of Odis Ent.
Statement of affairs as at 31/12/17

(Debit side)
Capital 43000.
Creditors 4000
Rent
Total=47000

(Credit side)
Fixed assets 8000
Stock 15900
Trade debtors 11000
Cash 12100
Total = 47000

(5b)
(Debit side)
Bal b/f 12100
Cash received
from debitors 100000

Total 112100

(Credit side)
Cash paid to
Suppliers 72000
Exp:
Rent 2500
Gen.exp. 1800
Drawing 52000
Bal c/d 30600
112100
(5c)
Trading profit&loss A/C for the year ended
(Credit side)
Opening stock. 15900
+Purchase. 74500

Total. 90400
– closing stock. 17000
73400
Gross profit. 28800
Total. = 102200

( Debit side)
Sales. 102200

Profit & loss a/c for the year ended 31/12/17

(Credit side)
Gen.exp. 1800
Rent. 3000
Depreciation 800
Wet profit. 23200
Total. = 28,800

(Debit side)
Gross profit. 28,800

Total. 28800

(8)
Departmental trading and profit account for the year ended 31st December 2017

Dep A

Sales 1,500,000
Less cost of sales
Opening stock 150,000
Add purchase 720,000
Cost of goods available 870,000
Less closing stock 175,000
Less cost of sales 695,000
Good profit 805,000

Add incomes
Discount received 72,000
Total income 877,000

Less expenses:
Rent & rates 25,000 —– 25,000
Commission 30,000 —- 25,000
Insurance 2500 —- 2500
Advertising 10,000 —- 10,000
Salaries and wages 150,000 —- 100,000
Administration and general expenses 75,000 —- 75,000

Depreciation 17,500
Total expenses 310,000
Net profit 567,000

Dept B
Sales 1,250,000
Less opening stock
Opening stock 100,000
Add purchase 520,000
Cost of goods available 620,000
Less closing stock 142,000
Less cost of sales 478,000
Gross profit 772,000

Add income:
Discount received 52,000
Total income 124,000
Depreciation 17,500
Total expenses 255,000
Net profit 569,000
==================================

WAEC FINANCIAL ACCOUNTING EXAMINATION HAS BEEN SCHEDULED TO TAKE PLACE ON

Saturday, 5th September 2020
Financial Accounting 2 (Essay) – 9:30am – 12:00pm
Financial Accounting 1 (Objective) – 12:00pm – 1:30pm

FOR 2020 WAEC Financial Accounting Essay & Objective Answers📑

↔️Online PIN:- #500 MTN CARD

↔️WhatsApp Plan:- #600 MTN CARD

Online PIN MEANS: The Pin to access our answers online.📝

Online Answer Password Page: https://funloaded.net

Send The Following details:-👇🏻

(i) MTN CARD Pin(s)

(ii) Subject

(iii) Phone number ===> 08032773749 via WhatsApp/SMS

PLS. DROP YOUR MSG & WAIT FOR OUR RESPONSE SOON ✅

💥Subscribe & Get It Now Before Exam.

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

NOTE:- DON’T COME HERE FOR FREE ANSWER, OR ELSE WE WILL BLOCK YOU

PLEASE NOTE: AVOIDING CALLING US & NO SENDING OF FAKE PINS.

I WISH YOU ALL GOOD LUCK 🤞…

NO PAYMENT NO PAPERS

PAYMENT BEFORE PAPERS

WAEC Financial Accounting SOLUTION

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

Funloaded.org.ng send all exam expo answer earlier than others

2020 WAEC Financial Accounting Essay & Objective Expo Answers Now Available

2020 WAEC Financial Accounting Essay & Objective Expo Answers Now Available

Be the first to comment

Leave a Reply

Your email address will not be published.


*