WAEC 2017 Account Answers
1a)A source document is the original record containing the details to substantiate a transaction entered in an accounting system.
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| WAEC 2017 Account Question Paper |
1b)
i) Invoice
ii) credit note.
iii) debit note
iv) payment voucher
v) petty cash voucher
vi)bank statement
Objectives Answers:
ACCOUNT OBJ:
1-10: CCBBCACCCD
11-20: CCBCBBDBBB
21-30: CAADADBCBA
31-40: ABDCDACBBB
41-50: BBDDADCCCC
2ai)
(i)Discount Allowed
(ii)Bills receivable
(iii)Bad debts
(iv)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
4a) Depreciation of an assets is the measure of the wearing out, consumption or other loss of value of a fixed asset whether arising from use, effluxion of time or obsolescence through technology and market changes.
(4b)
(i)Physical deterioration
(ii)Economic factor
(iii)Inadequacy
(4c)
(i)Straight line: This allows an equal amount to be charged as depreciation for each year of expected use of the asset. The basic formulae is
Cost- Estimated residual value/ number of years of expected use.
Advantage:
(i)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
(4Cii) 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
(5)Adjusted Cash book:
Debit side:
Bal b/f(4500)
dividend(320)
under(180)
5000
Credit side:
subscri(350)
charges(500)
electricity(70)
insurance(100)
medical(120)
bal(3860)
5000
bank reconcilation statement:
bal as per adj cash book(3860)
add unpresented chequer(4800)
8660
uncredited cheque(1990)
bal as per bank statement(6670).
No: 3 Answers
3ai)
Accumulated fund:This is the funds that correspond to the capital of the partnership or sole trader and it will be calculated using the statement of affairs
3aii)
Subscription in arrears:This is the sum of money due for members but remained unpaid.It is treated as debtors in the balance sheet
3aiii)
Reciepts and payments:this is the accounts that shows the summary of a cash book over a particular period of time
3aiv)
Income and expenditure account:This is type of account being prepared based on the same principle as the profit and loss accounts.It is described as the equivalent of profit and loss account
3av)
Entrance fees:This is the money paid on application for membership of an association or club.It is normally treated as income in income and expenditure account
i) Invoice
ii) credit note.
iii) debit note
iv) payment voucher
v) petty cash voucher
vi)bank statement
Objectives Answers:
ACCOUNT OBJ:
1-10: CCBBCACCCD
11-20: CCBCBBDBBB
21-30: CAADADBCBA
31-40: ABDCDACBBB
41-50: BBDDADCCCC
2ai)
(i)Discount Allowed
(ii)Bills receivable
(iii)Bad debts
(iv)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
4a) Depreciation of an assets is the measure of the wearing out, consumption or other loss of value of a fixed asset whether arising from use, effluxion of time or obsolescence through technology and market changes.
(4b)
(i)Physical deterioration
(ii)Economic factor
(iii)Inadequacy
(4c)
(i)Straight line: This allows an equal amount to be charged as depreciation for each year of expected use of the asset. The basic formulae is
Cost- Estimated residual value/ number of years of expected use.
Advantage:
(i)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
(4Cii) 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
(5)Adjusted Cash book:
Debit side:
Bal b/f(4500)
dividend(320)
under(180)
5000
Credit side:
subscri(350)
charges(500)
electricity(70)
insurance(100)
medical(120)
bal(3860)
5000
bank reconcilation statement:
bal as per adj cash book(3860)
add unpresented chequer(4800)
8660
uncredited cheque(1990)
bal as per bank statement(6670).
No: 3 Answers
3ai)
Accumulated fund:This is the funds that correspond to the capital of the partnership or sole trader and it will be calculated using the statement of affairs
3aii)
Subscription in arrears:This is the sum of money due for members but remained unpaid.It is treated as debtors in the balance sheet
3aiii)
Reciepts and payments:this is the accounts that shows the summary of a cash book over a particular period of time
3aiv)
Income and expenditure account:This is type of account being prepared based on the same principle as the profit and loss accounts.It is described as the equivalent of profit and loss account
3av)
Entrance fees:This is the money paid on application for membership of an association or club.It is normally treated as income in income and expenditure account
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