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2015 Waec Gce: Financial Account Answers (runz) / 2013/14 Likely Practical Biology Specimens Questions & Answers (2) (3) (4)
Waec Gce ( Financial Accounting Theory And Objective) And Practical Biology by geraldoprah2: 1:37pm On Sep 19, 2013 |
WAEC GCE ( FINANCIAL ACCOUNTING THEORY AND OBJECTIVE) AND PRACTICAL BIOLOGY.call:08164520586 |
Re: Waec Gce ( Financial Accounting Theory And Objective) And Practical Biology by Benosky1(m): 10:24am On Sep 20, 2013 |
♣ACCOUNTING THEORY ANS♣ (1a). departmental account means account prepared separately for the department and here ledgers will be opened, trial balance will be prepared and also profit and loss account.it determines the financial status of each department in an institution. (1b). apportinate is a term used for differentiation and division of each department financial status into different account. (1c) purpose of departmental account - to determine the financial status of each department - it is used to determine profitability of each department - it is useful for decision - making processes. - it is used for determine gross profit of each department - it is used for monitoring the progress of each department. (3ai)prime cost are the cost that can be traced to a particular production unit. (3aii) -direct materials: this is the expenditure on raw materials which can be traced to aparticular production unit -Direct expenses: these are expenses which have direct indentfication with production e.g royalties -direct labour: this refers to the wages of employeess who are directly engaged in the production process (3b) -it saves time -it allow homogenous accoutn -it used to detect missing figures -it helps in locating errors -it provide a check on the accuracy of balance of the ledgers -total debtors and creditors can be easily calculated. ( Debtor\'s account Debit Side Bal(1200) sales(8200) int Charge(140) Dishouned cheque(1400) Carriage out(110) Dishourned(1200) int on overdue(100) 12,350 Credit side cheque received(9200) return inwards(240) bad debt(800) set-off(400) bal c/d (1710) 10640 Creditor\'s control Debit side cash paid(250) cheques paid(4200) return out(220) set-off(400) bal c/d(5,250) 10,320 credit side bal(720) purchases(9600) 10,320 bal b/d(5250) |
Re: Waec Gce ( Financial Accounting Theory And Objective) And Practical Biology by Benosky1(m): 11:22am On Sep 20, 2013 |
ACCOUNTING OBJ 1-10 ACBBCBACAB 11-20 ADDBABDDAB 21-30 ABDDBBACBB 31-40 CDDDABACBB 41-50 BDDCBAACDB [b] ♣ACCOUNTING THEORY ANS♣ 1a. departmental account means account prepared separately for the department and here ledgers will be opened, trial balance will be prepared and also profit and loss account.it determines the financial status of each department in an institution. 1b. apportinate is a term used for differentiation and division of each department financial status into different account. C. purpose of departmental account - to determine the financial status of each department - it is used to determine profitability of each department - it is useful for decision - making processes. - it is used for determine gross profit of each department - it is used for monitoring the progress of each department (3ai)prime cost are the cost that can be traced to a particular production unit. (3aii) -direct materials: this is the expenditure on raw materials which can be traced to aparticular production unit -Direct expenses: these are expenses which have direct indentfication with production e.g royalties -direct labour: this refers to the wages of employeess who are directly engaged in the production process (3b) -it saves time -it allow homogenous accoutn -it used to detect missing figures -it helps in locating errors -it provide a check on the accuracy of balance of the ledgers -total debtors and creditors can be easily calculated. (7) Tabulate Debit(dr) and Credit(cr) Subscription Debit: Balance(960) + I &E(34,560) + Balance(420) = 35940. Credit: Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance b/d (420) Wages A/C Debit: Cash (26,976) + Bal (768) = 27,744 Credit: Bal (696)+ I&E(27,048) = 27,744 Club House Debit: Bal (48,600)= 48,600 Credit: Dep (I&E) 4860 + Bal (43,740) = 48600 Sundry Exp Debit: Cash (1,248) = 1248 Credit: Bal (696) + I&E (552) = 1,248 INCOME AND EXPENDITURE Debit (#) Subscription (34,560)+ Income from dance (23604)+ Interest (720)+ Donation (3612) = 62516 Credit LESS EXPENSES (#) Dance (3,660) + Repairs (1,752)+ Wages (27048) + Sundry Exp(552)+ Dep: Club house (4860) = Surplus (37872)= 24,644 Balance sheet as at 31/12/2010 Tabulate (Cost ) ,(Dep) , NBv Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house (cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV (82632) C/A cash (28824) - Less C/L Subcription (420)= 28404 +82632 = 111036 ACCount Fund (86064) + 24644 =110708 (5) manufacturing trading profit & loss Account for the year ended 31/12/20010 Debit Side Stock Rm(105000) purchases(210000) 315000 expenses(56000) 371000 stock(90,000) 281000 wages(69000) royalties(50,000) prime cost(400000) over head expense gen exps(1/3*(33000)) (11,000) indirect labour(20,000) dep building (5/100*(120,000) (6,0000) equipmet (5/100*(100000) (5000) 42000 add WIP @ start(25000) 67000 less WIP@end(35000) 32000 g.p on Manufactured(78000) market value(510000) Stock F.G(135000) market value(510000) stock F.G(645000) 80,000 G.p(565000) 125000 690000 general exps(2/3*(33000) (22000) admin exps(40000) S&(45000) net profit(96000) 203,000 credit side market value(510,000) 510,000 sales(700,000) ret inwards(10000) 690000 690000 G.p b/d(125000) G.p on manifest(78000) 203,000. (7) Tabulate Debit(dr) and Credit(cr) Subscription Debit: Balance(960) + I &E(34,560) + Balance(420) = 35940. Credit: Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance b/d (420) Wages A/C Debit: Cash (26,976) + Bal (768) = 27,744 Credit: Bal (696)+ I&E(27,048) = 27,744 Club House Debit: Bal (48,600)= 48,600 Credit: Dep (I&E) 4860 + Bal (43,740) = 48600 Sundry Exp Debit: Cash (1,248) = 1248 Credit: Bal (696) + I&E (552) = 1,248 INCOME AND EXPENDITURE Debit (#) Subscription (34,560)+ Income from dance (23604)+ Interest (720)+ Donation (3612) = 62516 Credit LESS EXPENSES (#) Dance (3,660) + Repairs (1,752)+ Wages (27048) + Sundry Exp(552)+ Dep: Club house (4860) = Surplus (37872)= 24,644 Balance sheet as at 31/12/2010 Tabulate (Cost ) ,(Dep) , NBv Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house (cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV (82632) C/A cash (28824) - Less C/L Subcription (420)= 28404 +82632 = 111036 ACCount Fund (86064) + 24644 =110708 ( Debtor\'s account Debit Side Bal(1200) sales(8200) int Charge(140) Dishouned cheque(1400) Carriage out(110) Dishourned(1200) int on overdue(100) 12,350 Credit side cheque received(9200) return inwards(240) bad debt(800) set-off(400) bal c/d (1710) 10640 Creditor\'s control Debit side cash paid(250) cheques paid(4200) return out(220) set-off(400) bal c/d(5,250) 10,320 credit side bal(720) purchases(9600) 10,320 bal b/d(5250) ACCOUNTING OBJ 1-10 ACBBCBACAB 11-20 ADDBABDDAB 21-30 ABDDBBACBB 31-40 CDDDABACBB 41-50 BDDCBAACDB [b] ♣ACCOUNTING THEORY ANS♣ 1a. departmental account means account prepared separately for the department and here ledgers will be opened, trial balance will be prepared and also profit and loss account.it determines the financial status of each department in an institution. 1b. apportinate is a term used for differentiation and division of each department financial status into different account. C. purpose of departmental account - to determine the financial status of each department - it is used to determine profitability of each department - it is useful for decision - making processes. - it is used for determine gross profit of each department - it is used for monitoring the progress of each department (3ai)prime cost are the cost that can be traced to a particular production unit. (3aii) -direct materials: this is the expenditure on raw materials which can be traced to aparticular production unit -Direct expenses: these are expenses which have direct indentfication with production e.g royalties -direct labour: this refers to the wages of employeess who are directly engaged in the production process (3b) -it saves time -it allow homogenous accoutn -it used to detect missing figures -it helps in locating errors -it provide a check on the accuracy of balance of the ledgers -total debtors and creditors can be easily calculated. (7) Tabulate Debit(dr) and Credit(cr) Subscription Debit: Balance(960) + I &E(34,560) + Balance(420) = 35940. Credit: Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance b/d (420) Wages A/C Debit: Cash (26,976) + Bal (768) = 27,744 Credit: Bal (696)+ I&E(27,048) = 27,744 Club House Debit: Bal (48,600)= 48,600 Credit: Dep (I&E) 4860 + Bal (43,740) = 48600 Sundry Exp Debit: Cash (1,248) = 1248 Credit: Bal (696) + I&E (552) = 1,248 INCOME AND EXPENDITURE Debit (#) Subscription (34,560)+ Income from dance (23604)+ Interest (720)+ Donation (3612) = 62516 Credit LESS EXPENSES (#) Dance (3,660) + Repairs (1,752)+ Wages (27048) + Sundry Exp(552)+ Dep: Club house (4860) = Surplus (37872)= 24,644 Balance sheet as at 31/12/2010 Tabulate (Cost ) ,(Dep) , NBv Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house (cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV (82632) C/A cash (28824) - Less C/L Subcription (420)= 28404 +82632 = 111036 ACCount Fund (86064) + 24644 =110708 (5) manufacturing trading profit & loss Account for the year ended 31/12/20010 Debit Side Stock Rm(105000) purchases(210000) 315000 expenses(56000) 371000 stock(90,000) 281000 wages(69000) royalties(50,000) prime cost(400000) over head expense gen exps(1/3*(33000)) (11,000) indirect labour(20,000) dep building (5/100*(120,000) (6,0000) equipmet (5/100*(100000) (5000) 42000 add WIP @ start(25000) 67000 less WIP@end(35000) 32000 g.p on Manufactured(78000) market value(510000) Stock F.G(135000) market value(510000) stock F.G(645000) 80,000 G.p(565000) 125000 690000 general exps(2/3*(33000) (22000) admin exps(40000) S&(45000) net profit(96000) 203,000 credit side market value(510,000) 510,000 sales(700,000) ret inwards(10000) 690000 690000 G.p b/d(125000) G.p on manifest(78000) 203,000. (7) Tabulate Debit(dr) and Credit(cr) Subscription Debit: Balance(960) + I &E(34,560) + Balance(420) = 35940. Credit: Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance b/d (420) Wages A/C Debit: Cash (26,976) + Bal (768) = 27,744 Credit: Bal (696)+ I&E(27,048) = 27,744 Club House Debit: Bal (48,600)= 48,600 Credit: Dep (I&E) 4860 + Bal (43,740) = 48600 Sundry Exp Debit: Cash (1,248) = 1248 Credit: Bal (696) + I&E (552) = 1,248 INCOME AND EXPENDITURE Debit (#) Subscription (34,560)+ Income from dance (23604)+ Interest (720)+ Donation (3612) = 62516 Credit LESS EXPENSES (#) Dance (3,660) + Repairs (1,752)+ Wages (27048) + Sundry Exp(552)+ Dep: Club house (4860) = Surplus (37872)= 24,644 Balance sheet as at 31/12/2010 Tabulate (Cost ) ,(Dep) , NBv Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house (cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV (82632) C/A cash (28824) - Less C/L Subcription (420)= 28404 +82632 = 111036 ACCount Fund (86064) + 24644 =110708 ( Debtor\'s account Debit Side Bal(1200) sales(8200) int Charge(140) Dishouned cheque(1400) Carriage out(110) Dishourned(1200) int on overdue(100) 12,350 Credit side cheque received(9200) return inwards(240) bad debt(800) set-off(400) bal c/d (1710) 10640 Creditor\'s control Debit side cash paid(250) cheques paid(4200) return out(220) set-off(400) bal c/d(5,250) 10,320 credit side bal(720) purchases(9600) 10,320 bal b/d(5250) ACCOUNTING OBJ 1-10 ACBBCBACAB 11-20 ADDBABDDAB 21-30 ABDDBBACBB 31-40 CDDDABACBB 41-50 BDDCBAACDB [b] ♣ACCOUNTING THEORY ANS♣ 1a. departmental account means account prepared separately for the department and here ledgers will be opened, trial balance will be prepared and also profit and loss account.it determines the financial status of each department in an institution. 1b. apportinate is a term used for differentiation and division of each department financial status into different account. C. purpose of departmental account - to determine the financial status of each department - it is used to determine profitability of each department - it is useful for decision - making processes. - it is used for determine gross profit of each department - it is used for monitoring the progress of each department (3ai)prime cost are the cost that can be traced to a particular production unit. (3aii) -direct materials: this is the expenditure on raw materials which can be traced to aparticular production unit -Direct expenses: these are expenses which have direct indentfication with production e.g royalties -direct labour: this refers to the wages of employeess who are directly engaged in the production process (3b) -it saves time -it allow homogenous accoutn -it used to detect missing figures -it helps in locating errors -it provide a check on the accuracy of balance of the ledgers -total debtors and creditors can be easily calculated. (7) Tabulate Debit(dr) and Credit(cr) Subscription Debit: Balance(960) + I &E(34,560) + Balance(420) = 35940. Credit: Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance b/d (420) Wages A/C Debit: Cash (26,976) + Bal (768) = 27,744 Credit: Bal (696)+ I&E(27,048) = 27,744 Club House Debit: Bal (48,600)= 48,600 Credit: Dep (I&E) 4860 + Bal (43,740) = 48600 Sundry Exp Debit: Cash (1,248) = 1248 Credit: Bal (696) + I&E (552) = 1,248 INCOME AND EXPENDITURE Debit (#) Subscription (34,560)+ Income from dance (23604)+ Interest (720)+ Donation (3612) = 62516 Credit LESS EXPENSES (#) Dance (3,660) + Repairs (1,752)+ Wages (27048) + Sundry Exp(552)+ Dep: Club house (4860) = Surplus (37872)= 24,644 Balance sheet as at 31/12/2010 Tabulate (Cost ) ,(Dep) , NBv Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house (cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV (82632) C/A cash (28824) - Less C/L Subcription (420)= 28404 +82632 = 111036 ACCount Fund (86064) + 24644 =110708 (5) manufacturing trading profit & loss Account for the year ended 31/12/20010 Debit Side Stock Rm(105000) purchases(210000) 315000 expenses(56000) 371000 stock(90,000) 281000 wages(69000) royalties(50,000) prime cost(400000) over head expense gen exps(1/3*(33000)) (11,000) indirect labour(20,000) dep building (5/100*(120,000) (6,0000) equipmet (5/100*(100000) (5000) 42000 add WIP @ start(25000) 67000 less WIP@end(35000) 32000 g.p on Manufactured(78000) market value(510000) Stock F.G(135000) market value(510000) stock F.G(645000) 80,000 G.p(565000) 125000 690000 general exps(2/3*(33000) (22000) admin exps(40000) S&(45000) net profit(96000) 203,000 credit side market value(510,000) 510,000 sales(700,000) ret inwards(10000) 690000 690000 G.p b/d(125000) G.p on manifest(78000) 203,000. (7) Tabulate Debit(dr) and Credit(cr) Subscription Debit: Balance(960) + I &E(34,560) + Balance(420) = 35940. Credit: Balance(360) +Cash(35,160) +Bal (420) = 35940. Balance b/d (420) Wages A/C Debit: Cash (26,976) + Bal (768) = 27,744 Credit: Bal (696)+ I&E(27,048) = 27,744 Club House Debit: Bal (48,600)= 48,600 Credit: Dep (I&E) 4860 + Bal (43,740) = 48600 Sundry Exp Debit: Cash (1,248) = 1248 Credit: Bal (696) + I&E (552) = 1,248 INCOME AND EXPENDITURE Debit (#) Subscription (34,560)+ Income from dance (23604)+ Interest (720)+ Donation (3612) = 62516 Credit LESS EXPENSES (#) Dance (3,660) + Repairs (1,752)+ Wages (27048) + Sundry Exp(552)+ Dep: Club house (4860) = Surplus (37872)= 24,644 Balance sheet as at 31/12/2010 Tabulate (Cost ) ,(Dep) , NBv Land (cost: 48,000) , (Dep: ), (NBv : 4800) + Club house (cost: 57,420) , (Dep: 22788), (NBv : 34632 ) = NBV (82632) C/A cash (28824) - Less C/L Subcription (420)= 28404 +82632 = 111036 ACCount Fund (86064) + 24644 =110708 ( Debtor\'s account Debit Side Bal(1200) sales(8200) int Charge(140) Dishouned cheque(1400) Carriage out(110) Dishourned(1200) int on overdue(100) 12,350 Credit side cheque received(9200) return inwards(240) bad debt(800) set-off(400) bal c/d (1710) 10640 Creditor\'s control Debit side cash paid(250) cheques paid(4200) return out(220) set-off(400) bal c/d(5,250) 10,320 credit side bal(720) purchases(9600) 10,320 bal b/d(5250) |
Re: Waec Gce ( Financial Accounting Theory And Objective) And Practical Biology by joeybankz: 10:28am On Sep 13, 2019 |
Transaction school theory.... Do not refer me to dead zone |
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