2018 WASSCE BOOK KEEPING

By -
Book Keeping Answers Loading



1a)

Book keeping is the systematic recording of transactions on a daily basis in the appropriate books. It is an integral part of accounting

1b)

- Book keeping helps to prevent fraudulent practices


- Book keeping information can be used for decision making


- Book keeping provides permanent records for all transactions


- Book keeping helps to determine the profitability of a business concern

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


(2)

- No interest in capital
-  No remuneration or salary
- Profit and losses to be shared equally
- 5% interest a year on loans made by partners in excess of the agreed capitals
- No interest is to be allowed on drawings

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

(3a)

Petty cash book is the book for recording small disbursements i.e. expenses.  The rational behind the system is to reduce the numerous cash payments for small expenses

(3b)

 Imprest system is the conventional system for recording petty cash transactions.  In this system, a specified sum is given to the cashier  at the start of the accounting period

(3c)

- Reduction in numbers of transactions;Many expenses of small nature are recorded in petty cash book.

- The number of transactions is reduced in the cash.

- Reduction of errors:As head cashier checks the accounts of previous month and gives .



Comments

Post a Comment

Popular posts from this blog

2018 WASSCE SOCIAL STUDIES THEORY

By -
Image
SOCIAL STUDIES QUESTIONS LOADING Answer 5 questions in all, choosing at least 1 question and not more than 2 questions from each section SOCIAL STUDIES ANSWERS LOADING Answer 5 questions in all, choosing at least 1 question and not more than 2 questions from each section 1(a) The concept of self-confidence is commonly used as self-assurance in one's personal judgment, ability, power, etc. One increases self-confidence from experiences of having mastered particular activities. It is a positive belief that in the future one can generally accomplish what one wishes to do. Self-confidence is not the same as self-esteem, which is an evaluation of one’s own worth, whereas self-confidence is more specifically trust in one’s ability to achieve some goal, which one meta-analysis suggested is similar to generalization of self-efficacy. 1(b) i) Visualize yourself as you want to be: “What the mind can conceive and believe it can achieve.” -- Napoleon Hill Visualiz
Read more

2018 WASSCE PRINCIPLE OF COST ACCOUNTING

By -
Image
COST ACCOUNTING QUESTIONS LOADING ANSWERS LOADING COST ACCOUNTING COMPLETE SECTION A ANSWER ONLY 2 QUESTION (1a) Reliability Accounting information is reliable to the extent that users can depend on it to represent the economic conditions or events that it purports to represent.  If the information is not reliable, then no investor can rely on it to make an investment decision. Comparability - Accounting information that has been measured and reported in a similar manner for different enterprises is considered comparable. Consistency Accounting information is consistent when an entity applies the same accounting treatment to similar accountable events from period to period. Comparability - Comparability is a pervasive problem in financial analysis even though there have been great strides made over the years to bridge the gap. (1b) = Cost accounting deals with the internal aspect of the business. As a result, cost accounting helps to improve
Read more

WAEC Threatens To Cancel Entire Results Of Candidates Caught With Mobile Phones

By -
Image
West    African    Examination Council    (WAEC) has said any candidate that  comes into the examination hall with mobile phones or any other electronic gadgets will    have his or her entire results cancelled, as it begins  registration for second series of West African Senior School Certificate Examination (WASSCE)  for private candidates. This was contained in a statement signed by the Council Head of National Office, Olu Adenipekun. He said, “Candidates who engage in examination malpractice will not only have their results cancelled, but may be prosecuted”. However, the HNO opined that Candidates who wish to register for the examination after the close of entries may be accommodated as “ Walk-in-Candidates ” provided they register not less than twenty four hours to the scheduled time of the paper (s) they intend to write, saying their fee is 25,000. See also:  Police Arrest Syndicate of Leaked WAEC Questions and Answers . He also urged the candidates with spec
Read more