BOOK-KEEPING WAEC 2020 OBJ/ESSAY QUESTIONS AND ANSWERS
Thursday, 10th September 2020
Marketing 2 (Essay) 9:30am – 11:30am
Marketing 1 (Objective) 11:30am – 12:30pm
To keep a complete and accurate record of all the financial transactions in a systematic orderly, logical manner. This ensures that the financial effects of these transactions are reflected in the books of accounts.
To ascertain the overall effect of all recorded transactions on the final statement of the company. Book-keeping will eventually ascertain the final accounts of the company, namely the Profit and Loss Account and the Balance Sheet
(i)Balances of cash and bank can be obtained at a glance.
(ii)Performs the function of a subsidiary book.
(iii)It also performs the function ofa ledger.
(i)Recording of disposal of fixed assets.
(ii)Correction of errors.
(iii)Double entry transactions.
(i)Trial balance considers opening stock. The balance sheet considers closing stock.
(ii)Trial balance is not a part of financial statements and final accounts. The balance sheet is an essential part of financial statements and final accounts.
(i)It fails to show the transactions on an accrual basis.
(ii)It does not define any targets making
it incapable of showing surpluses and
deficits at the end of the year.
(iii)Receipts and payments account does
not show Non-Cash transactions like
depreciation of assets, pilferage etc.
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