Waec Financial Accounting 2021 Answers – Thursday 2 September

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Waec Financial Accounting Answers 2021

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FINANCIAL ACCOUNTING

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FIN.ACCOUNT OBJ
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ACCOUNT ESSAY


(2a) An imprest system of petty cash means that the general ledger account Petty Cash will remain dormant at a constant amount. If the amount of petty cash is ₦10,000, then the Petty Cash account will always report a debit balance of ₦10,000. This ₦10,000 is the imprest balance.

As long as ₦10,000 is adequate for the organization’s small disbursements, then the general ledger account Petty Cash will never be debited or credited again.

When the currency and coins on hand gets low, the petty cash custodian will request a check to replenish the coins and currency that were disbursed. Since the requested check is drawn on the organization’s checking account, the Cash account will be credited. The debits will go to the expense accounts indicated by the petty cash receipts, such as postage expense, supplies expense. In other words, the general ledger account Petty Cash is not involved in the replenishment. The petty cash custodian will cash the check and add the amount to the other cash.

(2b)
(Picl Any Two)
(i)Outdated System: Petty cash book is a largely outdated and inefficient system, and it does not fulfil the needs and expectations of the company’s current requirements.

(ii) Inconvenient for Larger Expenses: it causes huge inconvenience for larger expenses. The system is highly compatible and convenient for smaller expenses while opposite for larger expenses.

(iii) Overspending: Not setting the expenditure limits for every nominal transaction can even put an organization at the risk of facing overspending on purchases.

(2c)
(i) Petty Cash Vouchers are used to purchase tangible items from local suppliers who will not take a purchase order.

(ii) Petty Cash Voucher is used to control the disbursement of cash from the Petty Cash Fund.

(iii) it helps to financially control the petty cash accounts in order to make sure that no one can abuse or mismanage the funds in the petty cash fund.

(iv) it provides solid evidence when it comes to the reconciliation of the amount of cash that is left in the petty cash fund.
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(3ai)
Entrance Fees or Admission Fees is the amount that a person pays at the time of becoming a member of a Not-for-Profit Organization. It is a revenue receipt. Therefore, we account it as an income and credit it to Income and Expenditure Account.

(3aii)
A subscription is a signed agreement between a supplier and customer that the customer will receive and provide payment for regular products or services, usually for a one-year period.

(3b)
(Pick Any five)
(i) No Opening Balance:- Opening balance is not require to prepare income and expenditure account.

(ii) Accrual Basis:- Income and expenditure account is maintained on accrual basis.

(iii) Based On Receipt And Payment Account:- Income and expenditure account is prepared on the basis of receipt and payment account at the end of the accounting year.

(iv) Non-cash Items:- This account records non-cash items also
(v) Debit And Credit Rule:- Expenses and losses are debited and incomes are credited as it is a nominal account.

(vi) No Capital Transactions:- Only revenue items are included in income and expenditure account. So, capital items are excluded while preparing this account.

(vii) Only Current Year’s Transactions:- Income and expenditure account includes only current periods transactions.
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(4a)
bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. In other words the statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period.

(4bi)
bank charges covers all charges and fees made by a bank to their customers. In common parlance, the term often relates to charges in respect of personal current accounts or checking account.

(4bii)
standing order is an instruction a bank account holder gives to their bank to pay a set amount at regular intervals to another’s account. The instruction is sometimes known as a banker’s order.

(4biii)
Credit transfer” means a payment transaction by which a credit institution transfers funds to a payee’s account on the basis of a payer’s order, and the payer and the payee can be the same person.

(4biv)
Dishonoured cheques are cheques that a bank on which is drawn declines to pay. There are a number of reasons why a bank would refuse to honour a cheque, with non-sufficient funds being the most common one, indicating that there are insufficient cleared funds in the account on which the cheque was drawn.

(4bv)
unpresented cheque simply means that a cheque has been written and accounted for, but it has not yet been paid out by the bank from which the money is being drawn. Unpresented cheques are also referred to as outstanding cheques because the funds in question are, as the name suggests, outstanding.

(4bvi)
uncredited cheques represent money that is available to the company but has not yet been recognised by the bank. This comes in the form of cheques paid in by customers and clients.
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(1a)
Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts.

(1bi)
Business entity: This provides that the financial activities of a firm be kept separate from the personal affairs of its owner.

(1bii)
Accrual: This concept states that revenues and costs are recognized as they are earned or incurred, not as when money is received or paid.

(1biii)
Going concern:This assumes that a business will continue to operate intothe foreseeable future, unless something contrary happens.

(1biv)
Consistency: The concept of consistency means that accounting methods once adopted must be applied consistently in future

(1bv)
Periodicity: The concept provides that preparation and reporting of accounting information should be done at regular intervals to allow users to have access to information at all times, since decisions may be taken at any time.

(1bvi)
Historical cost: this concept states that the value of an asset is determined by the cost of its acquisition and not by the value of returns which are expected to be earned.


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Waec Financial Accounting (Obj & Essay) Exam Date 2021

Thursday, 2nd September 2021

  • Financial Accounting 2 (Essay) 9:30 am. –12:00 noon.
  • Financial Accounting 1 (Objective) 12:00noon.–1:00pm.

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