WAEC Financial Accounting 2021 Answers, WAEC Financial Accounting 2021 Answers, question on Accounting waec 2021, WAEC Financial Accounting Answers 2021. WAEC 2021 Financial Accounting obj, 2021 WAEC Financial Accounting obj and Essay Answers, WAEC Financial Accounting 2021, Many WAEC candidates find it difficult to answer the WAEC 2021 Financial Accounting obj and Essay question and Answers correctly due to not understanding the questions. I will show you the best way to answer WAEC 2021 Financial Accounting questions and make a good WAEC result in your Computer examination. WAEC Financial Accounting questions 2021, 2021 WAEC Financial Accounting answers, Financial Accounting theory WAEC 2021, WAEC Financial Accounting questions and answers 2021, WAEC 2021 Financial Accounting Answers
WAEC Financial Accounting Questions and Answers 2021. , for the National examination council (June/July 2021. Financial Accounting Answers. This post will provide you with repeated questions as well as the answers to your WAEC Financial Accounting exam 2021. This post will help you understand the WAEC Financial Accounting answers 2021.
2021 WAEC Financial Accounting Questions & Answers
Financial Accounting 2 (Essay) 9:30am. –12:00 noon.
Financial Accounting 1 (Objective) 12:00noon.–1:00pm.
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.
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.
(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.
(1a) Accounting concepts are a set of general conventions that can be used as guidelines when dealing with accounting situations.
(I) Business Entity: The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.
(II) Accrual: The accrual principle is an accounting concept that requires transactions to be recorded in the time period in which they occur, regardless of when the actual cash flows for the transaction are received.
(III) Going concern: is an accounting term for a company that is financially stable enough to meet its obligations and continue its business for the foreseeable future.
(IV) Consistency: The concept of consistency means that accounting methods once adopted must be applied consistently in future
(V) Periodicity: The periodicity concept is a period during which business enterprises are required to prepare financial statement at specified intervals.
(VI) Historical cost: A historical cost is a measure of value used in accounting in which the value of an asset on the balance sheet is recorded at its original cost when acquired by the company.
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.
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.
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.
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.
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.
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.
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.
(FINANCIAL ACCOUNTING – WAEC)
Password: N500 MTN CARD
WhatsApp/SMS: N800 MTN CARD
Forward Subject Name, MTN CARD PINS, Phone number to: 09033919669 via TEXT MESSAGE(SMS) ONLY.
NOTE: Do Not Subscribe On Whatsapp. Send via SMS ONLY. After sending, relax, and wait for your password.
*Please Avoid Using
GLO Number while Sending Us Text or Subscription.
Our Answers will give you a good result of A1, B2, and the minimum of B3.
We Assure your A1 or B2 in Waec 2021 Finacial Accounting Question
WAEC Financial Accounting QUESTIONS 2021 ?
PLEASE AVOID GLO WHILE TEXTING US
Do Not USE
GLO LINE TO SEND YOUR SUBSCRIPTION
(IF YOU WISH TO BE AMONG THOSE THAT WILL BE RECEIVING ANSWERS BY MIDNIGHT, DO WELL TO SUBSCRIBE FOR YOUR 9 SUBJECTS AT THE PRICE OF #5,000
Our Subscription Prices for Direct WhatsApp
(i) All Subjects (with Obj and Essay) : N13,000
(ii) 9 Subjects (with Obj and Essay) : N8,000
(iii) Per Subject: N800 each(Except English and Maths ie N1.000 Each)
(i) All Subjects (with Obj and Essay) : N12,500
(ii) 9 Subjects (with Obj and Essay): N5,000
(iii) Per Subject: N500 each(Except English and Maths ie N800 Each)Forward Subject Name, MTN CARD PINS, Phone number to: 09033919669 via TEXT MESSAGE(SMS) ONLY. you can also whatsapp us for more info.
Waec Account 2021 Answers
Waec Account Answers 2021
Waec Account 2021
Waec Account 2021 theory Answers, Waec 2021 Account Questions, 2021 Waec Account Questions And Answers, Free Waec Account 2021 Expo Answer Runs, Waec 2021 Account June/July Expo, Waec 2021/2022 Account Specimen for free, 2021/2022 Waec Account Questions And Answers, Correct Waec 2021 Account Answers, Verified Waec 2021 Account Questions And Answers
Waec 2021 Account expo, 2021 Waec Account answers, 2021 Waec Account runs, 2021 Waec Account questions, Waec ssce 2021 Account expo answers, Waec 2021 Account objective and essay Expo answers now available, July Account theory Answers for 2021, Account Questions Waec Ssce Expo Answers Here, Free Waec Account correct Expo 2021 answers Runz Waec Account, Waec Ssce 2021 Free Account essay Questions and Answers Expo for Waec Account Paper 1 and Paper 2 Questions and Answers Expo Now Posted