WAEC Financial Accounting 2022 Answers – (100% Legit) Expo

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WAEC Financial Account 2022 Expo, waec Financial Account essay & Obj 2022, We will be providing you the waec 2022 Financial Account question and answers here, start inviting your friend that waec Financial Account questions and answers 2022 will be posted here,  And don’t forget to share waec Financial Account questions 2022 to your friends the sharing button of waec Financial Account question and answer Above. Financial Account objective answer 2022


Financial Accounting 2 (Essay) – 09:30am – 12:00noon
Financial Accounting 1 (Objective) – 12:00pm – 1:00pm








Accumulated fund: Accumulated fund are fund held by a non-profit making organization (such as a club or society) to which a surplus of income over expenditure is credited and to which any deficit is debited. The value of the accumulated funds can be calculated at any time by valuing the net assets (i.e. assets less liabilities) of the organization.

Statement of affairs: statement of affairs is a financial statement that displays assets and liabilities, but it’s not as detailed as the balance sheet. The statement of affairs is a single entry system that shows the beginning and ending balances for capital. If the ending capital is higher, there’s a profit; otherwise, there’s a loss.

(i) Entrance fees
(ii) subscription/dues
(iii) Donation
(iv)Profit from bar
(v)Disposal of assets
(vi)Profit from special events
(vii)Interest from investment
(vii)) Government subvention

(In a tabular form)
Receipt and payment account:
(i) only cash transactions are recorded
(ii) It includes capital item
(iii)Balance represents cash in hand or bank overdraft

Income and Expenditure account:
(i) There is adjustment for accruals and prepayments
(ii) It excludes capital items
(iii) balance represents surplus or deficiency

Goodwill can be defined as the excess of the purchases consideration over the total value of assets less liabilities. It is also an asset that cannot be seen it touched hence it is referred to as intangible asset

(i) Public welfare
(ii) Higher education
(iii) Health and hospitals
(iv) Highways and roads
(v) Transportation
(vi) Maintenance of building/infrastructure

(i)Raw Material Inventory: Raw materials are the basic materials that a manufacturing company buys from its suppliers. The former uses them to convert them into the final products by applying manufacturing processes. For example, aluminum scrap is the raw material for a company that produces aluminum ingots.

(ii)Work in Progress Inventory (WIP): Work in progress inventory can also be called semi-finished goods. They are the raw materials that have been taken out of the raw materials store and are now undergoing the process of their conversion into the final products. So these are the partly processed raw materials lying on the production floor

(iii)Finished Goods Inventory:Finished goods are the final products obtained after applying the manufacturing processes to the raw materials and the semi-finished goods discussed above in the article. They are saleable, and their sale contributes fully to the revenue from the company’s core operations.

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