WAEC GCE 2023 Financial Accounting 2 (Theory and Practice) Questions And Answers-Nov/Dec Expo

WAEC GCE 2023 FINANCIAL ACCOUNTING ANSWERS – EXAMKING.NET
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FINANCIAL ACCOUNTING-OBJ

01-10: CBADCBBBBA

11-20: ABBABCDDDC

21-30: BBCBBBBABB

31-40: DDCDCDDCBD

41-50: CBCACBCDCB

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FINANCIAL ACCOUNTING ANSWERS
(1a)
(i) Goods returned inward.
(ii) Purchase of goods for resale.
(iii)Transfer of goods from one location to another within the company

(1b) Goodwill refers to the intangible asset that represents the value of a business’s reputation, customer relations, and other non-physical assets beyond its tangible assets and liabilities.

(1c)
(i) Water charges paid – Receipt
(ii) Credit Sales – Sales invoice
(iii) Credit purchases – Purchase invoice
(iv) Wages – Payroll or wage slips.
(v) Cash payment – Payment voucher.
(vi) Electricity owed – Electricity bill
(vii) Returns by customers – Credit note.
(viii) Returns to suppliers – Debit note.
(ix) Cheque deposit – Deposit slip.
(x) Dishonored Cheque – Cheque return memo.
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(2a)
The manufacturing account is a financial statement that shows the cost of producing goods in a manufacturing company. It includes direct materials, direct labor, and factory overhead expenses.

(2b)
(i) Direct materials: These are the raw materials or components used in the production process.
(ii) Direct labor: This refers to the wages or salaries paid to the workers directly involved in the manufacturing process.
(iii) Direct expenses: These are other costs directly associated with the production, such as fuel or specific tools.

(2c)
(i) Prime cost: It refers to the total cost of direct materials, direct labor, and direct expenses. It represents the main components of the production cost.

(ii) Factory overhead: Also known as indirect costs, factory overhead includes all the expenses incurred in the production process that are not directly attributable to specific units. It includes costs like rent, utilities, depreciation, and maintenance.

(iii) Work-in-progress: Work-in-progress (WIP) refers to goods that are in the process of being manufactured but are not yet finished. It represents the value of partially completed products at a specific point in time.

(iv) Finished goods: Finished goods are the completed products that are ready for sale to customers. They have gone through the entire manufacturing process and are in their final form.

(v) Market value of goods produced: The market value of goods produced refers to the estimated selling price of the finished goods at the time they are produced. It represents the value of the goods based on market demand and other factors.
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(3a)
Bad debt refers to money that is owed to a company or individual but is unlikely to be paid back. It’s basically a debt that becomes uncollectible.

(3b)
(i) When the debtor declares bankruptcy and has no assets to repay the debt.
(ii) When the debtor is untraceable or cannot be contacted.
(iii) When the debt is too small to pursue legally or the cost of recovery outweighs the debt.
(iv) When the debtor has passed away and there are no assets to settle the debt.
(v) When the debtor refuses to pay and there is no legal recourse available.

(3c)
(i) Bad debts are specific debts that have been identified as uncollectible, while provision for doubtful debts is an estimated amount set aside to cover potential bad debts.
(ii) Bad debts are written off when they are deemed uncollectible, while provision for doubtful debts remains as a reserve on the balance sheet.
(iii) Bad debts directly impact the profit and loss statement, reducing the company’s net income, while provision for doubtful debts affects the balance sheet by reducing the accounts receivable balance.
(iv) Bad debts are recognized after attempts to collect the debt have been made, while provision for doubtful debts is recognized as a precautionary measure before any specific debts are identified as uncollectible.
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(5a)

(5b)

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(7a)

(7b)

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(8)

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(9)

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FINANCIAL ACCOUNTING-QUESTION PAPERS






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Waec GCE 2023 Financial Accounting 2 (Theory and Practice) Questions And Answers

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