WAEC SSCE - Financial Accounting - 2021 (Objective)

Accounting evolved out of the need of businesses for

The objective of preparing departmental account is to determine the

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The balance of rent in the balance sheet would be

The partner who partakes in the management of the firm and assumes personal responsibility for the firm's debts is a

All cash transactions of a not-for-profit making organization are recorded in

The major source of revenue for central/federal government is

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Rent expense for 2018 was

An amount set aside out of profit for a specific purpose is a

Lima paid off debt of D2,500 owed to Dongo by cash. The entries in lima's book are: debit

In the preparation of financial statements, full disclosure of minor events are ignored in line with

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Attama and Wawa were in partnership sharing profits and losses in the ratio 4:3. Attama was entitled to a salary of D13,000 per annum. A net profit of D34,000 was made for the year.

Attama's share of profit is

Subsidiary books of account are used to record transactions

The final stage of accounting process is

Members of a not-for-profit making organization

The cost of goods sold for the year is Le200,000 and the mark-up is 30%. The sale for the year is 

Amount owed to creditors on 31/12/19 is

Where partners maintain a fluctuating capital account, partners' share of profit is credited to

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Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.

Depreciation for the year 2019 is 

The original record containing the details of a transaction which serves as a basis for posting is

The value of goods sent to a branch is debited to the 

Wages accrued is shown in the balance sheet as 

Reducing balance method charges depreciating as fixed percentage of the

The concept the enables a business to determine the actual profit or loss for a particular period is

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                                         GH¢
Gross profit                     50,400
Discounts relieved            3,300
Discounts allowed             2,500
Net profit                          26,500
Cost of goods sold         184,000

Other operating expenses for the period is

The type of stock recorded in the trading account of a manufacturing business is

Recurrent expenditure of a local government include

The mark-up is

The difference between the market value of goods produced and the cost of production is

Provision is made in the accounts when the amount involved in the anticipated loss is

Suspense account is used in the correction of

The petty cash account has an imprest of GH¢36,000 and a debit balance of GH¢10,000 at the end of the month.The reimbursement required would be

A transaction that would cause the cash book balance to be less than the bank statement balance is

Acid test ratio of a firm measures the 

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Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.

The net book value of the asset at 31/12/19 is

Goods returned to the supplier is recorded in the accounts as: debit

The accounting principle of double entry states that

Sales account was undercast by GH¢ 1,000. When this is corrected, both the gross profit and the net profit would

A business includes 50% mark-up on all its products. This would mean margin of 

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Attama and Wawa were in partnership sharing profits and losses in the ratio 4:3. Attama was entitled to a salary of D13,000 per annum. A net profit of D34,000 was made for the year.

The residual profit of the business for the year is

Manufacturing account is prepared to determine the

Payment to creditors is 

Net profit of a sole proprietor is transferred to the

A limitation of the money measurement concept is that

Accounts of fixed assets are kept in the

Accounting information that is useful for the intended purpose and would make a difference in decision making is 

The stock turnover period is

Company as a legal entity means that it

Commercial activities undertaken by a social club to raise funds include

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                                         GH¢
Gross profit                     50,400
Discounts relieved            3,300
Discounts allowed             2,500
Net profit                          26,500
Cost of goods sold         184,000

Sales for the period is

Accounting concepts are rules of accounting which are to be