WAEC 2019 FINANCIAL ACCOUNTING SUBSCRIPTION
Posted by extralmaster on May 10, 2019 in GENERAL DISCUSSIONS » 447 view(s) » 0 Comment
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(2a)Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.
(i)Branches are separated from the main organization while Department are attached with the main organization under a single roof
(ii)Branches are geographically separated while Department are not separated rather exist under the same roof
(iii)Allocation of branch common expenses does not arise while allocation of departmental common expenses is a tough job
(i)It enables the organization to determine the branch that is making either profit or loss
(ii)It helps to determine the performance of the organization as a whole
(iii)It allows proper control over the branch by the head office
(iv)it also assists the organization to determine the performance of a branch manager
(v)it prevent wastage and fraud from the staff
*â€¢Accrued expenses:* These are expenses that have been incurred before being paid for by the firm.
*â€¢Prepaid expenses:* this is the prepayment for services in advance of their use. Where the payment is made in respect of a period beyond the date of account, it is referred to as prepaid expenses.
*â€¢ Accrued income:* This is the revenue that has been earned but for which cash has not yet been received*
1. Insufficient Funds
Salaries sometimes reach late in accounts leaving insufficient funds in your account which may lead to bouncing of cheque. While writing a cheque, make sure that you have sufficient funds in your bank account.
2. Irregular Signature
Bank will not honour a cheque if the signature of the drawer on the cheque donâ€™t match the specimen signature available with the bank.
Alterations on cheques are not allowed. Even if you sign the alteration to verify it, the cheque will not be considered as valid and will not be honoured by the bank.
4. Frozen Account
If government or court has ordered that a personâ€™s account has to be frozen, in such case, the bank will dishonour all the cheques bearing that account number.
The imprest system is a form of financial accounting system. The most common imprest system is the petty cash system. The base characteristic of an imprest system is that a fixed amount is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.
4b(ii) contra entries occur when a supplier is also a customer. The firm can sell on credit to a customer and buy on credit from the same person. The inter-indebtedness will be set -off against each other. At the end Of The month the smaller of the Two Balances will be set off against the larger balance
4 C- the risk of fraud will be eliminated
- it easy to operate
-the burden Of the main cashier will be reduced
In the books of Ubochi and Hassanah
Profit and Loss appropriation account for the year ended 31/12/2015
Int. on Capital:
Share of profit:
Int. on drawing
Patner's current account
DEBIT SIDE: U|H
Int on Drawing|10000|750
CREDIT SIDE: U|H
Int. on cap|24000|20000
Share of profit:|148600|99100
Stock turnover Ratio = COGS/Avg stock
= 160,000/(3,0000 + 4,0000)/2)
= 200000 x 2/10000 = 11.43 times
(9b) Gross Profit Margin = Gross Profit/Sales x 100/1
= 160,000/360,000 x 100/1 = 44.44%
(9c) Net Profit Margin = Net Profit/Sales x 100/1
= 40,000/360,000 x 100/1 = 11.11%
(9d) Current Ratio = current Assets/Current Liabilities
Current Assets = 90,000/45,000 = 2:1
(9e) Acid Test Ratio = Current Assets â€“ Stock / Current Liabilities
= 90,000 â€“ 40,000/45,000
= 50,000/45,000 = 10:9
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