Waec 2016 Financial Account Obj And Theory Answers

ACCOUNT OBJ: 1-10: CCBBCACCCD 11-20: CCBCBBDBBB 21-30: CAADADBCBA 31-40: ABDCDACBBB 41-50: BBDDADCCCC NOTE THAT SUBSCRIBERS GET ANSWERS FIRST BEFORE BEEN POSTED HERE (1a) A general journal account is an account or record used to sort and store balance sheet and income statement transactions. (2ai) (i)Discount Allowed (ii)Bills receivable (iii)Bad debts (iv)Return inwards ================ (4a) Depreciation of an assets is the measure of the wearing out, consumption or other loss of value of a fixed asset whether arising from use, effluxion of time or obsolescence through technology and market changes. (4b) (i)Physical deterioration (ii)Economic factor (iii)Inadequacy (4c) (i)Straight line: This allows an equal amount to be charged as depreciation for each year of expected use of the asset. The basic formulae is Cost- Estimated residual value/ number of years of expected use. Advantage: (i)it is simple to calculate (ii)It is time oriented Disadvantage: (i) Assumption of equal or constant revenue per year is unrealistic (ii) Might lead to a misleading picture of the financial statement (4Cii) Reducing balance: Under this method, the depreciation charged per annum is determined by applying a fixed rate of depreciation on the net book value of the asset at the beginning of each year. Disadvantage of reducing balance: Difficulty in calculating the rate of depreciation

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