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WAEC BOOKKEEPING OBJECTIVE 2024 PAST QUESTION

WAEC BOOKKEEPING OBJECTIVE 2024 PAST QUESTION
WAEC BOOKKEEPING OBJECTIVE 2024 PAST QUESTION


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Table of Content

About WAEC

Full meaning of WAEC

W - West
A - Africa
E - Examination
C - Council

What is WAEC

The West African Examinations Council (WAEC) is an organization established by legislation to determine whether examinations are required for the public welfare in the English-speaking countries of West Africa., to administer the exams, and to issue certificates that are on par with those issued by comparable examining authorities internationally. The West African Examinations Council was founded in 1952, and its mission is to be a premier examination organization that advances the educational objectives of all its stakeholders.

For more info, you can visit: WAEC official website

How to check WAEC Result

To check your WAEC result, check the easy steps given in this post where we explained in detail step by step how you can check your WAEC result online. Click here to check easy steps to check WAEC result online

About BOOKKEEPING

Bookkeeping is a business subject that focuses on the systematic recording of daily financial transactions of an individual, business, or organization. It is the foundation of accounting, ensuring that every transaction is correctly documented so that the business can track its income, expenses, profits, and losses.

Bookkeeping helps businesses maintain accurate financial records, which are used to prepare reports, make business decisions, pay taxes, and monitor the financial health of the business.

Important Topics In BOOKKEEPING

  • Introduction to Bookkeeping
    • Meaning and objectives of bookkeeping
    • Differences between bookkeeping and accounting
    • Importance of bookkeeping in business 
    • Users of financial information

  • Source Documents
    • Definition and types of source documents
    • Examples: Invoice, Receipt, Debit Note, Credit Note, Payment Voucher, Cheque
    • Functions and importance of source documents in record keeping

  • Books of Original Entry
    • Meaning and functions
    • Types of books of original entry:
      • Sales Day Book
      • Purchases Day Book
      • Returns Inward Book
      • Returns Outward Book
      • Cash Book
      • General Journal
      • Petty Cash Book

    • Ledger Accounts

      • Definition and types of ledger accounts:

        • Personal Ledger

        • Real Ledger (Assets)

        • Nominal Ledger (Expenses and Income)

      • Posting from books of original entry to the ledger

      • Balancing ledger accounts

    • Double Entry System

      • Meaning and principles of double entry

      • Debit and credit rules for assets, liabilities, income, and expenses

      • Recording transactions using the double entry system

    • Trial Balance

      • Meaning and purpose

      • Preparation of trial balance

      • Errors detected and not detected by the trial balance

    • Cash Book

      • Meaning and types of cash book:

        • Single column cash book

        • Double column (cash and bank) cash book

        • Three column (cash, bank, discount) cash book

      • Contra entries

      • Balancing the cash book

    •  Bank Reconciliation Statement

      • Meaning and need for bank reconciliation

      • Causes of differences between bank statement and cash book

      • Preparation of bank reconciliation statement

    • Petty Cash Book

      • Meaning and importance

      • Imprest system

      • Recording petty expenses

      • Balancing petty cash book

    • Income and Expenditure

      • Meaning of income and expenditure

      • Difference between capital and revenue expenditure

      • Recording income and expenses for organizations

    • Final Accounts (Introduction)

      • Trading account

      • Profit and Loss account

      • Balance sheet

      • Purpose and basic format (simple introduction level)

    • Correction of Errors

      • Types of errors: omission, commission, principle, and compensating

      • Effects of errors on the trial balance

      • Correcting errors using journal entries

    • Accounts for Non-Profit Organizations

      • Receipts and payments account

      • Income and expenditure account

      • Balance sheet for clubs, societies, and associations

    • Business Transactions and Types

      • Types of business ownership: sole proprietorship, partnership, etc.

      • Types of transactions: cash, credit, and barter

      • Recording of business transactions

    • Ethics in Bookkeeping

      • Importance of honesty and transparency

      • Professional conduct in keeping financial records

      • Confidentiality and trust in bookkeeping

    Importance of Past Questions

    Past questions are important in your studies to help you have an insight of how the exam looks like and how to face questions related to different topics covered in the subject examination to be taken

    Excerpts From WAEC BOOKKEEPING OBJECTIVE 2024 Past Questions


    1. The claim on the assets of a business by outsiders is classified as ?
        A. capital
        B. liability. 
        C. reserve. 
        D. provision. 

    2. Which  of  the  following  transactions  will increase business assets? 
        A. Payment made to trade creditors 
        B. Additional capital introduced 
        C. Additional liability incurred 
        D. Stock drawings for private use 

    3. Purchase of machine for N 50,000 was debited to purchases account. This is an error of ?
        A. omission
        B. commission,
        C. principle.
        D. compensation

    4. The accounting treatment for cash withdrawn by the owner of a business for private use is: debit 
        A. Cash Account; credit Drawings Account. 
        B. Cash Account; credit Capital Account. 
        C. Capital Account; credit Drawings Account. 
        D. Drawings Account; credit Cash Account. 

    5. Which of the following procedures demonstrates the imprest system? 
        A. Float —> cash to bank —> expenses paid —> float
        B. Float —> cash from bank —> expenses paid —> float
        C. Float —> expenses paid —> cash from bank —> float
        D. Float —> expenses paid —> cash from bank —> float
     
    6. The source document used to prepare the purchases day book is ?
        A. receipt
        B. invoice 
        C. cash voucher
        D. bank statement.

    7.  A balance sheet shows ?
        A. current assets minus current liabilities. 
        B. the difference between fixed assets and current liabilities. 
        C. assets and sources of financing them. 
        D. sources of funding owner’s equity. 

    8. Discount received is posted to the credit side of ?
        A. petty cash book. 
        B. sales ledger. 
        C. profit and loss account. 
        D. trading account. 

    9. Matching concept in accounting is the basis of ?
        I. determining periodic profits 
        II. deferring unexpired costs 
        III. differentiating between cost of goods sold and purchases 
        A. I, II and III. 
        B. II and III only. 
        C. I and III only. 
        D. I and II only. 

    Use the following information to answer questionn10 -12
    A motor vehicle bought for N 1,600,000 was estimated to have a useful life span of 4 years and a residential value of N200,000. The straight line method calculating depreciation is used. 
    The motorcycle is sold at end of the fourth year for N 250,000. 

    10.  The net book value at the end of the third year is ?
        A. N1, 200,000. 
        B. Nl,050,000. 
        C. N550,000. 
        D. N400,000. 

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