Evolving Wisdom WAEC Bookkeeping Questions and Answers (Obj/Theory) 2021 Is Out

2021/2022 WAEC Bookkeeping Questions and Answers ( Obj/Theory)

WAEC Bookkeeping Questions and Answers (Obj/Theory) 2021/2021 Is Out: We’ve come to supply you with the most up-to-date WAEC Book keeping 2021 questions and answers. Here you’ll find the most recent WAEC bookkeeping Expo, as well as practice questions and answers from prior years’ exams.

2021/2022 WAEC Bookkeeping Questions and Answers ( Obj/Theory)

Questions and Answers on WAEC Bookkeeping. I will provide you with free access to WAEC Book Keeping objective and Theory repeated questions. You’ll also learn how WAEC Book Keeping questions are set, as well as other exam specifics.

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The West African Examination Council is an examination body that sets questions yearly from topics that students should be able to write and pass without stress after their education in senior secondary school.

PAPER 1: There will be forty multiple choice questions on this paper, all of which must be answered in 50 minutes for a total of 40 marks.

PAPER 2: This paper will be divided into two portions, Sections A and B:

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Book Keeping Objectives (Obj) Answers 2021

BOOK KEEPING OBJECTIVE
1D
2B
3A
4D
5B
6C
7A
8B
9D
10D
11C
12D
13D
14C
15A
16D
17B
18A
19A
20A
21B
22D
23A
24A
25C
26A
27C
28A
29C
30C
31A
32B
33C
34D
35A
36C
37B
38B
39C
40B

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Answers to Questions for WAEC 2021/2022 Book Keeping

Congratulations! Book keeping questions and answers are ready

*Book Keeping*

1a) payment voucher:

A document which can be used as proof that a monetary transaction has occurred between two parties. In business, a payment voucher can be used for a variety of purposes, sometimes taking the place of cash in a transaction, acting as a receipt, or indicating that an invoice has been approved for payment .

1b)
i)Purchase Book or Purchase Journal: Purchase book is a book of original entry in which only credit purchases of goods are recorded.
ii)Sales Book or Sales Journal: Sales book is a book of original entry in which only credit sales of goods are recorded.
iii)Purchases Return Book or Purchases Return Journal: Purchases return book is a book of original entry in which transactions related to the return of purchases of goods are recorded.

iv)Sales Return Book Or Sales Return Journal: Sales return book is a book of original entry in which transactions related to the return of sales of goods are recorded.

 

2a)Commerical account usually refers to a checking or other type of demand deposit account.

2b)
i)Assisting and educating officers about their financial responsibilities.
ii)Insuring the accuracy of comprehensive financial records.
iii)Aiding organizations in keeping their activities in sound financial condition.
iv)Facilitating continuity between financial officers and their successors.

2c).
Advantages of Control Accounts:

(i) Control accounts provide a summary of transactions recorded in various subsidiary ledger. Hence these are very useful to management in policy formulation.

(ii) It makes possible the division of accounting work among ledger keepers, thereby resulting in specialisation in work.

(iii) It facilitates prompt preparation of profit and loss account and balance sheet at the end of each period by providing stock figures quickly.

(3a)Trial balance is defined
as a statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.

(3bi) Ommision of Errors :A mistake that consists of not doing something you should have done, or not including something such as an amount or fact that should be included: Errors of omission are likely to be more common than errors of commission

ii)Principle of Error :An accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental
principles of accounting. An error of
principle is a procedural error , meaning that the value recorded was the correct value but placed incorrectly.

iv) Original entry of errors :An error of original entry occurs when an incorrect amount is posted to the correct accounts. A particular example of an error of original entry is a transposition error where the numbers are not entered in the correct order.

iv) Original entry of errors :An error of original entry occurs when an incorrect amount is posted to the correct accounts. A particular example of an error of original entry is a transposition error where the numbers are not entered in the correct order.
==================================

4a) Ommision of Errors :A mistake that consists of not doing something you should have done, or not including something such as an amount or fact that should be included: Errors of omission are likely to be more common than errors of commission

4b)Principle of Error :An accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental
principles of accounting. An error of
principle is a procedural error , meaning that the value recorded was the correct value but placed incorrectly.

4c) Original entry of errors :An error of original entry occurs when an incorrect amount is posted to the correct accounts. A particular example of an error of original entry is a transposition error where the numbers are not entered in the correct order.

iv) Original entry of errors :An error of original entry occurs when an incorrect amount is posted to the correct accounts. A particular example of an error of original entry is a transposition error where the numbers are not entered in the correct order.

(5ai)
TABULATE
ochebaba enterprises
trading profit and loss account for the year
3rd march 2015
Tabulate
opening stock 34800
add purchases 160500
add carriage involvs 2600/163100/4400
less returns 158700
C.O.G.A.F.S 193500
Less closing stock 29600
C.O.G.S 163900
cross profit 81000/244900
Expenses
carriage outwards 9300
bad debts 1600
salaries&wages (29800-5800) 24000
electricity (8700+4000) 12700
gen. Office expenses 5900
discount allowed 3600
dep land&building 12500
dep equipment 10000
net profit 9900/89500

5aii)
Sales 250400
less return 5500
net sales 244900/244900
gross profit b/d 81000
decrease indeabfut/debt 1300
discount received 7200

(5b)
balance sheet as at 31st march 2015
5bi)
Tabulate
capital 350000
add profit 9900/359900
less drawings 7200/352700
current liablility
creditor 27000
electricity owning 4000
total 383700

ii)
tabulate
Fixed assetss
land/building 350000, 37500, 212500
equipment 100,000, 29000, 71000
current assets
debtors 52000
less pro 1500, 50500
cash & bank 14300
salaries propaid 5800
stock 29600/383700
================================

(8b)

Total creditors control account
PLS TABULATE DR. & CR.
UNDER DEBIT SIDE ie left handside:
Debit bal N23,140
Purchase return N3,200
Contra entry N800
Cash refund to suppliers N126,500
Discount received N260
N153,900
———
Bal c/d N3,020
UNDER CREDIT SIDE ie right handside:
Credit bal N200
Purchase day book N148,680
Cash refund frm suppliers N1,500
Interest by suppliers N200
Suppliers debit bal N300
Bal b/d N3,020
———-

N153,900

(9)

Book keeping

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BookKeeping Past questions below

WAEC Book Keeping Questions and Answers 2021/2022 to ESSAY are listed here.

(No:1)

1. A financial statement that shows assets and liabilities.

  • A. a bank account statement
  • B. the financial statement.
  • C. a financial statement.
  • D. a general publication.

(No: 2)

2. Allowable and received discounts are recorded in the

  • A. Cash Book with Three Columns.
  • B Bank Statement
  • C. Cash Book with a Single Column.
  • D petty Cash Book

(No 3)

3. Which of the following items does not belong in the trial balance?

  • A. Taking a stock.
  • B. Closing the stock market
  • C. Capitalization
  • D. Discounts gotten

(No 4)

4. In an income and expenditure account, the difference between expenditure and income is called the surplus.

  • A. failure.
  • B. equilibrium.
  • C. a shortage
  • D. benefit

Objective 2021 and WAEC Bookkeeping Essay (EXPO)

The above questions are likely WAEC Book-Keeping repeated questions and answers, rather than 2021 WAEC Book-Keeping questions and answers.

These are just practice questions. On the day of the WAEC Book Keeping examination, the 2021 WAEC Book Keeping expo will be available on this page. For the answers, keep checking and refreshing/reloading this page.

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Answers to today’s Waec Bookkeeping Questions Essay (2020 Answers)

(1ai)

To keep a thorough and accurate record of all financial transactions in a logical and systematic manner. This guarantees that the financial implications of these transactions are accounted for in the books.

(1aii)

To determine the overall impact of all recorded transactions on the company’s final statement. The final accounts of the company, notably the Profit and Loss Account and the Balance Sheet, will be determined through bookkeeping.

(1bi)

(i) Cash and bank balances can be viewed at a glance.

(ii) Fills the role of a subsidiary book.

(iii) It also has the functionality of a ledger.

(1bii)

(i) Disposal of fixed assets is recorded.

(ii) Errors must be corrected.

(iii) Transactions with two entries.

(3a)

Tabulate:

(i) The trial balance takes into account opening stock, whereas the balance sheet takes into account closing stock.

 

(ii) The trial balance is not included in the financial statements and final accounts, whereas the balance sheet is.

(3b)

(i) The transactions are not shown on an accrual basis.

(ii) It lacks any targets, rendering it unable to report surpluses and deficits at the conclusion of the fiscal year.

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How to Succeed in the WAEC Bookkeeping Exam.

1. Maintain a Positive Attitude:

It is self-evident that your life will not be positive until you have a positive perspective. You must have a good attitude about your fate as you prepare for WAEC.

Don’t utter things like “WAEC is incredibly difficult; I’m not sure if I’ll pass,” and don’t trust anyone who thinks you can’t pass WAEC 2021 on your own.

Have the mindset that “if others have passed WAEC 2021 in the past, then I will too.” Refuse to be associated with failure or those who have already failed.

Even if this isn’t your first time taking the WAEC Exam, it doesn’t imply you won’t pass WAEC 2021 Book Keeping this time.

For math, take a seat. The mentality of 2021/2022 will be refined. Nothing will cause you to fail the WAEC 2021 examination. Your life will not be positive until you have a positive perspective.

2. Stay away from shady businesses

If you’re serious about passing WAEC 2021 Book Keeping, stay away from shady businesses. They will try to discourage you and get you involved in activities that will not help you succeed. Keep in mind that their mindset might not be the same as yours.

3. Make good goals and plans:

If you’ve decided to pass WAEC Book Keeping in 2021, the next step is to create goals for yourself. Make a list of the grades you aim to get in WAEC 2021. You should start planning now if you want all As, no Fs, and no Es.

Make sure you have a timeframe and a master plan in place to meet your objectives. It’s important to remember that it takes nothing to dream, but everything to focus on your dream.

4. Purchase WAEC Bookkeeping Recommended Textbooks for 2021:

Getting the WAEC 2021 Book Keeping approved textbooks should be one of your goals. The West African Examination Council usually suggests literature for the exam.

Apart from WAEC 2021 English literature, where specified novels are required, you are free to prepare for the WAEC 2021 marketing exam with any suitable textbook.

Some subjects are more difficult to grasp. If you’re having trouble understanding a topic, look for a different textbook that will simplify things for you.

5. Obtain a copy of the WAEC Book Keeping Question:

This is an excellent strategy. Because WAEC 2021 and WAEC 2021 are both of the same standard, you might study for both using the same prior questions.

If you’re unsure how to obtain WAEC past questions. They can be found at decent bookstores all throughout. It’s conceivable that the school where you registered will offer you some recent past questions to help you prepare for WAEC 2021.

6. Begin preparing for the WAEC Bookkeeping Exam in 2021:

Don’t squander your time. After you’ve obtained your textbooks and practice questions, it’s time to start reading. You will do well in WAEC 2021 if you start reading and practicing early.

7. Don’t Skip the Exercises and Examples:

Secondary school pupils have an undesirable habit of skipping exercises and even examples while studying textbooks.

They were so enamored with notebooks that they asked, “Can I read my Book Keeping, Mathematics, and other notebooks and pass WAEC 2021?”

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8. Take the WAEC Book Keeping Questions and Answers Quiz.

This is an excellent habit to get into. Answer full one-year Book Keeping past questions on your own once in a while without checking the answers. Then mark to see how well you did. This will assist you in a variety of ways.

9. Maintain Consistent Practice:

Don’t get discouraged if some topics irritate you; keep practicing until you’ve mastered everything. Never say never and never give up. Continue to persevere….

10. Make Recreational Time

Make time for yourself to relax and unwind by playing. Overworking oneself will cause you to waste time unnecessarily. You will not gain anything if you work more than is necessary.

Please leave a comment if you have any questions about WAEC 2021 Book Keeping Questions and Answers.

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