WAEC GCE 2023 (First Series) Financial Accounting Answers – Jan/Feb Expo

KEEP REFRESHING THIS PAGE

NOTE: We are posting this for free. Our center isn’t offering this but we just want to help you. Don’t bother calling us. Whatsapp chat is okay.

ACCOUNTING OBJ:
Loading……
=========================

(2a)
Drawing in business are the money or other assets taken out of a business. In other words this might be by the owner or partner for personal use, or as dividends if the company has been made public which are business costs.

(2b)
On the admission of a new partner: On the admission of a new partner, the old partner will value goodwill and share in the old profit sharing ratio before the new partner is admitted.
(ii) Change in the profit and loss sharing ratio: If there is a change in the profit and loss sharing ratio the partners will value goodwill and share in the old profit sharing ratio before the change.
(iii) On the retirement of a partner: On the retirement of a partner, goodwill will be valued and shared among the partners including the retiring partner.
(iv) On amalgamation of partnerships: On amalgamation of partnerships, the partners in each firm will value goodwill and credit their respective capital accounts before the amalgamation.
(v) On dissolution of a partnership: On dissolution of a partnership, the partners will value goodwill and share it among the existing partners in the old profit sharing ratio.
(vi) On the death of a partner: When a partner dies, Goodwill is valued in order to dissolve the old partnership.
(vii) Takeover of a partnership by another business/Purchase of a partnership by another business: On the purchase of a partnership by another business, goodwill is valued and shared by the partners.
(viii) On the resignation of a partner: When a partner gives notice of his resignation, goodwill will be valued and shared by the partners.

(2c)
(i) Dissolution by Agreement.
(ii) Dissolution by Notice.
(iii) Insolvency of Partners.
(iv) Commitment to Illegal Business.
(v) Death of a Partner.
(vi) Expiry of Term.

===========================================

(4a)
Public Sector Accounting is the process of recording the financial transactions concerning the receipts and payments of government funds, systematically, as well as their analysis and interpretation to guide governments and their agents in various financial decisions.

(4b)
[PICK ANY FIVE]
(i) Grants from central government.
(ii) Statutory Allocation e.g. Nigeria from the Federation Account.
(iii) Rates/levies: There are rates people pay to maintain, sustain and expand social services.
(iv) State allocation: In Nigeria, at least 10% of internally generated revenue of the State Government.
(v) Investment in business yields to the local government.
(vi) Fees from liquor licenses, registrations, markets, motor parks, etc.
(vii) Court fines: (Share of court fines in Nigeria).

(4c)
[PICK ANY FOUR]
(i) To ascertain the authenticity of transactions and their compliance with the established laws, regulations and statutes.
(ii) Providing evidence of stewardship.
(iii) Assisting planning and control.
(iv) Assisting objective and timely reporting.
(v) Providing the basis for decision-making.

===========================================