WAEC Book-Keeping Questions and Answers.I will be showing you today the WAEC Book Keeping objective and theory repeated questions for free. You will learn and understand how WAEC Book Keeping questions are set and many more examination details.
The West African Examination Council is an examination body that sets yearly questions from topics that students should be able to write and pass without stress after finishing senior secondary school.
PAPER 1: There will be forty multiple-choice questions to answer in 50 minutes for a total of 40 points.
PAPER 2: Sections A and B of this paper will be as follows:
WAEC 2022/2023 Book Keeping Answers to Questions
(1a) Stock valuation is the process of determining a stock’s current (or predicted) value over a specified period of time.
(1bi) -FIFO CHARACTERS- (i)it is simple to implement (ii)the anticipated cost flow corresponds to the regular physical movement of products
(1bii) -LIFO CHARACTERISTICS
(i) It is a method of inventory accounting in which the most recently created products are recorded as sold first.
(ii) The most recent products purchased (or manufactured) are expensed first as cost of goods sold (COGS).
(2a) In accounting, expense refers to the money spent, or expenditures experienced, by a company in order to create revenue. Consider the cost of delivery.
(2b) Revenue is the total amount of money earned through the sale of goods and services connected to the business’s core operations. For instance, consider service revenue.
(2c) A loss is a drop in net income that occurs outside of a company’s normal activities. To put it another way, losses might occur as a result of a variety of actions. A sale of an asset for less than its carrying value is an example.
(2d) Capital is the worth of the owner’s investment in the company (s). It is the portion of the business that belongs to the owner; thus, it is also known as the owner’s interest. For example, financial capital.