4/21/2016

WAEC SSCE 2016 EXPO: Financial Accounting Theory Questions And Answers

WAEC SSCE 2016 EXPO: Tuesday 19th April 2016
FINANCIAL ACCOUNTING (ESSAY ) 9.30AM – 1PM
FINANCIAL ACCOUNTING ( OBJ & ESSAY ) 9.30AM – 1.00PM

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(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

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