WAEC GCE 2022 FINANCIAL ACCOUNTING ESSAY AND OBJ ANSWERS-EXAMKING.NET

(1aiii)
Electronic Data Processing
Data is processed with modern technologies using data processing software and programs. A set of instructions is given to the software to process the data and yield output.

(1b)
(i)Data collection; Collecting data is the first step in data processing. Data is pulled from available sources, including data lakes and data warehouses.
(ii)Data preparation; Once the data is collected, it then enters the data preparation stage. Data preparation, often referred to as “pre-processing” is the stage at which raw data is cleaned up and organized for the following stage of data processing. During preparation, raw data is diligently checked for any errors.
(iii)Data input; The clean data is then entered into its destination (perhaps a CRM like Salesforce or a data warehouse like Redshift), and translated into a language that it can understand
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(2a)
(i). Inexpensive: This method is less expensive as compared to keeping records as per double entry system.

(ii). Time Saving: This method is time saving in the sense that only a few records are maintained under such system.

(iii). Improper Knowledge: The mechanism of keeping incomplete records is due to improper knowledge of accounting principles.

(2b).
(i). Difficult to get reliable information on assets and depreciation expenses.

(ii). Banks and other financial institutions offer loans after reviewing the financial statements.

(iii). It is difficult to measure the performance of the business. This makes planning difficult.

(2C)
(i) profit and Loss account and the
balance sheet would be prepared.
(ii) Preparation of total debtors and
crediters accounts to derive sales
and purchases for the year
(iii) A statement of affairs at the
beginning of accounting period
to determine capital
(iv) Expense accounts to determme
the amount chargeable for the year
would also be prepared and drawings
will be ascertaimed
cash and brand accounts will also be
drawn.
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(4a)
(i) Fixed assests: may be defined as the resources, Properties or possession of a Firm. They are owned by a business and are expected to be of Some future benefits.

EXAMPLE
(i) Furniture and Fitting
(ii) plant and machinery
(iii) Land and Building

(ii) Current assests: these are assets, which are usually held For a short period of time For the purpose of Conversion in the ordinary Course of business.

EXAMPLE
(i) Stock of goods
(ii) Debtor
(iii) Bank
(iv) Cash

(iii) Capital is the original Money invested in a business by the owner. it is also referred to as net worth or Owner’s equity

EXAMPLE
(i) Equity Capital
(ii) Loan Capital
(iii) Working capital

(iv) Intangible assets: these are assets, which have no physical substance or properties but Contribute economic benefits to the organization

EXAMPLE
(i) Goodwill
(ii) Trademark
(iii) patent
(iv) Copyright

(v) Current Liabilities: these are liabilities which are due for settlement within one year.

EXAMPLE
(i) Creditors
(ii) overdraft
(iii) Accrued expenses
(iv) income madvance.
(4)

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(5a)

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(6)

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(7)

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(8)

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