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    WAEC-BOOKING-ANSWERS
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    Solution Before Exam Time.
    =====================================

    WAEC-BOOKING-ANSWERS
    Booking-Obj
    1DCDBBCBADA
    11ABAACDCABC
    21BACCBDCCAA
    31ADDDBCBBAC

    Section B
    (8)


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

    (6)

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

    (3a)
    Tabulate

    (i)Trial balance considers opening stock. The balance sheet considers closing stock.

    (ii)Trial balance is not a part of financial statements and final accounts. The balance sheet is an essential part of financial statements and final accounts.

    (3b)
    (i)It fails to show the transactions on an accrual basis.
    (ii)It does not define any targets making
    it incapable of showing surpluses and
    deficits at the end of the year.
    (iii)Receipts and payments account does
    not show Non-Cash transactions like
    depreciation of assets, pilferage etc.
    =====================================

    (1ai)
    To keep a complete and accurate record of all the financial transactions in a systematic orderly, logical manner. This ensures that the financial effects of these transactions are reflected in the books of accounts.

    (1aii)
    To ascertain the overall effect of all recorded transactions on the final statement of the company. Book-keeping will eventually ascertain the final accounts of the company, namely the Profit and Loss Account and the Balance Sheet

    (1bi)
    (i)Balances of cash and bank can be obtained at a glance.
    (ii)Performs the function of a subsidiary book.
    (iii)It also performs the function ofa ledger.

    (1biii)
    (i)Recording of disposal of fixed assets.
    (ii)Correction of errors.
    (iii)Double entry transactions.



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    Master Solution September 8, 2020 Categories: WAEC 690


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