Waec 2022 Book Keeping Questions And Answers (Theory and Objectives)
This article provides you with WAEC 2022 Book Keeping Questions and Answers . It contains information regarding the WAEC Book Keeping Theory and Objective Questions and Answers.
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There will be two papers, Papers 1 and 2, both of which will be a composite paper to be taken at one sitting.
PAPER 1: Will consist of forty multiple choice questions all of which must be answered in 50 minutes for 40 marks
PAPER 2: Will consist of two sections, Sections A and B as follows:
Section A: Will cover Theory of Book-Keeping and contain four questions. Candidates will be required to answer two for 20 marks.
Section B: Will cover Practice of Book-Keeping and contain five questions.
Candidates will be required to answer three for 60 marks. The paper will last 2 hours.
Waec 2022 Book Keeping Questions And Answers
(Pick Any Five)
(iv)Petty cash Voucher
(v) statement of account
Cashbook: cash book is used in accounting to records all cash transactions in detail.
Return inward book: Return Inward book is used to record the goods returned to the business enterprise
Purchases Day book: The purchases day book is used to record all the purchase invoices for goods and services supplied on credit to the firm
Sales Day book: Sales Day book is used for recording all the credit sales of the business in one distinct place
(1bv)Returns outward book: Returns outward book is used to record the debit notes
Partnership business consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses. Common partnership business examples include law firms, physician groups, real estate investment firms and accounting groups.
(i)General partner: General partners are active in the business, doing the work of the company (being CPAs, for example) but also participating in management and decision-making.
(ii)Limited partners: Limited partners are passive. They have invested in the business but they don’t participate on a day-to-day basis in the running of the business.
(i)The partners will share profits and losses equally.
(ii)Partners will not get a salary.
(iii)Interest on capital will not be payable.
(iv)Drawings will not be chargeable with interest.
(v)Partners will get 6% p.a. interest on loans to the firm if they mutually agree.
Entrepreneur is the person who co-ordinates, controls and organises the process of production inorder to make maximum output at minimum cost thereby making profits.