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   DIR Return to: WAEC/NECO 2016/2017 UPDATE
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       #Post#: 28--------------------------------------------------
       2016/2017 WAEC VERIFIED FINANCIAL ACCOUNTING ANSWERS
   DIR By: anephy
       Date: April 18, 2016, 11:37 pm
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       ON THE DAY OF MATHEMATICS THERE WOULD BE FREE ANSWERS
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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
       (2aii)
       -Discount Received
       -Bills Payable
       -Cash to suppliers
       -Return outwards
       (2b)
       -Error of original entry
       -Error of omission
       -Error of commission
       -Error of principle
       -Compensating errors
       -Complete reversal of entry
       (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
       (4c)
       (i)Straight line: This allows an equal amount to be
       charged as depreciation for each year of expected
       use of the asset. The basic formulae is
       Cost- Estimated residual value/ number of years of
       expected use.
       Advantage:
       (i)it is simple to calculate
       (ii)It is time oriented
       Disadvantage:
       (i) Assumption of equal or constant revenue per
       year is unrealistic
       (ii) Might lead to a misleading picture of the financial
       statement
       (4Cii) Reducing balance: Under this method, the
       depreciation charged per annum is determined by
       applying a fixed rate of depreciation on the net book
       value of the asset at the beginning of each year.
       Disadvantage of reducing balance:
       Difficulty in calculating the rate of depreciation
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