WAEC Book Keeping Questions 2024 (Essay & Obj) Answers/Expo

The upcoming Bookkeeping answers is ready. See May/June WAEC Bookkeeping Questions and answers 2024 expo runz. We understand the importance of having access to reliable and accurate information to help you excel in your exams. The West African Examinations Council is an examination board established by law to determine the examinations required in the public interest in the English-speaking West African countries.

As the May/June WAEC Bookkeeping exam approaches, it is important to have a reliable source you can trust for your expo needs.

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The WAEC Bookkeeping examination is scheduled for Thursday, May 9th, 2024, with Salesmanship 2 (Essay) commencing from 9:30 am to 11:30 am, followed by Salesmanship 1 (Objective) from 11:30 am to 12:20 pm.

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Also read: May/June WAEC Salesmanship Questions

 

WAEC Book Keeping Question paper

WAEC WAEC Bookkeeping Questions And Answers

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We want to assure you that the WAEC Bookkeeping Question paper is currently with us. It is undergoing verification and once we sure of it, we will go ahead and upload it here including the essay and OBJ answers.

WAEC Bookkeeping Theory (Essay) Answers

(4)
(a) Drawings are the owner’s withdrawals for personal use and are subtracted from the owner’s equity because they reduce the capital invested in the business.

(b) Creditors are amounts the business owes to suppliers for goods or services received but not yet paid for. They are listed under current liabilities.

(c) Debtors are customers who owe the business money for goods or services provided on credit. They are listed under current assets.

(d) Accruals are expenses that have been incurred but not yet paid for, such as wages or utilities, and are listed under current liabilities to indicate money owed by the business.

(e) Stock, or inventory, is the goods available for sale and is listed under current assets, reflecting the value of goods that can be converted into cash as part of the business’s normal operations.

 

(2)
(a) The capital of Bimpe Enterprises at the start would be $N 2,000,000$, which is the initial amount invested to start the business.

(b) The financial year for Bimpe Enterprises would typically be from January 1st to December 31st, assuming it follows the calendar year as its fiscal year.

(c) Two items of expenditure for end of year adjustment might include provision for doubtful debts and accrued expenses. These adjustments are necessary to accurately reflect the company’s financial position at the end of the year.

(d) The item of expenditure subject to depreciation would be the cabinet bought for the business, as it is a tangible fixed asset that loses value over time due to wear and tear and usage.

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WAEC Bookkeeping OBJ Answers

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How To Get WAEC Bookkeeping Questions And Answers 2024

To access the upcoming bookkeeping exam answers for the May/June WAEC exam, simply follow the instructions provided on this page. We have prepared a comprehensive set of answers that will help you understand the concepts and tackle the exam questions with confidence.

Remember, success in the exam is not just about memorizing answers but also understanding the underlying principles. Use the answers as a guide to enhance your knowledge and reinforce your understanding of bookkeeping concepts.

Why Bookkeeping is Important

Bookkeeping is a fundamental skill that is essential for businesses of all sizes. It involves the recording, organizing, and analyzing of financial transactions. By keeping accurate records, businesses can monitor their financial health, make informed decisions, and comply with legal and regulatory requirements.

For students, learning bookkeeping provides a solid foundation in financial management and accounting principles. It equips you with the knowledge and skills needed to understand and interpret financial statements, analyze business performance, and make informed financial decisions.

Past year WAEC bookkeeping Answers

Note: The answers below are for 2023

(1a)

(i)Checks.

(ii)Invoices.

(iii)Receipts.

(iv)Credit memos.

(v)Employee time cards.

(1b)

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QUESTION 2

(2a)

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.

(2b)

(i)General partner

(ii)Limited partner

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