WAEC ACCT ANSWER 2017

[19/04 4:11 AM] ‪  Reasons to prepare BRS

1)To detect items not entered and errors in the cash book. To ensure that the cash book entries are complete.
2) Items missing from the cash book will not have been recorded in other ledger accounts and the business records will be unreliabl
[19/04 5:11 AM] ‪ 1a)
A source document is the original record containing the details to substantiate a transaction entered in an accounting system.
1b)
i)Dispatch Note
ii)Receipt
iii)Invoice
iv)Credit Note
v)Debit Note
vi)Purchase Order
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[19/04 5:12 AM] ‪ *WELCOME TO VECTOR WAEC ACCOUNT PORTAL*

1a)
A source document is the original record containing the details to substantiate a transaction entered in an accounting system

1b)
- Invoice
- credit note
-debit note
-payment voucher
-petty cash voucher
-bank statement
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3ai)
Accumulated fund:This is the funds that correspond to the capital of the partnership or sole trader and it will be calculated using the statement of affairs

3aii)
Subscription in arrears:This is the sum of money due for members but remained unpaid.It is treated as debtors in the balance sheet

3aiii)
Reciepts and payments:this is the accounts that shows the summary of a cash book over a particular period of time

3aiv)
Income and expenditure account:This is type of account being prepared based on the same principle as the profit and loss accounts.It is described as the equivalent of profit and loss account

3av)
Entrance fees:This is the money paid on application for membership of an association or club.It is normally treated as income in income and expenditure

3b)
A share is defined as that portion of the joint stock companies capital owned by a share holder while debentures are documents in form of borrowing (eg bond issued under the seal of company in respect of money lent to it) on which the company agree to pay a certain fixed rate of interest



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 : Verified Financial Accounting Theory
1a)
A source document is the original record containing the details to substantiate a transaction entered in an accounting system.
1b)
i)Dispatch Note
ii)Receipt
iii)Invoice
iv)Credit Note
v)Debit Note
vi)Purchase Order
1c)
i)to record all the cash receipts and payments.
ii)to record all the credit purchases
iii)to record all the credit sales
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3ai)
Accumulated fund:This is the funds that correspond to the capital of the partnership or sole trader and it will be calculated using the statement of affairs
3aii)
Subscription in arrears:This is the sum of money due for members but remained unpaid.It is treated as debtors in the balance sheet
3aiii)
Reciepts and payments:this is the accounts that shows the summary of a cash book over a particular period of time
3aiv)
Income and expenditure account:This is type of account being prepared based on the same principle as the profit and loss accounts.It is described as the equivalent of profit and loss account
3av)
Entrance fees:This is the money paid on application for membership of an association or club.It is normally treated as income in income and expenditure account
3b)
A share is defined as that portion of the joint stock companies capital owned by a share holder while debentures are documents in form of borrowing (eg bond issued under the seal of company in respect of money lent to it) on which the company agree to pay a certain fixed rate of interest