WAEC GCE Free Financial Accounting Questions and Answers – 2019 Second Series

West Africa Examination Council, WAEC GCE Free Financial Accounting Questions and Answers for 2019 Second Series WAEC GCE Examination is now available, always subscribe to get the questions and already solved answers by Examrelief earlier.
WAEC GCE Financial Accounting Questions and Answers

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👑 2019 WAEC GCE FINANCIAL ACCOUNTING ANSWERS👑

100% VERIFIED FINANCIAL ACCOUNTING OBJ ANSWERS

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100% VERIFIED FINANCIAL ACCOUNTING THEORY ANSWERS

(3a)

Single entry accounting system records each accounting transaction with a single entry to the accounting records, rather than the vastly more widespread double entry system. The single entry system is centered on the results of a business that are reported in the income statement

(3b)
(i)improper knowledge: The mechanism of keeping incomplete records is due to improper knowledge of accounting principles.

(ii) Inexpensive:
This method is less expensive as compared to keeping records as per double entry system.

(iii)Time Saving:
This method is time saving in the sense that only a few records are maintained under such system.

(iv) Convenient:
This method is very convenient in the sense that no rules and principles are to be followed.

(v) Highly Flexible:
This mechanism is not based on any set rules, principles and accounting standards, as such it can be modified and changed as per the need and availability of time.

(vi) Convenient:
This method is very convenient in the sense that no rules and principles are to be followed
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(4ai)
partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests.

(4aii)
partnership deed is a document that outlines in detail the rights and responsibilities of all parties to a business operation. In other words It has the force of law and is designed to guide the partners in the conduct of the business.

(4b)
(i)The name of the firm
(ii)Name and details of all partners
(iii)Date of commencement of business
(iv)Duration of the firm’s existence
(v)Capital contributed by each partner
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