WAEC 2018/19 MAY/JUNE BOOK KEEPING OBJECTIVE AND THEORY, QUESTIONS and ANSWERS

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Book keeping Obj

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(1a)
Book keeping is the activity or occupation of keeping records of bthe financial affairs of a business.

(1b)
(i) Financial Comparison: A comprehensive bookkeeping system allows a business owner to analyze spending and revenue one item at a time

(ii) Budget Monitoring: Companies require an accurate report of current spending and revenue to help compare actual results with projections in the annual budget. A bookkeeping system facilitates up-to-date company financial information that can be cross-checked with the budget to make sure that the company is not overspending.

(iii) Tax Deductions: A bookkeeping system makes it easier to report revenue for tax filings at the end of the year, but a comprehensive spending profile can also help you find tax deductions that will lower your tax burden.

(iv) Payroll: Bookkeeping services include checking the accuracy of each payroll period to make sure that each employee receives the proper amount — an especially important function in organizations that pay bonuses, sales commissions and supplemental payment based on a percentage of revenue.

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(2)
(i) All partners will divide profit and loss equally.

(ii) If any partner gave loan to firm, partnership firm will give 6% interest on that loan.

(iii) No salary is given to any partner for participation in the work of partnership firm.

(iv) No interest will be given on the capital of partners.

(v) Partnership firm will not take interest on his given amount in the form of drawing to any partner.
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(3a)
The petty cash book is an actual ledger book, rather than a computer record. Thus, the book is part of a manual record-keeping system.

3b) Imprest system is the conventional system for recording petty cash transactions. In this system, a specified sum is given to the cashier at the start of the accounting period

(3c)
-Reduction in numbers of transactions;Many expenses of small nature are recorded in petty cash book.

-The number of transactions is reduced in the cash.

-Reduction of errors:As head cashier checks the accounts of previous month and gives.

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