WAEC GCE Financial Accounting questions and answers 2022/2023 objectives and essay. Get verified WAEC GCE Accounting expo/runs now with exams questions tips. Financial Accounting WAEC GCE Questions and Answers PDF.
Do you want sure WAEC GCE 2022 financial accounting objectives and theory answers? This page will show you what to expect on Objectives and Theory WAEC Financial Accounting exams (Paper 1 & 2).
WAEC GCE Accounting past questions and answers provided here will also serve that purpose. Make sure you read and adhere to exams guideliness provided here fpr all candidates.
WAEC GCE Accounting Objectives Questions and Answers 2022
WAEC GCE Financial Accounting answers and questions Objectives and Essay are dealt with here in simple and clear terms.
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The objectives part of the exams is usually very simple. you will be expected to take just an option from multiple choices. make sure you go through the question over and over again before making your choice.
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WAEC GCE Financial Accounting OBJ:
Financial Accounting Essay WAEC GCE 2022 Questions Answers PDF
Past Exams answers
2a. Working capital is the amount of a company’s current assets minus the amount of its current liabilities.
2b. Capital employed, also known as funds employed, is the total amount of capital used for the acquisition of profits. It is the value of all the assets employed in a business and can be calculated by adding fixed assets to working capital or subtracting current liabilities from total assets.
2c. A fixed asset is an item with a useful life greater than one reporting period, and which exceeds an entity’s minimum capitalization limit .
2d. A current asset is cash and any other company asset that will be turning to cash within one year from the date shown in the heading of the company’s balance sheet. (If a company has an operating cycle that is longer than one year, an asset that will turn to cash within the length of its operating cycle is considered to be a current asset.)
2e. The rate of stock turnover is a measure of the number of times inventory is sold or used in a time period such as a year. The equation for inventory turnover equals the cost of goods sold or net sales divided by the average inventory.
3a. The accrual concept in accounting means that expenses and revenues are recorded in the period they occur, whether or not cash is involved.
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