WAEC Bookkeeping 2021 Questions and Answers: Get WAEC Bookkeeping 2021 answers Objective and Essay for 18th August, Bookkeeping – Essay & OBJ – 9:30am – 12:20pm.
WAEC Bookkeeping Questions and Answers 2021 Objective
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WAEC 2021 Book keeping Essay Questions and Answers
1a) payment voucher:
A document which can be used as proof that a monetary transaction has occurred between two parties. In business, a payment voucher can be used for a variety of purposes, sometimes taking the place of cash in a transaction, acting as a receipt, or indicating that an invoice has been approved for payment .
i)Purchase Book or Purchase Journal: Purchase book is a book of original entry in which only credit purchases of goods are recorded.
ii)Sales Book or Sales Journal: Sales book is a book of original entry in which only credit sales of goods are recorded.
iii)Purchases Return Book or Purchases Return Journal: Purchases return book is a book of original entry in which transactions related to the return of purchases of goods are recorded.
iv)Sales Return Book Or Sales Return Journal: Sales return book is a book of original entry in which transactions related to the return of sales of goods are recorded.
2a)Commerical account usually refers to a checking or other type of demand deposit account.
i)Assisting and educating officers about their financial responsibilities.
ii)Insuring the accuracy of comprehensive financial records.
iii)Aiding organizations in keeping their activities in sound financial condition.
iv)Facilitating continuity between financial officers and their successors.
Advantages of Control Accounts:
(i) Control accounts provide a summary of transactions recorded in various subsidiary ledger. Hence these are very useful to management in policy formulation.
(ii) It makes possible the division of accounting work among ledger keepers, thereby resulting in specialisation in work.
(iii) It facilitates prompt preparation of profit and loss account and balance sheet at the end of each period by providing stock figures quickly.
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