WAEC GCE Financial Accounting 2022 Questions and Answers Objective & Essay | Check Now

WAEC GCE Financial Accounting 2022 Answers: Get WAEC GCE Financial Accounting Answers Objective and Essay for Saturday, 19th November, 2022, Paper III & II: Objective, Theory & Practice – Financial Accounting – 9:30am – 12:00noon.

WAEC GCE Financial Accounting 2022 Objective Answers

(4a)
(i) Fixed assests: may be defined as the resources, Properties or possession of a Firm. They are owned by a business and are expected to be of Some future benefits.

EXAMPLE
(i) Furniture and Fitting
(ii) plant and machinery
(iii) Land and Building

(ii) Current assests: these are assets, which are usually held For a short period of time For the purpose of Conversion in the ordinary Course of business.

EXAMPLE
(i) Stock of goods
(ii) Debtor
(iii) Bank
(iv) Cash

(iii) Capital is the original Money invested in a business by the owner. it is also referred to as net worth or Owner’s equity

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WAEC GCE 2022 Financial Accounting Essay Answers

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