Are you in search of WAEC Principles Of Cost Accounting Questions and Answers 2022? Please search no more! Passing the 2022 waec examination requires you to give all your best in preparing for it. This will enable you to pass it once and for all with flying colors. The waec marking scheme for WAEC Principles Of Cost Accounting Questions and Answers could change at any point in time and that is the most reason why you need the live WAEC Principles Of Cost Accounting Questions and Answers 2022 as a backup. From our own end we suggest that you get a copy of WAEC Principles Of Cost Accounting Questions and Answers past questions 2021 so you can prepare maximally for the exams. Some of the past questions have been provided below. From the looks of things, WAEC Principles Of Cost Accounting waec question 2022 is definitely going to be very different from what you have in the previous years. And no one can predict what will happen if it is going to be tougher or simple. But never to worry we will provide you the authentic live WAEC Principles Of Cost Accounting Questions and Answers Questions and Answer on this page.
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On this page you will stand a chance of getting WAEC Principles Of Cost Accounting Questions and Answers Answers, WAEC Principles Of Cost Accounting Questions and Answers paper 1 and 2 (OBJ & Theory), and likely WAEC Principles Of Cost Accounting Questions and Answers expo/runs 2022 – they are all covered in this article. Make sure you follow the instructions carefully.
WAEC exams 2022 is quite straight forward; relax while we help you attack it. Also, some applicants fail WAEC because they are not well informed, not because they are dull or not brighter. The WASSCE WAEC Principles Of Cost Accounting Questions and Answers objectives questions and answers, as well as theory questions and answers will be provided.
Paper Types and Exam Format:
It is important to note that the question will appear in three different papers: paper 1, paper 2, and paper three, respectively.
WAEC Principles Of Cost Accounting Questions and Answers for theoretical and practical assessments – OBJ & THEORY
WAEC Principles Of Cost Accounting Questions and Answers OBJ Sample 2022
1. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the
C. Auditor General
ANSWER: C (Auditor General)
2. The cash basis of accounting requires the recognition of revenue only when they are
A. sent Out
ANSWER: D (Received)
3. Responsibility accounting is particularly concerned with
A. variable cost
B. fixed cost
C. controllable costs
D. uncontrollable costs
ANSWER: C (Controllable costs)
4. Earnings per share is a measure of
ANSWER: B (Profitability)
WAEC Principles Of Cost Accounting Theory Questions and Answers 2022 Sample ANSWERS
1. The Industry norm – This is the most common type of comparison. Analysts will typically look for companies within the same industry and develop an industry average, which they will compare to the company they are evaluating.
Ratios per industry are also provided by Bloomberg and the S&P. These are good sources of general industry information. Unfortunately, there are several companies included in an index that can distort certain ratios.
If we look at the food and beverage ratio index, it will include companies that make prepared foods and some that are distributors.
The ratios in this case would be distorted because one is a capital-intensive business and the other is not. As a result, it is better to use a cross-sectional analysis, i.e. individually select the companies that best fit the company being analyzed.
2. Aggregate economy – It is sometimes important to analyze a company’s ratio over a full economic cycle. This will help the analyst understand and estimate a company’s performance in changing economic conditions, such as a recession.
3. The company’s past performance – This is a very common analysis. It is similar to a time-series analysis, which looks mostly for trends in ratios.
1cii) Limitations to Accounting ratios/Financial ratios
There are some important limitations of financial ratios that analysts should be conscious of:
i)Many large firms operate different divisions in different industries. For these companies, it is difficult to find a meaningful set of industry-average ratios.
ii)Inflation may have badly distorted a company’s balance sheet. In this case, profits will also be affected. Thus a ratio analysis of one company over time or a comparative analysis of companies of different ages must be interpreted with judgment
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.
3b. The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.
Doing so requires the use of separate accounting records for the organization that completely exclude the assets and liabilities of any other entity or the owner.
3c. Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction.
3d. PERIODICITY CONCEPT is the concept that each accounting period has an economic activity associated with it, and that the activity can be measured, accounted for, and reported upon.
3e. The going concern principle is the assumption that an entity will remain in business for the foreseeable future. Conversely, this means the entity will not be forced to halt operations and liquidate its assets in the near term at what may be very low fire-sale prices.
A company is a legal entity made up of an association of persons, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.
4bi) An ordinary share represents equity ownership in a company proportionally with all other ordinary shareholders, according to their percentage ownership in the company. All other shares of a company’s stock are, by
definition , preferred shares
4b(ii)Preference shares, more commonly referred to as preferred stock, are shares of a company’s stock with dividends that are paid out to shareholders before common stock dividends are issued. If the company enters bankruptcy, the shareholders with preferred stock are entitled to be paid from company assets first.
4b(iii) A debenture is a type of debt instrument that is not secured by physical assets or collateral.
Debentures are backed only by the general creditworthiness and reputation of the issuer. Both corporations and governments frequently issue this type of bond to secure capital.
4b(iv) The authorised capital of a company (sometimes referred to as the authorised share capital, registered capital or nominal capital, particularly in the United States) is the maximum amount of share capital that the company is authorised by its constitutional documents to issue (allocate) to shareholders.
(i)suspense purchase Dr GHC(19,000) , Cr GHC(19,000)
(ii)returns inwards suspenses Dr(8000), Cr(8000)
(iii)suspense cashbook Dr(19,600), Cr(19,000)
(iv)suspense cash ook Dr(98,000), Cr(98,000)
(v) repairs of plant and machinery Dr(11,000) , Cr(11,000)
(vi) customer sales Dr(158,980), Cr(158,950)
(vii) supplier suspense(25,500 *2) Dr(51,000) cr(51,000)
No.5) use the image below
No.6) use the image belowNo7) use the image belowNo.8) use the image below
king star enterprises
departmental, trading, profit & loss acct
A le, B le
opening stock: 1000, 800
add purchases: 147200, 132800
add carriage: 1000, 1000
less closing stock: 1200, 600
gross profit: 12000,16000
office exp: 480, 120
rates: 176, 94
insurance: 692, 173
light: 384, 96
repairs: 240, 60
net profit: 10028, 159507
A le, B le
gross profit: 12000, 16000
Note: The above answers are WAEC Accounting likely questions and answers that will come out not the exact 2020 WAEC Accountiong Answers.
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How to Pass WAEC Principles Of Cost Accounting Exams 2022 | WAEC Principles Of Cost Accounting Expo 2022
1. Put Reading First.
People who claim that they must stop reading because they have completed their education are completely wrong. It’s a completely erroneous belief or perception to think that once you have completed your education it’s all over. Learning never stops you know; anyone who stops reading or learning will be living with old information and will move around with it. We live in a world that is constantly changing, and in order to be a very successful human being in today’s society, you must keep up with the latest information.
In reality, relying on a single author for ideas or information is not a proper way of getting updated information. To amass enough information, read as many books as possible.
We implore all applicants who are about to take the WAEC Principles Of Cost Accounting exams 2022 to continue reading books relating to their field of interest on a regular basis.
2. Obtain the Appropriate Preparatory Materials
Exam preparation should not be limited to reading books. The question you should ask yourself is, “What kind of book am I reading, and how will it help me pass the WAEC Principles Of Cost Accounting exams?” Here is what you should consider as appropriate prepared material: textbooks, dictionaries, waec Past Questions and Answers and so on.
3. Attend Extra-Classes.
Attending extra moral classes can be a source of pride for some people. Some people believe they are too big and are unconcerned about it. This is a completely incorrect viewpoint, and you must change it. Extra classes will help you grow, extend, and broaden your intellectual capacity, making it easier for you to understand things.
Extra moral classes, organized by educational tutors, can be observed all over. This type of class can be held after school in the evenings, during the holidays, or after the school day has ended for the term or session.
You will never be sorry if you attend one.
4. Set Out Time for Rest
Many people who are studying for impending examinations are unaware of the importance of rest and sleep. It’s a once-in-a-lifetime opportunity. When you take time to rest or sleep, your brain relaxes and your mind calms. Everything is new and your strength has been renewed by the time you wake up. If you force yourself to read when you are sleepy or exhausted, you will not be able to perform better; you will fall asleep quickly, and by the time you wake up, everything you read will have vanished.
This is something that all WAEC candidates should be aware of because it is really significant.
5. Maintain a Healthy Way of Life
One of the things that will motivate you as a person is to eat properly and live a healthy lifestyle. You can easily get sick if you don’t eat well and healthily, such as consuming meals that aren’t truly clean, low-quality foods, and you don’t build up your cells to be immune to sickness.
During the process of studying for tests, many students or candidates become weary, dizzy, and even sick. To avoid this, as soon as you notice a symptom of disease, make an appointment with a doctor, your parents, or the people you live with for additional medical attention.
6. Chatting on social media should be limited.
It is not a proper thing to spend 80% of your time on social media sites such as Facebook, Twitter, Instagram, and others, and just 20% of your time on your academics. You’ll never be able to create it that way. At the very least, make it 80/20. 80 percent of your time should be spent studying and researching in preparation for your upcoming waec exams.
You may always go back to those things after you have finished your waec exams. FOCUS is the key word here.
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