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Waec gce Financial Accounting Theory and Objective Answers (100%legit) Financial Accounting Essay verified Free  (Expo) for National Examination Council. Waec gce Financial Accounting Questions For you to have good Waec result in  Financial Accounting as well as repeated questions for free in this post.

Waec GCE 2022 FREE Financial Accounting QUESTION AND ANSWER ROOM 

Waec Gce Financial Accounting OBJ

*Account Obj:*



i. *Manual Data Processing*
This data processing method is handled manually. The entire process of data collection, filtering, sorting, calculation, and other logical operations are all done with human intervention and without the use of any other electronic device or automation software. It is a low-cost method and requires little to no tools, but produces high errors, high labor costs, and lots of time and tedium.

ii. *Mechanical Data Processing*
Data is processed mechanically through the use of devices and machines. These can include simple devices such as calculators, typewriters, printing press, etc. Simple data processing operations can be achieved with this method. It has much lesser errors than manual data processing, but the increase of data has made this method more complex and difficult.

iii. *Electronic Data Processing*
Data is processed with modern technologies using data processing software and programs. A set of instructions is given to the software to process the data and yield output. This method is the most expensive but provides the fastest processing speeds with the highest reliability and accuracy of output.

*(i)Data collection;* Collecting data is the first step in data processing. Data is pulled from available sources, including data lakes and data warehouses.
*(ii)Data preparation;* Once the data is collected, it then enters the data preparation stage. Data preparation, often referred to as “pre-processing” is the stage at which raw data is cleaned up and organized for the following stage of data processing. During preparation, raw data is diligently checked for any errors.
*(iii)Data input;* The clean data is then entered into its destination (perhaps a CRM like Salesforce or a data warehouse like Redshift), and translated into a language that it can understand.

*Another number 2*

(i). Inexpensive: This method is less expensive as compared to keeping records as per double entry system.

(ii). Time Saving: This method is time saving in the sense that only a few records are maintained under such system.

(iii). Improper Knowledge: The mechanism of keeping incomplete records is due to improper knowledge of accounting principles.

(i). Difficult to get reliable information on assets and depreciation expenses.

(ii). Banks and other financial institutions offer loans after reviewing the financial statements.

(iii). It is difficult to measure the performance of the business. This makes planning difficult.

(i). Prepare an Opening Statement of Affairs
(ii). Post All Transactions in a Double-Entry Journal System
(iii). Divide Your Expenses and Income Bank Accounts
(iv). Run a Trial Balance
(V). Prepare an Income Statement
(Vi). Prepare a Balance Sheet

(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.
(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.
(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
(i) Equity Capital
(ii) Loan Capital
(iii) Working capital

(iv) Intangible assets: these are assets, which have no physical substance or properties but Contribute economic benefits to the organization
(i) Goodwill
(ii) Trademark
(iii) patent
(iv) Copyright

(v) Current Liabilities: these are liabilities which are due for settlement within one year.
(i) Creditors
(ii) overdraft
(iii) Accrued expenses
(iv) income madvance.

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