WAEC 2017 BookKeeping Theory and Obj 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.
2c)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.
3a)Trial balance is defined as a statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.
3bi)Ommision of Errors :A mistake that consists of not doing something you should have done, or not including something such as an amount or fact that should be included: Errors of omission are likely to be more common than errors of commission.
3bii)Principle of Error: An accounting mistake in which an entry is recorded in the incorrect account, violating the fundamental principles of accounting. An error of principle is a procedural error , meaning that the value recorded was the correct value but placed incorrectly.
3biii)Error of Commission: This occurs where proper double entry is observed except an entry is made to the wrong personal account.
3biv) Original entry of errors: An error of original entry occurs when an incorrect amount is posted to the correct accounts. A particular example of an error of original entry is a transposition error where the numbers are not entered in the correct order.
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