waecE-LEARNING
Financial Accounting1,NOV/DEC 2013  
Questions: 1 2 3 4 5 6 7 8 9 Main
General Comments
Strength
Weakness/Remedies





question 9
Theory of Financial Accounting

This question tested simple interpretation of account.  Candidates were required to:

  • Calculate the margin;
  • Prepare Total Creditors Control Account;
  • Prepare Trading, Profit and Loss Account;
  • Calculate the Stock Turn-over Rates;
  • Calculate the percentage of Net Profit on Sales.
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observation

Many candidates’ could not prepare Total Creditors Control Account.  As a result, the purchases figure was wrong thereby affecting the Trading Account prepared. Many candidates’ had the idea of each formula but ended up with wrong calculation.

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