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WAEC Accounting -ESSAY-ANSWERS-
Incomplete records are financial records that do not contain all necessary information required for the preparation of financial statements.
(i)Difficulty in establishing accountability and ownership of assets and liabilities.
(ii)Inability to accurately determine the profitability of the business.
(iii)Difficulty in making informed decisions as the records do not provide adequate information.
(i)Lack of knowledge and skills required for record-keeping.
(ii)Cost and time constraints.
(iii)The absence of regulatory requirements mandating complete record-keeping.
The error in this transaction is that consumables should be posted to the consumables account instead of the purchases account. This error will affect the agreement of the trial balance totals.
The error in this transaction is that an invoice amount should be posted to the purchases ledger account instead of the purchases day book. This error will not affect the agreement of the trial balance totals.
The error in this transaction is that returns outwards should be posted to both the personal account and the returns outwards account. This error will not affect the agreement of the trial balance totals.
The error in this transaction is that the cheque payment to Ige was posted on the receipt side of the cash book instead of the payment side, and credited to Ige’s account. This error will affect the agreement of the trial balance totals.
Payment of cheque to Ige entered on the receipt side of the cash book and credited to Ige’s account:
Error: The payment of the cheque to Ige was incorrectly entered on the receipt side of the cash book and credited to Ige’s account.
Effect on trial balance: This error would result in an overstatement of receipts and an incorrect entry in Ige’s account.
Impact on trial balance agreement: The error affects the trial balance totals as it misstates the receipts account and potentially Ige’s account.
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4a)Accounting ratios are used to analyze financial information and to evaluate the financial health of a company. Ratios are calculated by dividing one financial statement item by another. For example, a company’s current assets can be divided by its current liabilities to calculate its current ratio.
Liquidity ratios are a type of accounting ratio that measures a company’s ability to meet its short-term financial obligations. One example of a liquidity ratio is the current ratio, which is calculated by dividing a company’s current assets by its current liabilities. The current ratio measures a company’s ability to pay off its short-term debts using its short-term assets. A higher current ratio indicates that a company is more likely to be able to meet its short-term financial obligations, while a lower current ratio indicates that a company may have difficulty meeting these obligations.
Three uses of accounting ratios are:
1. To evaluate a company’s financial performance – Accounting ratios can be used to assess a company’s profitability, liquidity, efficiency, and solvency. By comparing a company’s ratios to industry benchmarks or to its own historical performance, investors and managers can evaluate the company’s financial health and identify areas for improvement.
2. To make investment decisions – Accounting ratios can be used by investors to evaluate the financial health of a company and to make investment decisions. By analyzing a company’s ratios, investors can assess the company’s profitability, liquidity, and risk, and can decide whether to buy or sell the company’s stock.
3. To monitor financial performance – Accounting ratios can be used by managers to monitor the financial performance of a company and to identify areas for improvement. By tracking ratios over time, managers can identify trends and patterns in the company’s financial performance, and can take action to improve profitability, efficiency, or other metrics.
Three limitations of the use of accounting ratios are:
1. Comparability – Accounting ratios are most useful when comparing a company’s ratios to industry benchmarks or to its own historical performance. However, different companies may use different accounting methods or may have different business models, which can make it difficult to compare ratios across companies. This can limit the usefulness of accounting ratios for investors and managers.
2. Manipulation – Companies may manipulate their financial statements in order to improve their accounting ratios. For example, a company may delay paying its bills in order to improve its current ratio. This can make it difficult for investors and managers to use accounting ratios to evaluate a company’s financial health.
3. Lack of context – Accounting ratios provide a snapshot of a company’s financial performance at a particular point in time. However, they do not provide context about the company’s business model, industry trends, or other factors that may affect its financial performance. This can limit the usefulness of accounting ratios for making investment or business decisions.
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