We encourage students and candidates preparing for the NOVDEC 2024 Financial Accounting examination to solve the following questions as part of their preparation efforts. Solving these questions will assist you in revisiting the crucial areas identified in the trial test questions, as well as reinforcing the frequently overlooked yet crucial aspects of the accounting subject for WAEC examinations such as the NOVDEC 2024.
NOVDEC 2024 Financial Accounting Questions To Solve Now
- Explain the term provisions.
- Define ordinary shares and preference shares.
- Explain the accounting treatment of inter-departmental transfer of goods.
- Describe the motivations behind individuals entering the partnership business.
- Explain the difference between a single entry and incomplete records.
- There are distinctions between financial and cost accounting, along with a summary of the two benefits associated with each.
- Define account and company. Explain any three types of accounts and three types of companies.
- List the advantages and disadvantages of a limited liability company.
- Distinguish between reserves and provisions and explain provisions for doubtful debts in accounting.
- What distinguishes a company limited by shares from one limited by guarantee? Describe three scenarios where a company limited by guarantee could outperform a company limited by shares.
- Explain any four characteristics of a company.
- Describe the four reasons behind the preparation of departmental accounts.
- Explain depreciation and identify the various causes of it. Describe the three factors that influence the calculation of depreciation.
- Differentiate between capital expenditure and revenue expenditure and their effect on profit in the short and long run of the company.
- What is an account? Explain the double-entry principle of bookkeeping.
- Outline the benefits of the double-entry principle of bookkeeping for business entities.
- List six of the books of accounts used to convert a single-entry system to a double-entry system of bookkeeping.
- Define debit and credit balance. Support with examples.
- In a tabular form, state one function and one relevant source document for each of the following subsidiary books:
purchases joural;
sales journal;
purchases returns journal:
cash book;
petty cash book;
sales returns journal.
20.What is single entry method of bookkeeping
21.Expiain the computation of profit or loss in situations where: incomplete books of accounts are in existence; complete set of books of accounts are maintained.
SECTION B
You are required to prepare: Students should be able to solve the folloeing type of questions.
Trading, Profit and Loss Account;
Balance sheet as at that date.
Sales Ledger Control Account;
Purchases Ledger Control Account;
Sales Account;
Purchases Account.
Be guided in your final revisions by the NOVDEC 2024 Financial Accounting Questions here.