WAEC 2023 Bookkeeping Essays And Objective Questions & Answers

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BOOK-KEEPING OBJ

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BOOK KEEPING ESSAYS

(1a)
(PICK ANY ONE)

Joint stock company is a type of business organization that is owned by shareholders who hold shares of its stock. It can also be refer as a type of business organization where the ownership is divided into shares of stock. It is a form of company

OR

Joint-stock company is a business entity in which shares of the company’s stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares

(1b)
(i)private limited company is typically owned by a small group of individuals or entities, often referred to as shareholders. WHILEpublic limited company, on the other hand, can have an unlimited number of shareholders.

(ii)Private limited companies tend to have a lower minimum share capital requirement compared to public limited companies WHILE Public limited companies often have higher minimum share capital requirements prescribed by law.

(iii)Private limited companies are not allowed to make public offerings of shares or invite the public to subscribe for their shares. WHILE Public limited companies can make initial public offerings (IPOs) to raise capital by issuing shares to the public

(iv)Private limited companies generally have a more flexible and less formal corporate governance structure. WHILE Public limited companies have more extensive corporate governance requirements

(2a)
(TABULATE)

=LEDGER=
(i) A ledger is a book or a collection of accounts that records all financial transactions of a business.
(ii) It serves as a centralized repository that contains multiple accounts.
(iii) Ledgers are used to organize and classify financial data systematically.
(iv) The ledger provides a comprehensive view of all financial transactions across different accounts.
(v) The ledger helps in preparing financial statements and analyzing the overall financial position of the business.
(vi) Ledgers are divided into different categories or sections, such as the general ledger, subsidiary ledgers, or special-purpose ledgers.
(vii) Ledger entries summarize the transactions and provide an overview of the business’s financial activities.

=ACCOUNT=
(i) An account is a specific record within a ledger that represents an individual element of the business’s financial transactions.
(ii) It represents a single entity or element, such as an asset, liability, revenue, expense, or equity, within the ledger.
(iii) Accounts provide detailed information about specific transactions related to a particular element of the business.
(iv) Each account contains a summary of transactions related to that specific element, including debits and credits.
(v) Accounts aid in tracking the financial activity of specific elements and help in monitoring their individual balances.
(vii) Account entries provide specific details about the individual transactions related to that particular element.

(2b)
(i) Building – Real Accounts
(ii) Debtors – Personal Accounts
(iii) Commission Received – Nominal Accounts
(iv) Stock – Real Accounts
(v) Machinery – Real Accounts
(vi) Rent Received – Nominal Accounts
(vii) Insurance – Nominal Accounts
(viii) Creditors – Personal Accounts
(ix) Lightning – Nominal Accounts
(x) Advertising – Nominal Accounts
(xi) Cash – Nominal Accounts
(xii) Furniture and Fittings – Real Accounts.

(3a)
(PICK ANY ONE)

Product marketing is a strategic function within a company that focuses on promoting and positioning a specific product or service in the market to attract and satisfy customers.

OR

Product marketing is a strategic discipline that focuses on the promotion and positioning of a company’s products or services to its target customers.It involves understanding the market, identifying customer needs and preferences

(3b)
(PICK ANY EIGHT)

(i) Utilize various advertising channels such as print media, television, radio, online platforms, social media, and digital ads to reach a wide audience.

(ii)Create informative and engaging content to educate potential customers about the new product.

(iii)Collaborate with influential individuals or industry experts who have a significant online following.

(iv)Leverage social media platforms such as Facebook, Instagram, Twitter, LinkedIn, and YouTube to engage with the target audience.

(v)Build an email list of potential customers and develop targeted email campaigns to introduce the new product.

(vi)Issue press releases to relevant media outlets and industry publications to announce the launch of the new product.

(vii)Organize live demonstrations or product showcases at trade shows, industry events, or in-store locations.

(viii)Offer free trials, samples, or limited-time promotions to encourage potential customers to try the new product.

(ix)Implement referral programs that incentivize existing customers to refer the new product to their friends, family, or colleagues.

(x)Collaborate with complementary businesses or influencers to cross-promote the new product.

(4a)
(PICK ANY ONE)

Control account is a general ledger account that summarizes and represents the total balances of a subsidiary ledger. It acts as a control mechanism to ensure accuracy and completeness of the subsidiary ledger’s transactions.

OR

Control account is a general ledger account that serves as a summary or aggregate account for a related group of subsidiary ledger accounts. It acts as a control mechanism to monitor and reconcile the transactions recorded in the subsidiary ledgers

(4b)
(PICK ANY TWO)

(i)Accounts Receivable Control Account
(ii)Accounts Payable Control Account
(iii)Inventory Control Account
(iv)Fixed Assets Control Account
(v)Bank Control Account
(vi)Payroll Control Account

(4c)
(PICK ANY SIX)

(i)Simplification of Record-Keeping: Control accounts simplify the recording and reporting processes by condensing detailed transactions from subsidiary ledgers into a summarized view.

(ii)Enhanced Accuracy and Integrity: By reconciling the balances in the control account with the corresponding subsidiary ledgers, discrepancies and errors can be identified and resolved

(iii)Efficient Monitoring and Reporting: Control accounts enable efficient monitoring of subsidiary ledger activities and help in identifying trends, patterns, or anomalies.

(iv)Internal Control and Fraud Detection: Control accounts serve as a mechanism for internal control. By comparing the balances in the control account with the detailed subsidiary ledger balances, any unauthorized transactions can be detected.

(v)Streamlined Audit Process: Control accounts provide auditors with a summary of transactions, making the audit process more efficient.

(vi)Time and Cost Savings: By using control accounts, the time and effort required to review and analyze detailed transactions are reduced.

(vii)Effective Decision-Making: Control accounts provide a summarized view of financial information, enabling management to make informed decisions based on accurate and relevant data.

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