WAEC 2023 BOOK KEEPING QUESTION AND ANSWERS THEORY AND OBJ

WAEC 2023 BOOK KEEPING QUESTION AND ANSWERS THEORY AND OBJ.

In this post we have provided you the waec 2023 book keeping theory and obj answers.

BOOKKEEPING INSTRUCTIONS

SECTION A

ANSWER TWO QUESTIONS ONLY

QUESTION 1

QUESTION 2 

QUESTION 3

QUESTION 4 

SECTION B

ANSWER THREE QUESTIONS ONLY 

QUESTION 6

QUESTION 7

QUESTION 8

COMPLETED

(1a).

(i)Wholesalers act as intermediaries between manufacturers or producers and retailers.

(ii)Wholesalers purchase goods in large volumes and break them down into smaller quantities suitable for retailers or other businesses. 

(iii)Wholesalers are responsible for arranging the transportation of goods from manufacturers to their warehouses and subsequently to retailers or other customers.

(iv)Wholesalers may engage in repackaging or relabeling of products to suit the requirements of different retailers or customers.

(v)Wholesalers often inspect the quality of products they receive from manufacturers to ensure they meet the required standards

(vi)Wholesalers may provide credit or financing options to retailers, enabling them to purchase goods on flexible payment terms. 

(vii)Wholesalers are closely connected to the market and have insights into consumer trends, demands, and preferences. 

(viii)Wholesalers often provide support services such as handling product returns, warranties, or repairs on behalf of the manufacturer.

(1b)

(i)Nature of product: Nature of product has influence on the selection of a channel of distribution. In the case of industrial goods like machinery etc ,the manufacturer sells directly to industrial user, but in the case of tools, sales take place through middlemen.

(ii)Nature of market: Choice of suitable channel of distribution also depends on the nature of market. Location of the market and the buying habits of buyers are also analysed. 

(iii)Distribution expenses: If the producer makes direct selling, he will have to spend on distribution. But, if the product gets good response from the dealers, a producer will prefer to sell through them to reduce his distribution expenses

(iv)Natural cooperation: Choice of channel of distribution on the mutual cooperation between the manufacturer and the dealers

(v) Company consideration: The character of the company also influences the selection of channel. If the management lacks marketing know how, it may prefer to depend on middleman.

(vi)Prompt payment: A producer may not like to sell to retailers or big consumers because they insist to make purchase on credit. Therefore he will prefer to sell to a wholesaler who purchases usually on ready cash.

(vii)Popularity of goods: If the goods are popular among the consumer, the dealers themselves come forward to buy. Then the producer may not like to open his own shops to sell the goods

(viii)Price and Profit: Where the price of the goods is low and the profit margin is small, the producer sells through middle man. It is profitable for the producer to sell through the dealers.

(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).

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 preference.

(3b).

(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).

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).

(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).

(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.

BOOK KEEPING OBJECTIVE ANSWERS

1-10: BADBCCDBAD

11-20: BCDDCACBBD

21-30: ACACADCAAC

31-40: CAACDDCDBB.

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