2019/2020 FREE WAEC EXPO RUNZ: FINANCIAL ACCOUNTING THEORY AND OBJ QUESTIONS AND ANSWERS NOW AVAILABLE

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ACCOUNTING OBJ:
1-10:BCABABBCCC
11-20:ACADBCBDDB
21-30:ACBCCACBAB
31-40:BDBADCCDAB
41-50:CBBBBBDCCB
(Number 4)

(4a)
(i) Insufficient fund
(ii) Wrong signature
(iii) If the cheque is post dated

(4b)
(i)Petty cash float: This is small amount of cash kept at hand for making immediate payments for miscellaneous small expenses.

(ii)Contra entries: This is an entry which is recorded to reverse or offset an entry on the other side of an account. If a debit entry is recorded in an account, it will be recorded on the credit side and vice-versa.

(iii)Imprest system: This is a form of financial accounting system. The most common imprest system is the petty cash system. In other words it is a fixed amount that is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.

(4c)
(i)Reduction in numbers of transactions: Many expenses of small nature recorded in petty cash book, the number of transactions is reduced in the cash.

(ii)Reduction of errors: As head cashier check the accounts of previous month and gives advance for the coming month, does, errors if any are reduced.

(iii)Savings of time and labour: As the petty expenses are recorded by petty cashier at any time so that the chances of misuse are minimised.

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