waecE-LEARNING
Financial Accounting May/June 2014  
Questions: 1 2 3 4 5 6 7 8 9 Main
General Comments
Weakness/Remedies
Strength





question 1
Theory of Financial Accounting

Explain the following:

  1. imprest system;
  2. petty cash book;
  3. memorandum entries;
  4. three-column cash book;
  5. journal proper.
___________________________________________________________________________________________________
observation

Majority of the candidates attempted this question and performed well.  However, there were mixed up of general source documents with that of cash book in question 1c. 

The expected answer to 1(c) include:

1c.     Source documents used in preparing cash book are:

  • Pay-in-slips;
  • Receipts;
  • Cheques;
  • Payment vouchers;
  • Bank statements;
Cheque counterfoil/stub.

 


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