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2019 WAEC Accounts - Principles of Accounts Theory (a) Give reasons for including outstanding liabilities in the Balance Sheet (b) How do you record an...

Accounts - Principles of Accounts
WAEC 2019

(a) Give reasons for including outstanding liabilities in the Balance Sheet

(b) How do you record an income generating activity of a bar in a not-for-profit-making organization:

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Explanation

a. Outstanding liabilities are included in the Balance Sheet in order to :

(i) recognize the full amount of liabilities in the Balance Sheet;

(ii)show the true financial position of the organization at any given time;

(iii)avoid misleading the users of the accounting information.

b. The procedures for recording an income generating activity of a bar in a not-for-profit-making organization:

(i)   Record all purchases relating to the activity.

(ii) Record all expenses relating to the activity.

(iii) Record sales generated from the activity.

(iv) Value the closing stock


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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789