WAEC 2021 Financial Accounting Obj And Essay Answer – Aug/Sept Expo
WELCOME TO AYOSTUFFS BEST EXAM EVER ================================== KEEP REFRESH THIS PAGE IN EVERY 5MIN ================================== ACCOUNTING OBJ: 1-10: CDCABACACC 11-20: ABACBADDCB 21-30: CBCABDACBD 31-40: BABAACCDAC 41-50: DCDCCCBBDA =============================== Obj: Loading =============================== Theory: (3ai) Entrance Fees or Admission Fees is the amount that a person pays at the time of becoming a member of a Not-for-Profit Organization. It is a revenue receipt. Therefore, we account it as an income and credit it to Income and Expenditure Account. (3aii) A subscription is a signed agreement between a supplier and customer that the customer will receive and provide payment for regular products or services, usually for a one-year period. (3b) (Pick Any five) (i) No Opening Balance:- Opening balance is not require to prepare income and expenditure account. (ii) Accrual Basis:- Income and expenditure account is maintained on accrual basis. (iii) Based On ...