2016 WAEC GCE FINANCIAL ACCOUNTING OBJECTIVE AND ESSAY NOW AVAILABLE

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Section B [Calculation]
Typing...
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2a)
working capital: is the amount of a company's current assets minus the amount of its current liabilities.
2b)
Capital employed; is the total amount of capital used for the acquisition of profits.
2c)
fixed asset: is an asset that is not consumed or sold during the normal course of business, such as land, buildings, equipment, machinery, vehicles, leasehold improvements, and other such items.
2d)
Current assets are balance sheet accounts that represent the value of all assets that can reasonably expect to be converted into cash within one year.
2e)
Rate of Stock turnover is a financial efficiency ratio that helps answer a questions like "have we got too much money tied up in inventory"? An increasing stock turnover figure or one which is much larger than the "average" for an industry may indicate poor inventory management.

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3a)
The accrual concept in accounting means that expenses and revenues are recorded in the period they occur, whether or not cash is involved.
3b)
The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.
3c)
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction.
3d)
PERIODICITY CONCEPT is the concept that each accounting period has an economic activity associated with it, and that the activity can be measured, accounted for, and reported upon.
3e)
The going concern principle is the assumption that an entity will remain in business for the foreseeable future. Conversely, this means the entity will not be forced to halt operations and liquidate its assets in the near term at what may be very low fire-sale prices.