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Tuesday, 23rd May, 2023
Financial Accounting 2 (Essay)
– 09:30am – 12:00pm
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QUESTIONS👇👇
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ANOTHER NUMBER 3
(3)
(i) Management/Owners
(ii) Investors/Shareholders
(iii) Lenders/Creditors
(iv) Employees/Workers
(v) Government Agencies/Tax Authorities
(i) Management/Owners: The management or owners of a business are interested in accounting information for various purposes. They rely on financial statements and reports to assess the financial performance of the business, make strategic decisions, evaluate profitability, monitor cash flow, and determine the overall financial health of the company. They need accurate and timely accounting information to effectively manage the business and plan for the future.
(ii) Investors/Shareholders: Investors and shareholders are interested in accounting information to evaluate the financial position and performance of a company. They use financial statements and reports to assess the profitability, liquidity, and solvency of the business. This information helps them make investment decisions, evaluate the company's growth potential, and assess the value of their investments.
(iii) Lenders/Creditors: Lenders and creditors, such as banks or suppliers, rely on accounting information to assess the creditworthiness and financial stability of a business. They use financial statements, particularly the balance sheet and cash flow statement, to evaluate the company's ability to repay loans or fulfill its financial obligations. Accurate accounting information helps lenders and creditors determine the level of risk associated with extending credit or lending money.
(iv) Employees/Workers: Employees and workers have an interest in accounting information, especially regarding their compensation and benefits. They rely on accurate accounting records to ensure proper calculation of salaries, wages, bonuses, and benefits. Accounting information also helps employees understand the financial health of the company, which may impact job security and potential growth opportunities.
(v) Government Agencies/Tax Authorities: Government agencies and tax authorities require accounting information to ensure compliance with tax regulations, financial reporting standards, and other legal requirements. They use financial statements, tax returns, and supporting documentation to assess tax liabilities, enforce regulations, and monitor financial transparency. Accurate accounting information is crucial for businesses to fulfill their legal obligations and avoid penalties or legal issues.
4a) Accounting ratios, an important sub-set of financial ratios, are a group of metrics used to measure the efficiency and profitability of a company based on its financial reports. They provide a way of expressing the relationship between one accounting data point to another and are the basis of ratio analysis.
Absolute liquidity ratio =(Cash + Marketable Securities)÷ Current Liability =(2188+65) ÷ 8035 = 0.28.
4b)
1. Accounting ratios may be very useful for forecasting likely events in the future since past ratios indicate trends in costs, sales, profit and other relevant facts.
2. Ideal ratios can be established and the relationships between primary ratios may be used to establish the desirable co-ordination or balance. Normally, this is linked with the Budgetary Control.
3. Control may be materially assisted by the use of ratios and can be made effective.
Financial Accounting 1 (Objective)
– 12:00pm – 3:30pm
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QUESTIONS👇👇
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F/ACCOUNTING OBJ NIGERIA 🇳🇬
01-10: BBBCDCACCB
11-20: CADBAABAAC
21-30: DDDCBBABDB
31-40: BCCADCDBAC
41-50: BBDBCCBBAB
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