WAEC BOOK KEEPING ANSWERS 2020 CONFIRMED

Here on this page is the confirmed answers for 2020 book keeping. We will keep updating this post.

Do well to confirm each answers before answering, Good luck.

BOOK KEEPING
Q1a

(I) To ensures that the financial effects of these transactions are reflected in the books of accounts

(ii) to keep a complete and accurate record of all the financial transactions in a systematic orderly, logical manner

[PICK ANY TWO]

1a)
A) *To Identify Financial Transactions*: Book keeping identifies financial transactions from a large number of business transactions to keep their record.

B) *To Keep Permanent Record*: It keeps permanent records of financial transactions as and when they arise in systematic order. It keeps permanent record of all the transaction of business for future reference.

C) *To classify the transactions*: Book keeping not only records all the identified transactions but also classifies them mainly into three types; personal, real and nominal account as per their nature and records them accordingly in permanent book.

D) *To prepare statements:* Book keeping helps to prepare different statements to summarize, present and interpret the final information contained in the routine records.