2014 Expo Answers Here Financial Accounting GCE 2014 Expo Answers Here

ESSAY ANSWERS :-
1a. A type of business organization in which
two or more individuals pool
money , skills , and other resources , and
share profit and loss in accordance with
terms of the partnership agreement . In
absence of such agreement, a partnership is
assumed to exit where the participants in an
enterprise agree to
share the associated risks and rewards
proportionately .
1b. A dormant partner Is a Contributor or
investor who is not active in managing a
firm and may not be known to the outsiders.
A dormant partner shares profits and losses
with other partners but (if he or
she is not a signatory to the loan agreements)
generally may withdraw from the firm
without notice to the lenders.
1c.
i. The capital to be contributed by
each partner
ii. the rate of interest on capital
iii. the rate of interest on drawings
iv. the division of profits and losses
v. the basis of valuing goodwill on the death
or retirement of a partner
4a. computer is any device that is
capable of accepting data automatically,
applying a sequence of process to the
data and supplying the results of these
processes.
4bi. input data is a data or raw
information accepted by a computer to
be processed into a useful information
eg
ii).output data is the result information from
a computer when it has been processed
iii.) input components are devices used to
insert commands into computer for
processing eg keyboard
4biv.) output components are devices which
displays the useful information that has been
processed from raw data eg monitor
4bii. output data
> pictures
> tables
4biii) Input component Keyboard Mouse
Touch ScreenScanner Camera
Microphone Light penoptical mark reader
Bar code reader
iv) Output component Printer Monitor
Speakers Projector
(4biv.) output components are devices whch
displays the useful information that has been
processed from raw data eg monitor.
(9a)
Gross profit percentage
for 2010
G.p/sales * 100
= 50000/200000* 100
= 25%
for 2011
=70000/280000*100
=25%
(9B-)
Stock turnover ratio for 2010
Average stock/2
= 50000+20000/2
=70000/2
=35000
cost of sale/average stock
= 150000/35000
=4.2=4 times
Stock turnover ratio for 2011
20000+30000/2
=50000/2
=25000
cost of sales/average stock
=210000/25000
=8.4 = 8times
(9c)
Net profit percentage for 2010
Net profit/sales*100
= 12000/200000*100
=6%
Net profit percentage for 2011
Net profit/sales*100
=20000/280000*100
=7.14%
(9d)
Acid test ratio for 2010
= current asset - stock/current liability
=25000/1500
=1.66 : 1
Acid test ratio for 2011
= current asset - stock/current liability
=33000/12000
=2.75 : 1
(9e)
Current Ratio 2010
= current asset / current liability
= 45000/15000
= 3 : 1
Current Ratio 2011
= current asset / current liability
= 63000/12000
=5.25 : 1
(9a)
Gross profit percentage for 2010
G.p/sales * 100
= 50000/200000* 100
= 25%
for 2011
=70000/280000*100
=25%
(9b)
Stock turnover ratio for 2010
Average stock/2
= 50000 20000/2
= 70000/2
= 35000
cost of sale/average stock
= 150000/35000
=4.2=4 times
Stock turnover ratio for 2011
20000 30000/2
=50000/2
=25000
cost of sales/average stock
=210000/25000
=8.4 = 8times
(9c)
Net profit percentage for 2010
Net profit/sales*100
= 12000/200000*100
=6%
Net profit percentage for 2011
Net profit/sales*100
=20000/280000*100
=7.14%
(9d)
Acid test ratio for 2010
= current asset - stock/current liability
=25000/1500
=1.66 : 1
Acid test ratio for 2011
= current asset - stock/current liability
=33000/12000
=2.75 : 1
(9e)
Current Ratio 2010
= current asset / current liability
= 45000/15000
= 3 : 1
Current Ratio 2011
= current asset / current liability
= 63000/12000
=5.25 : 1
GOODLUCK

Financial Accounting GCE 2014 Expo Answers He

Financial Accounting 2 (Theory
and Practice) --- 8.30am -
11.00am
Financial Accounting 1 (OBJ) ---
11.00am -12.00pm
==========================
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100% Sure Waec Gce Economics (Obj and Essay) Answers Here

.1-10 = DCCBDACDBA
11-20 = AAADACBDCD
21-30 = ACBBDCBBCC
31-40 = DDDACCADDC
41-50 = CBBBBBCDCA
Economics theory answers :-
(2)
C=24+3q
(ai)Total cost of producing 12 units
C=24+3q
24+3(12)
24+36 =60
(2aii)
36 units C=24+3q 24+108 =132
(2b)
Average cost when 48 is produced 24+3q 24+3(4
24+144 168 Average cost=c/q 168/48=3.5
(2bii) 58 units were produced 24+3q 24+3(5
24+174 198 Average cost=c/q 198/58 3.4
(2c) Marginal cost when 23 units were produced
Total cost of 12 units C=24+3q 24+3(12) 24+36 60
Total cost of 23 units 24+3q 24+3(23) 24+69 =93
MC=93-60 =33
(ii)
36 units were produced Total cost of 23 units=93
Total cost of 36 units=132 MC=132-93=39
(2d)
Profit when 23 units are produced =TR-TC TR
Q=5*23=115 TC=60 Profit=115-60=55
(ii) 48 units are produced TR=5*48=240 TC=168
Profit=240-168 =72
(4a) Industrialization is define as the process of
transforming an economy based on extraction
activities into one based on manufacturing
(Trustnaija.com).
(4b)
(i) shortage of raw materials
(ii) poor quality of industrial labour.
(iii) competition with foreign goods.
(iv) insufficient capital.
(4c)
(i) Import substitution: it involves deliberate
attempt by government aimed at encouraging the
growth of industries within the country which
produces goods and services which would have
been imported.
(ii) Export promotion: it involves deliberate attempt
by the government at encouraging the production
of (Trustnaija.com) commodities for export. it is
done through granting of tax concessions reducing
export duties etc
(7a) International trade refers to the exchange
goods and services that place across international
boundaries.
(7bi) Embargo: this the total ban on the
importation of goods into the country for example a
government. Country can place embargo on the
importation of rice .this means would not be
imported to that country.
(7bii) Quota: this is another term used in barrier to
trade. Trustnaija.com. It is the limitation on
import . their is certain prescribed number or
quantity of goods to be imported to the of the
country. Dis prescribed quantities must not be
exceeded.
(8a)
(i) free trade area: This is defined as the type of
integration in which members countries agree to
remove all barriers to trade among them.
(ii) Custom unions: This is defined as an
agreement among nations to remove trade barriers
and set a common barrier to import from non
member countries
(iii) Common Market: This is described as an
economic community in which there is a common
internal and external tarrif policy
(iv) Economic Union: This is a form of integration
which takes the form of total integration.
(8b)
(i) Inadequate capital
(ii) Political instability
(iii) Inadequate infrastructural facility
(iv) Differences in fiscal and monetary policy
Trustnaija.com.
(6a)
Central bank:this is the highest financial institution
in a country (i.e the apex bank) which carries out
the monetary policy of the government
(6b) The major difference between the banking and
the non-banking financial institution is that the
liabilities of the banking institutions are counted as
part of the total supply of money while those of the
non-banking institution are exclude from money
supply.... Also ,banking ,financial institution
include,commercial,merchant,d banks while non-
banking financial institution include, insurance
companies,hire purchase
companies,building,societies.
(6c)
(i)provision of loan and overdraft to their customer
who which to engage in business.
(ii) provision of documentary credit: this is one of
the function of commercial banks which help to
provide commercial credit facilities to
exporters,which help them in payment of goods.
(iii) provision of financial advice:commercial bank
encourage and advise businessman on the type of
project they should invest their money in.
(iv)another contribution is that commercial bank
help to facilities international trade by providing
credit to exporter,and this facilitate payment in
foreign trade. Pls if you need the expo as a text message direct to ure phone u can sent airtel recharge card to this number: 07084036368.    We offer you the best.

GCE 2014/2015 Timeble

This is to inform our esteemed readers that 2014 WAEC
GCE Official Timetable is out. The Registration for the
2014 November/December West African Senior School
Certificate Examination (GCE) is on and here is the
official timetable / schedule for the forthcoming WAEC
GCE examination.
The TimeTable is as follows
NOV/DEC 2014 WASSCE TIMETABLE FOR NIGERIA.
FRIDAY 29TH AUGUST, 2014
Foods and Nutrition 3 (Practical Planning Session)
8.30 9.30am
Home Management 3 (Practical Planning Session)
11am 12pm
THURSDAY 4TH SEPTEMBER, 2014
Health Science 3 (Alternative to Practical Work) 8.30
10.15am
Health Science 2 (Essay)
Health Science 1 (Objective)
Health Education 2 (Essay)
Health Education 1 (Objective)
FRIDAY 5TH SEPTEMBER, 2014
Arabic 3 (Oral)
French 3 (Oral)
Clothing and Textile 3 (Practical)
Foods and Nutrition 3 (Practical)
Home Management 3 (Practical)
SATURDAY 6TH SEPTEMBER, 2014
Economics 2 (Essay)
Economics 1 (Objective)
Woodwork 2 (Essay and Design)
Woodwork 1 (Objective)
Clothing and Textile 2 (Essay)
Clothing and Textile 1 (Objective)
MONDAY 8TH SEPTEMBER, 2014
Wood work 3 (practical)
Wood work 3 (Practical)
Home Management 2 (Essay)
Home Management 1 (Objective)
THURSDAY 9TH SEPTEMBER, 2014
Civic Education 2 (Essay)
Civic Education 1 (Objective)
Financial Accounting 2 (Theory and Practice)
Financial Accounting 1 (Objective)
WEDNESDAY, 10TH SEPTEMBER, 2014
Hausa 2 (Essay)
Hausa 1 (Objective)
Igbo 2 (Essay)
Igbo 1 (Objective)
Yoruba 2 (Essay)
Yoruba 1 (Objective)
Edo 2 (Essay)
Edo 1 (Objective)
Efik 2 (Essay)
Efik 1 (Objective)
Ibibio 2 (Essay)
Ibibio 1 (Objective)
THURSDAY, 11TH SEPTEMBER, 2014
Physics 3 (Alternative to Practical Work)
Physical Education 3 (Alternative to Practical Work)
FRIDAY, 12TH SEPTEMBER, 2014
Biology 2 (Essay)
Biology 1 (Objective)
Physical Education 2 (Essay)
Physical Education 1 (Objective)
SATURDAY, 13TH SEPTEMBER, 2014
English Language 2 (Essay)
English Language 1 (Objective)
MONDAY, 15TH SEPTEMBER, 2014
Geography 2(Essay)
Geography 1(Objective)
Biology 3 (Alternative to Practical Work)
TUESDAY,16TH SEPTEMBER, 2014
Physics 2 (Essay)
Physics 1 (Objective)
Geography 3 (Practical and Physical Geography)
WEDNESDAY, 17TH SEPTEMBER, 2014
Chemistry 3 (Alternative to Practical Work)
Shorthand
Auto Mechanics 2 (Essay)
Auto Mechanics 1 (Objective)
THURSDAY, 18TH SEPTEMBER, 2014
Literature-In-English 2(Essay)
Literature-In-English 3 (Essay)
Literature-In-English 1 (Objective)
Electronics 3 (Practical)
Electronics 3 (Practical)
Basic Electronics 3 (Practical)
Basic Electronics 3 (Practical)
FRIDAY, 19TH SEPTEMBER, 2014
History 2 (Essay)
History 1 (Objective)
French 2 (Essay)
French 1 (Objective)
SATURDAY, 20TH SEPTEMBER, 2014
General Mathematics/Mathematics (Core) 2 (Essay)
General Mathematics/Mathematics (Core) 1
(Objective)
MONDAY, 22ND SEPTEMBER, 2014
Chemistry 2 (Essay)
Chemistry 1 (Objective)
Government 2 (Essay)
Government 1 (Objective)
Basic Electronics 2 (Essay)
Basic Electronics 1 (Objective)
TUESDAY, 23RD SEPTEMBER, 2014
Agricultural Science 3 (Alternative to Practical Work)
Visual Art 2 (Essay)
Visual Art 1 (Objective)
WEDNESDAY, 24TH SEPTEMBER, 2014
Computer Studies 2 (Essay)
Computer Studies 1 (Objective)
Computer Studies 3 (Alternative to Practical Work)
Foods and Nutrition 2 (Essay)
Foods and Nutrition 1 (Objective)
Building Construction 3 (Building Drawing and Essay)
THURSDAY, 25TH SEPTEMBER, 2014
Christian Religious Studies 2 (Essay)
Christian Religious Studies 1 (Objective)
Islamic Studies 2 (Essay)
Islamic Studies 1 (Objective)
Arabic 2 (Essay)
Arabic 1 (Objective)
FRIDAY, 26TH SEPTEMBER, 2014
Further Mathematics/Mathematics (Elective) 2
(Essay)
Clerical Office Duties 2 (Essay)
Clerical Office Duties 1 (Objective)
Further Mathematics/Mathematics (Elective) 1
(Objective)
MONDAY, 29TH SEPTEMBER, 2014
Principles of Cost Accounting 2 (Essay)
Principles of Cost Accounting 1 (Objective)
Technical Drawing 3 (Sketches, Building and
Mechanical Drawing)
Metalwork 2 (Essay)
Metalwork 1 (Objective)
Music 2 (Essay)
Music 1 (Objective)
TUESDAY, 30TH SEPTEMBER, 2014
Business Management 2 (Essay)
Business Management 1 (Objective)
Applied Electricity 3 ( Practical )
Applied Electricity 3 ( Practical )
Basic Electricity 3 (Practical)
Basic Electricity 3 (Practical)
Music 3B (Alternative to Performance)
Music 3A (Aural)
Auto Mechanics 3 ( Practical )
Auto Mechanics 3 ( Practical )
Insurance 2 (Essay)
Insurance 1 (Objective)
THURSDAY, 2ND OCTOBER, 2014
Technical Drawing 2 (Essay)
Technical Drawing 1 (Objective)
Commerce 2 (Essay)
Commerce 1 (Objective)
Building Construction 2 (Essay)
Building Construction 1 (Objective)
FRIDAY, 3RD OCTOBER, 2014
Agricultural Science 2 (Essay)
Agricultural Science 1 (Objective)
Typewriting
Applied Electricity 2 (Essay)
Applied Electricity 1 (Objective)
Basic Electricity 2 (Essay)
Basic Electricity1 (Objective)
Visual Art 3B (Creative Design)
Office Practice 2 (Essay)
Office Practice 1 (Objective)
SATURDAY, 4TH OCTOBER, 2014
Cosmetology 2 (Essay)
Cosmetology 1 (Objective)
Dyeing and Bleaching 2 (Essay)
Dyeing and Bleaching 1 (Objective)
Leather Goods Manufacturing and Repair 2 (Essay)
Leather Goods Manufacturing and Repair 1 (Objective)
MONDAY, 6TH OCTOBER, 2014
Fisheries (Alternative B) 3 (Alternative to Practical
Work)
Air-conditioning and Refrigeration 3 ( Practical )
Air-conditioning and Refrigeration 3 ( Practical )
Auto Body Repair and Spray Painting 3 (Practical)
Auto Body Repair and Spray Painting 3 (Practical)
Auto Electrical Work 3 (Alternative to Practical Work)
Auto Mechanical Work 3 (Alternative to Practical
Work)
Plumbing and Pipe Fitting 3 (Alternative to Practical
Work)
Printing Craft Practice 3 (Alternative to Practical Work)
Radio, Television and Electronic Works 3 (Alternative
to Practical Work)
Welding and Fabrication Engineering Craft Practice 3
(Alternative to Practical Work)
Catering Craft Practice 2 (Essay)
Catering Craft Practice 1 (Objective)
Machine Woodworking 3 (Alternative to Practical
Work)
Book-Keeping 2 (Essay)
Book-Keeping 1 (Objective)
Painting and Decorating 3 ( Practical )
Painting and Decorating 3 ( Practical )
Store Keeping 2 (Essay)
Store Keeping 1 (Objective)
Block Laying, Bricklaying and Concrete Works 3
(Practical )
Block Laying, Bricklaying and Concrete Works 3
(Practical )
Catering Craft Practice 3(Alternative to Practical Work)
Air-conditioning and Refrigeration 2 (Essay)
Air-conditioning and Refrigeration 1 (Objective)
Auto Body Repair and Spray Painting 2 (Essay)
Auto Body Repair and Spray Painting 1 (Objective)
Auto Electrical Work 2 (Essay)
Auto Electrical Work 1 (Objective)
Auto Mechanical Work 2 (Essay)
Auto Mechanical Work 1 (Objective)
Notes ; This timetable applies to GCE candidates in
Nigeria only. Question Papers to be Given Out in
Advance of the Dates They Are to be Taken
(1) Visual Art 3
Paper 3A Instructions will be given to supervisors two
weeks before the paper is due to be taken.
Paper 3B � Question papers will be given to
candidates two weeks before the paper is due to be
taken.
(2) General Knowledge-In-Art Paper 3
The question paper for General Knowledge-In-Art 3
will be given to candidates two weeks before the paper
is due to be taken.
(3) Project Work Papers
The question papers for project work for Basketry,
Graphic Design, Leatherwork, Ceramics, Sculpture,
Picture Making, Textiles, Jewellery, Painting &
Decorating, Dyeing & Bleaching and Leather Goods
Manufacturing & Repair will be forwarded to
candidates two weeks in advance of the examination.
The exact date for the delivery of question papers to
candidates will be given to candidates two weeks
before the paper is due to be taken.
(2) General Knowledge-In-Art Paper 3
The question paper for General Knowledge-In-Art 3
will be given to candidates two weeks before the paper
is due to be taken.
(3) Project Work Papers
The question papers for project work for Basketry,
Graphic Design, Leatherwork, Ceramics, Sculpture,
Picture Making, Textiles, Jewellery, Painting &
Decorating, Dyeing & Bleaching and Leather Goods
Manufacturing & Repair will be forwarded to
candidates two weeks in advance of the examination.
The exact date for the delivery of question papers to
candidates will be communicated to them.
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