Waec Book- keeping Answers 2022

Waec Book- keeping Answer2022

(1a)

(i)Checks.

(ii)Invoices.

(iii)Receipts.

(iv)Credit memos.

(v)Employee time cards.

(1b)

Coming

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(3a)

ENTREPRENEUR is one who organizes, manages, and assumes the risks of a business or enterprise.

(3b)

(i)Creativity.

(ii)Professionalism.

(iii)Risk-taking.

(iv)Passion.

(v)Planning.

(vi)Knowledge.

(vii)Social Skills.

(viii)Open-mindedness towards learning, people, and even failure.

3(a)

Entrepreneur is the person who co-ordinate , controls and organises the process of production in order to make maximum output at minimum cost there by making profits

3(b)

(i)Risk bearer

(ii)Organisation

(iii) Decision making

(iv) Control other factors

(v) Creativity

(vi) Professionalism

(vii) Knowledge

(Viii)Social skills

(2a)

partnership business consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses. Common partnership business examples include law firms, physician groups, real estate investment firms and accounting groups.

(2b)

(i)General partner

(ii)Limited partner

(i)General partner: General partners are active in the business, doing the work of the company (being CPAs, for example) but also participating in management and decision-making.

(ii)Limited partners: Limited partners are passive. They have invested in the business but they don’t participate on a day-to-day basis in the running of the business.

(2c)

BOOKKEEPING-OBJ!

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