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WAEC Financial Accounting 2025 Question 13

Question 13

Incomplete Records

The starting point for the preparation of accounts from incomplete records is to

  1. A.prepare an opening statement of affairs
  2. B.verify the total purchases
  3. C.ascertain the opening stock of goods sold
  4. D.ascertain the total turnover
Show the answer and explanation

Answer: A (prepare an opening statement of affairs)

Explanation

The opening statement of affairs gives the opening capital, which the rest of the work builds on.