WAEC Book Keeping 2023 Theory — Question 9

Model answer

1. It provides a quick means of ascertaining the up-to-date amount owed to the business. 2. It provides a quick means of ascertaining the up-to-date amount owed by the business. 3. It aids the location of errors. 4. It saves time, because ledger accounts are balanced without delay. 5. It facilitates the detection of missing figures. 6. It enables homogeneous accounts to be grouped together. (Other acceptable: it helps to minimize fraud; it is used to check the arithmetical accuracy of postings made in the subsidiary books.)