FORMAL EDUCATION: Is it still _the_ key or just a key?*


Prior to the 1990s, formal education was perceived as the only means to live big and large. So then just like we had the "gold rush" there was the "school rush". Truly, the educational system was really working then, due to the underpopulation of the industrial world, there was a great need of graduates to work in different vacant sectors. I remember when I was in 300level, one of the oldest lecturers in my department told me of how students were treated with prestige in the '70s. They had access to free meal, conducive learning and boarding environment, and ultimately a job after graduation. As time goes on, the educational facilities in the country couldn't cater for the large population of students, and also the industrial world has already been overpopulated due to the "rush".
So in the '90s, people are not really aware of the revolutionary change that has happened. They had the mindset that "education is *the* key", so by hook or crook they must be a graduate. People saw degree as a liberator from financial captivity. And till date, some innocent minds still have that notion, more reasons we have graduates with even a first class honour still roaming the street in search of green pasture. Many graduates have resulted to " corporate begging", fraud and other means just to survive.
Hence, in this 21st century, students are no longer interested in education, they are after making quick-money (though this has been influenced by many other factors aside the decay in education).
No doubt, Formal Education is not the key to success, it is just one out of the numerous keys that could open the door to success. Education is good and school is never a scam but never see it as the *only* available key to success. In fact, school will only avail to you opportunities or platforms on which you can build your future, although you have to identify them yourself, for no teacher or lecturer will teach you that. Gone are the days when Education was actually the key, but now being innovative and creative is one great key to possess.
Therefore, as parents, students and teachers we must be aware of the revolutionary change, and the paradigmatic shift in the educational world. Though, it is no longer the key yet it is still one of the keys to success. Teach and learn to be innovative and creative, integrate yourself with the change otherwise you will keep on putting a square peg in a round hole.FORMAL EDUCATION: Is it still _the_ key or just a key?*


Prior to the 1990s, formal education was perceived as the only means to live big and large. So then just like we had the "gold rush" there was the "school rush". Truly, the educational system was really working then, due to the underpopulation of the industrial world, there was a great need of graduates to work in different vacant sectors. I remember when I was in 300level, one of the oldest lecturers in my department told me of how students were treated with prestige in the '70s. They had access to free meal, conducive learning and boarding environment, and ultimately a job after graduation. As time goes on, the educational facilities in the country couldn't cater for the large population of students, and also the industrial world has already been overpopulated due to the "rush".
So in the '90s, people are not really aware of the revolutionary change that has happened. They had the mindset that "education is *the* key", so by hook or crook they must be a graduate. People saw degree as a liberator from financial captivity. And till date, some innocent minds still have that notion, more reasons we have graduates with even a first class honour still roaming the street in search of green pasture. Many graduates have resulted to " corporate begging", fraud and other means just to survive.
Hence, in this 21st century, students are no longer interested in education, they are after making quick-money (though this has been influenced by many other factors aside the decay in education).
No doubt, Formal Education is not the key to success, it is just one out of the numerous keys that could open the door to success. Education is good and school is never a scam but never see it as the *only* available key to success. In fact, school will only avail to you opportunities or platforms on which you can build your future, although you have to identify them yourself, for no teacher or lecturer will teach you that. Gone are the days when Education was actually the key, but now being innovative and creative is one great key to possess.
Therefore, as parents, students and teachers we must be aware of the revolutionary change, and the paradigmatic shift in the educational world. Though, it is no longer the key yet it is still one of the keys to success. Teach and learn to be innovative and creative, integrate yourself with the change otherwise you will keep on putting a square peg in a round hole.WAEC Financial Accounting Questions 2020 Objective and Theory Update
WAEC Financial Accounting Questions 2020 Objective and Theory Update.

WAEC Financial Accounting Questions: Financial Accounting WAEC Expo Questions is out now on our website. In this article, I will be showing you past WAEC Financial Accounting random repeated questions for free.
You will also understand how WAEC Financial Accounting questions are set and many more examination details. All you need to do is to stay focus and follow this guide.

The West African Examinations Council (WAEC) is an examination board that conducts the West African Senior School Certificate Examination, for University and Jamb entry examination in West Africa countries. In a year, over three million candidates registered for the exams coordinated by WAEC.
There will be two papers – Paper 1 and Paper 2, both of which will constitute a composite paper to be taken at one sitting.

PAPER 1: Will comprise fifty multiple choice questions to be taken in 1 hour for 50 marks.
PAPER 2: Will be made up of two sections: Sections A and B and will last 2½ hours.

Section A: Will contain five essay questions on theory of financial accounting. Candidates will be required to answer two out of the four questions for 15 marks each.
Section B: Will contain five essay questions on financial accounting practice. Candidates will be required to answer three out of the questions for 15 marks each.

WAEC Financial Accounting Objective Questions
1. The double entry for a cheque returned by a bank to a customer marked “refer to drawer” is debit
A. bank, credit debtor.
B. bank, credit bad debt expenses.
C. bad debt expenses, credit bank.
D. debtor, credit bank.

2. Which of the following is a characteristic of joint venture?
A. The activities are of short term duration.
B. Individual maintains separate account.
C. There is perpetual succession.
D. There is limitation to membership

3. The person who retains ownership of goods on consignment is
A. commission agent.
B. del-credere agent.
C. consignor.
D. consignee.

4. The computer program instructions are read into the
A. output unit.
B. input unit
C. storage unit.
D. central processing unit.

5. In Contract Accounts, retention money refers to the
A. amount due to the contractor but held back by the customer.
B. progressive payments made by the customer to the contractor.
C. contractor’s profit on the contract.
D. amount overpaid by the customer to the contractors.

WAEC Financial Accounting Theory Questions
1. (a) Distinguish between reserves and provisions
(b) Explain the following giving one example in each case:
(i) Depreciation;
(ii) Depletion;
(iii) Amortization.

2. (a) What is value added tax?
(b) Distinguish between input vat and output vat.
(c) State four features of Value Added Tax.
3. Explain the following terms as they are used in contract accounts:
(a) Notional profit;
(b) Retention money;
(c) Progress payments;
(d) Work certified;
(e) Work-in-progress.
FORMAL EDUCATION: Is it still _the_ key or just a key?*


Prior to the 1990s, formal education was perceived as the only means to live big and large. So then just like we had the "gold rush" there was the "school rush". Truly, the educational system was really working then, due to the underpopulation of the industrial world, there was a great need of graduates to work in different vacant sectors. I remember when I was in 300level, one of the oldest lecturers in my department told me of how students were treated with prestige in the '70s. They had access to free meal, conducive learning and boarding environment, and ultimately a job after graduation. As time goes on, the educational facilities in the country couldn't cater for the large population of students, and also the industrial world has already been overpopulated due to the "rush".
So in the '90s, people are not really aware of the revolutionary change that has happened. They had the mindset that "education is *the* key", so by hook or crook they must be a graduate. People saw degree as a liberator from financial captivity. And till date, some innocent minds still have that notion, more reasons we have graduates with even a first class honour still roaming the street in search of green pasture. Many graduates have resulted to " corporate begging", fraud and other means just to survive.
Hence, in this 21st century, students are no longer interested in education, they are after making quick-money (though this has been influenced by many other factors aside the decay in education).
No doubt, Formal Education is not the key to success, it is just one out of the numerous keys that could open the door to success. Education is good and school is never a scam but never see it as the *only* available key to success. In fact, school will only avail to you opportunities or platforms on which you can build your future, although you have to identify them yourself, for no teacher or lecturer will teach you that. Gone are the days when Education was actually the key, but now being innovative and creative is one great key to possess.
Therefore, as parents, students and teachers we must be aware of the revolutionary change, and the paradigmatic shift in the educational world. Though, it is no longer the key yet it is still one of the keys to success. Teach and learn to be innovative and creative, integrate yourself with the change otherwise you will keep on putting a square peg in a round hole.FORMAL EDUCATION: Is it still _the_ key or just a key?*


Prior to the 1990s, formal education was perceived as the only means to live big and large. So then just like we had the "gold rush" there was the "school rush". Truly, the educational system was really working then, due to the underpopulation of the industrial world, there was a great need of graduates to work in different vacant sectors. I remember when I was in 300level, one of the oldest lecturers in my department told me of how students were treated with prestige in the '70s. They had access to free meal, conducive learning and boarding environment, and ultimately a job after graduation. As time goes on, the educational facilities in the country couldn't cater for the large population of students, and also the industrial world has already been overpopulated due to the "rush".
So in the '90s, people are not really aware of the revolutionary change that has happened. They had the mindset that "education is *the* key", so by hook or crook they must be a graduate. People saw degree as a liberator from financial captivity. And till date, some innocent minds still have that notion, more reasons we have graduates with even a first class honour still roaming the street in search of green pasture. Many graduates have resulted to " corporate begging", fraud and other means just to survive.
Hence, in this 21st century, students are no longer interested in education, they are after making quick-money (though this has been influenced by many other factors aside the decay in education).
No doubt, Formal Education is not the key to success, it is just one out of the numerous keys that could open the door to success. Education is good and school is never a scam but never see it as the *only* available key to success. In fact, school will only avail to you opportunities or platforms on which you can build your future, although you have to identify them yourself, for no teacher or lecturer will teach you that. Gone are the days when Education was actually the key, but now being innovative and creative is one great key to possess.
Therefore, as parents, students and teachers we must be aware of the revolutionary change, and the paradigmatic shift in the educational world. Though, it is no longer the key yet it is still one of the keys to success. Teach and learn to be innovative and creative, integrate yourself with the change otherwise you will keep on putting a square peg in a round hole.