Duncan AsanaenyiI believe that you’re here because you don’t know the nature of how exams are being set by WAEC. If you don’t, then you’re at the right place.
In this guide, we will talk extensively on WAEC past questions and answers for financial accounting, show you possible questions that may likely fall into the exams paper in the proceeding year.
Not only that, you’ll be given adequate instructions on how to answer questions on WAEC
Recently, I wrote on two interesting topics WAEC Past Questions and Answers on Civic Education and WAEC Past Questions and Answers on Chemistry , I strongly recommend you to click on the links above and read.
The WAEC past questions and answers are mostly repeated year after year, which is why you have to read this guide carefully till the end and take notice of those questions.
Most times, I hear students giving complains about how hard the questions is, reason behind it is that they failed to study using our guide.
I believe if you’re reading this, you will definitely want to pass your exams with flying colours. See more details on the instructions and guidelines given by WAEC to follow while writing the exams below.
Important Guidelines to follow in your WAEC Examination
There are alot of guidelines and instructions you as a student need to follow. We will bring to light what needs to be done accordingly.
The examination paper is divided into two different parts, which is Part 1 & 2
Part 1 is Objectives. You should expect 50 questions from this section.
Part 2 is the theory section, you should be expecting 10 questions to answer 5 from this section. This section carries the highest point.
Meaning that if you do well with this section and a little of part 1 ..then you’re good to go.
You should also note that the West African Examination Council frowns at cheating. Any candidate who is caught cheating will be sentenced to life imprisonment.
WAEC Financial Accounting Objective Questions
The questions you see below are possible questions that might be repeated in this year’s examination.
Endeavor to read this guide to the end carefully with understanding, where possible ask relevant questions and we’ll reply prompt.
SECTION A:
1. Which of the following users accounting information is interested in the ability of a company to pay dividends?
A. Competitors
B. Suppliers
C. Shareholders
D. Tax authority
2. A petty cash balance of N30 was omitted from the trial balance. To correct error, debit
A. Petty cash account N30; credit suspense Account N30
B. Cash account N30; credit petty cash account N30
C. Petty cash account N30; credit Cash Account N30
D. Cash account N30; credit suspense Account N30.
3. Which of the following is not a personal account?
A. Capital account
B. Cash account
C. Debtors account
D. Creditors account
4. Which of the following is not a real account?
A. Stock account
B. Cash account
C. Drawing account
D. Equipment account
5. The credit entry for the purchase of a fixed asset paid for immediately is in the
A. Fixed asset register
B. General journal
C. Purchases day book
D. Cash book
6. Which of the following does not appear in a bank statement?
A. Dishonoured Cheques
B. Uncredited cheques
C. Bank charges
D. Standing order
7. Which of the following is not a petty cash item? The purchase of
A. Machinery
B. Postage stamp
C. Light bulbs
D. Stationery
8. Which of the following Account is found in a private ledger?
A. Drawing account
B. Premises account
C. Sales Account
D. Rent and rates account
9. Which book of original entry is used for recording the return of goods bought?
A. Petty cash book
B. General journal
C. Returns inwards journal
D. Returns outwards journal
10. Which of the following is not a use of the general journal?
A. Purchase and sales of goods for cash
B. Purchase and sales of assets on credit
C. Correction of errors
D. Transfer between accounts
11. The excess of gross profit over expenses is
A. Cost of sales
B. Net loss
C. Net profit
D. Margin
12. The accounting basis of preparing trading, profit and loss account is
A. Accrual
B. Cash
C. Budgetary
D. Objectivity
13. Which of the following is not part of final accounts?
A. Cash account
B. Trading account
C. Manufacturing account
D. Profit and loss account
14. Which of the following requires a debit entry in creditors ledger control account?
A. Discounts received
B. Credit purchases
C. Bills payable dishonoured
D. Returned Cheque
15. Purchases made from a customer and settled against the customer’s indebtedness is referred to as
A. Reserve
B. Set off
C. Balance
D. Provision
16. Which of the following is required for the preparation of Control Accounts?
A. Source documents
B. Profit and loss account
C. Subsidiary books
D. Balance sheet
17. Which of the following systems of recording transactions does not give rise to incomplete records?
A. No entry
B. Partial entry
C. Single entry
D. Double entry
18. Profit expressed as a proportion of cost price is
A. Mark up
B. Margin
C. Interest
D. Dividend
19. Which of the following is not recorded in an income and Expenditure account?
A. Donations received
B. Purchase of Sport equipment
C. Profit from bar
D. Depreciation of club house
20. The sum which represents the difference between the assets and liabilities of an association or club is
A. Consolidated fund
B. Accumulated fund
C. Working capital
D. General reserve
21. To avoid disagreements, value of transactions are recorded in the books based on
A. Money measurement concept
B. Historical cost concept
C. Accrual concept
D. Going concern concept
22. The adjustment of prepayments and expenses outstanding when measuring income for a particular period is in compliance with
A. Consistency concept
B. Going concern concept
C. Realization concept
D. Accrual concept
23. A reserve is an amount
A. Added to current year’s profit
B. Set aside out of current year’s profit
C. Charged against current year’s profit
D. To be utilized as next year’s profit
24. Accounting records do not show the quality of an organization’s staff. This is a limitation imposed by
A. Money measurement concept
B. Going concern concept
C. Business entity concept
D. Realization concept
25. Which of the following is not a credit item in a partner’s current account?
A. Interest on capital
B. Interest on drawings
C. Salaries
D. Profit
WAEC Financial Accounting Theory Questions
Question 1
(a) What is a source document?
(b) State six types of subsidiary books.
(c) State three uses of subsidiary books.
Question 2
1. What is a Bank Reconciliation Statement?
(b) State three reasons for preparing a bank reconciliation statement.
(c) Explain the following terms:
(i) Unpresented cheques;
(ii) Standing order;
(iii) Credit Transfer.
Question 3
1. (a) What is a general journal?
(b) State six uses of the general journal.
Question 4
(a) List four items each that are found on the
(i) credit side of the sales ledger control account;
(ii) debit side of the purchases ledger control account.
(b) List seven types of errors a trial balance will not reveal.
Question 5
(a) Outline three distinguished features of public and private companies.
(b) State three rights available to an ordinary shareholder.
…
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OFONIMEH JOHNSON
Mitrobe Staff