WAEC Financial Accounting Questions and Answers 2022/2023 Expo/Runs Essay/Objectives | Download PDF

Latest WAEC Financial Accounting Questions And Answers 2022/2023 Objectives/Theory. Candidates looking for Solutions to the WAEC Financial Accounting Questions. If you are one of those in need of the Financial Accounting WAEC Questions and Answers, you have all the opportunities to make good use of the likely Accounting Expo/runs for WAEC SSCE hereunder.

WAEC Financial Accounting Questions and Answers

This article will show Candidates how to answer Objectives and theory Questions (Paper1 & 2) on WAEC Financial Accounting and present it in such a way that it meets the Current WAEC marking Scheme. See more on likely WAEC Questions and Answers for Financial Accounting exams theory and objectives papers below.

We equally have Past Questions and Answers on WAEC Financial Accounting for Candidates to practice before the exams scheduled to take place in…2022 as follows: 2 (Essay) ›› …….., and 1 (Objective) ›› …… See WASSCE Accounting Objectives and Essay Questions and Answers below.

Is WAEC Accounting Questions and Answers 2022 Available?

The management of WASSCE has made ready the questions for the ongoing WAEC Financial Accounting. To have the latest information on these the questions, stay glued to this page.

Download WAEC Financial Accounting Objectives 2022 Questions and Answers 

It is possible for Candidates to directly download the WAEC Financial Accounting Objectives Answers into their device for easy access. The objectives are always a multichoice section where candidates are expected to read carefully and choose the right option. Below are WAEC Accounting Past questions that may be repeated

SSCE OBJECTIVES ( PAPER 1)

Sample WAEC Accounting Past Questions and Answers PDF:

1.Which of the following best decribe current assets less current liabilities.

  • A. fluctuating capital
  • B. capital employed
  • C. working capital
  • D. fixed capital

Correct Answer: C (working capital)

2.One of the following activities will certainly lead to increase in profits?

  • A. returns inwards
  • B. reduction in provision for doubtful debts
  • C. undervalued closing stock
  • D. depreciation charges

Correct Answer: B (reduction in provision for doubtful debts)

3.Sales and purchases ledger are used in a business to keep records of?

  • A. current assets and fixed assets
  • B. accounts of individual customers and suppliers
  • C. the owner’s capital and cash transactions
  • D. current liabilities and long term liabilities

Correct Answer: B (accounts of individual customers and suppliers)

4. Which of the following correction is done on Suspense account?

  • A. errors that affect the agreement of a trial balance
  • B. errors that affect the accuracy of the net profit
  • C. errors that do not affect the agreement of a trial balance
  • D. all errors in the trial balance

Correct Answer: A (errors that affect the agreement of a trial balance)

5. Wages accrued is shown in the balance sheet as

  • A. an asset
  • B. a liability
  • C. an expense
  • D. an income

Correct Answer B (a liability)

6. Acid test ratio of a firm measures the

  • A. quality of debtors of a firm
  • B. capital adequacy of a firm
  • C. liquidity of a firm
  • D. profitability of a firm

Correct Answer: C (liquidity of a firm)

7. The objective of preparing departmental account is to determine the

  • A. capital employed by each department
  • B. total cost attributable to each department
  • C. sales of each department
  • D. profitability of each department

Correct Answer: A (capital employed by each department)

8.Manufacturing account is prepared to determine the

  • A. value of work-in-progress
  • B. cost of goods produced
  • C. profit on goods produced
  • D. cost of goods sold

Correct Answer: B (cost of goods produced)

Practice 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.

Today’s Financial Accounting Objectives WAEC Questions and Answers for SSCE Loading…

Where to get Accounting Theory WAEC Questions and Answers 2022 PDF

The WAEC Accounting Essay questions and answers are right here, make sure you follow all the exams instructions to avoid failure.

WAEC Accounting PAPER 2 (ESSAY)

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.

Today’s Questions and Answers for WAEC Accounting Loading…

To successfully answer the questions, make sure you follow all the instructions on the question paper. Manage your time well, read and understand the questions before attempting them, and make sure you crosscheck your work before submission.

Today’s Financial Accounting Theory Questions and Answers for WAEC Loading…

Financial Accounting Expo/Runs for WAEC 2022 SSCE

The above is likely Expo Questions and Answers and will be updated as the exams NIS going on to meet demand.

The following are steps to making good WAEC Result:

  1. BE POSITIVE IN YOUR MINDSET:
  2. 2. STAY AWAY FROM BAD COMPANIES
  3. SET GOOD TARGETS AND PLANS:
  4. GET RECOMMENDED BOOKS FOR WAEC :
  5. GET ACCOUNTING PAST QUESTIONS:
  6. START READING FOR WAEC ON TIME :
  7.  DO NOT SKIP EXAMPLES AND EXERCISES:
  8. TEST YOURSELF ON ACCOUNTING:
  9. DO CONSTANT PRACTICE:
  10. . CREATE TIME FOR RECREATION

If there is any questions concerning the WAEC Financial Accounting Questions and Answers, kindly use the comment box below.

  • WAEC Expo for Accounting
  • Financiall Accountiong Past Questions 
  • Objectives Accounting Questions for WAEC
  • WAEC Accounting Runz

 

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