WAEC: FINANCIAL ACCOUNTING
Quizzes
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2014 Financial Accounting WAEC Objective Past Questions
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2014 Financial Accounting WAEC Theory Past Questions
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2015 Financial Accounting WAEC Objective Past Questions
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2015 Financial Accounting WAEC Theory Past Questions
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2016 Financial Accounting WAEC Objective Past Questions
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2016 Financial Accounting WAEC Theory Past Questions
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2017 Financial Accounting WAEC Theory Past Questions
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2017 Financial Accounting WAEC Objective Past Questions
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2018 Financial Accounting WAEC Objective Past Questions
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2018 Financial Accounting WAEC Theory Past Questions
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2019 Financial Accounting WAEC Objective Past Questions
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2019 Financial Accounting WAEC Theory Past Questions
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2020 Financial Accounting WAEC Objective Past Questions
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2020 Financial Accounting WAEC Theory Past Questions
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2021 Financial Accounting WAEC Objective Past Questions
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2021 Financial Accounting WAEC Theory Past Questions
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Question 1 of 50
1. Question
Which of the following describes a trial balance?
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Question 2 of 50
2. Question
Which of the following is not a feature of accounting information?
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Question 3 of 50
3. Question
Which of the following is the equation for determining net profit or loss from the records of a firm?
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Question 4 of 50
4. Question
The purchase invoice is first entered in the
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Question 5 of 50
5. Question
Assets acquired is recorded by debiting _______?
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Question 6 of 50
6. Question
Goods returned to a supplier is
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Question 7 of 50
7. Question
Which of the following is not a real account?
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Question 8 of 50
8. Question
The accounting ledger for goods sold on credit are debit
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Question 9 of 50
9. Question
Which of the following is not a book of original entry?
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Question 10 of 50
10. Question
What is a ledger entry for the sale of plant and machinery on credit to Wilson?
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Question 11 of 50
11. Question
Discount received account is a
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Question 12 of 50
12. Question
Which of the following accounts has a credit balance?
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Question 13 of 50
13. Question
The accounting entry to correct sales day book overcast is?
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Question 14 of 50
14. Question
Which of the following expresses the accounting equation?
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Question 15 of 50
15. Question
When the invoice of a customer is overcast, the supplier will send to him a
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Question 16 of 50
16. Question
Unpresented cheques are cheques_________
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Question 17 of 50
17. Question
Use the following information to answer the question below
Extracts from the books of a firm as at June 30, 2012, showed the following balances
Dr Cr GHc GHc Advertising 36,000 – Electricity 60,000 – Advertising was paid by Cheque covering 12 monthly installments ending March 31, 2012
Electricity was paid by cash covering 15 monthly installments from March 1, 2011
Advertising owing in respect of the year ended June 30, 2012, is
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Question 18 of 50
18. Question
Use the following information to answer the question below
Extracts from the books of a firm as at June 30, 2012, showed the following balances
Dr Cr GHc GHc Advertising 36,000 – Electricity 60,000 – Advertising was paid by Cheque covering 12 monthly installments ending March 31, 2012
Electricity was paid by cash covering 15 monthly installments from March 1, 2011
What was the amount charged to the profit and loss account in respect of advertising for the ended June 30 2012?
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Question 19 of 50
19. Question
Use the following information to answer the question below
Extracts from the books of a firm as at June 30, 2012, showed the following balances
Dr Cr GHc GHc Advertising 36,000 – Electricity 60,000 – Advertising was paid by Cheque covering 12 monthly installments ending March 31, 2012
Electricity was paid by cash covering 15 monthly installments from March 1, 2011
Electricity in arrears as at June 30, 2012, amounted to
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Question 20 of 50
20. Question
The cost of putting goods into a saleable condition is charged to
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Question 21 of 50
21. Question
Which of the following is not a method of depreciating fixed assets?
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Question 22 of 50
22. Question
In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as
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Question 23 of 50
23. Question
Which of the following items is found in the sales ledger control account?
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Question 24 of 50
24. Question
The process of using sales ledger balance to cancel off purchases ledger balance is
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Question 25 of 50
25. Question
The total of the returns outwards journal is posted to theCorrectIncorrect -
Question 26 of 50
26. Question
Which of the following is not revealed by a firm’s accounting records?
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Question 27 of 50
27. Question
Use the following information to answer the question below
1/7/10 30/6/11 D D Stock 1,460 4,200 Motor Van 3,600 3,200 Creditors 600 700 Drawings during the year amounted to D1,500
Opening capital is?
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Question 28 of 50
28. Question
Use the following information to answer the question below
1/7/10 30/6/11 D D Stock 1,460 4,200 Motor Van 3,600 3,200 Creditors 600 700 Drawings during the year amounted to D1,500
Closing capital is
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Question 29 of 50
29. Question
Use the following information to answer the question below
1/7/10 30/6/11 D D Stock 1,460 4,200 Motor Van 3,600 3,200 Creditors 600 700 Drawings during the year amounted to D1,500
Net profit for the year is
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Question 30 of 50
30. Question
In the balance sheet of a social club, subscription owing is treated as a
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Question 31 of 50
31. Question
The accounting concept that allows the cost of kitchen cutlery to be expensed , though it will be used for more than one year is
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Question 32 of 50
32. Question
The accounting concept that assumes that a business will continue operating for an indefinite period is
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Question 33 of 50
33. Question
The accounting concept that states that a firm’s financial affairs must be separated from that of the owner’s private transactions is
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Question 34 of 50
34. Question
Goodwill is recognized in partnership accounts when
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Question 35 of 50
35. Question
In which of the following accounts is interest on partners capital found?
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Question 36 of 50
36. Question
In which of the following is not stated in the partnership agreement?
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Question 37 of 50
37. Question
Use the following information to answer the question below
Mr. White acquired Mr. Black’s business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.
How much was paid for goodwill?
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Question 38 of 50
38. Question
Use the following information to answer the question below
Mr. White acquired Mr. Black’s business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000.
The double entry to record the good will in the books is debit
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Question 39 of 50
39. Question
The document which sets out the internal arrangement for the proper management of a company is the
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Question 40 of 50
40. Question
A person who has applied to purchase shares in a company is referred to as ?
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Question 41 of 50
41. Question
Which of the following expenses is allocated according to the floor area?
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Question 42 of 50
42. Question
Goods stolen at the branch is debited to
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Question 43 of 50
43. Question
Which of the following is a source of revenue for a local government?
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Question 44 of 50
44. Question
The instrument used to release fund which the minister of finance has earlier withheld is
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Question 45 of 50
45. Question
Which of the following relates to cash basis of accounting?
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Question 46 of 50
46. Question
Use the following information to answer the question below
Ade (₦) Bola (₦) Capital 40,000 30,000 Drawings 10,000 15,000 Interest on drawings is 5%
Net profit for the period N4,250
Profit is shared equally
Ade’s share of profit is
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Question 47 of 50
47. Question
Use the following information to answer the question below
Ade (₦) Bola (₦) Capital 40,000 30,000 Drawings 10,000 15,000 Interest on drawings is 5%
Net profit for the period N4,250
Profit is shared equally
Bola’s share of profit is
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Question 48 of 50
48. Question
Which of the following is found on the credit side of a partnership’s appropriation of profit account?
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Question 49 of 50
49. Question
Which of the following is a spreadsheet application?
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Question 50 of 50
50. Question
The capacity of output information depends on the
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