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 9
1. Question
(a) Mention three disadvantages to a business that does not keep proper accounting records
(b) Explain the following characteristics of accounting information
(i) Relevance
(ii) Comparability
(iii) Consistency
(iv) Reliability
(c) State two limitations in the use of accounting information for business decision making
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Question 2 of 9
2. Question
(a) Explain with examples, the following components of cost in a manufacturing account
(i) Direct material cost
(ii) Direct labour cost
(iii) Factory overhead
(b) Describe the three types of stocks in a manufacturing concern
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Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 3 of 9
3. Question
(a) Which business organization has the need to prepare a departmental account?
(b) State two reasons for preparing departmental accounts
(c) State how the following income and expenses are apportioned in departmental account
(i) Discount allowed
(ii) Discount received
(iii) Rent and rates
(iv) Staff related cost
(v) Depreciation
(vi) Canteen expenses
(vii) Electricity
(viii) Advertising
(ix) Bad debts
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Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 4 of 9
4. Question
(a) List Six users of accounting information
(b) State the formula and the uses of each of the following accounting ratios:
(i) Quick ratio
(ii) Net profit margin
(iii) Total assets turnover
(iv) Creditors payment period (in days)-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 5 of 9
5. Question
The company adopts a straight line method of depreciation at the rate of 10% per annum from the date of purchase. A separate account is prepared for provision for depreciation. On 30th June 2014, the motor vehicle which was purchased on 1st July 2013 was sold for GHc240, 000.You are required to prepare:
(a) Motor vehicle account for the year 2013, 2014 and 2015
(b) Provision for depreciation on motor vehicle account for the year 2014, 2014 and 2015
(c) Motor vehicle disposal account-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 6 of 9
6. Question
On 31st December 2016. the bank column of the cash book of Aminata Enterprise showed a debit balance of D48,500. however, the bank statement showed a credit balance of D54,900 as on the same date.
A detailed comparison of entries revealed the following:
(i) Customers cheque amounting to D8,450 had not been credited by the bank as at 31/12/2016
(ii) Cheques amounting to D8,850 had not been presented for payment as at 31/12/2016
(iii) Bank charges of D1,000 and interest on investments of D2,500 collected by the banker appeared only in the bank statement
(iv) On the 30/12/2016 there was a wrong credit of D3,500 in the bank statement
(v) Kesse Enterprise, a customer, had paid into the bank directly a sum of D3,000 on 29th December 2016. this has not been recorded in the cash book
(vi) A cheque for D2,000 received from Jallo Enterprise a customer which was deposited has been returned unpaid. This had not been entered in the cash book
You are required to:
(a) Write up the adjusted cash book
(b) Prepare a bank reconciliation statement as st 31/12/2016-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 7 of 9
7. Question
Olu, a sole trader has the following financial details for the year ended 31st December 2016 You are required to prepare
(a) Statement of affairs as at 1st January 2016
(b) Trading profit and loss account for the year ended 31st December 2016
(c) Balance sheet as at 31st December 2016-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 8 of 9
8. Question
Boyson Social Club presented the following statements for the year ended 31st December 2016:
Five new members had not paid membership dues of Le300 each for the year
You are required to prepare for Boyson Social Club for the year ended 31/12/16(a) Subscription account
(b) Bar trading account
(c) Income and expenditure account for the year ended 31st December 2016-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 9 of 9
9. Question
The total balance of Obinah for the year ended 31st December 2016 was provided as follows:
You are required to prepare for Obinah
The Trading, Profit, and Loss account for the year ended 31st December 2016 and a balance sheet as at that date-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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