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
A debit entry in affixed asset account represents _______
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Question 2 of 50
2. Question
When bank charges are discovered in a bank statement, the adjustment is effected in the __________
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Question 3 of 50
3. Question
The double entry for interest on drawings by a partner is debit __________
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Question 4 of 50
4. Question
A credit purchase of GH¢200 from Osae was posted to the account of Osei. This is an error of ________
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Question 5 of 50
5. Question
Use the following information to answer the question
New provision for doubtful debts to stand at 5% of debtors
The net figure for debtors in the balance sheet is _________
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Question 6 of 50
6. Question
Use the following information to answer the question
New provision for doubtful debts to stand at 5% of debtors
The provision for doubtful debts to be charged to Profit and Loss Account is ________
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Question 7 of 50
7. Question
A piece of office equipment bought for use was found to be defective and returned to the supplier. The subsidiary book to record this transaction is ________
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Question 8 of 50
8. Question
In a situation of incomplete records, profit is determined as ______
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Question 9 of 50
9. Question
The document which serves as the authority to incur expenditure in the public sector is _________
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Question 10 of 50
10. Question
A debit balance of GH¢420 on the purchases ledger control account means that the _________
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Question 11 of 50
11. Question
A total of D9,160 was entered in the sales account as D9,610. To correct this error: debit
CorrectIncorrect -
Question 12 of 50
12. Question
Use the following information to answer the question
Ata, Bubu, and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:
Net profit for the year was N40,500 and the interest on capital was 5% per annum.
The profit available for sharing by the partners is ___________
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Question 13 of 50
13. Question
Use the following information to answer the question
Ata, Bubu, and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:
Net profit for the year was N40,500 and the interest on capital was 5% per annum.
The balance in Chikum’s Current Account is
CorrectIncorrect -
Question 14 of 50
14. Question
Use the following information to answer the question
Ata, Bubu, and Chikum were in partnership sharing profits and losses in proportion to their capital contributions:
Net profit for the year was N40,500 and the interest on capital was 5% per annum.
Bubu’s share of profit is
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Question 15 of 50
15. Question
Recognition of profit when goods are sold and the buyer takes ownership of them is in line with _________
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Question 16 of 50
16. Question
The purpose of preparing a trading account is to ascertain _______
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Question 17 of 50
17. Question
A trader adds 25% on cost as profit. The profit on sales of $300,000 would be _________
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Question 18 of 50
18. Question
The accounting concept which distinguishes an enterprise from its owners is _________
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Question 19 of 50
19. Question
Eze introduced his private car into his business. The aspect of accounting equation of the business that would be affected are _____
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Question 20 of 50
20. Question
Debtors and credit sales for a period are D120.00 and D600.00 respectively. The debtor’s payment period would be _________
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Question 21 of 50
21. Question
Use the following information to answer questions 21 to 23
Receipt and Payments Accounts of Abaluare Youth Club for the year ended 31st December 2018
Subscriptions for 2017 and 2019 received during the year were N180,000 and N150,000 respectively.
Subscriptions credited to Income and Expenditure Account for 2018 was ______
CorrectIncorrect -
Question 22 of 50
22. Question
Use the following information to answer questions 21 to 23
Receipt and Payments Accounts of Abaluare Youth Club for the year ended 31st December 2018
Subscriptions for 2017 and 2019 received during the year were N180,000 and N150,000 respectively.
Total expenses debited to Income and Expenditure Account for 2018 was _______
CorrectIncorrect -
Question 23 of 50
23. Question
Use the following information to answer questions 21 to 23
Receipt and Payments Accounts of Abaluare Youth Club for the year ended 31st December 2018
Subscriptions for 2017 and 2019 received during the year were N180,000 and N150,000 respectively.
The surplus for the year 2018 was ________
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Question 24 of 50
24. Question
A non-cash expense chargeable against profit and loss account is ________
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Question 25 of 50
25. Question
The cost incurred on goods purchased for production which can be traced to a particular unit is classified as _________
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Question 26 of 50
26. Question
Use the following information to answer the question
A manufacturing company’s cost of production was D200,000. The finished goods were transferred to the warehouse at D220,000. At the end of the year, 9% of these goods were still in stock.
The value of closing stock of finished goods in the trading account is ________
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Question 27 of 50
27. Question
Use the following information to answer the question
A manufacturing company’s cost of production was D200,000. The finished goods were transferred to the warehouse at D220,000. At the end of the year, 9% of these goods were still in stock.
The value of closing stock of finished goods that would be shown in the balance sheet is ________
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Question 28 of 50
28. Question
Items shown in the manufacturing account include:
I. Purchase of raw materials
II. Purchases of finished goods
III. Carriage inwards
IV. Carriage outwardsCorrectIncorrect -
Question 29 of 50
29. Question
Use the following information to answer the question
Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the remaining goods on the due date.
The cash paid by Kwamenah was _______
CorrectIncorrect -
Question 30 of 50
30. Question
Use the following information to answer the question
Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the remaining goods on the due date.
Kwamenah would record the 10% discount in the _________
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Question 31 of 50
31. Question
Use the following information to answer the question
Kwamenah bought goods worth Le 50,000 from Doe and Sons Limited on the following terms: 3% trade discount 10% cash discount. Kwamenah returned defective goods worth Le 8,000 the next day and made payment for the remaining goods on the due date.
Doe and Sons Limited would enter the 3% discount in the ______
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Question 32 of 50
32. Question
A partner who contributes capital but does not participate in the day-to-day running of the business is __________
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Question 33 of 50
33. Question
An example of real account is __________
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Question 34 of 50
34. Question
The concept that guides a firm to adopt a regular method of recording transactions in its books over a period is ____________
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Question 35 of 50
35. Question
A business extracted its trial balance and discovered that the total of the credit side exceeded the total of the debit side. Pending further investigation, the difference would be _________
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Question 36 of 50
36. Question
Use the following information to answer the question
The Salaries that would be charged to Profit and Loss Account for the year 2017 is ___________
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Question 37 of 50
37. Question
Use the following information to answer the question
The Electricity that would be charged to Profit and Loss Account for the year 2017 is _________
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Question 38 of 50
38. Question
Use the following information to answer the question
The Stationery that would be shown in the Balance Sheet as at 31st December 2017 is _________
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Question 39 of 50
39. Question
Accounting equation of a business shows the __________
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Question 40 of 50
40. Question
The internal users of accounting information are the _________
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Question 41 of 50
41. Question
A computer set bought for N150,000 was disposed for N45,000 after some years of use. The profit on disposal was N7,500. Accumulated depreciation at the time of disposal was ________
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Question 42 of 50
42. Question
Accumulated fund of a club is equivalent to its _________
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Question 43 of 50
43. Question
Use the following information to answer the question
The cost of sales for sportswear Department was _________
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Question 44 of 50
44. Question
Use the following information to answer the question
The cost of sales for Cosmetics Department was _________
CorrectIncorrect -
Question 45 of 50
45. Question
Use the following information to answer the question
The gross profit for Sportswear Department was ________
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Question 46 of 50
46. Question
Income received in advance is treated in the balance sheet as a _________
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Question 47 of 50
47. Question
Discount allowed N2,000; Bad debts N1,000
Cheque received from customers N24,000
Returns inwards N500
Sales ledger balance at the beginning N2,000The amount of sales is _________
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Question 48 of 50
48. Question
The document which contains the internal regulations of a limited liability company is the __________
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Question 49 of 50
49. Question
The excess of net assets acquired over purchase consideration is ___________
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Question 50 of 50
50. Question
A method of charging depreciation at a fixed percentage of the net book value is ___________
CorrectIncorrect
Responses