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
The source document used to make entries in the purchase day book is
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Question 2 of 50
2. Question
A book that contains individual accounts of suppliers is the
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Question 3 of 50
3. Question
In the operation of an imprest of petty cash, the
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Question 4 of 50
4. Question
An example of a credit entry in a profit and loss account is
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Question 5 of 50
5. Question
Which of the following subsidiary books involves cash movements?
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Question 6 of 50
6. Question
The accounting treatment for a dishonored cheque is; debit
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Question 7 of 50
7. Question
Net turnover is referred to as
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Question 8 of 50
8. Question
Which of the following transactions will result in disagreement between the cash book and the bank statements?
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Question 9 of 50
9. Question
Purchase account is overcast by ₦200, while wages account is undercast by ₦200. This is
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Question 10 of 50
10. Question
Which of the following is used to record the disposal of a fixed asset?
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Question 11 of 50
11. Question
Use the following information to answer the question.
 ₦ Cost of motor vehicle – 1/1/12 85,000 Residual value  5,000 Estimated useful life span 10years
The business makes use of the straight Â
The annual depreciation is
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Question 12 of 50
12. Question
Use the following information to answer the question.
 ₦ Cost of motor vehicle – 1/1/12 85,000 Residual value  5,000 Estimated useful life span 10years
The business makes use of the straight Â
The accumulated distribution as at 31/12/2013 is
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Question 13 of 50
13. Question
An error of principle is made, if
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Question 14 of 50
14. Question
Which of the following is entered in the general journal?
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Question 15 of 50
15. Question
The cost of carriage outward is classified as
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Question 16 of 50
16. Question
The purchase of ten ceiling fans by Akpan Electronic Enterprises will be recorded as
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Question 17 of 50
17. Question
Which of the following accounts would appear in the nominal ledger?
i. Sanison’s account(a debtor)
ii. Motor vehicle account
iii. Sales account
iv. Rent and rates account
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Question 18 of 50
18. Question
The sum of the direct cost in a manufacturing account is
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Question 19 of 50
19. Question
Net profit in a business is
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Question 20 of 50
20. Question
An example of a self-balancing account is the
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Question 21 of 50
21. Question
Use the following information to answer the question below
The following sales of business were GHC2,160,000. The average mark-up for the year was 50%.
The gross profit is
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Question 22 of 50
22. Question
Use the following information to answer the question below
The following sales of business were GHC2,160,000. The average mark-up for the year was 50%.
The cost of sales is
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Question 23 of 50
23. Question
Which of the following is not an administrative expense in a manufacturing organization?
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Question 24 of 50
24. Question
When an asset is sold, the entries for the accumulated depreciation are; debit
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Question 25 of 50
25. Question
A petty cash account has an imprest of D28,000. The account has a debit balance of D5,000. How much cash is needed to restore the imprest?
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Question 26 of 50
26. Question
In a not-for-profit making organization, when the total income is less than the total expenditure, the difference is a
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Question 27 of 50
27. Question
The accounting concept underlying the treatment of personal expenses of the business owner as drawing is
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Question 28 of 50
28. Question
Which of the following items is not contained in the Receipts and Payments Account?
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Question 29 of 50
29. Question
The concept that states that a business should not lay claim to any profits before it is earned with reasonable certainty is
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Question 30 of 50
30. Question
When shares are issued above their nominal value, the excess above the nominal value is
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Question 31 of 50
31. Question
Shares issued below nominal value are referred to as shares at
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Question 32 of 50
32. Question
Use the following information to answer the question below
 Le Capital: 20,000 Aye 30,000 Bee  Drawings:  Aye 8,000 Bee 2,000 Profit for the year 10,000 Interest on capital – 6%  Interest on drawings – 10%  Profit is in the ratio of capital  The divisible profit is
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Question 33 of 50
33. Question
Use the following information to answer the question below
 Le Capital: 20,000 Aye 30,000 Bee  Drawings:  Aye 8,000 Bee 2,000 Profit for the year 10,000 Interest on capital – 6%  Interest on drawings – 10%  Profit is in the ratio of capital  Aye’s share of profit is Â
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Question 34 of 50
34. Question
Use the following information to answer the question below
 Le Capital: 20,000 Aye 30,000 Bee  Drawings:  Aye 8,000 Bee 2,000 Profit for the year 10,000 Interest on capital – 6%  Interest on drawings – 10%  Profit is in the ratio of capital  Bee’s share of profit is Â
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Question 35 of 50
35. Question
The accounting ratio used to measure the average number of days for which suppliers remain unpaid is
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Question 36 of 50
36. Question
When the purchase consideration exceeds the value of a business, the difference is
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Question 37 of 50
37. Question
The primary classification of government expenditure is based onCorrectIncorrect -
Question 38 of 50
38. Question
An example of input devices of a computer is
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Question 39 of 50
39. Question
The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is
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Question 40 of 50
40. Question
A company made a net profit of ₦2,000,000 for the year and its net profit percentage is 25%. What is the total sales for the year?
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Question 41 of 50
41. Question
Which of the following information is recorded in the returns outwards book?
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Question 42 of 50
42. Question
Use the following information to answer the question follow
 D Branch stock account (at selling price) 346,00 – debit Branch mark-up account 62,000 – credit Calculate the stock figure to be included in the balance sheet at the year ended.
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Question 43 of 50
43. Question
Use the following information to answer questions 42 and 43
Use the following information to answer the question follow
 D Branch stock account (at selling price) 346,00 – debit Branch mark-up account 62,000 – credit The concept applied in answering question 42 above is
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Question 44 of 50
44. Question
Subscriptions in advance is classified in the balance sheet as
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Question 45 of 50
45. Question
Which of the following item is not treated in the profit and loss account?
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Question 46 of 50
46. Question
The document prepared by a local/district government to present its annual estimates for a planning period is
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Question 47 of 50
47. Question
A manufacturing account is drawn up by
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Question 48 of 50
48. Question
Which of the following is not a factory overhead cost?
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Question 49 of 50
49. Question
A collection of fields relating to one logically definable unit of business information is known as
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Question 50 of 50
50. Question
The principle of double-entry bookkeeping states that
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