WAEC: FINANCIAL ACCOUNTING
Quizzes
-
2014 Financial Accounting WAEC Objective Past Questions
-
2014 Financial Accounting WAEC Theory Past Questions
-
2015 Financial Accounting WAEC Objective Past Questions
-
2015 Financial Accounting WAEC Theory Past Questions
-
2016 Financial Accounting WAEC Objective Past Questions
-
2016 Financial Accounting WAEC Theory Past Questions
-
2017 Financial Accounting WAEC Theory Past Questions
-
2017 Financial Accounting WAEC Objective Past Questions
-
2018 Financial Accounting WAEC Objective Past Questions
-
2018 Financial Accounting WAEC Theory Past Questions
-
2019 Financial Accounting WAEC Objective Past Questions
-
2019 Financial Accounting WAEC Theory Past Questions
-
2020 Financial Accounting WAEC Objective Past Questions
-
2020 Financial Accounting WAEC Theory Past Questions
-
2021 Financial Accounting WAEC Objective Past Questions
-
2021 Financial Accounting WAEC Theory Past Questions
Quiz Summary
0 of 9 Questions completed
Questions:
Information
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
You must first complete the following:
Results
Results
0 of 9 Questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- Current
- Review
- Answered
- Correct
- Incorrect
-
Question 1 of 9
1. Question
a. What is a Cash book?
b. State seven benefits of keeping accounting records in the business.
c. List five source documents used in preparing the cash book
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 2 of 9
2. Question
a. Define and list two classifications of each of the following:
i. Assets
ii. Liabilities
b. State and explain the factors to be considered in determining the annual depreciation charge for a fixed asset.
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 3 of 9
3. Question
Describe three features of each of the following financial statements:
a. receipt and payment account
b.income and expenditure account
c. trading account
d. profit and loss account
e. appropriation account of a partnership
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 4 of 9
4. Question
Classify the following:
i. Purchase of land
ii. Purchase of a motor vehicle
iii. Rent received
iv. Repairs to motor vehicle
v. Fuel cost for running the vehicle
vi. Sale of land previously bought
vii. Interest on a loan to purchase land
viii. Wages of cleaner
ix. Payment for carriage inwards on a machine bought
x. The installation cost of machine.
xii. Cost of repairs to a factory building
xiii. Cost of papers in the accounts department
xiv. Proceeds from disposal of motor vehicle
xiv. The commission received from a transaction
xv. Legal fees paid in buying land
into
a. Capital expenditure
b. Revenue expenditure
c. Capital receipts
d. Revenue receipts
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 5 of 9
5. Question
Alex Co-Limited is a manufacturing company. The following balances were extracted from its book on 30th September 2010.
Additional information:
Goods manufacture during the year is to be transferred to the Trading account at Le 130,000.
You are required to prepare the necessary accounts to show the following
(a) Cost of raw materials used
(b) Prime cost
(c) Cost of production
(d) Gross manufacturing profit
(e) Gross profit on sales
(f) Net profit.
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 6 of 9
6. Question
Johnson’s cash book showed an overdrawn balance of N3,000 on 31st December 2012 on his current account. The balance as per the bank statement was an overdrawn balance N800.
Further investigation showed the following:
(i) Cheque drawn amounting to N5,000 had not been presented for payment
(ii) Cheques amounting to N2,500 entered in the cash book as paid into the bank had not yet been cleared by the bank.
(iii) A cheque book costing N400 had been charged in the bank statement but not entered in the cash book.
(iv) A dividend of N400 paid directly to the bank had not been recorded in the cash book.
(v) A cheque for N1200 drawn on his current account had been charged by the bank to his deposit account.
(vi) A cheque for N500 paid into the bank had been dishonoured and shown as such by the bank, but no entry had been made in the cash book.
(vii) The payment side of the cash book had been undercast by N700
(vii) Bank charges of N300 entered in the bank statement had not been entered in the cash book
You are required to prepare:
(a) Adjusted cash book
(b) Bank reconciliation statement
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 7 of 9
7. Question
The trial balance of Evan as at December 2010, is as follows
Additional Information:
i. Unpaid salaries and wages as at 31st December, 2010 is D7,000
ii. The provision for doubtful debts is to be made at 10%
iii. Rents and rates owing at 31st December, 2010 is D4,000
iv. Depreciation on motor van is to be charged at 20% per annum on cost.
v. Insurance paid in advance 31st December, 2010 is D2,800
vi. Stock at 31st December, 2010 is D95,000
vii. 10% dividend is proposed for 2010.
You are required to prepare:
(a) Trading and profit and loss account for the year ended 31st December, 2010
(b) Profit and loss appropriation account for the year ended 31st December, 2010.
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 8 of 9
8. Question
The trial balance of Asibi as at December 31, 2010 failed to agree. A suspense account was opened for the difference. Draft final accounts were prepared which showed a net profit of GHC4,000 for the year to December 31, 2010. The following errors were subsequently discovered:
i. The purchases day book total GHC8,000 had been posted to the ledger as GHC16,000.
ii. The sales account had been undercast by GHC12,000
iii. Discounts received of GHC700 had been debited to discounts allowed account
iv. An accrued telephone charge of GHC600 was omitted.
v. Loose tools bought for GHC400 had been debited to the purchases account.
vi. Purchase of stock for GHC700 had not been posted to the ledger
vii. Bad debts of GHC 950 written off in the debtor’s account had not been treated in the expenses account
viii. Asibi had withdrawn goods to the value of GHC300 for her personal use. No entries had been made in the books.
You are required to prepare a statement showing the effect of the errors on the draft net profit and the corrected net profit for the year.
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
-
Question 9 of 9
9. Question
The following balances were extracted from the books of Duru stores limited on September 30, 2012.
You are required to:
a. Prepare a balance sheet as at September 30, 2012
b. Calculate the following
i. Acid test ratio
ii. Capital employed
iii. Working capital
iv. Current ratio
-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
kudos to you all