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
External users of accounting information include
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Question 2 of 50
2. Question
Every asset should have?
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Question 3 of 50
3. Question
Which of the following are impersonal accounts ?
I. Investment
II. Creditors
III. Premises
IV. Debtors
V. Salaries
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Question 4 of 50
4. Question
A bank statement shows an overdraft of GH¢ 190,000. Kofi a debtor paid GH¢ 400,000 into the account. The new balance is
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Question 5 of 50
5. Question
Nwoye buys stock and pays by cheque. The entries in the books of Nwoye is Debit
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Question 6 of 50
6. Question
Which of the following errors are errors of commission?
I. A cheque paid to Adam debited to Adam’s account.
II. Credit sales to Eva credited to sales account but debited to Eve’s account.
III. Furniture repairs debited to furniture account.
IV. Credit purchases from Manu credited to Manu’s account.
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Question 7 of 50
7. Question
A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be reimbursed at the end of the period?
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Question 8 of 50
8. Question
Cash paid to jake, N2,500 was entered on the credit side of his account and debited to cash account. This is an error of
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Question 9 of 50
9. Question
One of the purchases invoices of Mr.Dauda showed D96,240 less \( \scriptsize 12 \frac{1}{2} \%\) trade discount and cash discount of 20%. Since Mr. Dauda paid the amount due within the credit period, the amount paid is
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Question 10 of 50
10. Question
Bank reconciliation statement is prepared to reconcile the differences between
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Question 11 of 50
11. Question
Which of the following items of expense involves actual cash payment?
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Question 12 of 50
12. Question
In the preparation of the trading account of Omuya Ltd, the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the
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Question 13 of 50
13. Question
In accounting context, purchases refer to
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Question 14 of 50
14. Question
Which of the following items is a current liability?
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Question 15 of 50
15. Question
The balance sheet is prepared to reveal
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Question 16 of 50
16. Question
The excess of cost of goods sold over net sales is
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Question 17 of 50
17. Question
Use the following information to answer this question.
  ₦ Rent prepaid 1/1/2014 600 Rent paid 31/12/2014 3,000 Rent prepaid 31/12/2014 400 Rent for 2014 chargeable to the profit and loss account is?
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Question 18 of 50
18. Question
Use the following information to answer this question.
  ₦ Rent prepaid 1/1/2014 600 Rent paid 31/12/2014 3,000 Rent prepaid 31/12/2014 400 The balance sheet as at 31st December 2014 will show
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Question 19 of 50
19. Question
Which of the following would result from an increase in the provision for doubtful debts?
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Question 20 of 50
20. Question
Use the following information to answer this question.Â
 Le Acquisition cost of computers 80,000 Installation cost 20,000 Estimated residual value 4,000 Estimated useful life 5 years The depreciable value of computers is
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Question 21 of 50
21. Question
Use the following information to answer this question.Â
 Le Acquisition cost of computers 80,000 Installation cost 20,000 Estimated residual value 4,000 Estimated useful life 5 years The total costs of computers are
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Question 22 of 50
22. Question
Which of the following expenses constitutes prime cost?
I. Direct labour cost
II. Factory overheads
III. The hiring of machine for the production
IV. Warehouse rent
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Question 23 of 50
23. Question
Partly manufactured goods are treated in the balance sheet of a manufacturing company as
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Question 24 of 50
24. Question
Use the following information to answer this question
 D Cash Purchase D 29,641 Creditors 1/1/14 20,000 Creditors 31/12/14 D 3,117 Cash paid to creditors D 127,345 Discount received D 4,211 The credit purchases is
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Question 25 of 50
25. Question
Use the following information to answer this question
 D Cash Purchase D 29,641 Creditors 1/1/14 20,000 Creditors 31/12/14 D 3,117 Cash paid to creditors D 127,345 Discount received D 4,211 The total purchases is
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Question 26 of 50
26. Question
Offei, a petty trader sold goods for GH¢36,240. The gross profit being \(\scriptsize 33 \frac{1}{3} \% \) on cost.
What was the cost price?
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Question 27 of 50
27. Question
Which of the following is a credit item in an income and expenditure account?
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Question 28 of 50
28. Question
Purchases of fixtures and fittings by a club is recorded in the
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Question 29 of 50
29. Question
The concept which states that the affairs of a business is to be treated as being separate from the private activities of the owner is
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Question 30 of 50
30. Question
Where fixed capitals are maintained in a partnership, share profits are
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Question 31 of 50
31. Question
In the absence of a partnership agreement, additional capital contributions by partners attract the interest of
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Question 32 of 50
32. Question
In preparing partnership accounts, interest on drawings is debited to current accounts and credited to
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Question 33 of 50
33. Question
When allotments have been fully paid, subscribers are referred to as
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Question 34 of 50
34. Question
Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N1.00 each. Applications were received for 200,000 shares and all those who applied paid in full.
The subscribed share capital is
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Question 35 of 50
35. Question
Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied paid in full.
The unsubscribed share capital is
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Question 36 of 50
36. Question
Use the following information and answer the question below.
Oruma Ltd issued 300,000 ordinary shares at N100 each. Applications were received for 200,000 shares and all those who applied paid in full.
The authorized share capital is
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Question 37 of 50
37. Question
The entries for credit sales at the branch where the head office keeps all records are: Debit
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Question 38 of 50
38. Question
The branch current account records
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Question 39 of 50
39. Question
The cost of goods returned by branch to head office is debited
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Question 40 of 50
40. Question
Which of the following is a source of local government revenue?
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Question 41 of 50
41. Question
The transfer of money from one sub-head to another in the public sector is
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Question 42 of 50
42. Question
The total of the discounts received column in the three column cash book is?
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Question 43 of 50
43. Question
Which of the following expenses is apportioned between departments based on sales?
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Question 44 of 50
44. Question
In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as
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Question 45 of 50
45. Question
Assets which are readily convertible into cash are termed as
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Question 46 of 50
46. Question
A loan to a company under the company’s seal is
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Question 47 of 50
47. Question
Debts that a firm is unable to recover are debited to bad debts account and credited to
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Question 48 of 50
48. Question
When a fixed asset is disposed off, the accounting entries to write off the asset are Debit
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Question 49 of 50
49. Question
The financial statement which is an expression of the accounting equation is the
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Question 50 of 50
50. Question
Which of the following errors will affect the agreement of the trial balance?
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Responses