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
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Question 2 of 9
2. Question
a. List four items each that are found on the:
I. Credit side of the sales ledger control account
II. Debit side of the purchases ledger control account
b. List seven (7) types of errors a trial balance will not reveal
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Question 3 of 9
3. Question
A. Outline three distinguishing features of public and private companies
B. State three rights available to an ordinary shareholder
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Question 4 of 9
4. Question
a. What is the depreciation of an asset?
b. List three causes of depreciation
c. Explain the following method of depreciation:
I. Straight line
II. Reducing balance
III. Revaluation
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Question 5 of 9
5. Question
Momoh enterprises cashbook showed a debit balance of Le4,500 on December 31, 2014. further examination revealed the following:
I. A direct debit of Le350 for subscription had been paid by the bank
II. Bank charges of Le500 had not been reflected in the cash book
III. Payment settled by standing orders were omitted from the cash book, electricity bill Le70 insurance Le320 and medical bill Le120
IV. A dividend of Le 320 paid directly into the bank had not been entered into the cash book
V. It was discovered that the cash book balance brought down was undercast by Le180
VI. Cheque amounting to Le4,800 issued had not been presented for payment
VII. Cheque amounting to Le1,990 paid into the bank had not yet been credited
You are required to prepare:
a. The revised cash book
b. Bank reconciliation statement as at December 31, 2014
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Question 6 of 9
6. Question
The following is the Receipt and payments account of Kayode Social Club for the year ended 31st December 2014
Additional information:
I. Equipment was valued at N3,250 and furniture N1,550 on 31st December 2013
II. The following expenses were outstanding:
Salaries N300
Transport N100
Repairs N250
III. Depreciation to be provided as follows: Equipment N505, furniture N55
IV. Subscriptions owing by members were as follows:
31st December 2013 N1,200
31st December 2014 N2,100
V. The balance in the bank deposit account as 31st December 2013 was N3,00
You are required to prepare
a. Statement of affairs as at 31st December 2013
b. Subscriptions account for the year ended 31st December 2014
c. Income and expenditure account for the year ended 31st December 2014
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Question 7 of 9
7. Question
The following balances were extracted from the books of Ogba Enterprise on December 31, 2014.
Additional information;
(i) Stock in trade at December 31, 2014 was 29,400
(ii) Provision for doubtful debts to remain at 8% of debtors
(iii) General expenses owing totalled 12,860
(iv) Rent prepaid 19,500
Depreciation is to be provided as follows;
Premises 12½ % on cost
Equipment 10% on cost
You are required to prepare:
(a) Trading profit and loss account for the year ended December 31, 2014
(b) A balance sheet as at that date
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Question 8 of 9
8. Question
The following information relates to the books of accounts of Adom Limited
Trading Profits and Loss account for the year ended 31st December 2014
Balance Sheet as at 31st December 2014
You are required to calculate any six of the following
(a) Gross profit percentage
(b) Net profit percentage
(c) Return on capital employed
(d) Current ratio
(e) Acid test ratio
(f) Rate of stock turnover
(g) Working capital
(h) Shareholders fund
(i) Liquid assets
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Question 9 of 9
9. Question
The following information was extracted from the books of Dauda manufacturing company for the year ended 31st December 2012
Additional information:
i. Factory expenses prepaid amounted to D5,000
ii. Selling expenses accrued was D2,500
iii. Rent is apportioned between the factory and selling department in the ratio 5:3 respectively
You are required to prepare
Manufacturing Trading, Profit and loss account for the year ended 31st December 2012.
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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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