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
Customers use the financial statement of a company to?
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Question 2 of 50
2. Question
The claim on the assets of a business by outsiders is?
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Question 3 of 50
3. Question
A document sent by a bank to its current account customers detailing their transactions over a given period is?
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Question 4 of 50
4. Question
Which of the following items will not be entered in the adjusted cash book?
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Question 5 of 50
5. Question
If a petty cashier has a cash float of Le39,000 and Le37,500 is spent, he will be reimbursed with?
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Question 6 of 50
6. Question
A suspense account is used in the?
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Question 7 of 50
7. Question
A credit purchase of GHc200 from P. osae was posted to the account of P. Osei. This is an error of?
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Question 8 of 50
8. Question
Discount allowed on goods invoiced at GHc100,000 was calculated at the rate of 20% instead of 10%. the error is corrected by debiting?
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Question 9 of 50
9. Question
The balance sheet equation shows?
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Question 10 of 50
10. Question
The effect of profit when the closing stock is understated is?
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Question 11 of 50
11. Question
Which of the following describes a trial balance?
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Question 12 of 50
12. Question
The accounts of Jute enterprise in the books of a supplier will be a?
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Question 13 of 50
13. Question
Which of the following accounts are found in the nominal ledger?
I. Advertising
II. Motor repairs
III. Additions to motor vehicle
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Question 14 of 50
14. Question
Accounts payable is classified as a?
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Question 15 of 50
15. Question
The accounting concept that provides that an accounting statement should not be influenced by personal opinion is?
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Question 16 of 50
16. Question
The prudence concept demands that?
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Question 17 of 50
17. Question
Carriage outward expenses of a business are treated in the?
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Question 18 of 50
18. Question
The cost of transporting purchased goods to the warehouse is charged to the?
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Question 19 of 50
19. Question
An organization purchased an equipment for GHc112,000. it is expected to be used for 6years then sold for GHc16,000. what is the annual amount of depreciation if the straight-line method is used?
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Question 20 of 50
20. Question
Use the information to answer the question that follows
The credit sale for the month is?
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Question 21 of 50
21. Question
Use the information to answer the question that follows
The total sale for the month is?
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Question 22 of 50
22. Question
The excess of the market value of goods produced over the cost of production is?
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Question 23 of 50
23. Question
Factory wages form part of?
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Question 24 of 50
24. Question
Production cost of a manufacturing firm is made up of?
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Question 25 of 50
25. Question
In a manufacturing enterprise depreciation of plant is treated in the?
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Question 26 of 50
26. Question
The purpose of keeping sales and purchases ledger control account is to?
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Question 27 of 50
27. Question
Which of the following items will appear in the total creditors’ account?
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Question 28 of 50
28. Question
A disadvantage of the single entry system of bookkeeping is that?
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Question 29 of 50
29. Question
Which of the following accounts or statements is used to determine credit purchases figure in an incomplete record?
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Question 30 of 50
30. Question
A trader sells goods at an average margin of 2%. His cost of sales for the month amounted to N720,000. What is his profit figure?
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Question 31 of 50
31. Question
Donation to a club is?
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Question 32 of 50
32. Question
A statement of affairs shows?
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Question 33 of 50
33. Question
In a not for profit-making organization, the receipts and payments account is the equivalent of?
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Question 34 of 50
34. Question
Where there is no agreement between the partners, the partnership act states that?
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Question 35 of 50
35. Question
Interest on drawings are debited in the?
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Question 36 of 50
36. Question
Goodwill may be brought into the books when?
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Question 37 of 50
37. Question
Working capital is the excess of?
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Question 38 of 50
38. Question
Share premium is classified in the balance as?
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Question 39 of 50
39. Question
Use the information to answer the question that follows
The percentage of gross profit to sales is?
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Question 40 of 50
40. Question
Use the information to answer the question that follows
What is the rate of stock turnover?
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Question 41 of 50
41. Question
When allotment of shares is made applicants for shares of a company become?
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Question 42 of 50
42. Question
The objective of a departmental account is to ascertain the?
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Question 43 of 50
43. Question
In departmental accounting, when goods are sent from one department to another for sales, the transaction is treated as?
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Question 44 of 50
44. Question
A branch that keeps its own records prepares the records of transactions with the head office in the?
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Question 45 of 50
45. Question
The accounting entries when goods are sold on credit at the branch are debited?
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Question 46 of 50
46. Question
Which of the following is not a method of charging goods to the branch by its head office?
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Question 47 of 50
47. Question
Use the information to answer the question that follows
Recurrent expenditure for the year is?
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Question 48 of 50
48. Question
Use the information to answer the question that follows
Capital expenditure for the local government is?
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Question 49 of 50
49. Question
A reserve is an amount?
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Question 50 of 50
50. Question
An amount set aside to meet expenses whose value is not certain is a?
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