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
Investors in a business are mainly interested in the firms?
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Question 2 of 50
2. Question
One of the characteristics of useful accounting information is?
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Question 3 of 50
3. Question
Which of the following items is found on the debit side of a trial balance?
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Question 4 of 50
4. Question
Which of the following transactions is a revenue expenditure?
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Question 5 of 50
5. Question
Credit notes received are source documents for?
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Question 6 of 50
6. Question
A document forwarded to a supplier showing amount due for unsatisfactory goods is?
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Question 7 of 50
7. Question
The claim of a proprietor of a business entity on its asset is?
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Question 8 of 50
8. Question
The apportionment of the cost of a fixed asset to the profit and loss account is termed as?
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Question 9 of 50
9. Question
Entries in the purchases journal are transferred to the?
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Question 10 of 50
10. Question
A reduction in price to encourage prompt payment is?
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Question 11 of 50
11. Question
Use the information to answer the question that follows
Tei Ltd offered 1,560 units of a magazine at N6,000 each. Trade discount is 10% and a cash discount is 10% within 30days and 5% within 60days
The amount payable if payment is made on the 40th day is?
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Question 12 of 50
12. Question
Use the information to answer the question that follows
Tei Ltd offered 1,560 units of a magazine at N6, 000 each. Trade discount is 10% and a cash discount is 10% within 30days and 5% within 60days
The cash discount allowed on the 50th day is?
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Question 13 of 50
13. Question
An amount of Le2,000 received from a customer Kofi has been credited to another customer Kofigo’s account. This is an error of?
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Question 14 of 50
14. Question
Current asset less current liability is?
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Question 15 of 50
15. Question
A debit balance of GHc420 on the purchases ledger control account means that as at date?
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Question 16 of 50
16. Question
Sales and purchases ledger are used in a business to keep records of?
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Question 17 of 50
17. Question
Which of the following activities will increase profits?
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Question 18 of 50
18. Question
The concept that implies that a business will operate for an indefinitely long period of time is?
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Question 19 of 50
19. Question
The consistency concept aims at
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Question 20 of 50
20. Question
The concept which states that revenue is recognized when goods are sold is?
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Question 21 of 50
21. Question
The cost of goods sold is calculated as?
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Question 22 of 50
22. Question
The wages of an office cleaner is classified as?
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Question 23 of 50
23. Question
Use the information to answer the question that follows
The cost of goods sold is?
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Question 24 of 50
24. Question
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The gross profit or loss is?
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Question 25 of 50
25. Question
The amount set aside out of profits to strengthen the financial position of the business is?
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Question 26 of 50
26. Question
A fall in the value of a fixed asset due to technological changes is described as?
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Question 27 of 50
27. Question
A credit entry is made in the plant and machinery account for the?
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Question 28 of 50
28. Question
In a manufacturing account, royalties paid is?
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Question 29 of 50
29. Question
One of the components of factory overheads is?
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Question 30 of 50
30. Question
Use the information to answer the question that follows
The total cost of production is?
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Question 31 of 50
31. Question
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The prime cost of production is?
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Question 32 of 50
32. Question
The balance on the sales ledger control account at the end of the accounting year represents total?
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Question 33 of 50
33. Question
Use the information to answer the question that follows
Credit sale for 2016 is?
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Question 34 of 50
34. Question
Use the information to answer the question that follows
Credit purchases for 2016 is?
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Question 35 of 50
35. Question
The excess of assets over liabilities of a not-for-profit-making organization is
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Question 36 of 50
36. Question
Use the information to answer the question that follows
The surplus for the year is?
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Question 37 of 50
37. Question
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The total income received for the year is?
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Question 38 of 50
38. Question
The parties who are paid last in the event of winding-up are?
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Question 39 of 50
39. Question
An event that will not require a change in the profit-sharing ratio of partners in a firm is when?
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Question 40 of 50
40. Question
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Taiwo’s share of profit is?
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Question 41 of 50
41. Question
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Obi’s share of profit is?
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Question 42 of 50
42. Question
The accounting entries for cash realized from the sales of assets on the dissolution of a partnership is debit ______
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Question 43 of 50
43. Question
The process of distributing shares to successful applicants is?
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Question 44 of 50
44. Question
The interim dividend paid in the year is?
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Question 45 of 50
45. Question
The basis of the apportionment of insurance on building in the departmental account is?
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Question 46 of 50
46. Question
Under the cost method in branch accounts, branch gross profit is disclosed in the?
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Question 47 of 50
47. Question
Use the information to answer the question that follows
Equity holders fund is?
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Question 48 of 50
48. Question
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Net book value of fixed asset is?
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Question 49 of 50
49. Question
The authority to incur expenditure in the public sector is?
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Question 50 of 50
50. Question
Below-the-line item in public sector accounting means such an item is?
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