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 50 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 50 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
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- 26
- 27
- 28
- 29
- 30
- 31
- 32
- 33
- 34
- 35
- 36
- 37
- 38
- 39
- 40
- 41
- 42
- 43
- 44
- 45
- 46
- 47
- 48
- 49
- 50
- Current
- Review
- Answered
- Correct
- Incorrect
-
Question 1 of 50
1. Question
A quality of accounting information is that it should be?
CorrectIncorrect -
Question 2 of 50
2. Question
When the letter “C” is written in front of an entry in the folio column of a cash book, it shows a?
CorrectIncorrect -
Question 3 of 50
3. Question
To show the evidence of payment to a government ministry, the revenue collector issues a?
CorrectIncorrect -
Question 4 of 50
4. Question
The primary concern of shareholders in a business is the?
CorrectIncorrect -
Question 5 of 50
5. Question
In a not for profit organization, accumulated fund is?
CorrectIncorrect -
Question 6 of 50
6. Question
Use the information to answer the question that follows
Purchases for 2017 was?
CorrectIncorrect -
Question 7 of 50
7. Question
Use the information to answer the question that follows
The cost of goods sold was
CorrectIncorrect -
Question 8 of 50
8. Question
In public sector accounting, the salaries of employees is classified as?
CorrectIncorrect -
Question 9 of 50
9. Question
Kadiri paid his debt to Suleman by cheque. The accounting entries in Kadiri’s books are debit?
CorrectIncorrect -
Question 10 of 50
10. Question
The concept which seeks to prevent profits from being overstated is?
CorrectIncorrect -
Question 11 of 50
11. Question
Use the information to answer the question that follows
Total cash receipts for the period is?
CorrectIncorrect -
Question 12 of 50
12. Question
Use the information to answer the question that follows
The cash balance at the end of the period is?
CorrectIncorrect -
Question 13 of 50
13. Question
The directors of Olu Ltd recommended a dividend of 10% on 1,000,000 ordinary share capital of GHc2.00 each. The amount of dividend declared is?
CorrectIncorrect -
Question 14 of 50
14. Question
Goodwill is recognized in partnership when?
CorrectIncorrect -
Question 15 of 50
15. Question
The mark-up on a product is 2/3, the margin is?
CorrectIncorrect -
Question 16 of 50
16. Question
Quick ratio is calculated as x-y:z Where?
CorrectIncorrect -
Question 17 of 50
17. Question
Use the following information to answer the question that follows
The closing capital is?
CorrectIncorrect -
Question 18 of 50
18. Question
Use the following information to answer the question that follows
The working capital is?
CorrectIncorrect -
Question 19 of 50
19. Question
In a single entry accounting, purchases are ascertained using a?
CorrectIncorrect -
Question 20 of 50
20. Question
Goods brought from Samah for Le1,600 was entered into Shamail’s This is an error of?
CorrectIncorrect -
Question 21 of 50
21. Question
When the closing stock is undervalued, the cost of goods sold will be?
CorrectIncorrect -
Question 22 of 50
22. Question
Where a fixed capital account is manufactured, partners share of profit is transferred to the?
CorrectIncorrect -
Question 23 of 50
23. Question
When bank charges are deducted from a customer’s account, the balance on the bank statement would be?
CorrectIncorrect -
Question 24 of 50
24. Question
Companies issue shares to the public in order to?
CorrectIncorrect -
Question 25 of 50
25. Question
Salah took two textile materials worth GHc500 from his business for his children’s use. This would be treated as a?
CorrectIncorrect -
Question 26 of 50
26. Question
Use the information to answer the question that follows
Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3
Interest on capital and drawings were 5% and 3% respectively.
The following details relates to the partnership for the year 2017 Ogah’s share of profit was?CorrectIncorrect -
Question 27 of 50
27. Question
Use the information to answer the question that follows
Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3
Interest on capital and drawings were 5% and 3% respectively.
The following details relates to the partnership for the year 2017Ajem’s current account balance was?
CorrectIncorrect -
Question 28 of 50
28. Question
Use the information to answer the question that follows
Ajem and Ogah were in partnership sharing profits and losses in the ratio 2:3
Interest on capital and drawings were 5% and 3% respectively.
The following details relates to the partnership for the year 2017Interest on drawings amounted to?
CorrectIncorrect -
Question 29 of 50
29. Question
Debtors control account is kept in the?
CorrectIncorrect -
Question 30 of 50
30. Question
Where there is provision for depreciation, fixed asset is shown in the balance sheet at?
I. Cost less total depreciation for the period only
II. Cost less total depreciation to date
III. Written down values
CorrectIncorrect -
Question 31 of 50
31. Question
The partners whose liability goes beyond his capital is a?
CorrectIncorrect -
Question 32 of 50
32. Question
An effect of increase in the provision for depreciation is?
CorrectIncorrect -
Question 33 of 50
33. Question
Uncredited cheques refer to the cheques not yet credited?
CorrectIncorrect -
Question 34 of 50
34. Question
Interim dividend paid in a year is?
CorrectIncorrect -
Question 35 of 50
35. Question
A feature of government accounting is that the?
CorrectIncorrect -
Question 36 of 50
36. Question
Use the following information to answer the question that follows
The prime cost is?
CorrectIncorrect -
Question 37 of 50
37. Question
Use the following information to answer the question that follows
Factory overhead cost is?
CorrectIncorrect -
Question 38 of 50
38. Question
Capital and drawings account are kept in the?
CorrectIncorrect -
Question 39 of 50
39. Question
Set off is carried out in the control account when?
CorrectIncorrect -
Question 40 of 50
40. Question
The credit sales is?
CorrectIncorrect -
Question 41 of 50
41. Question
An example of a nominal account is?
CorrectIncorrect -
Question 42 of 50
42. Question
The concept that recognizes revenue at the time of sale and not only when cash is received is?
CorrectIncorrect -
Question 43 of 50
43. Question
The accounting concept which stipulates that income and expenses should be matched to determine profit or loss is?
CorrectIncorrect -
Question 44 of 50
44. Question
The document used to correct an undercharge in an invoice is?
CorrectIncorrect -
Question 45 of 50
45. Question
Use the information to answer the question that follows
Carriage inward for Dept B is?
CorrectIncorrect -
Question 46 of 50
46. Question
Use the information to answer the question that follows
Net profit for Dept A is?
CorrectIncorrect -
Question 47 of 50
47. Question
Use the information to answer the question that follows
Net profit for Dept B is?
CorrectIncorrect -
Question 48 of 50
48. Question
Use the information to answer the question that follows
A firm bought Lathe machine for Le45, 600 on 1st January 2015. The life span was estimated to be 20years while scrap at the end of the period was valued at Le1, 600. It was to be depreciated by the fixed installment method.
The depreciation per annum is?
CorrectIncorrect -
Question 49 of 50
49. Question
Use the information to answer the question that follows
A firm bought Lathe machine for Le45, 600 on 1st January 2015. The life span was estimated to be 20years while scrap at the end of the period was valued at Le1, 600. It was to be depreciated by the fixed installment method.
The net book value of the machine as at 31st December 2017 was?
CorrectIncorrect -
Question 50 of 50
50. Question
Subscription owing $6,000(31/12/14):
Subscription in advance $4,000 (31/12/14)
Cash received as subscription during the year was $80,000The subscription for the year was?
CorrectIncorrect
Responses