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
Explain the following terms and outline how they are treated in the final account
(a) Increase in provision for doubtful debts
(b) Decrease in provision for doubtful debts
(c) Provision for discount on debtors
(d) Provision for discount on creditors
(e) Provision for depreciation
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Question 2 of 9
2. Question
(a) What are closing entries
(b) Distinguish between a branch and a department
(c) State four reasons for the preparation of branch account
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Question 3 of 9
3. Question
(a) State three effects of drawings on the business of a sole proprietor
(b) Explain how the following items are treated in the balance sheet
(i) Accrued expenses
(ii) Prepaid expenses
(iii) Accrued income
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Question 4 of 9
4. Question
(a) Outline the reasons for which a cheque would be dishonoured
(b)Explain the following terms:
(i) Petty cash float
(ii) Contra entries
(iii) Imprest system
(c) State three advantages of keeping petty cash book using the imprest system
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Question 5 of 9
5. Question
The following transactions were extracted from the books of Adamu, a sole trade for the month of March 2016
March 4 sold 80 bags of maize on credit to Papuk at GHc225 per bag to a trade discount of 5%
March 10 sold goods on credit to Abass for GHc1,170
March 15 received a cheque from Papuk for the amount due less a discount of 10%
March 20 received cash of GHc900 from AbassYou are required to prepare;
(a) Sales journal
(b) Customers account in the sales ledger
(c) Sales ledger control account
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Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 6 of 9
6. Question
Ubochi and Hassah started a partnership business on 1st January 2015. they contributed D300,000 and D250,000 respectively as capitals, their partnership deed stated that:
(i) Interest of 8% should be paid on capital per annum
(ii) Hassah would be paid D10,000 monthly as salary
(iii) Interest on drawings is 5%
(iv) The profits are to be shared in the ratio 3:2 respectively
(v) At the end of the year, the profit made was N300,000 during the period, ugochi and Hassah made drawings of D20,000 and D15,000 respectively
You are required to prepare
(A) Profit and loss appropriation account for the year ended 31st December 2015
(B) Partners current accounts
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Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 7 of 9
7. Question
On the 30th of September 2017, Adedeji’s cash book showed a debit balance of GHc7,600 however, his bank statement showed an overdraft balance of GHc1,880. on investigation, the following details were discovered:
(i) A standing order of GHc 160 has not been entered in the cash book
(ii) Bank charges of GHc40 did not appear in the cash book
(iii) Cash paid for GHc400 had been entered in the cash book as GHc360
(iv) A cheque of GHc 200 received from a customer was dishonoured
(v) The bank received a credit transfer of GHc 400 from a customer
(vi) A cheque of GHc1,360 paid to Dexteri Ltd has been entered in the cash book as GHc1,720
(vii) A receipt of GHc40 shown on the bank statement had not been entered in the cash book
(viii) A cheque was drawn amounting to GHc160 still with the supplier
(ix) Receipts of GHc3,600 paid into the bank on 31st September 2017 did not appear on the bank statement until October 2017
(x) A cheque of GHc1,080 paid into the bank wrongly credited by the bank as GHc600
(xi) A transfer of GHc6,000 to the bank had not been recorded in the cash book
You are required to prepare:
(A) Adjusted cash book
(B) Bank reconciliation statement as at 30th September 2017
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Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 8 of 9
8. Question
The following errors were discovered:(i) The total sales day book for December 2013 had been overstated by Le480
(ii) In January 2015, new office furniture was purchased for Le14,400, this was debited to purchases account
(iii) A cheque payment of Le864 to a supplier was entered in the book as Le1,044
(iv) A credit note of Le148 sent to a customer or return was overlooked
(v) Payment of sundry expenses of Le640 has been omitted from the trial balance
You are required to prepare the :
(a) Journal entries to correct the errors
(b) Suspense account
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Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 9 of 9
9. Question
You are required to calculate:(a) Stock turnover ratio
(b) Gross profit margin
(c) Net profit margin
(d) Current ratio
(e) Acid test ratio
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