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
(a) What are accounting concepts?
(b) Explain the following accounting concepts:
(i) Business entity
(ii) Accrual
(iii) Going concern
(iv) Consistency
(v) Periodicity
(vi) Historical cost-
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Question 2 of 9
2. Question
(a) Explain the operation of pretty cash book using the imprest system.
(b) Outline Two disadvantages of the imprest system of keeping petty cash book.
(c) State four uses of a petty cash voucher.
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Question 3 of 9
3. Question
(a) Explain the following terms as used in accounts of not-for-profit-making organizations:
(i) Entrance fees
(ii) Subscription(b) State five (5) features of Income and Expenditure Account.
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Question 4 of 9
4. Question
(a) What is a bank reconciliation statement?
(b) Explain the following terms:
(i) Bank charges
(ii) Standing order
(iii) Credit transfer
(iv) Dishonoured cheques
(v) Unpresented cheques
(vi) Uncredited cheques-
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Question 5 of 9
5. Question
Oluchi is a trader who does not keep a complete set of accounting records but is able to provide the following information about her business.
1st January 2019 31st December, 2019
₦ ₦ Debtors 190,000 230,000 Creditors 120,000 90,000 Bank 68,000 124,000 Fittings 150,000 135,000 Stock 124,000 140,000 Expenses
accrued22,000 18,000 Rent
prepaid200,000 100,000 Cash sales were deposited to the bank after payment for expenses of N66,000 and drawings of N30,000. Her bank account showed the following:
Bank Account as at 31st December, 2019
₦ ₦ Balance b/f
(1/1/19)68,000 Payment
to supplier320,000 Receipts
from customers236,000 Expenses 58,000 Cash deposits
from sales198,000 Balance c/d 124,000 502,000 502,000 You are required to prepare:
(a) Total Debtors Account.
(b) Sales Account.
(c) Total Creditors Account.
(d) Trading, Profit and Loss Account for the year ended 31st December, 2019.-
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Question 6 of 9
6. Question
Essay operates a shop with two Departments A and B. The following balances were extracted from his books as at 31st December, 2019.
Dr Cr GH¢ GH¢ Sales: Department A 30,000 Department B 20,000 Stock: Department A (01/01/19) 500 Department B (01/01/19) 400 Purchases: Department A 23,600 Department B 16,400 Wages of Sales Assistants: Department A 2,000 Department B 1,500 Delivery Expenses (Department A) 300 Common Expenses: General office salaries 1,500 Rates 260 Fire insurance 100 Electricity 240 Repairs to premises 500 Telephone 500 Cleaning 600 Auditing charges 2,400 Stationery 1,200 Additional information:
(i) Stock as at 31st December, 2019 were valued at Department A GH¢300.
(ii) General office salaries, telephone, audit charges and stationery are to be apportioned on the basis of sales.
(iii) All other common expenses are to be apportioned as follows:
Department A one-fifth Department B four-fifth You are required to prepare: Sesay’s Departmental, Trading, Profit and Loss Account for the year ended 31st December, 2019.
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Question 7 of 9
7. Question
Ologun Trading Enterprises supplies goods to its Enugu branch. The following transactions were recorded with the branch in December, 2019,
(i) On 1stDecember 2019, goods costing D24,000 were invoiced to the branch at cost plus
(ii) At the end of the month, the branch returns showed that sales were D20,000.
(iii) Goods invoiced at D320 were returned to the head office.
(iv) Closing stock at the branch was D11,520 at selling price.
You are required to prepare in the head office books, the following Accounts:
(a) Goods sent to Branch Accounts;
(b) Branch Stock Account;
(c) Branch Adjustment Account.
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Question 8 of 9
8. Question
Question Loly and Willy were in partnership sharing profits and losses in the ratio of 3:2 respectively. the Balance sheet as at 31/12/2019 is as follows: Balance Sheet as at 31st December, 2019
Le Le Le Le Le Capital Fixed Assets: Plants & Machinery 240,000 Loly 200,000 Furniture & Fittings 80,000 Willy 150,000 350,000 Motor Vehicles 30,000 350,000 Loan 100,000 Current Assets: Current Liabilities Stock 50,000 Creditors 90,000 Debtors 60,000 Less: Provision for doubtful debts 5,000 55,000 Cash 85,000 190,000 540,000 540,000 Additional information: Joe was admitted into the Business on the following terms:
i. Plants and machinery was revalued at Le300,000;
ii. Furniture and fittings was revalued at Le60,000;
iii. Stock was reduced by Le10,000;
iv. Provision for doubtful debts was increased to Le7,000;
v. Loly took over one of the motor vehicles for Le10,000;
vi. Joe contributed Le100,000 as capital and paid Le75,000 for goodwill which was shared among the old partners;You are required to prepare:
(a) Revaluation Account;
(b) Capital Account;
(c) Balance Sheet after the admission of Joe-
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Question 9 of 9
9. Question
The authorized capital of Baba Company Limited is 200,000 ordinary share. The company decided to issue 180,000 of the share at $2 on the following:
$0.40 on application
$0.70 on allotment
$0.90 on first and final call.
Applications were received for 200,000 shares on June 20, 2019 and allotments made on June 30, 2019 on which date, excess application monies were returned to unsuccessful applicants.
First and final call was made on July 26, 2019. All instalments were received on due dates.
You are required to prepare:
(a) Bank Account;
(b) Ordinary Share Application Account;
(c) Allotment Account;
(d) First and Final Call Account;
(e) Ordinary Share Capital Account.
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Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
Thank you KofaStudy for providing the solutions to WAEC accounting questions especially the calculations, most websites do not provide the solutions