WAEC 2022/2023 Financial Accounting Questions essay and Answers is here now

WAEC 2022/2023 FINANCIAL ACCOUNTING QUESTIONS, ESSAY AND ANSWERS IS HERE NOW. The WAEC financial accounting 2022 questions and syllabus has been made available here. The West African Examination Council (WAEC) Senior School Certificate Examination (SSCE) Financial Accounting paper will be written on Monday, as scheduled.

The 2021 Waec Financial accounting exam will comprise of Papers A & B: Objective & Essay / Practice which will commence from 8.30 am and end by 12.00 pm. This means the examination will last for three hours thirty minutes (3hrs 30mins) only.

Below, we will be posting out Waec financial accounting questions for candidates that will participate in the examination for practice purposes.

2022 WAEC Financial Accounting Question and Answers

1. The cash basis of accounting requires the recognition of revenue only when they are

A. sent Out

B. documented

C. lost

D received

ANSWER: D (Received)

2. Responsibility accounting is particularly concerned with

A. variable cost

B. fixed cost

C. controllable costs

D. uncontrollable costs

ANSWER: C (Controllable costs)

3. Earnings per share is a measure of

A. loss

B. profit

C. income

D. expenditure

ANSWER: B (Profitability)

4.In Accounting, Purchase invoice is to be first entered in the_____?
A.Debit Cash Book
B.Purchases Account
C.Cash Debit Book
D.Sales Journal
E.Purchases Journal
The correct answer is E. Purchases Journal

5.Trial Balance can simply be described as a __?
A.Debit Document
B.Financial entry position of a business
C.List of balances in the books
D.Special account
E.Document showing the books of Credit
The correct answer is C.

6.Goods that are returned to a supplier are simply______?
A.Credited to returns outwards account
B.Resent for reproduction
C.Debited to returns outward account
D.Credited to returns inwards account
E.Debited to returns inwards account
The correct Answer is A.

WAEC 2022/2023 Financial Accounting Questions essay and Answers is here now

7.In Accounting, the equation or formula for calculating net profit or loss from the records of a firm is?
A.Closing Capital + Drawings – Opening Capital
B.Closing Capital – Drawings – Capital Introduced
C.Closing Capital + Opening Capital – Drawings
D.Opening Capital + Drawings – Closing Capital
E.Opening Capital + Drawings – Opening Capital
The correct answer is A.

8.All of the following are real accounts, except_____?
A.Savings Account
B.Salaries account
C.Post Account
D.Creditors account
E.Trading account
The correct answer is C.

9.Assets acquired can easily be recorded by debiting _?
A.All the expenses
B.Asset Account, Crediting Cash
C.Credit and Debit
D.Business Account, Crediting Sale
E.Cash Account, Crediting Account
The correct answer is B.

10.Which among these is not a book of original entry?
A.Sales journal
B.Cash account
C.Purchases account
D.Return inwards journal
The correct answer is C.

11.Which of the following best describes a Discount received account?
It is a;
A.Business account
B.Real account
C.Profit account
D.Personal account
E.Nominal account
The correct answer is E.

12. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the

A. Creditor

B. Cashier

C. Auditor General

D. Bursar

ANSWER: C (Auditor General)

13. The double entry for a cheque returned by a bank to a customer marked “refer to drawer” is debit
    A. bank, credit debtor.
    B. bank, credit bad debt expenses.
    C. bad debt expenses, credit bank.
    D. debtor, credit bank.
14. Which of the following is a characteristic of joint venture?
    A. The activities are of short term duration.
    B. Individual maintains separate account.
    C. There is perpetual succession.
    D. There is limitation to membership
15. The person who retains ownership of goods on consignment is
    A. commission agent.
    B. del-credere agent.
    C. consignor.
    D. consignee.
16. The computer program instructions are read into the
    A. output unit.
    B. input unit
    C. storage unit.
    D. central processing unit.
17. In Contract Accounts, retention money refers to the
    A. amount due to the contractor but held back by the customer.
    B. progressive payments made by the customer to the contractor.
    C. contractor’s profit on the contract.
    D. amount overpaid by the customer to the contractors
18. Which of the following explains the imprest system of operating petty cash?
    A. Weekly expenditure cannot exceed a set amount
    B. The exact amount of expenditure is reimbursed at intervals to maintain a fixed float
    C. All expenditure out of the petty cash must be properly authorized
    D. Regular equal amounts of cash are transferred into petty cash at intervals.

WAEC 2022/2023 Financial Accounting Questions essay and Answers is here now

13. Peter has not kept accurate accounting records during the financial year. He had an opening inventory of N6,700 and purchased goods costing N84,000 during the year. At the year-end, he had N5,400 left in inventory. All sales are
    made at a mark upon the cost of 20%.
    What is Peter’s gross profit for the year?
    A. N13,750
    B. N17,060
    C. N16,540
    D. N20,675.
14. Shasia Co extracted the trial balance for the year ended 31 December 2017. The total of the debits exceeded the
    credits by N300.
    Which of the following could explain the imbalance?
    A. Sales of N300 were omitted from the sales day book
    B. Returns inward of N150 were extracted to the debit column of the trial balance
    C. Discounts received of N150 were extracted to the debit column of the trial balance
    D. The bank ledger account did not agree with the bank statement by a debit of N300.
15. The double entry for a cheque returned by a bank to a customer marked “refer to drawer” is debit
    A. bank, credit debtor.
    B. bank, credit bad debt expenses.
    C. bad debt expenses, credit bank.
    D. debtor, credit bank.
16. Which of the following is a characteristic of joint venture?
    A. The activities are of short term duration.
    B. Individual maintains separate account.
    C. There is perpetual succession.
    D. There is limitation to membership
17. The person who retains ownership of goods on consignment is
    A. commission agent.
    B. del-credere agent.
    C. consignor.
    D. consignee.
18. The computer program instructions are read into the
    A. output unit.
    B. input unit
    C. storage unit.
    D. central processing unit.
19. In Contract Accounts, retention money refers to the
    A. amount due to the contractor but held back by the customer.
    B. progressive payments made by the customer to the contractor.
    C. contractor’s profit on the contract.
    D. amount overpaid by the customer to the contractors.

WAEC 2022/2023 Financial Accounting Questions essay and Answers is here now

THEORY OF FINANCIAL ACCOUNTING

1. (a) Define and list two classifications of each of the following:
   i. asset;
   ii. liabilities.
   (b) State and explain the factors to be considered in determining the annual depreciation charge for a fixed asset.
2. Explain the following:
   (a) imprest system;
   (b) petty cash book;
   (c) memorandum entries;
   (d) three-column cash book;
   (e) journal proper.
3. Describe three features of each of the following financial statements:
   (a) Receipts and Payment Account;
   (b) Income and Expenditure Account;
   (c) Trading Account;
   (d) Profit and Loss Account;
   (e) Appropriation Account of a Partnership.

WAEC 2022/2023 Financial Accounting Questions essay and Answers is here now

ANS: (a) Receipt and Payment Account–
– It is a real account;
– It is a prime book;
– A summary of cash and cheque transactions of a club;
– It has an opening and closing balances;
– It records both capital and revenue transactions;
– Its closing balance is transferred into the balance sheet;
– Its records are supported by source documents;
– It is used by “Not-for-Profit Making” organizations.
(b) Income and Expenditure Account – It is a nominal account;
It is prepared in the form of profit and loss accounts;
Records revenue receipts and revenue expenditure;
It allows adjustments for prepayments and accruals;
Its closing balance represents surplus or deficit;
It is used by not-for-profit making organizations.

WAEC 2022/2023 Financial Accounting Questions essay and Answers is here now

(c) Trading Account – It is a nominal account;
It is prepared by trading entities;
It is used to determine the cost of goods available for sale;
And, It is used to determine the cost of goods sold;
It is used to ascertain gross profit or gross loss.
(d) Profit and Loss Account – It is a nominal account;
It is prepared by trading entities;
It is used to ascertain net profit or net loss;
Then, It allows adjustments for accruals and prepayments.
(e) Appropriation Account of a Partnership – It is a nominal account;
It is an account in which the profit /loss for the partners is distributed;
And, It shows the net profit /loss brought down for the period;
It shows interest in partners’ drawings;
So, It shows partners’ salaries for the period;
It shows partners’ commission;
It shows interest in partners’ capital.

WAEC 2022/2023 Financial Accounting Questions essay and Answers is here now

4. In this question, candidates were required to prepare:
   (a) Adjusted Cash Book
   (b) Bank Reconciliation Statement.
5. This question required candidates to prepare the Manufacturing, Trading, Profit, and Loss Account to show:
   (a) Cost of raw material used;
   (b) Prime cost;
   (c) Cost of production;
   (d) Gross manufacturing profit;
   (e) Gross profit on sales;
   (f) Net profit.
6. In this question, candidates were required to prepare:
   (a) Trading, Profit and Loss Account;
   (b) Profit and Loss Appropriation Account.
7. Mention 4 common errors in accounting?

WAEC 2022/2023 Financial Accounting Questions essay and Answers is here now

Answer to Question 7: Four among the common errors in accounting include:
1.Compensating error
2.Errors of omission
3.Errors of principle
4.Errors of commission.

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