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WAEC BOOKKEEPING OBJECTIVE 2023 PAST QUESTION

WAEC BOOKKEEPING OBJECTIVE 2023 PAST QUESTION
WAEC BOOKKEEPING OBJECTIVE 2023 PAST QUESTION


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Table of Content

About WAEC

Full meaning of WAEC

W - West
A - Africa
E - Examination
C - Council

What is WAEC

The West African Examinations Council (WAEC) is an organization established by legislation to determine whether examinations are required for the public welfare in the English-speaking countries of West Africa., to administer the exams, and to issue certificates that are on par with those issued by comparable examining authorities internationally. The West African Examinations Council was founded in 1952, and its mission is to be a premier examination organization that advances the educational objectives of all its stakeholders.

For more info, you can visit: WAEC official website

How to check WAEC Result

To check your WAEC result, check the easy steps given in this post where we explained in detail step by step how you can check your WAEC result online. Click here to check easy steps to check WAEC result online

About BOOKKEEPING

Bookkeeping is a business subject that focuses on the systematic recording of daily financial transactions of an individual, business, or organization. It is the foundation of accounting, ensuring that every transaction is correctly documented so that the business can track its income, expenses, profits, and losses.

Bookkeeping helps businesses maintain accurate financial records, which are used to prepare reports, make business decisions, pay taxes, and monitor the financial health of the business.

Important Topics In BOOKKEEPING

  •  Introduction to Bookkeeping
    • Meaning and objectives of bookkeeping
    • Differences between bookkeeping and accounting
    • Importance of bookkeeping in business 
    • Users of financial information

  • Source Documents
    • Definition and types of source documents
    • Examples: Invoice, Receipt, Debit Note, Credit Note, Payment Voucher, Cheque
    • Functions and importance of source documents in record keeping

  • Books of Original Entry
    • Meaning and functions
    • Types of books of original entry:
      • Sales Day Book
      • Purchases Day Book
      • Returns Inward Book
      • Returns Outward Book
      • Cash Book
      • General Journal
      • Petty Cash Book

  • Ledger Accounts

    • Definition and types of ledger accounts:

      • Personal Ledger

      • Real Ledger (Assets)

      • Nominal Ledger (Expenses and Income)

    • Posting from books of original entry to the ledger

    • Balancing ledger accounts

  • Double Entry System

    • Meaning and principles of double entry

    • Debit and credit rules for assets, liabilities, income, and expenses

    • Recording transactions using the double entry system

  • Trial Balance

    • Meaning and purpose

    • Preparation of trial balance

    • Errors detected and not detected by the trial balance

  • Cash Book

    • Meaning and types of cash book:

      • Single column cash book

      • Double column (cash and bank) cash book

      • Three column (cash, bank, discount) cash book

    • Contra entries

    • Balancing the cash book

  •  Bank Reconciliation Statement

    • Meaning and need for bank reconciliation

    • Causes of differences between bank statement and cash book

    • Preparation of bank reconciliation statement

  • Petty Cash Book

    • Meaning and importance

    • Imprest system

    • Recording petty expenses

    • Balancing petty cash book

  • Income and Expenditure

    • Meaning of income and expenditure

    • Difference between capital and revenue expenditure

    • Recording income and expenses for organizations

  • Final Accounts (Introduction)

    • Trading account

    • Profit and Loss account

    • Balance sheet

    • Purpose and basic format (simple introduction level)

  • Correction of Errors

    • Types of errors: omission, commission, principle, and compensating

    • Effects of errors on the trial balance

    • Correcting errors using journal entries

  • Accounts for Non-Profit Organizations

    • Receipts and payments account

    • Income and expenditure account

    • Balance sheet for clubs, societies, and associations

  • Business Transactions and Types

    • Types of business ownership: sole proprietorship, partnership, etc.

    • Types of transactions: cash, credit, and barter

    • Recording of business transactions

  • Ethics in Bookkeeping

    • Importance of honesty and transparency

    • Professional conduct in keeping financial records

    • Confidentiality and trust in bookkeeping

Importance of Past Questions

Past questions are important in your studies to help you have an insight of how the exam looks like and how to face questions related to different topics covered in the subject examination to be taken

Excerpts From WAEC BOOKKEEPING OBJECTIVE 2023 Past Questions


1. The amount reimbursed in an imprest system is the sum ?
    A. not spent. 
    B. actually spent. 
    C. approved as float. 
    D. borrowed from float. 

2.  Receipts is classified as revenue if it is cash from the ? 
    A. sale of fixed assets. 
    B. sale of goods. 
    C. sale of shares. 
    D. sublet of premises. 

3. The book used to record the sale of fixed asset on credit is ?
    A. purchases day book. 
    B. sales journal. 
    C. petty cash book. 
    D. general journal. 

4. Discount received is shown in the ? 
    A. debit side of purchases ledger control account. 
    B. credit side of purchases ledger control account. 
    C. credit side of sales ledger control account. 
    D. debit side of sales ledger control account.

5. When there is provision for depreciation account, fixed assets arc shown in the balance sheet at the ?
    I. Historical values 
    II. Historical cost less depreciation for a particular period only 
    III. Historical cost less total depreciation to date 
    A. I only. 
    B. II only. 
    C. III only. 
    D. I and II only.  

6. A payment of K 500 cash to a creditor will result to ?
    A. an increase in asset only. 
    B. a reduction in asset only. 
    C. a reduction in both asset and liability. 
    D. an increase in both asset and liability. 

7. An item in the credit side of a profit and loss account is ?
    A. carriage inwards. 
    B. carriage outwards. 
    C. discounts allowed. 
    D. discounts received. 

8.  An incentive given to a customer for buying in large numbers is ?
    A. seasonal discount. 
    B. quantity discount. 
    C. commission. 
    D. interest. 

9. The letter Q represents ?
    A. as at. 
    B. for the year ended. 
    C. during the year ended. 
    D. for the year. 

10. The letter K represents ?
    A. fixed assets. 
    B. current assets. 
    C. current liabilities. 
    D. long-term liabilities. 

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