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WAEC FINANCIAL ACCOUNTING OBJECTIVE 2023 PAST QUESTION

WAEC FINANCIAL ACCOUNTING OBJECTIVE 2023 PAST QUESTION
WAEC FINANCIAL ACCOUNTING 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 FINANCIAL ACCOUNTING

Financial Accounting is a subject that deals with the recording, summarizing, analyzing, and reporting of financial transactions of a business. It focuses on preparing accurate financial statements such as the Income Statement, Balance Sheet, and Cash Flow Statement, which help business owners, investors, and other stakeholders understand the financial performance of an organization.

The subject helps students understand how to keep records of income, expenses, assets, and liabilities, and how to follow accounting principles and standards to maintain transparency and consistency in business transactions.

Important Topics In FINANCIAL ACCOUNTING

  •  Introduction to Accounting
  1. Definition and Importance of Accounting

  2. Objectives and Functions of Financial Accounting

  3. Users of Accounting Information

  4. Differences Between Financial, Cost, and Management Accounting

  • Accounting Concepts and Principles
  1. Accounting Equation

  2. Double Entry Principle

  3. Accrual and Cash Basis

  4. GAAP (Generally Accepted Accounting Principles)

  5. Accounting Conventions (e.g., Consistency, Prudence, Matching)

  • Source Documents and Books of Original Entry
  1. Invoices, Receipts, Credit Notes, Debit Notes

  2. Petty Cash Book

  3. Sales and Purchases Day Book

  4. Cash Book (Single, Double, and Three-Column)

  •  Ledger and Trial Balance
  1. Posting to Ledger Accounts

  2. The General Ledger

  3. Balancing of Accounts

  4. Preparation of Trial Balance

  • Subsidiary Books
  1. Purchases Journal

  2. Sales Journal

  3. Returns Inward and Returns Outward

  4. General Journal and Opening Entries

  •  Bank Reconciliation
  1. Reasons for Differences in Bank and Cash Book Balances

  2. Procedure for Bank Reconciliation

  3. Preparation of Bank Reconciliation Statement

  • Depreciation and Provisions
  1. Meaning and Causes of Depreciation

  2. Methods of Depreciation (Straight Line, Reducing Balance, etc.)

  3. Provision for Bad and Doubtful Debts

  4. Adjustment for Accruals and Prepayments

  • Financial Statements Preparation
  1. Income Statement (Trading, Profit and Loss Account)

  2. Balance Sheet (Statement of Financial Position)

  3. Adjustments in Final Accounts

  4. Interpretation of Financial Statements

  • Control Accounts
  1. Meaning and Uses of Control Accounts

  2. Sales and Purchases Ledger Control

  3. Preparation of Control Accounts

  4. Reconciliation of Control Accounts

  • Incomplete Records / Single Entry System
  1. Characteristics and Limitations

  2. Conversion to Double Entry

  3. Preparation of Final Accounts from Incomplete Records

  • Partnership Accounts
  1. Formation of Partnerships

  2. Profit Sharing, Interest on Capital, and Drawings

  3. Admission and Retirement of a Partner

  4. Dissolution of Partnership

  •  Company Accounts (Basic Level)
  1. Types of Companies

  2. Share Capital (Authorized, Issued, Paid-up)

  3. Profit and Loss Appropriation Account

  4. Final Accounts of Limited Liability Companies

  • Not-for-Profit Organisations
  1. Receipts and Payments Account

  2. Income and Expenditure Account

  3. Balance Sheet of Clubs and Societies

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 FINANCIAL ACCOUNTING OBJECTIVE 2023 Past Questions


1. One of the internal users of accounting information is the ?
    A. government. 
    B. management. 
    C. creditors. 
    D. investors. 

2.  A crane hired by a building construction company would be classified as ?
    A. a financial cost. 
    B. a direct manufacturing cost. 
    C. an overhead cost. 
    D. an administration cost. 

3. A business should not lay claim to any profit before it is earned. This is in accordance with the ?
    A. consistency concept. 
    B. prudence concept. 
    C. dual aspect concept. 
    D. going concern concept. 

4. The total purchases in 2021 is ?
    A. 121,000. 
    B. 117,000. 
    C. 113,000. 
    D. 111,000. 

5. The accounting concept which is the basis upon which assets of a business arc valued is the ?
    A. consistency concept. 
    B. dual aspect concept. 
    C. historical cost concept. 
    D. accrual concept. 

6.  The cost of goods available for sale is ?
    A. D159,860. 
    B. D159,380. 
    C. D159,260. 
    D. D159,120.

7.  The gross profit is ?
    A. D 49,360. 
    B. D 49,220. 
    C. D 48,620. 
    D. D 45,860.  

8.  The concept which underlies double entry bookkeeping is ?
    A. accrual concept. 
    B. duality concept. 
    C. money measurement concept. 
    D. historical cost concept. 

9. Which of the following items is a tangible asset ? 
    A. Goodwill 
    B. Lease 
    C. Machinery 
    D. Copyright 

10. Discount allowed is shown in financial statements as ?
    A. an expense. 
    E. an income. 
    C. an asset. 
    D. a liability. 

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