Home
FINANCIAL ACCOUNTING
WAEC

WAEC FINANCIAL ACCOUNTING OBJECTIVE 2024 PAST QUESTION

WAEC FINANCIAL ACCOUNTING OBJECTIVE 2024 PAST QUESTION
WAEC FINANCIAL ACCOUNTING OBJECTIVE 2024 PAST QUESTION


Do you need the West African Senior School Certificate Examination (WASSCE) FINANCIAL ACCOUNTING Past Questions for Free? If Yes, you are in the right place, we provide complete WAEC past questions for download on our website.

You might be wondering where to find the full set of WAEC FINANCIAL ACCOUNTING OBJECTIVE 2024 past questions and answers for free, and which website to download it from. MySchoolBrod offers a complete list of the files for free on our platform. Simply visit our website, select your desired type, and download it to your device.

One cannot overstate the value of using previous questions to help you study for your exams. You may learn what you already know, as well as what you don't know or don't know at all, and you can learn new things to read by using it as part of your preparation.

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 2024 Past Questions


Think carefully before you shade the answer spaces; erase completely any answer(s) you wish to change. 
Do all rough work on this question paper. 
Now answer the following questions. 

1. A bank is interested in accounting information of a client for the purpose of  ?
    A. evaluating the entity’s share of the market
    B. ascertaining the tax payable by the entity
    C. assessing the credit worthiness of the customer. 
    D. determining the dividend payable to shareholders. 

2. An item recorded in the profit and loss account is ?
    A. creditors. 
    B. cash-in-hand
    C. dealers
    D. general expenses

Use  the  following  information  to  an questions 3 and 4. 
The yearly depreciation  charge  using  the straight line method is X-Y/Z

3. The letter X in the formula represents ?
    A. cost of the asset
    B. accumulated depreciation
    C. estimated useful life of the asset
    D. rate of depreciation

4. The letter Z in the formula represents ?
    A. cost of the asset
    B. accumulated depreciation
    C. estimated useful life of the asset
    D. rate of depreciation

5. In manufacturing account, wages of machine operators are classified as ?
    A. prime cost. 
    B. factory overheads. 
    C. work-in-progress. 
    D. administrative overheads. 

Use  the  following  information  to  answer questions 6 to 8. 
                                                                Le 
Opening stock                                     6,000 
Sales                                                   180,000 
Closing stock                                      4,200 

6. The value of purchases is ?
    A.  Le 139,200. 
    B.  Le 135,000. 
    C.  Le 133,200. 
    D.  Le 127,200. 

7. The cost of goods sold is ?
    A. Le 139,200. 
    B. Le 135,000. 
    C. Le 133,200. 
    D. Le 127,200. 

9. The gross profit is 
    A. Le 60,000. 
    B. Le 45,000. 
    C. Le 44,400. 
    D. Le 33,750. 

10. According to the entity concept, ownership is ?
    A. vested on the board of directors 
    B. vested on the management 
    C. separated from the business. 
    D. not separated from the business. 

File Download Preview

File Info

file download information
NAME:WAEC FINANCIAL ACCOUNTING OBJECTIVE 2024
YEAR: 2024
CATEGORY: WAEC
SIZE: 3.24 MiB
Download


Conclusion

Download your desired Past Questions in pdf format and you can always get more from previous years to date on our platform. If you find this platform to be helpful, please share this post with your friends on Facebook and other social media platforms. This will allow them to gain from the information you provided to them. Additionally, you may subscribe to our newsletter to receive updates from us on posts that interest you.

With the best intentions, we post all content. If you are the owner of this content and think that your copyright has been broken or infringed, please send us a complaint at [email protected] and we will take the necessary action straight away.