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The West African Examination Council is an examination body that sets questions yearly from areas students should, after their studies in senior secondary school, be able to write and pass without stress.
2023 WAEC Financial Account questions and answers will be posted here in the mid night before the examination.
WAEC Financial Accounting Questions and Answers 2023/2024
Today’s waec financial accounting answers…
(i) Sales ledger account
(ii) Purchase Ledger account
(iii) General ledger account
(Pick any two)
(i) Control accounts helps in locating errors.
(ii) Control account is used to detect missing figures
(iii) control account provide a check on the accuracy of balances of the ledgers
(iv) control account save time and eradicate fraud.
(PICK ANY FOUR)
(i) Cheque to suppliers
(ii) Return outwards
(iii) Discounts received
(iv) Contra entry
(v) Credit notes received
(PICK ANY FOUR)
(i) Discounts allowed
(ii) Dishonoured cheque
(iii)Debit note issued
(vi)Interest charged on overdue.
Goodwill can be defined as the excess of the purchases consideration over the total value of assets less liabilities. It is also an asset that cannot be seen it touched hence it is referred to as intangible asset
(i) Public welfare
(ii) Higher education
(iii) Health and hospitals
(iv) Highways and roads
(vi) Maintenance of building/infrastructure
(i)Raw Material Inventory: Raw materials are the basic materials that a manufacturing company buys from its suppliers. The former uses them to convert them into the final products by applying manufacturing processes. For example, aluminum scrap is the raw material for a company that produces aluminum ingots.
(ii)Work in Progress Inventory (WIP): Work in progress inventory can also be called semi-finished goods. They are the raw materials that have been taken out of the raw materials store and are now undergoing the process of their conversion into the final products. So these are the partly processed raw materials lying on the production floor.
(iii)Finished Goods Inventory:Finished goods are the final products obtained after applying the manufacturing processes to the raw materials and the semi-finished goods discussed above in the article. They are saleable, and their sale contributes fully to the revenue from the company’s core operations.
Accumulated fund: Accumulated fund are fund held by a non-profit making organization (such as a club or society) to which a surplus of income over expenditure is credited and to which any deficit is debited. The value of the accumulated funds can be calculated at any time by valuing the net assets (i.e. assets less liabilities) of the organization.
Statement of affairs: statement of affairs is a financial statement that displays assets and liabilities, but it’s not as detailed as the balance sheet. The statement of affairs is a single entry system that shows the beginning and ending balances for capital. If the ending capital is higher, there’s a profit; otherwise, there’s a loss.
(PICK ANY FIVE)
(i) Entrance fees
(iv)Profit from bar
(v)Disposal of assets
(vi)Profit from special events
(vii)Interest from investment
(vii)) Government subvention.
(In a tabular form)
Receipt and payment account:
(i) only cash transactions are recorded
(ii) It includes capital item
(iii)Balance represents cash in hand or bank overdraft
Income and Expenditure account:
(i) There is adjustment for accruals and prepayments
(ii) It excludes capital items
(iii) balance represents surplus or deficiency
WAEC 2023/2024 Accounting Objective Questions and Answers
Below are WAEC Accounting Practice Questions and Answers 2023/2024 to OBJ/ESSAY
1. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the
C. Auditor General
ANSWER: C (Auditor General)
2. The cash basis of accounting requires the recognition of revenue only when they are
A. sent Out
ANSWER: D (Received)
3. Responsibility accounting is particularly concerned with.
A. variable cost
B. fixed cost
C. controllable costs
D. uncontrollable costs
ANSWER: C (Controllable costs)
4. Earnings per share is a measure of
ANSWER: B (Profitability)
WAEC Accounting ESSAY Questions and Answers 2023
1. The Industry norm – This is the most common type of comparison. Analysts will typically look for companies within the same industry and develop an industry average, which they will compare to the company they are evaluating.
Ratios per industry are also provided by Bloomberg and the S&P. These are good sources of general industry information. Unfortunately, there are several companies included in an index that can distort certain ratios.
If we look at the food and beverage ratio index, it will include companies that make prepared foods and some that are distributors.
The ratios, in this case, would be distorted because one is a capital-intensive business and the other is not. As a result, it is better to use a cross-sectional analysis, i.e. individually select the companies that best fit the company being analyzed.
2. Aggregate economy – It is sometimes important to analyze a company’s ratio over a full economic cycle. This will help the analyst understand and estimate a company’s performance in changing economic conditions, such as a recession.
3. The company’s past performance – This is a very common analysis. It is similar to a time-series analysis, which looks mostly for trends in ratios
1cii) Limitations to Accounting ratios/Financial ratios
There are some important limitations of financial ratios that analysts should be conscious of:
i)Many large firms operate different divisions in different industries. For these companies, it is difficult to find a meaningful set of industry-average ratios.
ii)Inflation may have badly distorted a company’s balance sheet. In this case, profits will also be affected. Thus a ratio analysis of one company over time or a comparative analysis of companies of different ages must be interpreted with judgment
2b. Capital employed, also known as funds employed, is the total amount of capital used for the acquisition of profits. It is the value of all the assets employed in a business and can be calculated by adding fixed assets to working capital or subtracting current liabilities from total assets.
2c. A fixed asset is an item with a useful life greater than one reporting period, and which exceeds an entity’s minimum capitalization limit .
2d. A current asset is cash and any other company asset that will be turning to cash within one year from the date shown in the heading of the company’s balance sheet. (If a company has an operating cycle that is longer than one year, an asset that will turn to cash within the length of its operating cycle is considered to be a current asset.)
2e. The rate of stock turnover is a measure of the number of times inventory is sold or used in a time period such as a year.
The equation for inventory turnover equals the cost of goods sold or net sales divided by the average inventory.
3a. The accrual concept in accounting means that expenses and revenues are recorded in the period they occur, whether or not cash is involved.
3b. The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.
Doing so requires the use of separate accounting records for the organization that completely exclude the assets and liabilities of any other entity or the owner.
3c. Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction.
3d. PERIODICITY CONCEPT is the concept that each accounting period has an economic activity associated with it, and that the activity can be measured, accounted for, and reported upon.
3e. The going concern principle is the assumption that an entity will remain in business for the foreseeable future. Conversely, this means the entity will not be forced to halt operations and liquidate its assets in the near term at what may be very low fire-sale prices.
A company is a legal entity made up of an association of persons, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.
4bi) An ordinary share represents equity ownership in a company proportionally with all other ordinary shareholders, according to their percentage ownership in the company. All other shares of a company’s stock are, by
definition, preferred shares.
4b(ii)Preference shares, more commonly referred to as preferred stock, are shares of a company’s stock with dividends that are paid out to shareholders before common stock dividends are issued. If the company enters bankruptcy, the shareholders with preferred stock are entitled to be paid from company assets first.
4b(iii) A debenture is a type of debt instrument that is not secured by physical assets or collateral.
Debentures are backed only by the general creditworthiness and reputation of the issuer. Both corporations and governments frequently issue this type of bond to secure capital.
4b(iv) The authorised capital of a company (sometimes referred to as the authorised share capital, registered capital or nominal capital, particularly in the United States) is the maximum amount of share capital that the company is authorised by its constitutional documents to issue (allocate) to shareholders.
(i)suspense purchase Dr GHC(19,000) , Cr GHC(19,000)
(ii)returns inwards suspenses Dr(8000), Cr(8000)
(iii)suspense cashbook Dr(19,600), Cr(19,000)
(iv)suspense cash ook Dr(98,000), Cr(98,000)
(v) repairs of plant and machinery Dr(11,000) , Cr(11,000)
(vi) customer sales Dr(158,980), Cr(158,950)
(vii) supplier suspense(25,500 *2) Dr(51,000) cr(51,000)
No.5) use the image below
No.6) use the image belowNo7) use the image below No.8) use the image below
king star enterprises
departmental, trading, profit & loss acct
A le, B le
opening stock: 1000, 800
add purchases: 147200, 132800
add carriage: 1000, 1000
less closing stock: 1200, 600
gross profit: 12000,16000
office exp: 480, 120
rates: 176, 94
insurance: 692, 173
light: 384, 96
repairs: 240, 60
net profit: 10028, 159507
A le, B le
gross profit: 12000, 16000
Note: The above answers are WAEC Accounting likely questions and answers that will come out not the exact 2023/2024 WAEC Accounting Answers.
WAEC Financial Accounting Possible Questions and Answers 2023 (EXPO)
The above questions are not exactly 2023 WAEC Accounting questions and answers but likely WAEC Accounting repeated questions and answers.
These questions are for practice. The 2023 WAEC Accounting expo will be posted on this page during the WAEC Accounting examination starts. Keep checking and refreshing this page for the answers.
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Tips for passing waec accounting examination
1. Take note of mistake students make during WAEC examination and avoid them
Candidate fail WAEC examination because of some mistake they did while writing examination. Sometimes even if you write well, the little mistake you made while writing the examination will not allow to get full mark you were supposed to get. For instance, entering a wrong center number in your script, entering a wrong seat number in your script, writing across the margin line, failing to write your name correctly etc. This are some mistake some candidates do which can lead to them failing.
2. Take WAEC mock examination
To pass WAEC examination You most take mock examination. Doing this will put you in a good position to pass WAEC and also reduce fear for WAEC examination. Most students see it as a waste of time but the truth is that it actually works and it is very good for WAEC candidates
3. Do not rely on examination malpractice.
Most students fail WAEC because they rely on malpractice which is very bad. The best way to make good grades and pass your exams is by reading your books and solving past question. Examination malpractice will lead you to no where and if you’re cut doing examination malpractice You might be expelled or sanctioned.
4. Pray to God for retentive memory.
To pass WAEC in just one sitting, you must ask God for help. The truth be told you can’t pass examination without the help of God. Most people don’t pray before going in for examination which is very bad because it’s only who has the ability to help mankind, so before you go for any examination ask God For the ability to remember what you read and take away any spirit of distraction.
5. Learn how to approach questions the right way
You need to know how to answer WAEC question and put the correct answers at the appropriate place. Many candidates don’t know how to answer WAEC question which can lead them to fail that particular examination, so for you to pass your exams accurately you need to learn how to answer WAEC questions.