Waec Financial Accounting 2023 Questions And Answers
by Shalini K
Updated May 24, 2023
Waec Wiki
The West African Examinations Council (WAEC) is a legally established examination board responsible for organizing exams deemed necessary for the public interest in English-speaking West African countries. Since its establishment in 1952, WAEC has facilitated education in Anglophone West African nations such as Ghana, Nigeria, Sierra Leone, Liberia, and the Gambia by administering exams and issuing internationally recognized certificates. They have also established an endowment fund to support education in the region through lectures and assistance to those who lack the means to pursue education. WAEC is renowned in West Africa and globally for coordinating millions of exams annually, and for assisting other local and international examination bodies in coordinating exams. According to Dr. Adeyegbe, a former HNO of WAEC Nigeria in 2004, WAEC has a skilled and motivated team and administers exams that are relevant and valid for member countries' educational goals.
Waec Financial Accounting Questions And Answers For 2023/2024
1. Sales ledger control account contains the total amount in respect of
2. Why are adjustments in the profit and loss account necessary?
3. Responsibility accounting is particularly concerned with
CORRECT ANSWER: C (Controllable costs)
4. Earnings per share is a measure of
1. 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.
ANS: (a) Receipt and Payment Account–
– It is a real account;
– It is a prime book;
– It is a summary of cash and cheque transactions of a club;
– It has opening and closing balances;
– It records both capital and revenue transactions;
– Its closing balance is transferred into the balance sheet;
Waec Question And Answer For Financial Accounting
To aid your studies for the West African Senior School Certificate Examination (WASSCE) in Financial Accounting, a compilation of past examination questions for both School and GCE candidates is available. Whether you are in your final year of secondary school education (May/June) or not currently enrolled in the school system, it is highly recommended to use previous exam papers during your exam preparation. By reviewing past questions, you can identify areas where you are knowledgeable and areas that require more attention. Moreover, utilizing the WAEC past questions for Financial Accounting can assist with time management by allowing you to allocate your time efficiently among the different sections of the exam.
In fact, revising by practicing past questions is more beneficial than merely memorizing facts and reviewing notes. Answering real questions from previous exams will provide you with a better chance of passing the Financial Accounting WAEC Exam.
Waec Financial Accounting Questions And Answers For 2023/2024 - FAQs
Financial Accounting is the process of recording, summarizing, and reporting financial transactions of a business. It involves the preparation of financial statements, such as the balance sheet, income statement, and cash flow statement, which are used by stakeholders to make decisions about the business.
Financial Accounting is important because it provides relevant and reliable financial information about a business that is used by stakeholders, such as investors, creditors, and management, to make informed decisions. Financial statements are also used to evaluate the performance and financial position of a business, which is essential for effective management.
The basic principles of Financial Accounting include the concepts of entity, money measurement, duality, cost, objectivity, and consistency. These principles ensure that financial statements are prepared in a consistent and reliable manner.
The main financial statements are the balance sheet, income statement, and cash flow statement. The balance sheet shows the financial position of a business at a specific point in time, the income statement shows the performance of the business over a period of time, and the cash flow statement shows the inflows and outflows of cash during a period of time.