Correct WAEC Financial Accounting Answers for Objective and Essay 2022/2023. Download likely Accounting Expo/runs for WAEC SSCE free here. Candidates who need good grades in the ongoing exams with our Financial Accounting WAEC Questions and Answers For Paper 1 & 2 are hereby welcome.
If you are ready to make good use of these free and correct WAEC Accounting answers tips for paper 1 &2 ( OBJ & theory) today, kindly read and follow the steps outline here. You are equally provided with Past Questions and Answers on WAEC Financial Accounting to help you in the exams.
Download WAEC Accounting objectives and Theory Questions and Answers pdf into your device for offline usage, WAEC Financial Accounting is scheduled to take place as shown in the WAEC Timetable. Try and Present your answers to meet with the Marking Scheme.
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Where to get WAEC Financial Accounting 2022 Objectives Questions and Answers PDF
The WASSCE Accounting objectives questions are ready and available for you. note that the objective part comprises of multichoice questions that you need to take just an option.
Make sure you read and understand the questions before proceeding to make a choice.
WAEC Accounting Objectives past Questions
1. Sales ledger control account contains the total amount in respect of
- B. debtors
- C. investors
- D. shareholders
2. Why are adjustments in the profit and loss account necessary?
- A. To cover some expenses of the following year
- B. To ascertain the actual expenses incurred and income earned during the year
- C. To show the provision made during the year
- D. To show the total expenses paid and income received during the year
3. Responsibility accounting is particularly concerned with
- A. variable cost
- B. fixed cost
- C. controllable costs
- D. uncontrollable costs
CORRECT ANSWER: C (Controllable costs)
4. Earnings per share is a measure of
- A. loss
- B. profit
- C. income
- D. expenditure
CORRECT ANSWER: B (Profitability)
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Download WAEC Financial Accounting 2022 Theory Questions and Answers
The Essay Section of the Financial Accountings exams requires that candidates write down the answers in the answer booklet.
The Essay is quite different from the objectives section.
WAEC Financial Accounting Essay Past Questions
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;
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Accounting Expo/Runs for WAEC SSCE 2022/2023
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