Get Free 2023 WAEC May/June Financial Accounting (F/ACCT) Questions and Answers Objectives (OBJ) & Essay (Theory) for School Candidates for Free by attending the WAEC May/June Free Accounting Questions and Answers EXPO Room (23rd May, 2023).
FREE WAEC FINANCIAL ACCOUNTING QUESTION AND ANSWER ROOM FOR WAEC May/June 2023 (School Candidates)
Tuesday, 23rd May, 2023
Financial Accounting 2 (Essay) –
09:30am – 12:00pm
Financial Accounting 1 (Objective)
12:00pm – 1:00pm.
2023 WAEC FINANCIAL ACCOUNTING OBJECTIVE ANSWERS
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2023 WAEC FINANCIAL ACCOUNTING ESSAY ANSWERS:
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Complete 2023 WAEC Financial Accounting (OBJ & Essay) Questions and Answers
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2023 REAL WAEC QUESTIONS And ANSWERS ALL AVAILABLE
2022 FINANCIAL ACCOUNTING
(1a)
(i) Sales ledger account
(ii) Purchase Ledger account
(iii) General ledger account
(1b)
(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
(1ci)
(PICK ANY THREE)
(i) Cheque to suppliers
(ii) Return outwards
(iii) Discounts received
(iv) Contra entry
(v) Credit notes received
(vi)Bills payable
(1cii)
(PICK ANY THREE)
(i) Discounts allowed
(ii) Dishonoured cheque
(iii)Debit note issued
(iv)Credit sales
(v)Carriage outward
(vi)Interest charged on overdue
(3ai)
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.
(3aii)
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.
(3b)
(PICK ANY FIVE)
(i) Entrance fees
(ii) subscription/dues
(iii) Donation
(iv)Profit from bar
(v)Disposal of assets
(vi)Profit from special events
(vii)Interest from investment
(vii)) Government subvention
(3c)
(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
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WAEC Financial Accounting Exam
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