WAEC Financial Accounting 2024 Questions and Syllabus.

The Waec financial accounting answer 2023 questions and the syllabus has been made available here. The West African Examination Council (WAEC) Senior School Certificate Examination (SSCE) Financial Accounting paper will be written on Tuesday, 21st May 2024.

The 2024 Waec Financial accounting exam will comprise Papers I & II: Objective & Essay / Practice which will commence at 09:30hrs to 13:00hrs This means the examination will last for three hours thirty minutes (3hrs 30mins) only.

Below, we will be posting Waec financial accounting questions for candidates who will participate in the examination for practice purposes.

WAEC Financial Accounting Questions 2024.

THEORY OF FINANCIAL ACCOUNTING

1. Explain the following:
(a) Partner’s Current Accounts;
(b) Partnership Appropriation Accounts;
(c) Limited Partners.

ANS:(a)
(b)
(c) Partnership Appropriation Account: This is a final account in which the provisions made on the
partnership agreements are applied;
Net loss, salaries, interest on capital, and share of profit are
debited;
Net profit, interest on drawings, and share of 1055 are
credited.

2. (a) Describe the following:
(i) Bank Statement;
(ii) Bank Reconciliation Statement.
(b) State four reasons for disagreement between a bank statement balance and a cash book balance.

3. 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;
–    Its records are supported by source documents;
–    It is used by “Not-for-Profit Making” organizations.
(b) Income and Expenditure Account – It is a nominal account;
It is prepared in the form of profit and loss accounts;
It records revenue receipts and revenue expenditures;
It allows adjustments for prepayments and accruals;
Its closing balance represents surplus or deficit;
It is used by not-for-profit making organizations.
(c) Trading Account – It is a nominal account;
It is prepared by trading entities;
It is used to determine the cost of goods available for sale;
It is used to determine the cost of goods sold;
It is used to ascertain gross profit or gross loss.
(d) Profit and Loss Account – It is a nominal account;
It is prepared by trading entities;
It is used to ascertain net profit or net loss;
It allows adjustments for accruals and prepayments.
(e) Appropriation Account of a Partnership – It is a nominal account;
It is an account in which the profit /loss for the partners is distributed;
It shows the net profit /loss brought down for the period;
It shows interest in partners’ drawings;
It shows partners’ salaries for the period;
It shows the partners’ commission;
It shows interest in partners’ capital.

4. (a) Explain the term depreciation.,
(b) List three methods of providing for depreciation.
(c) State three reasons for making provision for depreciation.

ANS: (a)
(b) Methods of providing for depreciation are:
Straight-line/fixed installment;
Reducing/Diminishing balance;
Revaluation;
Some of the years’ digit
Units of production.
(c) Reasons for making provision for depreciation are:
– It represents the cost of service provided by the asset which otherwise will have to be paid as rent or lease charges;
– It provides a means of setting aside funds for the replacement of assets when they become old or non-
functional;
– It serves as an internal means of generating funds to be plowed back into the business;
– It helps to determine when an asset should be sold or replaced;
– It provides a guide as to what should be the disposable value of an asset;
– It provides a means of determining the profit or loss when an asset is disposed of.

FINANCIAL ACCOUNTING PRACTICE

5. This question required candidates to prepare the Manufacturing, Trading, Profit, and Loss Account to show:
(a) Cost of raw material used;
(b) Prime cost;
(c) Cost of production;
(d) Gross manufacturing profit;
(e) Gross profit on sales;
(f) Net profit.

6. In this question, candidates were required to prepare:
(a) Adjusted Cash Book
(b) Bank Reconciliation Statement.

7. In this question, candidates were required to prepare:
(a) Trading, Profit, and Loss Account;
(b) Profit and Loss Appropriation Account.

8.

WAEC Financial Accounting Objectives.

1. Which of the following explains the imprest system of operating petty cash?
A. Weekly expenditure cannot exceed a set amount
B. The exact amount of expenditure is reimbursed at intervals to maintain a fixed float
C. All expenditures out of the petty cash must be properly authorized
D. Regular equal amounts of cash are transferred into petty cash at intervals.

2. Which TWO of the following errors would cause the total of the debit column and the total of the credit column
of a trial balance not to agree?

(1) A transposition error was made when entering a sales invoice into the sales day book
(2) A cheque received from a customer was credited to cash and correctly recognized in receivables
(3) A purchase of non-current assets was omitted from the accounting records
(4) Rent received was included in the trial balance as a debit balance

A. 1 and 2
B. 1 and 3
C. 2 and 3
D. 2 and 4

3. Peter has not kept accurate accounting records during the financial year. He had an opening inventory of N6,700 and purchased goods costing N84,000 during the year. At the year-end, he had N5,400 left in inventory. All sales are
made at a mark upon the cost of 20%.
What is Peter’s gross profit for the year?
A. N13,750
B. N17,060
C. N16,540
D. N20,675.

4. Shasia Co extracted the trial balance for the year ended 31 December 2017. The total of the debits exceeded the
credits by N300.
Which of the following could explain the imbalance?
A. Sales of N300 were omitted from the sales day book
B. Returns inward of N150 were extracted to the debit column of the trial balance
C. Discounts received of N150 were extracted to the debit column of the trial balance
D. The bank ledger account did not agree with the bank statement by a debit of N300.

5.

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