WAEC Financial Accounting Questions 2020 Goal and Theory Update.
WAEC Financial Accounting Questions: Financial Accounting Questions The WAEC Expo questions are now available on our website. In this article, I’ll show you randomly repeated questions about WAEC Financial Accounting for Free.
You will also understand how WAEC Financial Accounting is ask are set and many other exam details. All you have to do is focus and follow this guide.
The West African Examination Board (WAEC) is an examination board that conducts the West African Senior School Certificate Examination for the university and post entrance examination in West African countries. Within a year, over three million candidates have registered for the exams coordinated by WAEC.
There will be two papers – Paper 1 and Paper 2, both of which form a composite paper to be taken in one session.
PAPER 1: Contains fifty multiple choice questions to be answered in 1 hour for 50 points.
PAPER 2: Consists of two sections: sections A and B and takes 2½ hours.
Section a: Contains five essay questions on the theory of financial accounting. Candidates must answer two of the four questions with 15 points each.
Section b: Contains five essay questions about financial accounting practice. Candidates must answer three of the questions with 15 points each.
Target questions of WAEC financial accounting
- The double booking for a check that a bank sends back to a customer with the label “drawer” is a direct debit
A. Bank, borrower.
B. Bank, loan default costs.
C. Bad debt losses, credit bank.
D. Debtor, credit bank.
Which of the following characteristics make a joint venture?
A. The activities are of short term duration.
B. The person has a separate account.
C. There is a permanent following.
D. Membership is limited
The person who retains ownership of goods upon delivery is
A. Commission Agent.
B. Del Credere Agent.
The computer program instructions are read into the
A. Output unit.
B. input unit
C. Storage device.
D. Central unit.
In contract accounts, the retention fee refers to the
A. Amount owed to the contractor but withheld by the customer.
B. Progressive payments from the customer to the contractor.
C. Contractor’s profit from the contract.
D. Amount overpaid by the customer to the contractor.
Questions about WAEC financial accounting theory
(a) Distinguish between provisions and provisions
(b) Give an example to explain the following:
(a) What is VAT?
(b) Distinguish between the inlet and outlet tub.
(c) Name four characteristics of VAT
Explain the following terms as used in contract accounts:
(a) notional profit;
(b) withholding money;
(c) advance payments;
(d) work certified;
(e) work in progress.
DISCLAIMER! These aren’t real WAEC financial accounting questions, but are likely repeated questions over the years to help candidates understand the nature of their exams. Pay attention to all questions on this page.
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