WAEC Financial Accounting Questions and Answers 2021 | Theory and OBJ- Download PDF

Filed in WAEC News by on July 25, 2021 0 Comments

WAEC Financial Accounting Questions and Answers 2021 | Theory and OBJ- Download PDF

WAEC Financial Accounting Questions and Answers 2021-If you are about to write the West African Senior Certificate Exams (WASSCE), you will realize that you need the WAEC Past Questions and Answers.

WAEC Financial Accounting Questions and Answers 2021

This article provides you with WAEC Financial Accounting Questions and Answers for the WASSCE 2021. It contains information regarding the WAEC Financial Accounting Theory and Objective Questions and Answers.

There will be two papers – Paper 1 and Paper 2, both of which will constitute a composite paper to be taken at one sitting.

PAPER 1: Will comprise fifty multiple choice questions to be taken in 1 hour for 50 marks.
PAPER 2: It Will be made up of two sections: Sections A and B and will last 2½ hours.

Section A: This Will contain five essay questions on theory of financial accounting. Candidates will be required to answer two out of the four questions for 15 marks each.
Section B: Will contain five essay questions on financial accounting practice. Candidates will be required to answer three out of the questions for 15 marks each.

WAEC Financial Accounting Objective Questions

1. The double entry for a cheque returned by a bank to a customer marked “refer to drawer” is debit
A. bank, credit debtor.
B. bank, credit bad debt expenses.
C. bad debt expenses, credit bank.
D. debtor, credit bank.

2. Which of the following is a characteristic of joint venture?
A. The activities are of short term duration.
B. Individual maintains separate account.
C. There is perpetual succession.
D. There is limitation to membership

3. The person who retains ownership of goods on consignment is
A. commission agent.
B. del-credere agent.
C. consignor.
D. consignee.

4. The computer program instructions are read into the
A. output unit.
B. input unit
C. storage unit.
D. central processing unit.

5. In Contract Accounts, retention money refers to the
A. amount due to the contractor but held back by the customer.
B. progressive payments made by the customer to the contractor.
C. contractor’s profit on the contract.
D. amount overpaid by the customer to the contractors.

WAEC Financial Accounting Theory Questions

1. (a) Distinguish between reserves and provisions
(b) Explain the following giving one example in each case:
(i) Depreciation;
(ii) Depletion;
(iii) Amortization.

2. (a) What is value added tax?
(b) Distinguish between input vat and output vat.
(c) State four features of Value Added Tax.

3. Explain the following terms as they are used in contract accounts:
(a) Notional profit;
(b) Retention money;
(c) Progress payments;
(d) Work certified;
(e) Work-in-progress.

How to Download WAEC Past Questions and Answers

WAEC Past Questions and Answers are available for download for all subjects in PDF. To download WAEC Past Questions and Answers for Financial Accounting, you only need a phone, a whatsapp account and a Gmail address.

Then call 07063986527 and drop and WhatsApp message.

Click the Link Below to download WAEC Past Questions and Answers for Financial Accounting.

Download WAEC Past Questions and Answers for all Subjects Including practical.

Disclaimer: Please note that we are not in any way affiliated to any of the organization’s mention here. Some of the organizations here do not release their past questions, so we can only compile likely questions and answers very related to the organization.

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