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EXPO: WAEC Financial Accounting Questions and Answers 2022/2023 – Theory and Objectives (OBJ)

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EXPO: WAEC Financial Accounting Questions and Answers 2022/2023 – Theory and Objectives (OBJ).

WAEC Financial Accounting Questions and Answers: This WAEC 2022 Financial Accounting expo question and answer is free for all candidates writing this year exams. If you are among those writing 2022 WAEC Examination, Feel free to expect free answers here.

WAEC Financial Accounting Questions and Answers

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The West African Examinations Council is an examination that is for all the west African country (Ghana, Nigeria, Sierra Leone, Liberia, and Gambia).

WAEC Financial Accounting Questions and Answers: Candidate that applied for the WAEC in any country should BOOKMARK this page for all and latest WAEC Accounting exam expo.

Today’s WAEC Accounting Questions and Answers OBJ/Theory Expo – Tuesday, 24th May, 2022.

  • Financial Accounting 2 (Essay) › 08:30 hrs. – 11:00 hrs.
  • Financial Accounting 1 (Objective) › 11:00hrs. – 12:00hrs.

OBJECTIVE (OBJ) ANSWERS:

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11:BBCDBCCCCB
21:BDBABCBACC
31:BBCCADBACA
41:BCDDACCDDA

WAEC Financial Accounting Theory: SECTION: B. ANSWER ONLY 3(THREE) FROM THIS PART.

(1a)
– Sales ledger account
– Purchase Ledger account
– General ledger account

(1b)
– It is used to detect missing figures
– It helps to prevent fraud
– It facilitates easy identification of errors
– It serves as a form of internal control
(Pick any 2)

(1ci)
– Cheques to creditors
– Cash to suppliers
– Discount received
– Bill payable
(Pick any 3)

(1cii)
– Dishonoured cheque
– Carriage outward
– Discount disallowed
– Debit note issue
(Pick any 3)

(2a)
Goodwill is an intangible asset which enables a business to earn returns in excess of what is expected under normal conditions.

(2b)
(i) Public welfare
(ii) Higher education
(iii) Health and hospitals
(iv) Highways and roads

(2c)
(i) Raw Material Inventory:
Raw materials are the basic materials that a manufacturing company buys from its suppliers. The former uses them to convert them into the final products by applying manufacturing processes. It is essential to optimize raw material inventory.

(ii) Work in Progress Inventory:
Work in progress inventory can also be called semi-finished goods. They are the raw materials that have been taken out of the raw materials store and are now undergoing the process of their conversion into the final products. So these are the partly processed raw materials lying on the production floor.

(iii) Finished Goods Inventory:
Finished goods are the final products obtained after applying the manufacturing processes to the raw materials and the semi-finished goods discussed above in the article. They are saleable, and their sale contributes fully to the revenue from the company’s core operations.

(3ai)
An accumulated fund holds excess money received by a non-profit organization (NPO). Similar to the retained earnings of a for-profit firm, the accumulated fund grows when revenues are greater than expenses and there is a budgetary surplus.

(3aii)
Statement of Affairs – or a SOA – is a document typically prepared by an accountant, which details a company’s assets and liabilities. It is designed to provide an overview of the company’s financial position and is particularly useful during when a com.

(3b)
– Donations.
– Subscriptions/ Dues.
– Entrance fees.
– Fines.
– Profits from bar.

(3c)
(I) Nature

• Receipts and Payments Account
– It is a summary of cash and bank transactions

• Income and Expenditure Account
– It is a summary of current year income and expenses

(II)
Revenue and Capital

• Receipts and Payments Account
– It records transactions related to both revenue and capital nature.

• Income and Expenditure Account
– It records transactions related to revenue nature only.

(III)
Type of account

• Receipts and Payments Account
– It is a Real Account

• Income and Expenditure Account
– It is a Nominal Account

4c.

1. To know the financial position of each and every department separately, it is helpful to make a comparison.

2. Calculate commission of the managers department wise.

3. Evaluate performance, planning, and control.

4. For Investors and outsiders may know the detailed information.

(5)

(9)

See Also: WAEC Financial Accounting Syllabus

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