WAEC Accounting Questions and Answers. I will be showing you WAEC Accounting objective and theory repeated questions for free. You will also learn how WAEC Accounting questions are set and many more examination details.
WAEC 2022/2023 Accounting Answers to Questions
WAEC Accounting Questions and Answers 2022/2023 to OBJ/ESSAY are listed here.
1. The officer in charge of ensuring that all public expenditures and appropriations are in accordance with the authorized schedule is the
C. Auditor General
ANSWER: C (Auditor General)
2. The cash basis of accounting requires the recognition of revenue only when they are
A. sent Out
ANSWER: D (Received)
3. Responsibility accounting is particularly concerned with
A. variable cost
B. fixed cost
C. controllable costs
D. uncontrollable costs
ANSWER: C (Controllable costs)
4. Earnings per share is a measure of
ANSWER: B (Profitability)
WAEC Accounting ESSAY Questions and Answers 2022
The most prevalent sort of comparison is the industry standard. Analysts will often search for firms in the same industry and create an industry average to compare to the company under consideration.
Bloomberg and the S&P both provide industry-specific ratios. These are excellent resources for learning about the industry in general. Unfortunately, multiple companies included in an index can cause some ratios to be skewed.
The food and beverage ratio index includes companies that manufacture prepared foods as well as certain wholesalers.
Because one is a capital-intensive enterprise and the other is not, the ratios would be skewed in this scenario. As a result, it is preferable to do a cross-sectional analysis, in which organizations are individually selected that best match the company being studied.
2. Aggregate economy – It’s occasionally useful to look at a company’s ratio throughout the course of an entire economic cycle. This will assist the analyst in comprehending and predicting a company’s performance in changing economic situations, such as a recession.
3. Past performance of the company – This is a very popular analysis. It’s related to a time-series analysis, which focuses on ratio trends.
1cii) Accounting and financial ratios have limitations
Financial ratios have certain significant constraints that analysts should be aware of:
i)Many large corporations have divisions that operate in many industries. It’s tough to discover a useful set of industry-average ratios for these businesses.
ii)A company’s balance sheet may have been severely affected by inflation. Profits will be harmed in this instance as well. As a result, a ratio analysis of a single firm through time or a comparison of companies of various ages must be understood with caution.
2a. Working capital is the difference between a company’s current assets and current liabilities.
2b. Money employed, sometimes referred to as funds employed, refers to the total amount of capital used to acquire profits. It’s the total worth of a company’s assets, computed by adding fixed assets to working capital or deducting current liabilities from total assets.
2c. A fixed asset is an item with a useful life that exceeds an entity’s minimum capitalization limit and has a longer useful life than one reporting period.
2d. Cash and any other corporate asset that will be converted to cash within one year of the date stated in the balance sheet’s heading is referred to as a current asset. (An asset that will convert to cash within the length of a company’s operational cycle is termed a current asset if the company’s operating cycle is longer than one year.)
2e. Stock turnover is a measurement of how many times inventory is sold or used in a given time period, such as a year.
Inventory turnover is calculated by dividing the cost of products sold (or net sales) by the average inventory.
3a. In accounting, the accrual principle states that expenses and revenues are recorded in the period in which they occur, regardless of whether or not cash is involved.
3b. According to the business entity idea, a business’s transactions must be documented independently from those of its owners or other businesses.
This necessitates the use of separate accounting records for the organization that are fully free of any other entity’s or the owner’s assets and liabilities.
3c. The Dual Aspect Concept, also known as the Duality Principle, is a fundamental accounting rule that requires all elements of an accounting transaction to be recognized.
3d. REGULARITY CONCEPT is the idea that each accounting period is related with a specific economic activity that can be measured, accounted for, and reported on.
3e. The going concern principle assumes that a company will continue to operate for the foreseeable future. On the other hand, this means that the company will not be compelled to shut down operations and dispose its assets at fire-sale rates in the near future.
4a) A company is a legal body made up of a group of people, whether natural, legal, or a combination of the two, who come together to carry on a commercial or industrial operation.
4bi) An ordinary share indicates equity ownership in a firm in proportion to all other ordinary shareholders, based on their percentage ownership. By definition, all other shares of a company’s stock are preferred shares.
4b(ii)Preference shares, also known as preferred stock, are shares of a corporation’s stock that pay dividends to stockholders before common stock payments are paid out. If the company goes bankrupt, preferred stockholders are entitled to be paid first from the company’s assets.
4b(iii) A debenture is a debt instrument that is not backed by tangible assets or collateral.
Debentures are simply secured by the issuer’s overall creditworthiness and reputation. This form of bond is commonly issued by both enterprises and governments to secure capital.
4b(iv) A company’s authorised capital (also known as authorised share capital, registered capital, or nominal capital in the United States) is the maximum amount of share capital that the company’s constitutional documents authorize it to issue (allocate) to shareholders.
(i)suspense purchase Dr GHC(19,000) , Cr GHC(19,000)
(ii)returns inwards suspenses Dr(8000), Cr(8000)
(iii)suspense cashbook Dr(19,600), Cr(19,000)
(iv)suspense cash ook Dr(98,000), Cr(98,000)
(v) repairs of plant and machinery Dr(11,000) , Cr(11,000)
(vi) customer sales Dr(158,980), Cr(158,950)
(vii) supplier suspense(25,500 *2) Dr(51,000) cr(51,000)
No.5) use the image below
No.6) use the image belowNo7) use the image below No.8) use the image below
king star enterprises
departmental, trading, profit & loss acct
A le, B le
opening stock: 1000, 800
add purchases: 147200, 132800
add carriage: 1000, 1000
less closing stock: 1200, 600
gross profit: 12000,16000
office exp: 480, 120
rates: 176, 94
insurance: 692, 173
light: 384, 96
repairs: 240, 60
net profit: 10028, 159507
A le, B le
gross profit: 12000, 16000
Note: The above answers are WAEC Accounting likely questions and answers that will come out not the exact 2022 WAEC Accounting Answers.
WAEC Accounting Essay and Objective 2022 (EXPO)
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How to Pass WAEC Financial Accounting Examination
1. Maintain a Positive Attitude:
It is self-evident that you will not be able to live a happy life unless you have a positive outlook. As you prepare for WAEC, you must maintain a positive attitude about your fate.
Don’t utter things like “WAEC is incredibly difficult, I’m not sure if I’ll pass,” and don’t trust anyone who tells you that you can’t pass WAEC 2022 on your own.
Have the mindset that “if others have passed WAEC 2022 before me, then I will as well.” Refuse to be associated with failure or those who have already failed.
Even if this isn’t your first time taking the WAEC Exam, it doesn’t mean you won’t pass WAEC 2022 marketing this time.
With an honed attitude, sit for mathematics 2022/2023. There is nothing that will cause you to fail the WAEC 2022 exam. You won’t be able to live a happy life until you adopt a positive mindset.
2. Stay away from shady businesses
If you truly want to pass WAEC 2022 Accounting, stay away from dubious friends. They will try to discourage you and entice you to participate in activities that will hinder your progress. Keep in mind that their perspective may differ from yours.
3. Set Good Target and Plans
If you’ve decided to pass WAEC Financial Accounting 2022, the next step is to create goals for yourself. Make a list of the grades you aim to get in WAEC 2022. You should begin planning now if you want all As, zero Fs, and zero Es.
Make sure you have a timeframe and a master plan in place to meet your objectives. It’s important to remember that it takes nothing to dream, but everything to focus on your dream.
4. Get WAEC Accounting Recommended Textbooks 2022
One of your objectives should be to obtain the WAEC 2022 Financial Accounting advised textbooks. Typically, the West African Examination Council recommends material for the exam.
Apart from WAEC 2022 English literature, where specified novels are required, you are free to prepare for the WAEC 2022 Accounting exam with any suitable textbook.
Some subjects are more difficult to grasp. If you’re having problems grasping a concept, try switching to a different textbook that will make things easier for you.
5. Get WAEC Accounting Past Question
This is an excellent strategy. Because WAEC 2022 and WAEC 2022 are of the same standard, you might study for both using the same prior questions.
If you’re unsure how to obtain WAEC past questions. They can be found at decent bookstores all throughout. It’s conceivable that the institution where you registered will offer you some recent past questions to help you prepare for WAEC 2022.
6. Start Preparing for WAEC Accounting 2022:
Don’t squander your time. After you’ve obtained your textbooks and practice questions, it’s time to start reading. You will do well on WAEC 2022 if you start reading and practicing early.
7. Avoid Skipping Examples and Exercises
Secondary school pupils have an undesirable habit of skipping exercises and even examples while studying textbooks.
They were so enamored with notebooks that they may inquire, “Can I read my Accounting, Mathematics, and other notebooks and pass WAEC 2022?”
Don’t be afraid to try exercises; they’re there to assist you. Face it and conquer it!
8. Test Yourself on WAEC Accounting Questions and Answers
This is an excellent habit to get into. Answer full one-year Accounting previous questions without reviewing the answers every now and then. Then mark to see how well you did. This will help you in many aspects.
9. Do Constant Practice
Don’t get frustrated if particular topics irritate you; keep practicing until you’ve mastered them all. Never say never and never give up. Continue to persevere….
10. Create Time for Recreation
Make time for yourself to relax and unwind by playing. Overworking oneself will cause you to waste time unnecessarily. You will not gain anything if you work more than is required.
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