WAEC Financial Accounting Questions and Answers 2021/2023

If you wish to partake in our free WAEC Accounting Questions and Answers expo 2021 for theory and objectives (OBJ), then here is the best page for you to start with.

We shall quickly share the WAEC Financial Accounting Questions and Answers 2021/2023 expo solution with you so as to help you succeed in your exam.

Also, kindly make sure you read this carefully and also take note of every piece of information if you wish to score A in this subject.

WAEC Accounting OBJ Questions and Answers 2021

Here are sample WAEC Accounting objective questions and answers to study before the exam.

Sample Practice Questions;

1. In Accounting, Purchase invoice is to be first entered in the_____?

• Debit Cash Book
• Purchases Account
• Cash Debit Book
• Sales Journal
• Purchases Journal

The correct answer is E. Purchases Journal

2. Trial Balance can simply be described as a ______?

• Debit Document
• Financial entry position of a business
• List of balances in the books
• Special account
• Document showing the books of Credit

The correct answer is C.

3. Goods that are returned to a supplier are simply______?

• Credited to returns outwards account
• Resent for reproduction
• Debited to returns outward account
• Credited to returns inwards account
• Debited to returns inwards account

The correct Answer is A.

4. In Accounting, the equation or formula for calculating net profit or loss from the records of a firm is?

• Closing Capital + Drawings – Opening Capital
• Closing Capital – Drawings – Capital Introduced
• Closing Capital + Opening Capital – Drawings
• Opening Capital + Drawings – Closing Capital
• Opening Capital + Drawings – Opening Capital

The correct answer is A.

5. All of the following are real accounts, except_____?

• Savings Account
• Salaries account
• Post Account
• Creditors account
• Trading account

The correct answer is C.

6. Assets acquired can easily be recorded by debiting _______?

• All the expenses
• Asset Account, Crediting Cash
• Credit and Debit
• Business Account, Crediting Sale
• Cash Account, Crediting Account

The correct answer is B.

7. Which among these is not a book of original entry?

• Sales journal
• Cash account
• Purchases account
• Return inwards journal

The correct answer is C.

8. Which of the following best describes a Discount received account?

It is a;

• Business account
• Real account
• Profit account
• Personal account
• Nominal account

The correct answer is E.

 Accounting Theory/Essay Questions and Answers 2021

The financial accounting theory paper is the paper 2 which is also called accounting essay paper.

This paper 2 contains Questions that requires proper explanation and solving in the written format using your pen.

Note; the theory section contains Questions that requires definitions, explanation, descriptions, calculation and so on.

Candidates are advised to be very careful with this section because it carries a greater mark compared to the OBJ section.

Sample Theory Practice Questions

1. If A company has 3 payment bank accounts for processing their payments, what will be the minimum number of ledgers that will be needed? And Why?

Answer to Question 1: The company will need 3 ledgers for each account. Because it will help to enhance proper accounting and reconciliation processes.

2. State the differences between inactive and dormant accounts?

Answer to Question 2: Inactive accounts refer to accounts that are closed and will not be used in the future. While Dormant accounts are accounts that are not currently functional but may be used in the future.

3. Mention 4 common errors in accounting?

Answer to Question 3: Four among the common errors in accounting include:

1. Compensating error
2. Errors of omission
3. Errors of principle
4. Errors of commission.

4. What are the main differences between trial balance & a balance sheet?

Answer to Question 4: Trial balance has the list of all balances in a ledger account and it is used to check the arithmetical accuracy in recording and posting. While, A balance sheet is a statement that shows the assets, liabilities, and equity of a company and is used to ascertain its financial position on a particular date.

5. Define the term “working capital” mathematically?

Answer. Working capital can be mathematically defined as “current assets” minus “current liabilities”. and it is used in day-to-day sales.