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WAEC GCE Financial Accounting Questions 2021 Answers Latest Update

Filed in Exam, WAEC News by on February 12, 2021

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WAEC GCE Financial Accounting Questions 2021 Answers Latest Update.

WAEC GCE Financial Accounting Questions 2021: Financial Accounting WAEC GCE Expo Questions is out now on our website. In this article, I will be showing you past WAEC GCE Financial Accounting random repeated questions for free.

You will also understand how WAEC GCE Financial Accounting questions are set and many more examination details. All you need to do is to stay focus and follow this guide.

WAEC GCE Financial Accounting Questions 2021

The West African Examinations Council (WAEC) is an examination board that conducts the West African Senior School Certificate Examination, for University and Jamb entry examination in West Africa countries. In a year, over three million candidates registered for the exams coordinated by WAEC.

WAEC GCE Financial Accounting Questions 2021 and Answers

Objective (OBJ) Anwers:

1. DDBABBBDDB,
11. BAACCDDBBD
21. BDCDCBCBCD
31. CDDBBBDCDB
41.  ACBABAAACD

Theory Questions and Answer:

  1. Explain the following:
    (a) imprest system;
    (b) petty cash book;
    (c) memorandum entries;
    (d) three-column cash book;
    (e) journal proper.
  2. (a) Define and list two classifications of each of the following:
    i. asset;
    ii. liabilities.
    (b) State and explain the factors to be considered in determining the annual depreciation charge for a fixed asset.
  3. Describe three features of each of the following financial statements:
    (a) Receipts and Payment Account;
    (b) Income and Expenditure Account;
    (c) Trading Account;
    (d) Profit and Loss Account;
    (e) Appropriation Account of a Partnership.

ANSWER:

(a) Receipt and Payment Account–
–  It is a real account;
–  It is a prime book;
–  It is a summary of cash and cheque transactions of a club;
–  It has opening and closing balances;
–  It records both capital and revenue transactions;
–  Its closing balance is transferred into the balance sheet;
–  Its records are supported by source documents;
–  It is used by “Not-for Profit Making” organizations.

(b) Income and Expenditure Account – It is a nominal account;
It is prepared in the form of profit and loss accounts;
It records revenue receipts and revenue expenditure;
It allows adjustments for prepayments and accruals;
Its closing balance represents surplus or deficit;
It is used by not-for-profit making organizations.

(c) Trading Account – It is a nominal account;
It is prepared by trading entities;
It is used to determine cost of goods available for sale;
It is used to determine cost of goods sold;
It is used to ascertain gross profit or gross loss.

(d) Profit and Loss Account – It is a nominal account;
It is prepared by trading entities;
It is used to ascertain net profit or net loss;
It allows adjustments for accruals and prepayments.

(e) Appropriation Account of a Partnership – It is a nominal account;
It is an account in which the profit /loss for the partners is distributed;
It shows the net profit /loss brought down for the period;
It shows interest on partners’ drawings;
It shows partners’ salaries for the period;
It shows partners’ commission;
It shows interest on partners’ capital.

Financial Accounting Practice:

1. This question required candidates to prepare the Manufacturing, Trading, Profit and Loss Account to show:
(a) Cost of raw material used;
(b) Prime cost;
(c) Cost of production;
(d) Gross manufacturing profit;
(e) Gross profit on sales;
(f) Net profit.

2. In this question, candidates were required to prepare:
(a) Adjusted Cash Book
(b) Bank Reconciliation Statement.

3. In this question, candidates were required to prepare:
(a) Trading, Profit and Loss Account;
(b) Profit and Loss Appropriation Account.

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DISCLAIMER! These are not real WAEC GCE Financial Accounting questions but likely repeated questions over the years to help candidate understand the nature of their examinations. Ensure to take note of every question provided on this page.

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