WAEC Financial Accounting Questions 2023 [Theory and Objective]

WAEC Financial Accounting Questions 2017 [Theory and Objective]- 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.

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: Will be made up of two sections: Sections A and B and will last 2½ hours.

Section A: 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 Accounting Objectives past Questions

1. Sales ledger control account contains the total amount in respect of

  • A.creditors
  • B. debtors
  • C. investors
  • D. shareholders

2. Why are adjustments in the profit and loss account necessary?

  • A. To cover some expenses of the following year
  • B. To ascertain the actual expenses incurred and income earned during the year
  • C. To show the provision made during the year
  • D. To show the total expenses paid and income received during the year

3. Responsibility accounting is particularly concerned with

  • A. variable cost
  • B. fixed cost
  • C. controllable costs
  • D. uncontrollable costs

CORRECT ANSWER: C (Controllable costs)

4. Earnings per share is a measure of

  • A. loss
  • B. profit
  • C. income
  • D. expenditure

CORRECT ANSWER: B (Profitability)


1. 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.

ANS: (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;

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