WAEC Financial Accounting marking schemes is likely to change, which is one of the main reasons why you need the live WAEC Financial Accounting Questions and Answers 2022 to prepare for your examinations. Despite the fact that we recommend that you use the WAEC Financial Accounting past questions 2021, we think that the Biology waec question 2021 will be very different from what you have seen in previous years. And no one has any way of knowing what will happen. On this website, we will supply you with the original live WAEC Financial Accounting Questions and Answers, so you will not have to worry.
You might be one of the 2022 WAEC aspirants who is looking forward to get the appropriate WAEC Financial Accounting Questions and Answers 2022 expo runs solutions so that you can pass the 2022 WAEC Financial Accounting exams and come out with flying colors. If this is all what you have been waiting for, you have arrived here on time.
Don’t forget, the most recent information and make use of the WAEC Financial Accounting Questions and Answers exam solutions for 2022 that will be provided to you on this website.
WAEC Financial Accounting OBJ Answers Sample Questions 2022 – WAEC Financial Accounting Questions and Answers (Expo) 2022
- 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
- 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.
- 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.
- 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.
- All of the following are real accounts, except_____?
- Savings Account
- Salaries account
- Post Account
- Creditors account
- Trading account
The correct answer is C.
- 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.
- Which among these is not a book of original entry?
- Sales journal
- Cash account
- Purchases account
- Return inwards journal
The correct answer is C.
- 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.
WAEC Financial Accounting Theory Questions and Answers Sample Questions 2022
This paper 2 contains Questions that requires proper explanation and solving in the written format using your pen.
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:
- Compensating error
- Errors of omission
- Errors of principle
- 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.
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How to Pass WAEC Financial Accounting Exams 2022 | WAEC Financial Accounting Expo 2022
1. Put Reading First.
People who claim that they must stop reading because they have completed their education are completely wrong. It’s a completely erroneous belief or perception to think that once you have completed your education it’s all over. Learning never stops you know; anyone who stops reading or learning will be living with old information and will move around with it. We live in a world that is constantly changing, and in order to be a very successful human being in today’s society, you must keep up with the latest information.
In reality, relying on a single author for ideas or information is not a proper way of getting updated information. To amass enough information, read as many books as possible.
We implore all applicants who are about to take the WAEC Financial Accounting exams 2022 to continue reading books relating to their field of interest on a regular basis.
2. Obtain the Appropriate Preparatory Materials
Exam preparation should not be limited to reading books. The question you should ask yourself is, “What kind of book am I reading, and how will it help me pass the WAEC Financial Accounting exams?” Here is what you should consider as appropriate prepared material: textbooks, dictionaries, waec Past Questions and Answers and so on.
3. Attend Extra-Classes.
Attending extra moral classes can be a source of pride for some people. Some people believe they are too big and are unconcerned about it. This is a completely incorrect viewpoint, and you must change it. Extra classes will help you grow, extend, and broaden your intellectual capacity, making it easier for you to understand things.
Extra moral classes, organized by educational tutors, can be observed all over. This type of class can be held after school in the evenings, during the holidays, or after the school day has ended for the term or session.
You will never be sorry if you attend one.
4. Set Out Time for Rest
Many people who are studying for impending examinations are unaware of the importance of rest and sleep. It’s a once-in-a-lifetime opportunity. When you take time to rest or sleep, your brain relaxes and your mind calms. Everything is new and your strength has been renewed by the time you wake up. If you force yourself to read when you are sleepy or exhausted, you will not be able to perform better; you will fall asleep quickly, and by the time you wake up, everything you read will have vanished.
This is something that all UTME candidates should be aware of because it is really significant.
5. Maintain a Healthy Way of Life
One of the things that will motivate you as a person is to eat properly and live a healthy lifestyle. You can easily get sick if you don’t eat well and healthily, such as consuming meals that aren’t truly clean, low-quality foods, and you don’t build up your cells to be immune to sickness.
During the process of studying for tests, many students or candidates become weary, dizzy, and even sick. To avoid this, as soon as you notice a symptom of disease, make an appointment with a doctor, your parents, or the people you live with for additional medical attention.
6. Chatting on social media should be limited.
It is not a proper thing to spend 80% of your time on social media sites such as Facebook, Twitter, Instagram, and others, and just 20% of your time on your academics. You’ll never be able to create it that way. At the very least, make it 80/20. 80 percent of your time should be spent studying and researching in preparation for your upcoming waec exams.
You may always go back to those things after you have finished your waec exams. FOCUS is the key word here.
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