May/June WAEC Financial Accounting Questions 2024 Verified Answers/Runz (Essay & Obj)

The West African Examinations Council has released the 2024 Financial accounting answers. Learn more on the WAEC Financial Accounting Questions and Answers that will guarantee your success in this year exam. The West African Examinations Council (WAEC) is a regional examination body that conducts standardized tests for English-speaking West African countries. It plays a crucial role in assessing the academic achievements of students at the secondary school level, facilitating their progress to higher education and beyond.

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Part of the things you will see in this page includes the financial accounting question papers, essay and objective answers for free.

The West African Examination Council has scheduled the Financial Accounting exam as follows: Tuesday, 21st May, 2024, with Financial Accounting 2 (Essay) from 9:30 am to 12:00 noon, and Financial Accounting 1 (Objective) from 12:00 noon to 1:00 pm.

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Also Read: WAEC Physics Questions And Answers

Is WAEC Financial Accounting Questions Answers Out?

Yes, financial account May/June expo exam question papers West African Examinations Council is ready in our desk. All students who are taking this subject are at this moment advised to be at alert. The materials for this subject including the questions, Essay (theory) and objective answers will soon be loaded here.

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WAEC Financial Accounting Theory Answers


Answer 2 from this section!!!!

(i) The purchase of office equipment on credit would be recorded in the purchases journal or purchases day book.
(ii) Credit purchases would also be recorded in the purchases journal or purchases day book.
(iii) Bank charges would be recorded in the cash book, specifically in the bank column.
(iv) Goods returned by a customer would be recorded in the sales returns journal or returns inwards journal.

(i) Purchases would come from the total of the purchases journal or purchases day book.
(ii) Cash payments would come from the cash book, where payments are recorded.
(iii) Returns outwards would come from the returns outwards journal or purchases returns journal.
(iv) Discount received would come from the cash book, where such discounts are often recorded alongside the relevant payment.
(v) Petty cash payments would be transferred from the petty cash book.

(i) The sales ledger contains individual accounts for each customer. It records all the transactions related to the sales on credit and the subsequent receipts from customers.
(ii) The purchases ledger contains individual accounts for each supplier. It records all the transactions related to credit purchases and payments made to suppliers.
(iii) The general ledger is the main ledger and records all the accounts that do not go into the sales or purchases ledger. This includes assets, liabilities, income, and expenses.

(i) Depreciation of fixed assets.
(ii) Adjustment for closing stock.
(iii) Accruals for expenses incurred but not yet paid.
(iv) Prepayments for expenses paid in advance.
(v) Bad debts written off.
(vi) Provision for doubtful debts.

(i) Capital expenditure is for purchasing or improving fixed assets, which provide benefits over several years, whereas revenue expenditure is for the day-to-day running of the business, providing benefits within the current accounting period.
(ii) Capital expenditure is recorded on the balance sheet, while revenue expenditure is recorded on the income statement.
(iii) Capital expenditure aims to increase the earning capacity of the business, while revenue expenditure is related to the maintenance of the earning capacity.

Ose, by not keeping proper books of account, operates a single-entry bookkeeping system. This system records only one aspect of the transaction—either the credit or the debit, and does not provide a complete double-entry record for each transaction.

(i) It is simpler and easier to maintain than a double-entry system.
(ii) It requires less technical knowledge and is less time-consuming.
(iii) It is cost-effective for a very small business with simple transactions.

-Three disadvantages of the single-entry bookkeeping system are-
(i) It does not provide a complete and accurate financial picture of the business.
(ii) It lacks the checks and balances of a double-entry system, making it more prone to errors and fraud.
(iii) It is not suitable for larger businesses with complex transactions and may not comply with certain accounting standards.



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How To Get The WAEC Financial Accounting Questions Answers 2024

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2023 WAEC Financial Accounting Answer

(i) Purchase of goods for resale
(ii) Receiving goods as a gift or donation
(iii) Return of goods purchased from suppliers
(iv) Transfer of goods from one location to another within the company
(v) Manufacturing or producing goods
(iv) Conversion of raw materials into finished goods

Goodwill is an intangible asset that represents the reputation, customer loyalty, and brand value of a business. It is an asset that is not easily measurable or physically quantifiable but can have a significant impact on the value and success of a business. Goodwill is associated with qualities such as trust, customer satisfaction, and positive relationships with stakeholders.

(i) Water charges paid: Utility bill or receipt from the water company
(ii) Credit sales: Sales invoice or sales receipt
(iii) Credit purchases: Purchase invoice or purchase receipt
(iv) Wages: Payroll record or wage slip
(V) Cash payment: Cash receipt or payment voucher
(vi) Electricity owed: Utility bill or invoice from the electricity provider
(vii) Returns by customers: Sales return slip or return receipt

How to Tackle financial accounting Examination

Mastering the foundational concepts of financial accounting is paramount for success in any examination. At the heart of financial accounting lies the accounting equation: Assets = Liabilities + Equity. This equation forms the backbone of all accounting principles and transactions. A thorough understanding of this equation is essential, as it ensures a balanced financial statement and provides a clear picture of an organization’s financial health.

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