WAEC Accounting Questions and Answers 2022/2023 (Theory and Objectives)

WAEC Accounting Questions and Answers

WAEC Accounting Questions and Answers. I can be displaying you  WAEC Accounting goal and idea repeated questions for unfastened. You will even apprehend how WAEC Accounting questions are set and lots of extra exam details.

The West African Examination Council is an exam frame that set questions every year from regions pupil ought to, after their research in senior secondary faculty, be capable of write and byskip with out stress.

Note: Scroll to the lowest for today’s accounting solutions

Below is WAEC Accounting Questions and Answers 2022/2023 to OBJ/ESSAY


  • The officer answerable for ascertaining whether or not all public expenditure and appropriation are in time with the authorised tenet is the


  • Creditor


  • Cashier


  • Auditor General


  • Bursar


ANSWER: C (Auditor General)


  1. The coins foundation of accounting calls for the popularity of sales simplest while they’re


  • dispatched Out


  • documented


  1. lost


D received


See: WAEC Book Keeping Questions and Answers


ANSWER: D (Received)


three. Responsibility accounting is specially worried with


  • variable fee


  • constant fee


  • controllable costs


  1. uncontrollable costs


ANSWER: C (Controllable costs)


four. Earnings consistent with percentage is a degree of

  • loss


  • profit


  • income


  • expenditure


ANSWER: B (Profitability)


WAEC Accounting ESSAY Questions and Answers 2022

  1. The Industry norm – This is the maximum not unusualplace sort of comparison. Analysts will generally search for groups in the equal enterprise and expand an enterprise common, which they’ll evaluate to the corporation they’re evaluating.

Ratios consistent with enterprise also are furnished through Bloomberg and the S&P. These are appropriate reassets of fashionable enterprise information. Unfortunately, there are numerous groups protected in an index that may distort positive ratios. 

If we have a take a observe the meals and beverage ratio index, it’s going to consist of groups that make organized ingredients and a few which are distributors.

The ratios, on this case, might be distorted due to the fact one is a capital-in depth enterprise and the alternative isn’t always. As a result, it’s far higher to apply a cross-sectional evaluation, i.e. in my opinion pick the groups that first-rate suit the corporation being analyzed.

  1. Aggregate economy – It is every now and then critical to research a corporation’s ratio over a complete financial cycle. This will assist the analyst apprehend and estimate a corporation’s overall performance in converting financial conditions, along with a recession.

three. The corporation’s beyond overall performance – This is a completely not unusualplace evaluation. It is much like a time-collection evaluation, which appears primarily for developments in ratios.

1cii) Limitations to Accounting ratios/Financial ratios

There are a few critical obstacles of monetary ratios that analysts ought to be aware of:

i)Many massive corporations function one of a kind divisions in one of a kind industries. For those groups, it’s far hard to discover a significant set of enterprise-common ratios.

ii)Inflation might also additionally have badly distorted a corporation’s stability sheet. In this case, earnings can also be affected. Thus a ratio evaluation of 1 corporation through the years or a comparative evaluation of groups of various a long time ought to be interpreted with judgment

2a. Working capital is the quantity of a corporation’s modern property minus the quantity of its modern liabilities.

2b. Capital hired, additionally called price range hired, is the whole quantity of capital used for the purchase of earnings. It is the cost of all of the property hired in a enterprise and may be calculated through including constant property to operating capital or subtracting modern liabilities from overall property.

2c. A constant asset is an object with a beneficial lifestyles more than one reporting length, and which exceeds an entity’s minimal capitalization limit .

2d. A modern asset is coins and some other corporation asset in an effort to be turning to coins inside twelve months from the date proven within the heading of the corporation’s stability sheet. (If a corporation has an running cycle this is longer than twelve months, an asset in an effort to flip to coins in the period of its running cycle is taken into consideration to be a modern asset.)

2e. The price of inventory turnover is a degree of the variety of instances stock is offered or utilized in a term along with a year.

The equation for stock turnover equals the fee of products offered or internet income divided through the common stock.


3a. The accrual idea in accounting approach that charges and sales are recorded withinside the length they occur, whether or not or now no longer coins is involved.


3b. The enterprise entity idea states that the transactions related to a enterprise ought to be one by one recorded from the ones of its proprietors or different businesses.

Doing so calls for the usage of separate accounting facts for the organisation that absolutely exclude the property and liabilities of some other entity or the owner.

3c. Dual Aspect Concept, additionally called Duality Principle, is a essential conference of accounting that necessitates the popularity of all factors of an accounting transaction.

3d. PERIODICITY CONCEPT is the idea that every accounting length has an financial pastime related to it, and that the pastime may be measured, accounted for, and stated upon.

3e. The going issue precept is the belief that an entity will continue to be in enterprise for the foreseeable future. Conversely, this indicates the entity will now no longer be compelled to halt operations and liquidate its property within the close time period at what can be very low fire-sale prices.


A corporation is a criminal entity made from an affiliation of persons, be they natural, criminal, or a combination of both, for wearing on a business or business enterprise.

4bi) An everyday percentage represents fairness possession in a corporation proportionally with all different everyday shareholders, in line with their percent possession within the corporation. All different stocks of a corporation’s inventory are, through

definition, favored stocks

4b(ii)Preference stocks, extra generally known as favored inventory, are stocks of a corporation’s inventory with dividends which are paid out to shareholders earlier than not unusualplace inventory dividends are issued. If the corporation enters bankruptcy, the shareholders with favored inventory are entitled to be paid from corporation property first. 

4b(iii) A debenture is a sort of debt device that isn’t always secured through bodily property or collateral.

Debentures are subsidized simplest through the overall creditworthiness and recognition of the issuer. Both groups and governments regularly problem this sort of bond to stable capital.

4b(iv) The authorized capital of a corporation (every now and then known as the authorized percentage capital, registered capital or nominal capital, specially within the United States) is the most quantity of percentage capital that the corporation is authorized through its constitutional files to problem (allocate) to shareholders.

5a) journal

(i)suspense buy Dr GHC(19,000) , Cr GHC(19,000)

(ii)returns inwards suspense’s Dr(8000), Cr(8000)

(iii)suspense cashbook Dr(19,600), Cr(19,000)

(iv)suspense coins ook Dr(98,000), Cr(98,000)

(v) maintenance of plant and equipment Dr(11,000) , Cr(11,000)

(vi) consumer income Dr(158,980), Cr(158,950)

(vii) dealer suspense(25,500 *2) Dr(51,000) cr(51,000)

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