2022 Financial Accounting objectives and paper 2 for WASSCE(WAEC)
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Hi scholar, if I am not mistaken, this should be you first external exam right? Do not panic, because
when you are informed you cannot be deformed. I welcome you once again to our website. WASSCE is just
like any other examination except that, it has its own pattern.
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In this article, I have Written down 50 questions and answers including pdf which contain the
Financial Accounting paper 2 from WASSCE (WAEC) for Financial Accounting 2022.
This will guide you to understand the pattern WAEC follows when setting WASSCE questions for Financial Accounting. Help
yourself by going through each question and answer to prepare yourself for the real exam. I wish
you success ahead.
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You can study the 50 (fifty) WASSCE Financial Accounting past questions and answer for 2022 by checking
the content below or using the table of content below to navigate to the number of your choice
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Table of Contents
- WASSCE/WAEC Financial Accounting (2022) Questions and Answers 1 - 10
- WASSCE/WAEC Financial Accounting (2022) Questions and Answers 11 - 20
- WASSCE/WAEC Financial Accounting (2022) Questions and Answers 21 - 30
- WASSCE/WAEC Financial Accounting (2022) Questions and Answers 31 - 40
- WASSCE/WAEC Financial Accounting (2022) Questions and Answers 41 - 50
- Download WASSCE/WAEC Financial Accounting pdF (2022) Paper 2 (essay questions and answer 1 - 9)
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WASSCE/WAEC Financial Accounting (2022) Questions and Answers 1 - 10
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1. The user of accounting information who is responsible for overall performance of the business is the
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(a) Director
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(b) Customer
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(c) Shareholder
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(d) Employee
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The correct answer is: (a) Director
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Use the following information to answer questions 2 and 3
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2. The letter X represents
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(a) # 258,600
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(b) # 180,000
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(c) # 101,400
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(d) # 78,600
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The correct answer is: (c) # 101,400
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3. The letter Y represents
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(a) # 211,650
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(b) # 170,000
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(c) # 128,350
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(d) # 94,870
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The correct answer is: (c) # 128,350
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4. The document prepared by the buyer and sent to the seller listing the items to be supplied is
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(a) Sales order
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(b) Proforma invoice
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(c) Credit note
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(d) Purchase order
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The correct answer is: (d) Purchase order
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5. Adiza gave an instruction to her banker to pay a premium of Le30,000 from her account to Union Rock Insurance on a quarterly basis for a policy. This instruction is an example of
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(a) Credit transfer
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(b) Direct insurance
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(c) Standing order
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(d) Bank charges
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The correct answer is: (c) Standing order
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6. Books of accounts are opened by the use of
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(a) General journal
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(b) General ledger
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(c) Balance sheet
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(d) Trial balance
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The correct answer is: (a) General journal
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7. The principal book of account where accounts are classified and summarised is
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(a) Journal
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(b) Ledger
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(c) Trial balance
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(d) Balance sheet
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The correct answer is: (b) Ledger
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8. The entries for cash drawn from the bank by a proprietor for private use is:
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(a) Debit Cash Account; Credit Bank Account
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(b) Debit Bank Account; Credit Cash Account
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(c) Debit Drawings Account; Credit Bank Account
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(d) Debit Cash Account; Credit Drawings Account
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The correct answer is: (c) Debit Drawings Account; Credit Bank Account
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Use the following information to answer questions 9 and 10
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Cash book balance ----------------------------- # 750
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Uncredited Cheques ---------------------------- # 500
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Unpresented cheques --------------------------- # 1,680
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Direct Credit --------------------------------- # 300
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Bank charges ---------------------------------- # 150
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9. The adjusted cash book balance is
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(a) # 1,200 Cr
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*(b) # 900 Cr
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(c) # 600 Cr
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(d) # 300 Dr
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The correct answer is: (d) # 300 Dr
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10. Balance as per bank statement is
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(a) # 1430 Cr.
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(b) # 580 Dr.
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(c) # 430 Cr.
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(d) # 430 Dr.
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The correct answer is: (a) # 1430 Cr.
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WASSCE/WAEC Financial Accounting (2022) Questions and Answers 11 - 20
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11. The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is
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(a) Business entity concept
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(b) Materiality concept
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(c) Dual aspect concept
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(d) Realisation concept
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The correct answer is: (b) Materiality concept
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12. Resources owned and controlled by a business are classified as
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(a) Capital
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(b) Assets
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(c) Liabilities
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(d) Drawings
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The correct answer is: (b) Assets
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13. Items shown in the balance sheet as asset include
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(a) Credit balance on a supplier's account
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(b) Credit balanceon the capital's account
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(c) Debit balance on a customer's account
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(d) Debit balance on drawings account
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The correct answer is: (d) Debit balance on drawings account
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Use the following information to answer questions 14 and 15
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A trader bought goods worth # 16,000 and sold three-quarter of it for # 20,000
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14. The gross profit is
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(a) # 12,000
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(b) # 8,000
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(c) # 6,000
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(d) # 4,000
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The correct answer is: (d) # 4,000
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15. The margin would be
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(a)
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(b)
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(c)
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(d)
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The correct answer is: (b)
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16. An increase in provision for doubtful debts would result in
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(a) Decrease in gross profit
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(b) Increase in gross profit
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(c) Decrease in net profit
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(d) Increase in net profit
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The correct answer is: (c) Decrease in net profitUse the following information to answer question 17 to 19
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Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021
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17. The accumulated depreciation as at the date of disposal was
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(a) D 480,000
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(b) D 412,630
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(c) D 325,200
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(d) D 320,000
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The correct answer is: (c) D 325,200
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18. The net book value of the machine in the balance sheet as at 31st December 2020 was
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(a) D 1,080,000
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(b) D 972,000
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(c) D 874,800
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(d) D 787,320
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The correct answer is: (c) D 874,800
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19. The profit or los on dispol of the machine was
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(a) D 320,000 loss
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(b) D 280,000 profit
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(c) Profit and loss account
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(d) D 87,480 loss
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The correct answer is: (c) Profit and loss account
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20. Manufacturing account is prepared to ascertain
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(a) Profit on goods produced
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(b) Cost of goods produced
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(c) Cost of goods sold
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(d) Profit on goods sold
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The correct answer is: (b) Cost of goods produced
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WASSCE/WAEC Financial Accounting (2022) Questions and Answers 21 - 30
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Use the following information to answer questions 21 and 22
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Raw material:
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Stock (01|01|2017) ------------------------- Le 822,000
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Stock (31|12|2017) ------------------------- Le 560,000
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Purchases ------------------------------------ Le 125,000
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Return of raw materials ---------------------- Le 15,000
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21. The cost of raw materials available for production is
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(a) Le 974,000
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(b) Le 932,000
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(c) Le 402,000
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(d) Le 372,000
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The correct answer is: (b) Le 932,000
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22. The cost of raw materials consumed is
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(a) Le 974,000
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(b) Le 932,000
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(c) Le 402,000
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(d) Le 372,000
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The correct answer is: (d) Le 372,000
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23. One of the items on the debit side of sales ledger control account is
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(a) Bills accepted by debtors
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(b) Bills dishonoured by debtors
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(c) Returns inwards
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(d) Bad debt
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The correct answer is: (b) Bills dishonoured by debtors
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24. The sales ledger contains account of
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(a) Trade debtors
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(b) Credit sales
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(c) Trade creditors
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(d) Cash sales
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The correct answer is: (a) Trade debtors
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Use the following information to answer questions 25 and 26
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Sales --------------------------------- GHc 200,000
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Purchases ----------------------------- GHc 170,000
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Opening stock ------------------------- GHc 40,000
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Closing stock ------------------------- GHc 50,000
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25. The gross profit percentage is
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(a) 25%
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(b) 20%
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(c) 15%
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(d) 10%
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The correct answer is: (b) Credit purchases
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26. Stock turnover ration is
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(a) 4 times
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(b) 3.78 times
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(c) 3.56 times
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(d) 3.2 times
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The correct answer is: (c) 3.56 times
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27. Provision for doubtful debts is made in conformity with
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(a) Materiality concept
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(b) Prudence concept
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(c) Money measurement concept
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(d) Business entity concept
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The correct answer is: (b) Prudence concept
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28. Subscriptions in advance is treated in the balance sheet under
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(a) Current liabilities
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(b) Current assets
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(c) Accumulated fund
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(d) Long-term liabilities
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The correct answer is: (a) Current liabilities
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29. In the balance sheet of not-for-profit-making organizations, subscriptions in arrears is shown under
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(a) Fixed assets
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(b) Long-term liabilities
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(c) Current assets
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(d) Current liabilities
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The correct answer is: (c) Current assets
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30. A set of rules and procedures guiding the operatiions of a partnership is called partnership
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(a) Seal
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(b) Code
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(c) Deed
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(d) Business
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The correct answer is: (c) Deed
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WASSCE/WAEC Financial Accounting (2023) Questions and Answers 31 - 40
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31. Drawings made by a partner would be
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(a) Credited to current account
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(b) Debited to current account
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(c) Credited to appropriation account
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(d) Debited to appropriation account
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The correct answer is: (b) Debited to current account
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Use the following information to answer question 32 to 34
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Teteh and Kukuma are in partnership with capital balances of # 300,000 and # 200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is # 150,000 and the interest on capital 5%
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32. Teteh's share of profit is
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(a) # 90,000
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(b) # 75,000
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(c) # 60,000
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(d) # 50,000
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The correct answer is: (b) # 75,000
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33. Kukuma's current account balance is
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(a) # 90,000
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(b) # 70,000
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(c) # 60,000
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(d) # 50,000
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The correct answer is: (c) # 60,000
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34. Teteh's share of interest on capital is
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(a) # 75,000
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(b) # 25,000
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(c) # 15,000
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(d) # 10,000
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The correct answer is: (c) # 15,000
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35. An item that would be classified as preliminary expenses in a company's account is
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(a) Formation expenses
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(b) General expenses
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(c) Administration expenses
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(d) Distribution expenses
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The correct answer is: (a) Formation expenses
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36. An item that would be considered a first charge against profit in a company's account is
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(a) General reserve
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(b) Capital reserve
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(c) Ordinary dividend
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(d) Preference dividend
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The correct answer is: (d) Preference dividend
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37. The maximum amount a company can raise through the issue of shares is
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(a) Reserve capital
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(b) Authorised capital
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(c) Paid-up capital
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(d) Loan capital
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The correct answer is: (b) Authorised capital
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38. A unit of a company's capital is
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(a) Share
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(b) Stock
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(c) Premium
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(d) Debenture
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The correct answer is: (a) Share
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Use the following information to answer questions 39 to 41
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Bola, a grocer, keeps petty cash on the imprest system, the float being GHc 8,000. Those transactions took place in January 2018.
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January 1 Petty cash in hand ----------------------- GHc 1,034
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January 1 Petty cash to restore float -------------- GHc 6,966
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January 6 Bought notes books ------------------------- GHc 656
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January 7 Paid wages -------------------------------- GHc 1,828
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January 14 Bought postage stamps -------------------- GHc 750
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January 16 Paid to Biodun, a creditor --------------- GHc 1,072
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Paid wages ------------------------------------------ GHc 1,856
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January 23 Purchased envelopes ---------------------- GHc 874
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January 28 Purchased postage stamps ----------------- GHc 420
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39. Amount posted to the personal ledger was
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(a) GHc 6,966
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(b) GHc 3,684
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(c) GHc 1,072
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(d) GHc 1,034
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The correct answer is: (c) GHc 1,072
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40. Amount spent on stationery was
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(a) GHc 1,530
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(b) GHc 1,170
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(c) GHc 1,076
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(d) GHc 874
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The correct answer is: (a) GHc 1,530
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WASSCE/WAEC Financial Accounting (2022) Questions and Answers 41 - 50
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41. Amount reimbursed at the end of the month was
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(a) GHc 8,000
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(b) GHc 7,456
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(c) GHc 6,966
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(d) GHc 6,928
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The correct answer is: (b) GHc 7,456
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42. One of the items on the credit column of a trial balane is
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(a) Carriage inwards
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(b) Carriage outwards
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(c) Returns outwards
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(d) Returns inwards
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The correct answer is: (c) Returns outwards
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43. Revenue expenditure of a local government includes purchase of
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(a) Theatre equipment
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(b) Incubators
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(c) X-ray machine
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(d) Drugs
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The correct answer is: (d) Drugs
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44. The authority to incur expenditure to address natural disaster is contained in
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(a) Virement warrant
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(b) Reserved expenditure warrant
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(c) Supplementary general warrant
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(d) Contigency warrant
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The correct answer is: (d) Contigency warrant
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Use the following information to answer questions 45 to 47
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45. The cost of goods sold is
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(a) GHc 152,800
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(b) GHc 107,200
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(c) GHc 88,800
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(d) GHc 43,200
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The correct answer is: (a) GHc 152,800
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46. The gross profit is
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(a) GHc 152,800
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(b) GHc 107,200
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(c) GHc 88,800
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(d) GHc 43,200
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The correct answer is: (c) GHc 88,800
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47. The GHc 4,000 on the credit side is
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(a) Carriage inward
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(b) Carriage outward
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(c) Returns inwards
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(d) Returns outwards
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The correct answer is: (c) Returns inwards
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Use the following information to answer questions 48 to 50
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Motor vehicle --------------------- D 500,000
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Stock ------------------------------- D 35,000
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Debtors ----------------------------- D 18,000
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Cash -------------------------------- D 12,850
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Bank overdraft ---------------------- D 280,000
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Creditors --------------------------- D 21,500
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48. The capital is
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(a) D 867,350
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(b) D 832,350
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(c) D 544,350
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(d) D 264,350
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The correct answer is: (d) D 264,350
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49. The total current asset is
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(a) D 367,350
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(b) D 345,850
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(c) D 87,850
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(d) D 65,850
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The correct answer is: (d) D 65,850
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50. The total current liability is
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(a) D 301,500
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(b) D 280,000
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(c) 264,350
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(d) 258,500
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The correct answer is: (a) D 301,500
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Download WASSCE/WAEC Financial Accounting pdF (2023) Paper 2 (essay questions and answer 1 - 9)
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We have provided a pdf where you can practice wassce Paper 2 (essay questions) for Financial Accounting 2022. To download the
pdf right away,
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- wassce/waec past questions and answers for Financial Accounting 2023
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