# WAEC Accounting Questions And Answers 2023 | Theory & Objective

Consequent to the release of the 2023 May/June WAEC Timetable, candidates of the examination have been excited about seeing the expected questions and answers of the year. That is the reason why I have decided to publish this article for the benefit of the general public.

In this particular article, I have taken time compile all the WAEC Accounting Question and Answers 2023; both theory and objective. If you are a candidate of this examination, make sure that you do not leave this article until you have read to the end for your own benefit.

What you are likely going to see in the WAEC Accounting Questions and Answers 2023 are as shown below:

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

4. Earnings per share is a measure of

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

If you are happy about the few objective questions that you have seen and you like to see more, ensure that you continue reading this article to the end.

Let’s continue!

## WAEC Accounting Objective Questions And Answers 2023

The following are the Expected WAEC Accounting Objective Questions and their correct answers for the 2023 examination:

1. Use of following information to answer questions 1 to 3

The capital is

• A. D 867,350
• B. D 544,350
• C. D 264,350
• D. D 832,350

2. The total current asset is

• A. D 65,850
• B. D 367,350
• C. D 345,850
• D. D 87,850

3. The total current liability is

• A. D 301,500
• B. D 258,500
• C. D 264,350
• D. D 280,000

4. One of the items on the credit column of a trial balance is

• A. returns outwards
• B. carriage outwards
• C. returns inwards
• D. carriage inwards

5. The user of accounting information who is responsible for overall performance of the business is the

• A. customer
• B. employee
• C. shareholder
• D. director

6. Use the following information to answer questions 6 and 7

A trader bought goods worth #16,000 and sold three-quarter of it for #20,000

The gross profit is

• A. #4,000
• B. #8,000
• C. #12,000
• D. #6,000

7. The margin would be

• A. 1/2
• B. 1/5
• C. 2/5
• D. 2/3

8. A unit of a company capital is?

• A. debenture
• B. stock
• D. share

9. An increase in provision for doubtful debts would result in

• A. decrease in net profit
• B. increase in net profit
• C. decrease in gross profit
• D. increase in gross profit

10. Resources owned and controlled by a business are classified as

• A. assets
• B. capital
• C. liabilities
• D. drawings

11. Use the following information to answer questions 11 to 13

Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.

Amount posted to the personal ledger was

• A. GH⊄ 1,034
• B. GH⊄ 1,072
• C. GH⊄ 6,966
• D. GH⊄ 3,684

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12. Amount spent on stationery was

• A. GH⊄ 1,170
• B. GH⊄ 1,076
• C. GH⊄ 1,530
• D. GH⊄ 874

13. Amount reimbursed at the end of the month was

• A. GH⊄ 6,928
• B. GH⊄ 6,966
• C. GH⊄ 7,456
• D. GH⊄ 8,000

14. An item that would be classified as preliminary expenses in a company’s account is

• A. formation expenses
• C. distribution expenses
• D. general expenses

15. Use the information to answer questions 15 to 16

The letter X represents

• A. #78,600
• B. #180,000
• C. #101,400
• D. #258,600

16.
The letter Y represents

• A. #170,000
• B. #128,350
• C. #94,870
• D. #211,650

17. Revenue expenditure of a local government includes purchase of

• A. x-ray machine
• B. incubators
• C. drugs
• D. theatre equipment

18. The sales ledger contains accounts of

• A. cash sales
• C. credit sales

19. Use the following information to answer questions 19 – 20

The adjusted cash book balance is

• A. \$ 600 Cr
• B. \$ 300 Cr
• C. \$ 900 Cr
• D. \$ 1,200 Cr

20.
Balance as per bank statement is

• A. \$ 580 Cr.
• B. \$ 430 Dr.
• C. \$ 430 Cr.
• D. \$ 1,480 Cr.

21. Provision for doubtful debts is made in conformity with

• B. money measurement concept
• C. prudence concept
• D. materiality concept

22. The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is

• A. dual aspect concept
• B. realization concept
• C. materiality concept

23. Manufacturing account is prepared to ascertain

• A. profit on goods produced
• B. cost of goods produced
• C. cost of goods sold
• D. profit on goods sold

24. Adiza gave an instruction to her banker to pay a premium of Le 30,000 from her account to Union Rock Insurance on a quarterly basis for a policy. This instruction is an example of

• A. bank charges
• B. direct debit
• C. standing order
• D. credit transfer

25. Drawings made by a partner would be

• A. credited to current account
• B. credited to appropriation account
• C. debited to appropriation account
• D. debited to current account

26. The document prepared by the buyer and sent to the seller listing the items to be supplied is

• A. purchase order
• B. credit note
• C. proforma invoice
• D. sales order

27. Use the following information to answer questions 27 – 29

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 is 5%.

Teteh’s share of profit is

• A. #60,000
• B. #90,000
• C. #75,000
• D. #50,000

28.
Kukuma’s current account balance is

• A. #50,000
• B. #70,000
• C. #90,000
• D. #60,000

29.
Teteh’s share of interest on capital is

• A. #15,000
• B. #25,000
• C. #10,000
• D. #75,000

30. The maximum amount a company can raise through the issue of shares is

• A. paid-up capital
• B. authorized capital
• C. reserve capital
• D. loan capital

31. In the balance sheet of not-for-profit making organizations, subscription in arrears is shown under

• A. long-term liabilites
• B. current assets
• C. current liabilities
• D. fixed assets

32. The authority to incur expenditure to address natural disaster is contained in

• A. contingency warrant
• B. supplementary general warrant
• C. reserved expenditure warrant
• D. virement warrant

33. Books of accounts are opened by the use of

• A. balance sheet
• B. general ledger
• C. general journal
• D. trial balance

34. The principal book of account where accounts are classified and summarized is

• A. balance sheet
• B. ledger
• C. trial balance
• D. journal

35. Use the following information to answer questions 35 and 36

The cost of raw materials available for production is

• A. Le 372,000
• B. Le 932,000
• C. Le 947,000
• D. Le 402,000

36.
The cost of raw materials consumed is

• A. Le 402,000
• B. Le 947,000
• C. Le 932,000
• D. Le 372,000

37. An item that would be considered a first charge against profit in a company’s account is

• A. ordinary dividend
• B. preference dividend
• C. capital reserve
• D. general reserve

38. The entries for cash drawn from the bank by a proprietor for the private use is: debit

• A. Bank Account; credit Cash Account
• B. Cash Account; credit Bank Account
• C. Cash Account; credit Drawings Account
• D. Drawings Account; credit Bank Account

39. Use the following information to answer questions 39 to 41

Trading Account of Umeh Enterprises for the year ended 31st December 2019

The cost of goods sold is

• A. GH⊄ 152,800
• B. GH⊄ 107,200
• C. GH⊄ 43,200
• D. GH⊄ 88,800

40.
The gross profit is

• A. GH⊄ 88,800
• B. GH⊄ 43,200
• C. GH⊄ 152,800
• D. GH⊄ 107,200

41. The GH⊄ 4,000 on the credit side is

• A. carriage outwards
• B. carriage inwards
• C. returns outwards
• D. returns inwards

42. One of the items on the debit side of sales ledger control account is

• B. returns inwards
• C. bills dishonored by debtors
• D. bills accepted by debtors

43. Use the following information to answer questions 43 to 45

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.

The accumulated depreciation as at the date of disposal was

• A. D 480,000
• B. D 325,200
• C. D 320,000
• D. D 412,680

44. The net book value of the machine in the balance sheet as at 31st December 2020 was

• A. D 874,800
• B. D 972,000
• C. D 1,080,000
• D. D 787,320

45. The profit or loss on disposal of the machine was

• A. D 280,000 profit
• B. D 87,480 loss
• C. D 320,000 loss
• D. D 92,680 profit

46. Use the following information to answer 46 and 47

The gross profit percentage is

• A. 10%
• B. 20%
• C. 25%
• D. 15%

47. Stock turnover ratio is

• A. 3.78 times
• B. 3.56 times
• C. 4 times
• D. 3.2 times

48. A set of rules and procedures guiding the operations of a partnership is called partnership

• A. code
• C. seal
• D. deed

49. Subscription in advance is treated in the balance sheet under

• A. long-term liabilities
• B. current liabilities
• C. accumulated fund
• D. current assets

50. Items shown in the balance sheet as asset includes

• A. debit balance on drawings account
• B. debit balance on a customer’s account
• C. credit balance on the capital’s account
• D. credit balance on a supplier’s account

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## WAEC Accounting Theory Questions 2023

1

a. Identify three books of account from which entries are made into control accounts

b. State two uses of control accounts

c i. List four items each which would be recorded on the debit side of:
-Purchases Ledger Control Account

c ii. List four items each which would be recorded on the debit side of:
– Sales Ledger Control Account

2

a. What is goodwill?

b. List four items of recurrent expenditure for a local government

c. Explain the three types of inventory in manufacturing account

3

a i. Explain the following terms:

Accumulated Fund

a ii. Explain the following terms:

Statement of Affairs

b. List five sources of income for a not-for-making organization

c. State three differences between Receipts and Payments Account and Income and Expenditure Account

4

a. List three accounts prepared by the head office for the branch

b. Explain two methods of accounting for goods sent to branch

c. State four reasons for preparing departmental accounts

5

a. The cash book of Dupe Enterprises showed an overdrawn balance of #216,126 and her bank statement also showed #905,625 overdrawn. On 31/12/2016, a detailed examination of the records showed the following differences:

(i) A cheque drawn for #697,550 had been entered in the cash book as #365,050.

(ii) A standing order of #420,000 and bank charges of #8,750 entered in the bank statement has not been recorded in the cash book.

(iii) Bank lodgment of #1,922,375 on 27th December 2016 has not been credited by the bank.

(iv) Dividend received of #315,000 had been recorded in the bank but not entered in the cash book.

(v) Cheques paid to suppliers totalling #1,165,500 has not been presented for payment.

(vi) A cheque for #700,000 received from Tunde was dishonoured by the banki but no entry had been made in the cash book.

(vii) A cheque of #256,813 received from a customer was entered as a payment in the cash book.

(viii) A cheque for #350,000 recorded in Dupe Enterprises cash book had been credited by the bank to Dudu Enterprises’ account.

(ix) An amount of #1,050,000 received from customer was paid directly to Dupe Enterprises account but no entry was made in the cash book.

You are required to prepare:

b. The cash book of Dupe Enterprises showed an overdrawn balance of #216,126 and her bank statement also showed #905,625 overdrawn. On 31/12/2016, a detailed examination of the records showed the following differences:

(i) A cheque drawn for #697,550 had been entered in the cash book as #365,050.

(ii) A standing order of #420,000 and bank charges of #8,750 entered in the bank statement has not been recorded in the cash book.

(iii) Bank lodgment of #1,922,375 on 27th December 2016 has not been credited by the bank.

(iv) Dividend received of #315,000 had been recorded in the bank but not entered in the cash book.

(v) Cheques paid to suppliers totalling #1,165,500 has not been presented for payment.

(vi) A cheque for #700,000 received from Tunde was dishonoured by the bank but no entry had been made in the cash book.

(vii) A cheque of #256,813 received from a customer was entered as a payment in the cash book.

(viii) A cheque for #350,000 recorded in Dupe Enterprises cash book had been credited by the bank to Dudu Enterprises’ account.

(ix) An amount of #1,050,000 received from customer was paid directly to Dupe Enterprises account but no entry was made in the cash book.

You are required to prepare:

Bank Reconciliation Statement as at 31st December 2016

6

a. The summary of the Receipts and Payments of the Adamfo Social Club for the year ended 31st December 2019 is as follows:

You are required to prepare for the club and for the year ended 31st December 2019:

Subscription Account

b. The summary of the Receipts and Payments of the Adamfo Social Club for the year ended 31st December 2019 is as follows:

You are required to prepare for the club and for the year ended 31st December 2019:

Competition Prizes Suppliers Account

c. The summary of the Receipts and Payments of the Adamfo Social Club for the year ended 31st December 2019 is as follows:

You are required to prepare for the club and for the year ended 31st December 2019:

d. The summary of the Receipts and Payments of the Adamfo Social Club for the year ended 31st December 2019 is as follows:

You are required to prepare for the club and for the year ended 31st December 2019:
Income and Expenditure Account

7

a. The authorized and issued share capital of Ozideli Limited comprised 400,000 ordinary shares of Le 1 each and 100,000 8% preference shares of Le 1 each. The trial balance at the end of the year was as follows:

Trial Balance as at 31st December 2018

(i) Stock on hand at 31/12/2018 was Le 400,000;
(ii) The directors were to receive remuneration of Le 70,000;
(iii) Depreciation is to be calculated on plant and machinery at Le 32,000 and motor vehicle at Le 14,000;
(iv) The directors decided to transfer Le 12,000 to general reserve;
(v) Preference dividend for 2018 will be paid on 10/01/2019.

You are required to prepare:

Trading, Profit and Loss and Appropriation Account for the year ended 31st December 2018;

b. The authorized and issued share capital of Ozideli Limited comprised 400,000 ordinary shares of Le 1 each and 100,000 8% preference shares of Le 1 each. The trial balance at the end of the year was as follows:

Trial Balance as at 31st December 2018

(i) Stock on hand at 31/12/2018 was Le 400,000;
(ii) The directors were to receive remuneration of Le 70,000;
(iii) Depreciation is to be calculated on plant and machinery at Le 32,000 and motor vehicle at Le 14,000;
(iv) The directors decided to transfer Le 12,000 to general reserve;
(v) Preference dividend for 2018 will be paid on 10/01/2019.

You are required to prepare:
Balance sheet as at that date

8

a. Omuga District Council made the following payments for 2020.

You are required to prepare for the year ended 31st December 2020:

Statement of Capital Expenditure

b. Omuga District Council made the following payments for 2020.

You are required to prepare for the year ended 31st December 2020:
Statement of Revenue Expenditure

9

The following transactions took place in November 2020:

All purchases were on credit while all payments made through the bank

You are required to prepare:

The individual creditors account

## How to Pass WAEC Financial Accounting Examination

1. Have a Positive Mindset:

It is obvious that until your mindset is positive, your life will not be positive. As you prepare for WAEC, you must develop a positive mindset toward your fate.

Don’t say, “WAEC is very hard I don’t know whether I will pass” and don’t believe anyone that says you cannot pass WAEC 2023 on your own.

Have the mentality, “If others passed WAEC 2023 in the past, then I will be like them. Refuse to be identified with failure or those that failed in the past.

Even if this year’s WAEC Exam is not your first time, it doesn’t mean that you cannot pass WAEC 2023 marketing this time around.

Sit for maths 2023/2024 with a refined mindset. Nothing will make you fail WAEC 2023. Until your mindset is positive, your life will not be positive.

If you are really serious about passing WAEC 2023 Accounting, try and avoid bad companies. They will discourage and engage you in activities that will not enhance your success. Remember that their mindset may not correspond to yours.

3. Set Good Targets and Plans:

If you have made up your mind to pass WAEC Financial Accounting 2023, the next thing you should do is set targets. Write down the type of grades you want in WAEC 2023. If you want all As, zero Fs, and Zero Es then you should start planning it now.

Make sure you create a timetable and master plan to achieve your set goals. Remember, it takes nothing to dream but it takes everything to focus on your dream.

4. Get WAEC Accounting Recommended Textbooks 2023:

One of your plans should be to get the WAEC 2023 Financial Accounting recommended textbooks. Normally, the West African Examination Council recommends books for the examination.

But apart from WAEC 2023 literature in English where certain novels are compulsory, you are free to use any good textbook to prepare for WAEC 2023 Accounting exam.

Some topics are more difficult to understand. If you have any topic you are finding difficult to understand, then get another textbook that will make things simple for you.

5. Get WAEC Accounting Past Question:

This is a very good plan. Since WAEC 2023 and WAEC 2023 are of the same standard, you could use the same past questions to study for both.

If you are confused about how to get WAEC past questions. They are sold in good bookshops around. It is possible that the school where you registered could offer to give you some current past questions that will help you in WAEC 2023.

6. Start Preparing for WAEC Accounting 2023:

Stop wasting your time. Now that you have gotten textbooks and past questions, the next thing is to begin your reading. Early reading and practice are good for you; you will pass well on WAEC 2023.

7. Avoid Skipping Examples and Exercises:

It is very unfortunate that Secondary school students are fond of skipping exercises and even examples while studying textbooks.

They loved notebooks so much that they could ask, “can I read my Accounting, Mathematics, etc notebooks and pass WAEC 2023?”

Don’t be scared of attempting exercises; they are there to help you. Face it and overcome it!

8. Test Yourself on WAEC Accounting Questions and Answers

This is a good practice. Once in a while, answer full one year Accounting past questions on your own without checking the answers. Then mark to see your score. This will help you in many aspects.

9. Do Constant Practice:

Don’t get discouraged when certain topics are annoying, keep on practicing until you master everything. Never give up and never say never. Keep on keeping on….

10. Create Time for Recreation

Create time for yourself where you play and ease off stress. Do not overwork yourself; it can make you waste time unnecessarily. Once you work more than necessary, you are not gaining anything.