WAEC Book Keeping Questions and Answers 2023: See all the expected Theory and Objective Questions and Answers for the 2023 Examination in this article.
If you are a candidate of the 2023 May/June WAEC Examination, you have to take advantage of this important information that I am going to share with you in this article.
The following are the Correct WAEC Book Keeping Questions for the forthcoming examination:
1. A statement drawn up to show assets and liabilities is
A. bank statement.
B. balance sheet.
C. statement of account.
D. general journal.
2. Discounts allowed and received are recorded in the
A. three Column Cash Book.
B. bank Statement.
C. single Column Cash Book.
D. petty Cash Book.
3. Which of the following is not a trial balance item?
A. Opening stock
B. Closing stock
D. Discounts received
4. The excess of expenditure over income in an income and expenditure account is
WAEC Book Keeping Answers to Objective Questions 2023
Note: The answers below are for 2022
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2023 WAEC Book Keeping Theory Questions
The expected theory questions on WAEC Book Keeping are as shown below:
1. Explain the following terms:
(a) Trial balance
(b) Petty cash book
(c) Bad debts
(d) Balance Sheet
(e) General Journal
2. (a) Explain the term depreciation of asset.
(b) Give eight examples of depreciable asset.
(c) Outline two methods of calculating depreciation
3. (a) What is control account?
(b) State four uses of control account.
(c) State five uses of control account.
4. Enter the following transactions in the book of Ehi:
January 1. Bought goods on credit from Layi
10 rulers at N
16 exercise book at N
January 12. Purchased on credit from Ucha
15 shoes at N
16 shirts at N
Less 5% discount
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WAEC Book Keeping Answers(Essay)
(Pick Any Five) (i)Invoice
(iv)Petty cash Voucher
(v) statement of account
Cashbook: cash book is used in accounting to records all cash transactions in detail.
Return inward book: Return Inward book is used to record the goods returned to the business enterprise
Purchases Day book: The purchases day book is used to record all the purchase invoices for goods and services supplied on credit to the
Sales Day book: Sales Day book is used for recording all the credit sales of the business in one distinct place
(1 bv)Returns outward book: Returns outward is used to record the debit notes
Entrepreneur is the person who co ordinates, controls and organises the process of production inorder to make maximum output at minimum cost thereby making profits.
Stock valuation is the process of determining the current (or projected) worth of a stock at a given time period.
-CHARACTERS OF FIFO-
(i)it is easy to apply
(ii)the assumed flow of costs corresponds with the normal physical flow of goods.
-CHARACTERISTICS OF LIFO-
(i)It is used to account for inventory that records the most recently produced items as sold first.
(ii)The cost of the most recent products purchased (or produced) are the first to be expensed as cost of goods sold (COGS).
Expense in accounting is the money spent, or costs incurred, by a business in its effort to generate revenues. Example: Delivery expense
Revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Example: Service revenue
Loss is a decrease in net income that is outside the normal operations of the business. In other Words, losses can result from a number of activities. Example: sale of an asset for less than its carrying amount.
Capital is the value of the investment in the business by the owner(s). It is that part of the business that belongs to the owner; hence it is often described as the owner’s interest. Eg: Financial capital
How to Pass WAEC Book Keeping Questions
- Prepare very well for the Book Keeping Exams
- Use Book Keeping Recommended textbooks
- Have self-confidence
- Pray to God concerning your Book Keeping exams
- Go to the exams venue early
- Use WAEC syllabus.
If you still have any other questions about WAEC Book Keeping Questions and Answers 2023, kindly make use of the comment section.
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