WAEC GCE Financial Accounting Answers 2023 Wednesday 15th November

WAEC GCE Financial Accounting Answers 2023: Are you preparing for the WAEC GCE Financial Accounting exam that will take place on Wednesday 15th November 2023? If yes, then you are in the right place. In this blog post, I will share with you some tips on how to study for the exam, as well as some sample questions and answers that you can use to practice.

WAEC GCE Financial Accounting Questions and Answers 2023 for Wednesday 15th November

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How to study for the WAEC GCE Financial Accounting exam 2023/2024

The WAEC GCE Financial Accounting exam consists of two papers: Paper 1 and Paper 2. Paper 1 is a one-hour multiple-choice objective test that contains 50 questions drawn from the entire syllabus. Paper 2 is a 2½ hour essay-type test that contains two sections: Section A and Section B.

To study effectively for the WAEC GCE Financial Accounting exam, you should:

• Review the syllabus and understand the topics and subtopics that are covered in each section.
• Read your textbooks and notes and make summaries of the key points and concepts.
• Use past questions and answers to test your knowledge and familiarize yourself with the format and style of the exam.
• Practice writing essays on different topics and issues.
• Revise your work and check for errors and gaps in your understanding.

Sample WAEC GCE Financial Accounting questions and answers 2023/2024

Here are some sample WAEC GCE Financial Accounting questions and answers that you can use to practice for the exam. Note that these are not the actual questions that will appear in the exam, but they are similar in terms of content and difficulty.

1. What is the meaning of the term “double entry system” of accounting? A. A system of recording transactions in two books of accounts B. A system of recording transactions in two accounts with equal and opposite effects C. A system of recording transactions in two columns of a ledger account D. A system of recording transactions in two different methods of accounting Answer: B. A system of recording transactions in two accounts with equal and opposite effects
2. Which of the following is an example of a capital expenditure? A. Purchase of a new machine B. Repair of a damaged machine C. Payment of rent for a factory D. Payment of wages to workers Answer: A. Purchase of a new machine
3. How is the net profit or loss of a partnership firm distributed among the partners? A. In the ratio of their capital contributions B. In the ratio of their drawings C. In the ratio of their agreed profit-sharing ratios D. In the ratio of their interest on capital Answer: C. In the ratio of their agreed profit-sharing ratios
4. What is the effect of an overstatement of closing inventory on the financial statements of a business? A. It increases the gross profit and the current assets B. It decreases the gross profit and the current assets C. It increases the gross profit and the current liabilities D. It decreases the gross profit and the current liabilities Answer: A. It increases the gross profit and the current assets
5. What is the main purpose of preparing a bank reconciliation statement? A. To reconcile the cash book balance with the bank statement balance B. To reconcile the cash book balance with the petty cash book balance C. To reconcile the bank statement balance with the trial balance D. To reconcile the cash book balance with the trial balance Answer: A. To reconcile the cash book balance with the bank statement balance
6. What is the accounting equation for a sole proprietorship? A. Assets = Liabilities + Owner’s Equity B. Assets = Liabilities – Owner’s Equity C. Assets = Liabilities x Owner’s Equity D. Assets = Liabilities / Owner’s Equity Answer: A. Assets = Liabilities + Owner’s Equity
7. What is the difference between a cash discount and a trade discount? A. A cash discount is a reduction in the selling price for prompt payment, while a trade discount is a reduction in the list price for bulk purchases B. A cash discount is a reduction in the list price for bulk purchases, while a trade discount is a reduction in the selling price for prompt payment C. A cash discount is a reduction in the cost price for prompt payment, while a trade discount is a reduction in the selling price for bulk purchases D. A cash discount is a reduction in the selling price for bulk purchases, while a trade discount is a reduction in the cost price for prompt payment Answer: A. A cash discount is a reduction in the selling price for prompt payment, while a trade discount is a reduction in the list price for bulk purchases

Conclusion

The WAEC GCE Financial Accounting exam is an important test that assesses your knowledge and understanding of Financial Accounting and politics in West Africa and beyond. To prepare well for the exam, you should review the syllabus, read your textbooks and notes, use past questions and answers to practice your skills, write essays on various topics and issues related to Financial Accounting and politics. I hope this blog post has given you some useful information and tips on how to study for the WAEC GCE Financial Accounting exam.

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