Get 2025 WAEC GCE Financial Accounting (Objective and Theory/Essay) Questions and Answers for Private Candidates (Jan/Feb 1st Series and Nov/Dec 2nd Series). Access the complete 2025 WAEC GCE Financial Accounting Objective (OBJ) and Theory/Practice Questions and Answers, and download the free WAEC Financial Accounting syllabus in PDF.
This is to inform the general public that the West African Examinations Council (WAEC) has provided helpful materials on Financial Accounting to help you prepare for the final exam, which will take place on Wednesday, 12th November, 2025. The exam will consist of Financial Accounting 2 (Theory/essay) and Financial Accounting 1 (Objective).
These resources are designed to guide you on what is expected and how to perform your best in the Senior School Certificate Examination (SSCE).
WAEC 2025 Financial Accounting Questions and Answers – Time/Date:
| Subject | Exam Type | Time | Duration |
|---|---|---|---|
| Financial Accounting 2 | Theory & Essay | 08:30 – 11:00 | 2 hrs 30 mins |
| Financial Accounting 1 | Objective | 11:00 – 12:00 | 1 hr |
2025 WAEC GCE Financial Accounting (THEORY/ESSAY) Questions and Answers:
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2025 WAEC GCE Financial Accounting (OBJ) Questions and Answers:
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WAEC GCE Financial Accounting Questions and Answers
Objective (OBJ) Answers – 2024
| Q No | Answer | Q No | Answer | Q No | Answer |
|---|---|---|---|---|---|
| 1 | B | 11 | C | 21 | A |
| 2 | C | 12 | B | 22 | D |
| 3 | B | 13 | C | 23 | D |
| 4 | D | 14 | A | 24 | C |
| 5 | A | 15 | A | 25 | A |
| 6 | C | 16 | A | 26 | C |
| 7 | B | 17 | A | 27 | D |
| 8 | B | 18 | A | 28 | D |
| 9 | B | 19 | C | 29 | D |
| 10 | B | 20 | A | 30 | A |
Theory (Essay) Answers – 2024
1(a) Role of an Accountant & Qualities of Accounting Information
Role of Accountant: Prepares financial statements to provide management with information for informed decision-making.
Qualities of Accounting Information:
- Relevance: Useful for decision-making.
- Reliability: Accurate and error-free.
- Understandability: Clear and easy to interpret.
- Timeliness: Provided promptly for decisions.
1(b) Users of Accounting Information
- Management – strategic planning.
- Investors – financial evaluation.
- Creditors – loan assessment.
- Employees – job security insights.
- Customers – evaluate company stability.
- Regulatory Bodies – ensure compliance.
- Competitors – market performance analysis.
3. Accounting Concepts
- Accruals Concept: Record income and expenses in the period they relate to.
- Going Concern: Business assumed to continue operations indefinitely.
- Consistency: Use the same accounting methods across periods.
- Prudence (Conservatism): Avoid overstating assets and income; recognize probable losses.
- Materiality: Include all significant information; minor items can be aggregated.
4(a) Depreciation
Systematic allocation of asset cost over its useful life to match expenses with revenue.
4(b) Importance of Depreciation
- Accurate financial reporting.
- Asset replacement preparation.
- Tax benefits (reduces taxable income).
4(c) Factors Affecting Depreciation
- Cost of the asset (purchase price + installation).
- Useful life of the asset.
- Salvage (residual) value at end of life.
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Financial Accounting Past Objective Questions (OBJ)
| Question | Options | Answer |
|---|---|---|
| Which of the following is not a principle of accounting? | A) Consistency B) Prudence C) Transparency D) Liquidity |
C) Transparency |
| What is the primary purpose of financial accounting? | A) To determine the tax liability B) To provide information for internal decision-making C) To prepare financial statements for external users D) To comply with legal requirements |
C) To prepare financial statements for external users |
| Which financial statement summarizes revenues and expenses over a period? | A) Balance Sheet B) Statement of Cash Flows C) Income Statement D) Statement of Changes in Equity |
C) Income Statement |
Financial Accounting Past Essay Questions
1. Importance of the Trial Balance
The trial balance is a key tool in accounting that ensures the accuracy of the double-entry bookkeeping system. It lists all general ledger accounts and their balances at a specific date. Key points include:
- Error Detection: Highlights mathematical errors if total debits do not equal total credits.
- Financial Statement Preparation: Provides a foundation for preparing income statements and balance sheets.
- Management Tool: Offers a snapshot of financial position to aid decision-making.
Conclusion: Trial balances are essential for reliable and accurate financial reporting.
2. Cash Basis vs Accrual Basis Accounting
These are two fundamental methods of recording financial transactions:
Cash Basis Accounting
- Records revenues and expenses only when cash is received or paid.
- Provides a clear picture of cash flow.
- Does not reflect obligations or receivables, which may misrepresent financial position.
Accrual Basis Accounting
- Records revenues and expenses when earned or incurred, regardless of cash movement.
- Gives a more accurate view of financial health.
- Requires detailed record-keeping and is slightly more complex.
Summary: Cash basis is simpler but limited, while accrual basis is comprehensive and provides accurate financial insight.
Disclaimer: We do not support exam malpractice. We only provide study materials to help you prepare and pass your WAEC GCE First Series exams.
 Answers – 12th Nov){kind=link}