Get latest essay and objective questions and answers for the 2024 WAEC GCE Financial Accounting 2nd Series – Attention all candidates taking the 2024 West African Examinations Council (WAEC) General Certificate of Education (GCE) November/December exam! We are excited to announce that the Financial Accounting Objective and Essay questions and answers for the second series (2nd) are now available right here.
WAEC GCE Financial Accounting Exam Details
Exam: Financial Accounting 2 (Objective and Essay/Theory)
Date: Wednesday, 13th November 2024
Time:
- Financial Accounting 2 (Theory and Practice): 9:30am – 12:00pm.
- Financial Accounting 1 (Objective): 12:00pm – 1:00pm.
Get Early Access to WAEC GCE Financial Accounting 2nd Series Questions and Answers
We’re offering free Financial Accounting Objective and Essay questions and answers for private candidates in the second series. This is a fantastic opportunity to boost your preparation and enhance your chances of success!
WAEC GCE Financial Accounting Theory (Essay) Answers 2024
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WAEC GCE Financial Accounting Objective (OBJ) Answers 2024
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Study Materials for 2024 WAEC GCE Financial Accounting
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In this article, I will provide you with all the past Objective (OBJ) and Essay questions, along with sample answers for the WAEC GCE Financial Accounting exam.
Financial Accounting Past Objective Questions (OBJ)
- Which of the following is not a principle of accounting?
- A) Consistency
- B) Prudence
- C) Transparency
- D) Liquidity
Answer: 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
Answer: 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
Answer: C) Income Statement
Financial Accounting Past Essay Questions
- Discuss the importance of the trial balance in the accounting process.
Sample Answer: The trial balance is a critical tool in the accounting process, serving as a check on the accuracy of the double-entry bookkeeping system. It lists all the general ledger accounts and their balances at a specific point in time. The primary importance of the trial balance includes:
- Error Detection: It helps in identifying mathematical errors in the ledger. If the total debits do not equal the total credits, it indicates an error that needs investigation.
- Financial Statement Preparation: A balanced trial balance provides a foundation for preparing financial statements, such as the income statement and balance sheet.
- Management Tool: It provides management with a snapshot of the company’s financial position, aiding in decision-making.
Overall, the trial balance is essential for ensuring accuracy and reliability in financial reporting.
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- Cash Basis Accounting: This method records revenues and expenses only when cash is received or paid. It is straightforward and provides a clear picture of cash flow. However, it may not accurately reflect the company’s financial position at any given time, as it does not account for money that is owed or receivable.
- Accrual Basis Accounting: In contrast, accrual accounting records revenues and expenses when they are earned or incurred, regardless of when cash is exchanged. This method provides a more accurate picture of a company’s financial health, as it includes all obligations and receivables. However, it can be more complex and requires more detailed record-keeping.
Explain the difference between cash basis and accrual basis accounting.
Sample Answer: Cash basis and accrual basis accounting are two fundamental methods of recording financial transactions:
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