Did you know that Financial Accounting is consistently ranked among the top 5 most failed WAEC subjects, especially in the GCE First Series? Are you a WAEC GCE Candidate, if yes then the WAEC GCE Financial Accounting 2026: 1st Series (Objective, Theory & Practice) is for you. Every year, thousands of candidates lose easy marks, not because the subject is too hard, but because they do not understand how WAEC sets Accounting questions.
If you are sitting for the 2026 Jan/Feb WAEC GCE Financial Accounting, this guide will walk you through everything you need to know:
✔ Exam overview
✔ Objective & essay past questions with answers
✔ Common WAEC Accounting practical formats
✔ Smart tips that examiners won’t tell you
note: This Article is not only for Students alone; Whether you are a private candidate, school leaver, or repeat candidate, this article will help you prepare strategically and confidently.
2026 Jan/Feb WAEC GCE Financial Accounting: Exam, Theory & Objective
Overview of WAEC GCE Financial Accounting 2026– (Jan/Feb 1st Series)
The 2026 Jan/Feb WAEC GCE Financial Accounting examination is designed to test candidates’ understanding of accounting principles, calculations, interpretation of financial records, and real-life business applications.
Unlike some theory-heavy subjects, Accounting is logic-based. Once you understand the structure, you can score very high, even without cramming.
What WAEC Tests in Financial Accounting
WAEC Financial Accounting focuses on your ability to:
Record business transactions correctly
Prepare final accounts
Interpret financial statements
Apply accounting principles and concepts
Solve numerical problems accurately
WAEC GCE 2026 Financial Accounting Exam Structure
The Financial Accounting paper is divided into three main sections:
FIG 1
Paper 1 – Objective (Multiple Choice)
50 questions
Duration: 1 hour
Covers theory, calculations, and concepts
Paper 2 – Essay
Long-form theory and numerical questions
Duration: 2 hours
Includes preparation of accounts
Paper 3 – Practical / Alternative to Practical
Real-life accounting scenarios
Ledger entries, trading accounts, profit & loss accounts
Note: Many candidates fail because they underestimate Paper 3.
WAEC GCE 2026 Financial Accounting Objective Questions & Answers
Objective questions test speed, accuracy, and understanding of basic principles.
Below are realistic WAEC-style questions based on past trends:
Sample Objective Questions
1. Which of the following is NOT a book of original entry?
A. Sales journal
B. Cash book
C. Trial balance ✅
D. Purchases journal
2. The double entry principle states that:
A. Every transaction affects only one account
B. Every debit has a corresponding credit ✅
C. Expenses must always be credited
D. Assets must be debited only
3. Which account is debited when goods are bought on credit?
A. Sales account
B. Purchases account ✅
C. Creditor’s account
D. Cash account
4. Carriage inward is treated as:
A. An expense
B. An income
C. Part of cost of goods purchased ✅
D. Capital expenditure
5. The balance on a cash book represents:
A. Profit or loss
B. Assets and liabilities
C. Cash at hand or bank balance ✅
D. Owner’s equity
Exam Tip: WAEC loves testing definitions and treatment of accounts. Don not rush objective questions.
WAEC GCE 2026 Financial Accounting Essay Questions & Answers
Essay questions carry the highest marks, especially numerical questions.
Question 1: Define Financial Accounting and state three of its objectives.
Answer:
Financial Accounting is the process of recording, classifying, summarizing, and interpreting financial transactions of a business in order to determine its financial performance and position.
Objectives of Financial Accounting include:
To determine the profit or loss of a business
To show the financial position of the business
To provide useful information to stakeholders such as investors and creditors
Question 2: Explain the difference between capital expenditure and revenue expenditure.
Answer:
Capital expenditure refers to money spent on acquiring or improving fixed assets that will be used over a long period, such as buildings and machinery. Revenue expenditure refers to expenses incurred for day-to-day running of the business, such as wages, rent, and electricity bills.
Question 3: Prepare a Trading Account from the information below.
Solution (Simplified):
Opening Stock: ₦50,000
Purchases: ₦120,000
Carriage Inward: ₦10,000
Sales: ₦200,000
Closing Stock: ₦60,000
Trading Account (Extract):
Cost of Goods Sold = ₦120,000 + ₦10,000 + ₦50,000 − ₦60,000
Gross Profit = Sales − Cost of Goods Sold
WAEC expects clear workings, neat presentation, and proper headings.
SEE ALSO:
WAEC GCE TIMETABLE 2026: (1st Series) Jan/Feb PDF & Exam Important Tips
WAEC Biology Syllabus 2026/2027 | Recommended Textbooks
WAEC GCE Biology Jan/Feb 2026: PDF, Questions and Answers(Objective, Essay & Practical Guide)
Common Topics WAEC Repeats in Financial Accounting
If you are short on time, prioritize these topics:
Final Accounts (Trading, Profit & Loss Account)
Ledger Accounts
Trial Balance and Errors
Depreciation
Control Accounts
Cash Book
Partnership Accounts
Over 70% of WAEC Accounting questions come from these areas,
Real-Life 2026 Jan/Feb WAEC GCE Financial Accounting Practical Scenarios (WAEC Style)
WAEC often presents accounting questions as real-life business problems, such as:
A small trading business preparing final accounts
Correction of errors in a trial balance
Cash and bank transactions over a month
You must:
Use correct formats
Show calculations clearly
Balance accounts accurately
Smart Tips to Pass WAEC GCE Financial Accounting 2026
Here is what top scorers do differently:
1. Master Formats
WAEC marks heavily based on correct format. Even if your figures are wrong, format can save marks.
2. Practice Calculations Daily
Accounting is not a “read-only” subject. Practice consistently.
3. Avoid Common Mistakes
Mixing debit and credit sides
Forgetting headings
Ignoring narration
4. Manage Your Time
Spend:
30 minutes on planning
90 minutes answering
Final 10 minutes reviewing
Recommended Textbooks for WAEC GCE 2026 Financial Accounting
Comprehensive Financial Accounting for Senior Secondary Schools
WAEC Financial Accounting Past Questions & Answers
New Approach to Financial Accounting
Final Thoughts
Financial Accounting is one of the easiest WAEC subjects to score high in, if you understand the structure. The 2026 Jan/Feb WAEC GCE Financial Accounting exam will reward candidates who prepare smartly, not those who cram.
Start early, practice past questions, and always present your answers neatly. This blog is to motivate Candidates to remain consistent in their preparation for the upcoming exams, our team of bloggers always students/Candidates to always work with the TIMETABLE, Below is the WAEC_Jan_Feb_GCE_2026_Timetable
We wish you all Success in your Exams as you prepare for your different Examinations, make sure you share this information with your friends that may need the information therein, drop your comments anywhere you need help, and our TEAM OF BLOGGERS will be pleased to help you with every information for you so you can stay ahead and Updated. For More Information Visit https://www.waeconline.org.ng/
