If you are a candidate seeking WAEC Book Keeping Questions and Answers for 2023, you have arrived at the right place as we will break them down for you. We will go further to show you how WAEC Book Keeping questions are set and the best way to answer for full marks.
The West African Senior School Certificate Examination (WASSCE) is organized by WAEC in West African countries. The exam boasts millions of candidates each year due to its importance and over 15 subjects are sat in the exams including Book Keeping. That being said, let’s go through the questions and answers for the subject at hand.
WAEC Book Keeping Questions and Answers 2022/2023
Paper 1 – Objective
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
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Paper 2 – Essay
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 an asset.
(b) Give eight examples of a depreciable assets.
(c) Outline two methods of calculating depreciation
3. (a) What is a control account?
(b) State four uses of the 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 N50 each
- 16 exercise books at N120 each
- January 12. Purchased on credit from Ucha
- 15 shoes at N400 each
- 16 shirts at N120 each
- Less 5% discount
Answers to Section B Questions
(1a) (Pick Any Five)
(iv)Petty cash Voucher
(v) statement of account
(1bi) Cashbook: cash book is used in accounting to record all cash transactions in detail.
Return inward book: Return Inward book is used to record the goods returned to the business enterprise
(1biii) Purchases day book: The purchases day book is used to record all the purchase invoices for goods and services supplied on credit to the firm
(1biv) Sales Day book: Sales Day book is used for recording all the credit sales of the business in one distinct place
(1bv)Returns outward book: Returns outward book is used to record the debit notes
(2a) partnership business consists of two or more people who combine their resources to form a business and agree to share risks, profits, and losses. Common partnership business examples include law firms, physician groups, real estate investment firms and accounting groups.
(2b) (i)General Partner
(i)General partner: General partners are active in the business, doing the work of the company (being CPAs, for example) but also participating in management and decision-making.
(ii)Limited partners: Limited partners are passive. They have invested in the business but they don’t participate on a day-to-day basis in the running of the business.
(2c) (Pick Four)
(i)The partners will share profits and losses equally.
(ii)Partners will not get a salary.
(iii)Interest on capital will not be payable.
(iv)Drawings will not be chargeable with interest.
(v)Partners will get 6% p.a. interest on loans to the firm if they mutually agree.
(3a) Entrepreneur is the person who co-ordinates, controls, and organizes the process of production in order to make maximum output at minimum cost thereby making profits.
DISCLAIMER! These are not real WAEC GCE Book Keeping questions but likely repeated questions over the years to help candidates understand the nature of their examinations. Ensure to take note of every question provided on this page.
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