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FINANCIAL ACCOUNTING


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2015

Objectives



1. Which of the following describes a trial balance?

A. It is a special account

B. It is a list of balances in the books

C. It reveals the financial position of a business

D. It shows all the entries in the books of a business


2. Which of the following is not a feature of accounting information?

A. Affordability

B. Timeliness

C. Accuracy

D. Completeness


3. Which of the following is the equation for determining net profit or loss from the records of a firm?

A. Closing capital- Drawings-Capital introduced

B. Opening capital+ Drawings – Closing capital

C. Closing capital + Opening capital – Drawings

D. Closing Capital + Drawings – Opening Capital


4. Purchase invoice is first entered in the

A. Purchases account

B. Cash book

C. Sales journal

D. Purchase journal


5. Assets acquired is recorded by debiting

A. Asset Account, crediting Cash Account

B. Cash Account, crediting Asset Account

C. Purchase of business Account, crediting Sale of Business Account

D. Asset Account, crediting Purchase of Business Account


ANSWERS

6. Goods returned to a supplier is

A. Debited to Returns outwards account

B. Credited to Returns outwards account

C. Debited to Returns inwards account

D. Credited to Returns inwards account


7. Which of the following is a real account?

A. Plant account

B. Salaries account

C. Creditors account

D. Trading account


8. The accounting ledger for goods sold on credit are debit

A. Debtors Account, credit Sales Account

B. Creditors Account, credit Sales Account

C. Sales Account, credit Debtors Account

D. Sales Account, credit Creditors Account


9. Which of the following is not a book of original entry?

A. Sales journal

B. Purchases account

C. Cash account

D. Return inwards journal


10. Which is the ledger entry for the sale of plant and machinery on credit to Wilson?

A. Credit Sales Account and debit cash Account

B. Credit Plant and Machinery Account and debit Wilson’s Account

C. Credit Sales Account and debit Wilson’s Account

D. Credit Plant and Machinery Account and debit Cash Account


ANSWERS

11. Discount Received Account is a

A. Real account

B. Personal account

C. Nominal account

D. Profit and loss account


12. Which of the following accounts has a credit balance?

A. Capital

B. Cash

C. Drawings

D. Premises


13. The accounting entry to correct sales day book overcast is

A. Debit sales account and credit debtors account

B. Debit Suspense account and credit Sales Account

C. Debit Debtors Account and credit Suspense Account

D. Debit Sales Account and credit Suspense Account


14. Which of the following expresses the accounting equation?

A. Capital + Assets = Liabilities

B. Assets – Liabilities = Capital

C. Liabilities + Current Assets = Fixed Assets

D. Liabilities – Capital = Current Assets


15. When the invoice of a customer is overcast, the supplier will send to him a

A. Cheque

B. Payment voucher

C. Debit note

D. Credit note


ANSWERS

16. Unpresentedcheques are cheque

A. That have been recorded in the cash book, but not by the bank

B. That have been received by the bank, but recorded in the cash book

C. Returned in the bank

D. Written, but not handed over to customers


Use the following information to answer questions 17 to 18.





17. Advertising owing in respect of the year ended June 30, 2012 is

A. GH¢12,000

B. GH¢9,000

C. GH¢6,000

D. GH¢3,000


18. What was the amount charged to the profit and loss account in respect of advertising for the year ended June 30, 2012?

A. GH¢36,000

B. GH¢30,000

C. GH¢27,000

D. GH¢24,000


19. Electricity in arrears as at June 30, 2012 amounted to

A. GH¢12,000

B. GH¢10,000

C. GH¢8,000

D. GH¢24,000


20. The cost of putting goods into a saleable condition is charged to

A. Balance sheet

B. Trial balance

C. Profit and loss account

D. Trading account


ANSWERS

21. Which of the following is not a method of depreciating fixed assets?

A. Revaluation

B. Straight line

C. Diminishing balance

D. Obsolescence


22. In preparing a profit and loss account, a decrease in provision for doubtful debts accounts is treated as

A. Current ability

B. Expenses

C. Income

D. Current asset


23. Which of the following items is found in the sales ledger control account?

A. Discount received

B. Total credit purchases

C. Discount allowed

D. Returns outward


24. The process of using sales ledger to cancel off purchases ledger balance is

A. Balancing

B. Set off

C. Reconciliation

D. Cancelling


25. The total of the returns outwards journal is posted to the

A. Credit side of the returns outwards book

B. Debit side of the returns outwards account

C. Debit side of the purchases returns book

D. Credit side of the returns outwards account


ANSWERS

26. Which of the following is not revealed by a firm’s accounting records?

A. Profit of a period

B. Quality of labour force

C. Credit worthiness

D. Value of assets


Use the following information to answer questions 27 to 29.





27. Opening capital is

A. D 5,660

B. D 5,060

C. D 4,460

D. D 2,960


28. Closing capital is

A. D 8,100

B. D 7,400

C. D 6,700

D. D 5,200


29. Net profit for the year is

A. D 12,260

B. D 3,740

C. D 2,440

D. D 2,040


30. In the balance sheet of a social club, subscription owing is treated as a

A. Current liability

B. Current asset

C. Tangible asset

D. Long term liability


ANSWERS

31. The accounting concept that allows the cost of a kitchen cutlery to be expensed, though it will be used for more than one year is

A. Materiality

B. Accrual

C. Going concern

D. Business entity


32. The accounting concept that assumes that a business will continue operating for an indefinite period is

A. Business entity

B. Going concern

C. Consistency

D. Duality


33. The accounting concept that states that a firm’s financial affairs must be separated from that of the owner’s private transactions is

A. Business entity

B. Going concern

C. Consistency

D. Duality


34. Goodwill is recognized in partnership accounts when

A. The business makes a huge profit

B. The business has good customer relationship

C. A partner is dormant

D. A new partner is admitted


35. In which of the following accounts is interest on partners’ capital found?

A. Profit and loss

B. Trading

C. Income surplus

D. Profit and loss appropriation


ANSWERS

36. Which of the following is not stated in the partnership agreement?

A. Profit sharing ratio

B. Interest on capital

C. Interest on fixed asset

D. Purpose of partnership


Use the following information to answer questions 37 and 38.


Mr. White acquired Mr. Black’s business for GH¢ 410,000. The total assets were GH¢ 670,000 and liabilities amounted to GH¢ 320,000?


37. How much was paid for goodwill?

A. GH¢ 350,000

B. GH¢ 260,000

C. GH¢ 90,000

D. GH¢ 60,000


38. The double entry to record the goodwill in the books is debit

A. Cash Account and credit Goodwill Account

B. Goodwill Account and credit Purchases of Business Account

C. Goodwill Account and credit Cash Account

D. Purchase of Business Account and credit Cash Account


39. The document which sets out the internal arrangement for the proper management of a company is the

A. Prospectus

B. Article of Association

C. Memorandum of Association

D. Certificate of Incorporation


40. A person who has applied to purchase shares in a company is referred to as

A. A promoter

B. A subscriber

C. An allottee

D. An underwriter


ANSWERS

41. Which of the following expenses is allocated according to the floor area?

A. Wages and Salaries

B. Rent and rates

C. Canteen expenses

D. Discount allowed


42. Goods stolen at the branch is debited to

A. Defalcations Account

B. Branch Stock Account

C. Branch Adjustment Account

D. Branch Debtors Account


43. Which of the following is a source of revenue for a local government?

A. Personal Income tax

B. Company registration fees

C. Royalties

D. Market tolls


44. The instrument used to release funds which the Minister of finance had earlier withheld is

A. Reserve expenditure warrant

B. Supplementary general warrant

C. Provisional general warrant

D. Supplementary statutory warrant


45. Which of the following relates to cash basis of accounting?

A. Accruals and prepayments are considered

B. Debtors and creditors are recorded

C. Fixed assets are written off in the year of purchase

D. Profits are maximized


ANSWERS

Use the following information to answer questions 46 and 47.





46. Ade’s share of profit is

A. ₦ 5,500

B. ₦ 4,250

C. ₦ 2,750

D. ₦ 1, 250


47. Bola’s share of profit is

A. ₦ 4,500

B. ₦ 4,250

C. ₦ 3,000

D. ₦ 2,750


48. Which of the following is found on the credit side of a partnership’s appropriation of profit account?

A. Interest on capital

B. Interest on drawings

C. Share of profit

D. Drawings


49. Which of the following is a spreadsheet application?

A. Excel

B. Word

C. Internet

D. Windows


50. The quality of output information depends on the

A. Quality of input data

B. Time of processing

C. Speed of processing

D. Quantity of output device



WASSCE JUNE 2015 FINANCIAL ACCOUNTING OBJECTIVE TEST

ANSWERS

​1. B 2. A 3. D 4. D 5. A 6. B 7. A 8. A 9. C 10. B 11. C 12. A 13. D 14. B 15. D 16. A 17. B 18. A 19. D 20. D 21. D 22. C 23. A 24. B 25. D 26. B 27. C 28. C 29. B 30. B 31. A 32. B 33. A 34. D 35. D 36. C 37. D 38. B 39. C 40. B 41. B 42. C 43. D 44. B 45. D 46. ₦1,500 47. ₦1,500 48. B 49. A 50. A


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