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FINANCIAL ACCOUNTING


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THEORY QUESTIONS
WAEC SYLLABUS

WASSCE 2017

Objectives



1. Customers used the financial statement of a company to

A. Assets the financial position of the business

B. Regulate their activities.

C. Ascertain the taxable profit of the business

D. Be sure of the extent of job security.


2. The claim on the assets of a business by outsiders is.

A. Capital.

B. Liabilities.

C. Reserve.

D. Provision.


3. A document sent by a bank to its current account customers detailing their transactions over a given period is.

A. bank reconciliation statement

B. bank statement

C. credit transfer

D. Banker’s Advice.


4. Which of the following items will not be entered in the adjustment cash book?

A. Dishonored cheque.

B. Direct payments to bank

C. Unaccredited cheque

D. Standing order payment.


5. It a petty cashers has a cash float of Le39,000 and Le 37,500 is spent, he will be reimbursed with.

A. Le 40,500

B. Le 39,000

C. Le 37,500

D. Le 1,500


ANSWERS

6. A suspense account is used in the.

A. Prevention of Errors.

B. corrections of Errors.

C. Detection of Errors.

D. Creation of Errors.


7. A credit purchase of GH¢200 form Osae was posted to the account of P.Osei. This is an error of.

A. Principle.

B. Commission.

C. Omission.

D. Original Entry.


8. Discount allowed on goods involved at GH¢ 100 was calculated at the rate of 20% instead of 10%. This error is corrected by debiting.

A. Customer account with GH¢20,000: crediting discount allowed with GH¢20.000.

B. Discount allowed with GH¢10.00: crediting discount allowed with GH¢20.000

C. Customer account with GH¢10,000: crediting discount allowed with GH¢10.000

D. Discount allowed with GH¢20.000: crediting discount allowed with GH¢10,000


9. The balance sheet equation shows.

A. Current Assets minus current Liabilities.

B. The differences between fixed Account and current liabilities

C. Assets and sources of financing them

D. Sources of funding owner’s equity.


10. The effect of profit when the closing stock is understated is.

A. Increases in profit.

B. decrease in profit.

C. No change in profit.

D. Appropriation of profit.


ANSWERS

11. Which of the following describe a rail balance? A. It shows all the entries in the books. B. It reveal the financial position if the business C. It is a list of accounting balance on the books D. It is a special account.


12. The accounts of Jute Enterprise in the books of a supplier, will be a. A. Normal account in the general ledger. B. Personal account in the sales ledger C. Personal account in the purchases ledger D. Real account in the general ledger.


13. Which of the following account are found in the normal ledger? I. Advertising II. Motor repairs. III. Additions to motor Vehicle A. I and II only. B. I and III only. C. II and III only. D. I, II, and III


14. Accounts payable is classified as. A. Prepayment. B. Provision. C. Current Liability. D. Long-term Liability.


15. The accounting concept that provides that accounting statements should not be influenced by personal opinion is. A. Materiality. B. Periodicity. C. Objectivity. D. Conservatism.


ANSWERS

16. The prudence concept demands that.

A. Care is exercised in reconciliation of profit.

B. Loss should not be anticipated

C. Profit should be reported.

D. Income should be recognized and disclosed.


17. Carriages outwards expenses of a business are treated in the.

A. Balance Sheet.

B. income surplus Account.

C. Profit and Loss Account.

D. Trading Account.


18. The cost of transporting purchased goods to the warehouse is charged to the.

A. Profit and loss Account

B. Appropriate Account

C. Trading Account.

D. Income Surplus Account


19. An organization purchases an equipment for GH¢112,000. It is expected to be used for 6 years then sold for GH¢16,000. What is the annual amount of depreciation, if the straight-line method is used?

A. GH¢16,000.

B.GH¢15,000

C. GH¢12,800

D. GH¢12,000


Using the following information to answers questions 20 to 21


--------------------------------------------------------------------------------------D

Sales Ledger Balance -------------01/06/12 ---------------------------9,000

---------------------------------------------30/06/12 -------------------------30,000

Total for the month: ------Cash Sales -------------------------------10,000

Return inwards --------------------------------------------------------------3,000

Cheque dishonored -------------------------------------------------------4,000


20. The credit sales for the month is

A. D36,000

B. D31,000

C. D20,000

D. D10,000


ANSWERS

21. The total sales for the month are.

A. D36,000

B. D31,000

C. D30,00

D. D20,000


22. THE EXCESs of the market value of goods production over the cost of production is.

A. Profit on manufacturing.

B. Net profit

C. Goodwill

D. Gross profit.


23. Factory wages from part of.

A. Administration cost.

B. Selling and Distribution cost.

C. overheads cost.

D. Prime cost


24. Production cost of a manufacturing firm is made up of.

A. Indirect materials and Prime cost.

B. Factory overhead and Prime Cost

C. Direct materials and wages

D. Factory Overheads and direct materials


25. In a manufacturing enterprises depreciation of part o plant is treated in the.

A. Trading Account.

B. Profit and Loss Account.

C. Manufacturing Account.

D. Appropriate Account.


ANSWERS

26. The purpose of keeping Sales and Purchase Ledger Control Account is to.

A. Match credit sales and credit purchases

B. Equate debtors’ balance to creditors balance

C. Verity total debtors and total creditors balances

D. Determine cash sales and cash purchases.


27. Which of the following items will appear in the Total creditors Account?

A. Discount Allowed.

B. Credit ales.

C. Discount received.

D. Cash Purchase.


28. A disadvantage of single entry system of book-keeping is that.

A. The profit for the period is reduce

B. It is difficult to determine the profit for the period

C. Total sales for the period is reduce

D. The owner of the firm withdraws money from the enterprise


29. Which of the following accounts or statement is used to determine credit purchases figure in an incomplete Records?

A. Bank Account.

B. Control Account.

C. Profit and Loss Account.

D. Statement of Affairs


30. A trader sells goods at an average margin of 20%. His cost of sales for the month amounted to 720,000. What is his profit figure?

A. 900,000

B. ₦864,000.

C. ₦840,000

D. ₦ 180,000


ANSWERS

31. Donations to a club are.

A. Credited to the income and Expenditure.

B. Credited to the Receipts and Payments Account

C. Debited to the income and expenditure Account

D. Debited o Donations Account


32. A statement of Affairs shows.

A. Receipt ad payment.

B. Revenue and expenditure

C. Profit and Loss


33. In a non-for-profit making organization, the Receipt and payments Accounts is the equivalent pf.

A. Profit and Loss Account.

B. Income and Expenditure Accounts

C. Cash Book

D. Balance Sheet


34. Where there is no agreement between the partners, the partnership act states that,

A. 5% interest is to be paid on capital

B. Profits and losses is to be shared in proportion to their capital

C. 50% interest is to be charged on drawings

D. No salary is to be paid to partners.


35. Interests on partners drawings are debited in the

A. Partners current Accounts and credited to the appropriation Account.

B. Drawings Account and credited to the Profit and loss Account.

C. Profit and loss Account and credited to the partners current Account

D. Profit and loss Account and credited to the partners drawings Account.


ANSWERS

36. Goodwill may be brought into the book when.

A. No partners retire.

B. Assets are more than Liabilities.

C. Profit for the period is high.

D. New partners is admitted


37. Working capital is excess of.

A. Current Assets over fixed Assets

B. Current Liabilities over Current Assets

C. Fixed Assets over current Liabilities.

D. Current Assets over current Liabilities


38. Share premium is classified in the balance sheet as

A. Fixed capital.

B. Capital Reserve.

C. Revenue Reserve.

D. Short-term Capital.


Using the following information to the answer question 39 to 40


---------------------------------------------------------₦

Opening Stock -----------------------------------2,300

Purchases ---------------------------------------11,874

Sales ----------------------------------------------18,600

Closing Stock -----------------------------------3,000

Cost of goods sold --------------------------11,500


39. The percentage of gross profit to sales is.

A. 62.82%

B. 38.17 %

C. 28.49%

D. 14.25%


40. What is the rate of stock turnover?

A. 7 Times.

B. 6 times.

C. 5 times.

D. 4 times.


ANSWERS

41. When allotment of shares is made applicants for shares of a company became.

A. Promoters.

B. creditors.

C. debtors.

D. shareholders


42. The objective of a departmental Account is to ascertain the.

A. Numbers of staff in the department.

B. Departmental performance.

C. Stock held by the department

D. Departmental turnover.


43. In department accounting, when goods are sent from one department to another for sales, the transaction is treated as.

A. inters department transfer.

B. Inter Department sales.

C. Intra departmental Purchases.

D. Intra department sales


44. A branch that keeps its own records prepares the records of transactions with the head office in the.

A. Branch Current Account.

B. Branch Stock Account.

C. Head Office Current Account.

D. Profit and Loss Account.


45. The account entries when goods are sold on credit at the branch are debit

A. Branch Debtors Account: Credit Sales Account

B. Branch Current Account: Credit Sale Account

C. Branch Debtors Account: Credit Head Office Current Account

D. Head Office Current Account: Credit Sales Account.


ANSWERS

46. Which of the following is not a method of charging goods to Branch by the head office?

A. Net realizable value.

B. Cost Price.

C. Cost plus Profit.

D. Selling price.


Using the following information to the answer question 47 to 48





47. Recurrent expense for the year is.

A. D112,000

B. D84,000

C. D77,000

D. D49,000


48. Capital expenditure for the Local Government is.

A. D473,000

B. D438,000

C. D422,000

D. D410,000


49. A Reserve is a.

A. Set aside for profit for an known liability

B. Of loss from trading activities.

C. Of profit from trading activities

D. Set aside from profit for specific purpose


50. An amount set aside to meet expenses whose value is not certain is.

A. Reserve.

B. Liability.

C. Provision.

D. Prepayment.



WASSCE JUNE 2017 FINANCIAL ACCOUNTING OBJECTIVE TEST

ANSWERS

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


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