Waec 2022 Financial Account questions and answers

Waec 2022 Financial Account questions and answers






(i) Sales ledger account
(ii) Purchase Ledger account
(i) General ledger account

(i) It is used to detect missing figures
(ii) It helps to prevent fraud

(i) Cheques to creditors
(ii) Cash to suppliers
(iii) Discount received
(iv) Bill payable

(i) Dishonoured cheque
(ii) Carriage outward
(iii) Discount disallowed
(iv) Debit note issue

Goodwill is an intangible asset that is associated with the purchase of one company by another. In other words goodwill is the portion of the purchase price that is higher than the sum of the net fair value of all of the assets purchased in the acquisition and the liabilities assumed in the process.

(i)goods and services
(ii)wages and salaries
(iii)interest payments
(iv)subsidies and transfers.

(i)Raw materials; are the basic components that are used by the manufacturer to process or convert them into finished goods or subassemblies.
(ii)Work in progress; is inventory type which is described as partially finished goods or raw materials awaiting completion.
(iii)Finished goods; is the form of inventory on which complete manufacturing/ processing costs are incurred and the product is ready to be sold/ distributed.


An accumulated fund holds excess money received by a non-profit organization (NPO). Similar to the retained earnings of a for-profit firm, the accumulated fund grows when revenues are greater than expenses and there is a budgetary surplus.

Statement of Affairs – or a SOA – is a document typically prepared by an accountant, which details a company’s assets and liabilities. It is designed to provide an overview of the company’s financial position and is particularly useful during when a com.

– Donations.
– Subscriptions/ Dues.
– Entrance fees.
– Fines.
– Profits from bar.

(I) Nature

• Receipts and Payments Account
– It is a summary of cash and bank transactions

• Income and Expenditure Account
– It is a summary of current year income and expenses

Revenue and Capital

• Receipts and Payments Account
– It records transactions related to both revenue and capital nature.

• Income and Expenditure Account
– It records transactions related to revenue nature only.

Type of account

• Receipts and Payments Account
– It is a Real Account

• Income and Expenditure Account
– It is a Nominal Account.


1. To know the financial position of each and every department separately, it is helpful to make a comparison.

2. Calculate commission of the managers department wise.

3. Evaluate performance, planning, and control.

4. For Investors and outsiders may know the detailed information.





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