WAEC Financial Accounting 2022 Questions and Answers

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2022 WAEC Financial Accounting Questions and Answers for SS3 school candidates. Are you among those looking for how to get Financial Accounting WAEC questions 2022? If yes, search no more because this article is for you. We will discuss how to get verified WAEC Financial Accounting Essay and Objective correct questions and Answers, how to answer Tuesday Financial Accounting WAEC questions 2022 essay & objective, and steps you need to pass the WAEC Accounting exam at a sitting.

You’re about to write the 2022 WAEC Financial Accounting exam and you want to make sure that you are prepared for it. But how do you know what will be on the WAEC Financial Accounting exam? That’s why we created this article so that you can find all of the questions and answers right here!

In this article, we explore how you can get 2022 WAEC Financial acoounting questions so that you can be well-prepared for your upcoming WAEC exam, and also understand how WAEC set Financial accounting questions and how to answer them. With this guide, you can make A or B on Fin. Accounting WAEC 2022 exam.

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What is WAEC Financial Accounting?

Financial Accounting is a qualification that is required by many employers, especially in the financial sector. It is a difficult exam to pass, but with the right preparation it is achievable. The best way to prepare for this exam is to use WAEC Financial Accounting Past Questions and Answers.

Possible Questions on WAEC Financial Accounting

1. What is the primary objective of financial accounting?
2. Explain the concept of double-entry bookkeeping.
3. How does the accrual basis of accounting differ from the cash basis?
4. Define and give examples of assets, liabilities, and equity.
5.What are the basic steps in the accounting cycle?
6. How do businesses prepare and use financial statements?
7. What are some common types of ratios used in financial analysis?
8. What are some common red flags that may indicate financial statement fraud?

Financial Accounting consists of two (2) parts which are Essay and Objective parts. This two parts are also know Paper 1 and Paper 2.

Paper 1 of WAEC Financial Accounting Questions 2022 will contain 50 objective questions to answer all. This objective questions has option A, B, C, and D. In which one option is the correct answer for each question. The next is Paper 2.

Paper 2 of 2022 Financial Accounting WAEC has essay questions with instructions.

WAEC Financial Accounting Questions and Answers 2022

Below are possible essay Financial Accounting WAEC questions and answers 2022:

(1a) What is Bank reconciliation?

(1b) Define the following terms.

  • Bank charges
  • Credit transfer
  • Dishonoured cheques
  • Standing order
  • Uncredited cheques

How to answer the financial accounting questions above.

Ans.

1a. The bank reconciliation is the comparison made between the accounting entries that a company has of its bank accounts and the adjustments made by the bank itself on those accounts.

1b.
Bank charges: This includes any fees a bank collects from customers, sometimes related specifically to an ordinary person’s account.

Standing order: A banker’s order allows a bank account holder to pay the same amount at the same intervals to someone else’s bank account.

Credit transfer: A transaction where a credit institution can transfer money to an account as long as the person making the request and who will be receiving the funds are both you.

Dishonoured cheques: This is a cheque that a bank, who the cheque is drawn on, won’t pay. There are many reasons why they wouldn’t want to honour the cheque, but the most common one is that there are not enough cleared funds in their account to cover it.

Next is WAEC Financial Accounting Objective Questions.

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WAEC Financial Accounting Objective Questions

Below possible objective questions for WAEC Financial Accounting for ss3 students exam.

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