Get 2021 WAEC GCE Accounting Questions and Answers solutions

WAEC GCE accounting questions and answers 2021

Today’s 2021 WAEC GCE Accounting Questions and Answers. Are you GCE 2021 candidate? If yes, welcome to Examspot WAEC GCE Accounting Questions and Answers 2021. 

We explain how to get WAEC GCE Financial Accounting Essay and Objective correct questions and Answers, WAEC GCE Accounting Second Series 2021, GCE for WAEC 2021 Accounting. And steps you need to pass the WAEC GCE Accounting exam at a sitting.

Today’s WAEC GCE Financial Accounting Questions and Answers now available.

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Some of the questions below are from WAEC GCE Financial Accounting Past questions. WAEC sometimes does repeat past questions; that is why we selected some of them and answered below. 

Correct WAEC GCE 2021 Accounting Essay

Below are the WAEC GCE Accounting theory questions and answers (Not main). Each number answered correctly is 15 marks.

Question 1

(a)     What are accounting concepts?

(b)     Explain the following accounting concepts:

(i)    Business entity

(ii)   Accrual

(iii)  Going concern

(iv)   Consistency

(v)     Periodicity

(vii)   Historical cost

Answer

Question 2

(a)      Explain the operation of petty cash book using the imprest system.

(b)      Outline two disadvantages of the imprest system of keeping petty cash book.

(c)       State four uses of a petty cash voucher.

Question 3

(a)      What is a Bank reconciliation statement?

(b)      Explain the following terms:

(i)     Bank charges

(ii)    Standing order

(iii)   Credit transfer

(iv)   Dishonoured cheques

(v)   Unpresented cheque

(vi)   Uncredited cheques

WAEC GCE Accounting Objective 2021

(30)    Subsidiary books of account are used to record transactions

(a)     made in the same period.

(b)     of a similar nature.

(c)     involving minor amounts.

(d)     without source documents.

The correct answer is without source documents.

(31)     Members of a not-for-profit making organization

(a)     earn dividend on their contributions.

(b)     do not receive surplus at the end of the year.

(c)     are paid interest on their contributions.

(d)    share profits according to their contributions.

The correct answer is do not receive surplus at the end of the year.

(32)    Accounting information that is useful for the intended purpose and would make a difference in decision making is

(a)     comparable.

(b)     consistent.

(c)      relevant.

(d)     reliable.

The correct answer is Comparable.

(33)    Manufacturing account is prepared to  determine the

(a)     cost of goods sold.

(b)     cost of goods produced.

(c)      profit on goods produced.

(d)      value of work-in-progress.

The correct answer is Cost of goods produced.

(34)    The concept that enable a business to determine the actual profit or loss for a particular period is

(a)     accrual concept

(b)     business entity concept

(c)      consistency concept

(d)      going concern concept.

The correct answer is Accrual concept.

(35)     An amount set aside out of profit for a specific purpose is a

(a)     reserve.

(b)     liability.

(c)     provision.

(d)    discount.

The correct answer is Reserve.

(6)     The residual profit of the business for the year is

(a)     D 47,000.

(b)     D 34,000.

(c)      D 22,000.

(d)     D 21,000.

The correct answer is D 47,000.

(7)     Attama’s share  of profit is

(a)     D 21,000.

(b)     D 19,428.

(c)     D 12,000.

(d)     D 9,000.

The correct answer is D 12,000.

(8)     Reducing balance method charges depreciation as fixed percentage of the

(a)     net book value of asset.

(b)     cost of asset.

(c)      market value of asset.

(d)      accumulated depreciation on asset.

The correct answer is net book value of asset.

(9)     Goods returned to the supplier is recorded in the accounts as: debit

(a)    Sales Return Account; credit Supplier’s Account.

(b)    Purchases Returns Account; credit Supplier’s Account.

(c)     Supplier’s Account; credit Purchases Returns Account.

(d)     Supplier’s Account; credit Purchases Account.

The correct answer is Supplier’s Account; credit Purchases Returns Account

(10)      Net profit of a sole proprietor is transferred to the

(a)    profit and loss account.

(b)    profit and loss appropriation account.

(c)     capital account.

(d)     drawings account.

The correct answer is Capital account. 

(11)     Accounting evolved out of the need of businesses for

(a)     profit making.

(b)     record keeping.

(c)      increasing sales.

(d)      obtaining finance.

The correct answer is Profit making.

(15)      Company as a legal entity means that it

(a)     must always have a company lawyer.

(b)     can sue and be sued.

(c)      must settle disputes among shareholders in court.

(d)      should prepare accounts approved by a lawyer.

The correct answer is Can sue and be sued.  

(16)     The type of stock recorded in the trading account of a manufacturing business is

(a)     raw materials.

(b)     work-in-progress.

(c)      consumables.

(d)      finished goods.

The correct answer is Raw materials.

(23)     The final stage of accounting process is

(a)     interpretation.

(b)     recording.

(c)      reporting.

(d)      summarizing.

The correct answer is Reporting.

(25)     The major source of revenue for central federal government is

(a)     tenement rate.

(b)     excise duty.

(c)     market toll.

(d)     parking toll.

The correct answer is excise duty.

We will send WAEC GCE Accounting 2021 expo exam runs to those who subscribe here during the main WAEC GCE Accounting examination. Kindly bookmark this GCE page to know when it is updated. 

Final Verdict

The answers above on the WAEC GCE Accounting theory part align with the WAEC marking scheme for November/December 2021. If you have any questions on WAEC GCE Accounting that you would like us to solve, kindly use the comment section.

Don’t forget to share these Financial Accounting exam tips with others online.

About Gregory Nyesom 54 Articles
I'm Nyesom Gregory, the Founder, and CEO of Examspot. My love for education and career is the drive behind this blog. I hold a bachelor's degree in Economics and Development Studies. I am an educationist, avid reader, a researcher, and data scientist.

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