Accounting past questions: WAEC SSCE 2022

50 objective questions, with answers. Free to read and practise.

Sit this paper

50 questions, one at a time, marked as you go or at the end. No account needed.

1.
A set of rules and procedures guiding the operations of a partnership is called partnership
1. A.code
2. B.business
3. C.seal
4. D.deed
Show answerHide answer
Answer: D deed
2.
A unit of a company capital is?
1. A.debenture
2. B.stock
3. C.premium
4. D.share
Show answerHide answer
Answer: D share
3.
Adiza gave an instruction to her banker to pay a premium of Le 30,000 from her account to Union Rock Insurance on a quarterly basis for a policy. This instruction is an example of
1. A.bank charges
2. B.direct debit
3. C.standing order
4. D.credit transfer
Show answerHide answer
Answer: C standing order
4.
An increase in provision for doubtful debts would result in
1. A.decrease in net profit
2. B.increase in net profit
3. C.decrease in gross profit
4. D.increase in gross profit
Show answerHide answer
Answer: A decrease in net profit
5.
An item that would be classified as preliminary expenses in a company's account is
1. A.formation expenses
2. B.administrative expenses
3. C.distribution expenses
4. D.general expenses
Show answerHide answer
Answer: A formation expenses
6.
An item that would be considered a first charge against profit in a company's account is
1. A.ordinary dividend
2. B.preference dividend
3. C.capital reserve
4. D.general reserve
Show answerHide answer
Answer: B preference dividend
7.
Books of accounts are opened by the use of
1. A.balance sheet
2. B.general ledger
3. C.general journal
4. D.trial balance
Show answerHide answer
Answer: C general journal
8.
Drawings made by a partner would be
1. A.credited to current account
2. B.credited to appropriation account
3. C.debited to appropriation account
4. D.debited to current account
Show answerHide answer
Answer: D debited to current account
9.
In the balance sheet of not-for-profit making organizations, subscription in arrears is shown under
1. A.long-term liabilites
2. B.current assets
3. C.current liabilities
4. D.fixed assets
Show answerHide answer
Answer: B current assets
10.
Items shown in the balance sheet as asset includes
1. A.debit balance on drawings account
2. B.debit balance on a customer's account
3. C.credit balance on the capital's account
4. D.credit balance on a supplier's account
Show answerHide answer
Answer: B debit balance on a customer's account
11.
Manufacturing account is prepared to ascertain
1. A.profit on goods produced
2. B.cost of goods produced
3. C.cost of goods sold
4. D.profit on goods sold
Show answerHide answer
Answer: B cost of goods produced
12.
One of the items on the credit column of a trial balance is
1. A.returns outwards
2. B.carriage outwards
3. C.returns inwards
4. D.carriage inwards
Show answerHide answer
Answer: A returns outwards
13.
One of the items on the debit side of sales ledger control account is
1. A.bad debt
2. B.returns inwards
3. C.bills dishonored by debtors
4. D.bills accepted by debtors
Show answerHide answer
Answer: C bills dishonored by debtors
14.
Provision for doubtful debts is made in conformity with
1. A.business entity concept
2. B.money measurement concept
3. C.prudence concept
4. D.materiality concept
Show answerHide answer
Answer: C prudence concept
15.
Resources owned and controlled by a business are classified as
1. A.assets
2. B.capital
3. C.liabilities
4. D.drawings
Show answerHide answer
Answer: A assets
16.
Revenue expenditure of a local government includes purchase of
1. A.x-ray machine
2. B.incubators
3. C.drugs
4. D.theatre equipment
Show answerHide answer
Answer: C drugs
17.
Subscription in advance is treated in the balance sheet under
1. A.long-term liabilities
2. B.current liabilities
3. C.accumulated fund
4. D.current assets
Show answerHide answer
Answer: B current liabilities
18.
The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is
1. A.dual aspect concept
2. B.realization concept
3. C.materiality concept
4. D.business entity concept
Show answerHide answer
Answer: C materiality concept
19.
The authority to incur expenditure to address natural disaster is contained in
1. A.contingency warrant
2. B.supplementary general warrant
3. C.reserved expenditure warrant
4. D.virement warrant
Show answerHide answer
Answer: A contingency warrant
20.
The document prepared by the buyer and sent to the seller listing the items to be supplied is
1. A.purchase order
2. B.credit note
3. C.proforma invoice
4. D.sales order
Show answerHide answer
Answer: A purchase order
21.
The entries for cash drawn from the bank by a proprietor for the private use is: debit
1. A.Bank Account; credit Cash Account
2. B.Cash Account; credit Bank Account
3. C.Cash Account; credit Drawings Account
4. D.Drawings Account; credit Bank Account
Show answerHide answer
Answer: D Drawings Account; credit Bank Account
22.
The maximum amount a company can raise through the issue of shares is
1. A.paid-up capital
2. B.authorized capital
3. C.reserve capital
4. D.loan capital
Show answerHide answer
Answer: B authorized capital
23.
The principal book of account where accounts are classified and summarized is
1. A.balance sheet
2. B.ledger
3. C.trial balance
4. D.journal
Show answerHide answer
Answer: B ledger
24.
The sales ledger contains accounts of
1. A.cash sales
2. B.trade debtors
3. C.credit sales
4. D.trade creditors
Show answerHide answer
Answer: B trade debtors
25.
The user of accounting information who is responsible for overall performance of the business is the
1. A.customer
2. B.employee
3. C.shareholder
4. D.director
Show answerHide answer
Answer: D director
26.
Use of following information to answer questions below
D
Motor vehicle 500000
Stock 35000
Debtors 18000
Cash 12850
Bank overdraft 280000
Creditors 21500
The capital is
1. A.D 867,350
2. B.D 544,350
3. C.D 264,350
4. D.D 832,350
Show answerHide answer
Answer: C D 264,350
27.
Use of following information to answer questions below
D
Motor vehicle 500000
Stock 35000
Debtors 18000
Cash 12850
Bank overdraft 280000
Creditors 21500
The total current asset is
1. A.D 65,850
2. B.D 367,350
3. C.D 345,850
4. D.D 87,850
Show answerHide answer
Answer: A D 65,850
28.
Use of following information to answer questions below
D
Motor vehicle 500000
Stock 35000
Debtors 18000
Cash 12850
Bank overdraft 280000
Creditors 21500
The total current liability is
1. A.D 301,500
2. B.D 258,500
3. C.D 264,350
4. D.D 280,000
Show answerHide answer
Answer: A D 301,500
29.
Use the following information to answeer questions below Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021. The accumulated depreciation as at the date of disposal was
1. A.D 480,000
2. B.D 325,200
3. C.D 320,000
4. D.D 412,680
Show answerHide answer
Answer: B D 325,200
30.
Use the following information to answeer questions below Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021. The net book value of the machine in the balance sheet as at 31st December 2020 was
1. A.D 874,800
2. B.D 972,000
3. C.D 1,080,000
4. D.D 787,320
Show answerHide answer
Answer: A D 874,800
31.
Use the following information to answeer questions below Kako Ltd bought a machine for D 1,200,000 on 1st January 2018. Depreciation was provided annually at a rate of 10% using the diminishing balance method. The machine was sold for D 880,000 on 31st December 2021. The profit or loss on disposal of the machine was
1. A.D 280,000 profit
2. B.D 87,480 loss
3. C.D 320,000 loss
4. D.D 92,680 profit
Show answerHide answer
Answer: B D 87,480 loss
32.
Use the following information to answer below
GH⊄
Sales 200000
Purchase 170000
Opening stock 40000
Closing stock 50000
Stock turnover ratio is
1. A.3.78 times
2. B.3.56 times
3. C.4 times
4. D.3.2 times
Show answerHide answer
Answer: B 3.56 times
33.
Use the following information to answer below
GH⊄
Sales 200000
Purchase 170000
Opening stock 40000
Closing stock 50000
The gross profit percentage is
1. A.10%
2. B.20%
3. C.25%
4. D.15%
Show answerHide answer
Answer: B 20%
34.
Use the following information to answer questions below
$
Cash book balance (credit) 750
Uncredited cheques 500
Unpresented cheques 1680
Direct credit 300
Bank charges 150
Balance as per bank statement is
1. A.$ 580 Cr.
2. B.$ 430 Dr.
3. C.$ 430 Cr.
4. D.$ 1,480 Cr.
Show answerHide answer
Answer: C $ 430 Cr.
35.
Use the following information to answer questions below
$
Cash book balance (credit) 750
Uncredited cheques 500
Unpresented cheques 1680
Direct credit 300
Bank charges 150
The adjusted cash book balance is
1. A.$ 600 Cr
2. B.$ 300 Cr
3. C.$ 900 Cr
4. D.$ 1,200 Cr
Show answerHide answer
Answer: B $ 300 Cr
36.
Use the following information to answer questions below
Le
Raw materials:
Stock (01/01/2017) 822000
Stock (31/12/2017) 560000
Purchases 125000
Returns of raw materials 15000
The cost of raw materials available for production is
1. A.Le 372,000
2. B.Le 932,000
3. C.Le 947,000
4. D.Le 402,000
Show answerHide answer
Answer: B Le 932,000
37.
Use the following information to answer questions below
Le
Raw materials:
Stock (01/01/2017) 822000
Stock (31/12/2017) 560000
Purchases 125000
Returns of raw materials 15000
The cost of raw materials consumed is
1. A.Le 402,000
2. B.Le 947,000
3. C.Le 932,000
4. D.Le 372,000
Show answerHide answer
Answer: D Le 372,000
38.
Use the following information to answer questions below A trader bought goods worth #16,000 and sold three-quarter of it for #20,000 The gross profit is
1. A.#4,000
2. B.#8,000
3. C.#12,000
4. D.#6,000
Show answerHide answer
Answer: A #4,000
39.
Use the following information to answer questions below A trader bought goods worth #16,000 and sold three-quarter of it for #20,000 The margin would be
1. A.1/2
2. B.1/5
3. C.2/5
4. D.2/3
Show answerHide answer
Answer: B 1/5

40.

Use the following information to answer questions below Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.

GH⊄
January 1	Petty cash in hand	1034
January 1	Petty cash to restore float	6966
January 6	Bought note books	656
January 7	Paid wages	1828
January 14	Bought postage stamps	750
January 16	Paid to Biodun a creditor	1072
January 18	Paid wages	1856
January 23	Purchased envelopes	874
January 28	Purchased postage stamps	420

Amount posted to the personal ledger was

A.GH⊄ 1,034
B.GH⊄ 1,072
C.GH⊄ 6,966
D.GH⊄ 3,684

Show answer

Answer: B GH⊄ 1,072

41.

Use the following information to answer questions below Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.

GH⊄
January 1	Petty cash in hand	1034
January 1	Petty cash to restore float	6966
January 6	Bought note books	656
January 7	Paid wages	1828
January 14	Bought postage stamps	750
January 16	Paid to Biodun a creditor	1072
January 18	Paid wages	1856
January 23	Purchased envelopes	874
January 28	Purchased postage stamps	420

Amount reimbursed at the end of the month was

A.GH⊄ 6,928
B.GH⊄ 6,966
C.GH⊄ 7,456
D.GH⊄ 8,000

Show answer

Answer: C GH⊄ 7,456

42.

Use the following information to answer questions below Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.

GH⊄
January 1	Petty cash in hand	1034
January 1	Petty cash to restore float	6966
January 6	Bought note books	656
January 7	Paid wages	1828
January 14	Bought postage stamps	750
January 16	Paid to Biodun a creditor	1072
January 18	Paid wages	1856
January 23	Purchased envelopes	874
January 28	Purchased postage stamps	420

Amount spent on stationery was

A.GH⊄ 1,170
B.GH⊄ 1,076
C.GH⊄ 1,530
D.GH⊄ 874

Show answer

Answer: C GH⊄ 1,530

43.
Use the following information to answer questions below Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%. Kukuma's current account balance is
1. A.#50,000
2. B.#70,000
3. C.#90,000
4. D.#60,000
Show answerHide answer
Answer: B #70,000
44.
Use the following information to answer questions below Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%. Teteh's share of interest on capital is
1. A.#15,000
2. B.#25,000
3. C.#10,000
4. D.#75,000
Show answerHide answer
Answer: A #15,000
45.
Use the following information to answer questions below Teteh and Kukuma are in partnership with capital balances of #300,000 and #200,000 respectively. They agreed to share profit on the basis of their capital. The profit for the year is #150,000 and the interest on capital is 5%. Teteh's share of profit is
1. A.#60,000
2. B.#90,000
3. C.#75,000
4. D.#50,000
Show answerHide answer
Answer: C #75,000
46.
Use the following information to answer questions below Trading Account of Umeh Enterprises for the year ended 31st December 2019
GH⊄ GH⊄
Opening stock 10000 Sales 200000
Purchases 120000 Less: (4000)
130000 196000
Closing stock (22800)
Cost of goods sold -----
Gross profit ------
196000 196000
The cost of goods sold is
1. A.GH⊄ 152,800
2. B.GH⊄ 107,200
3. C.GH⊄ 43,200
4. D.GH⊄ 88,800
Show answerHide answer
Answer: B GH⊄ 107,200
47.
Use the following information to answer questions below Trading Account of Umeh Enterprises for the year ended 31st December 2019
GH⊄ GH⊄
Opening stock 10000 Sales 200000
Purchases 120000 Less: (4000)
130000 196000
Closing stock (22800)
Cost of goods sold -----
Gross profit ------
196000 196000
The GH⊄ 4,000 on the credit side is
1. A.carriage outwards
2. B.carriage inwards
3. C.returns outwards
4. D.returns inwards
Show answerHide answer
Answer: D returns inwards
48.
Use the following information to answer questions below Trading Account of Umeh Enterprises for the year ended 31st December 2019
GH⊄ GH⊄
Opening stock 10000 Sales 200000
Purchases 120000 Less: (4000)
130000 196000
Closing stock (22800)
Cost of goods sold -----
Gross profit ------
196000 196000
The gross profit is
1. A.GH⊄ 88,800
2. B.GH⊄ 43,200
3. C.GH⊄ 152,800
4. D.GH⊄ 107,200
Show answerHide answer
Answer: A GH⊄ 88,800
49.
Use the information to answer questions below
Years Current Assets Liabilities Fixed Assets Capital
# # # #
2018 52550 78600 127450 X
2017 41650 53220 Y 116780
The letter X represents
1. A.#78,600
2. B.#180,000
3. C.#101,400
4. D.#258,600
Show answerHide answer
Answer: C #101,400
50.
Use the information to answer questions below
Years Current Assets Liabilities Fixed Assets Capital
# # # #
2018 52550 78600 127450 X
2017 41650 53220 Y 116780
The letter Y represents
1. A.#170,000
2. B.#128,350
3. C.#94,870
4. D.#211,650
Show answerHide answer
Answer: B #128,350

Printing is turned off here to protect the question bank. Get the SmarTest app to study offline.

More free Accounting papers

WAEC Accounting 1989–2019 is in the app

The latest five years of each paper are free here. The SmarTest app has every year we hold, a worked explanation for each answer, and timed mock exams. It works offline.

Get the app

Android, Windows, Mac and Linux

D
Motor vehicle	500000
Stock	35000
Debtors	18000
Cash	12850
Bank overdraft	280000
Creditors	21500

GH⊄
Sales	200000
Purchase	170000
Opening stock	40000
Closing stock	50000

$
Cash book balance (credit)	750
Uncredited cheques	500
Unpresented cheques	1680
Direct credit	300
Bank charges	150

Le
Raw materials:
Stock (01/01/2017)	822000
Stock (31/12/2017)	560000
Purchases	125000
Returns of raw materials	15000

Years	Current Assets	Liabilities	Fixed Assets	Capital
#	#	#	#
2018	52550	78600	127450	X
2017	41650	53220	Y	116780

GH⊄	GH⊄
Opening stock	10000	Sales	200000
Purchases	120000	Less:	(4000)
130000	196000
Closing stock	(22800)
Cost of goods sold	-----
Gross profit	------
196000	196000

GH⊄	GH⊄
Opening stock	10000	Sales	200000
Purchases	120000	Less:	(4000)
130000	196000
Closing stock	(22800)
Cost of goods sold	-----
Gross profit	------
196000	196000

GH⊄	GH⊄
Opening stock	10000	Sales	200000
Purchases	120000	Less:	(4000)
130000	196000
Closing stock	(22800)
Cost of goods sold	-----
Gross profit	------
196000	196000