If you are a candidate looking for WAEC Book Keeping Questions and Answers for 2023, you have come to the right place because we will break them down for you. We will show you how WAEC Book Keeping questions are set up and how to answer them in the best way to get full marks.
WAEC Question and Answers on Bookkeeping 2023
WAEC is in charge of putting on the West African Senior School Certificate Examination (WASSCE) in West African countries. Due to how important the test is, millions of people take it every year. The exams covers more than 15 subjects, including Book Keeping. So, let’s go over the questions and answers for the topic we’re talking about.
Keep refreshing this page, as we will definitely update this page as soon as the Latest 2023 WAEC Bookkepping Questions and Answers are out…
In the meantime, go through these past questions and Answers for the previous years because they are likely questions for WAEC Bookkepping 2023.
WAEC Book Keeping Past Questions and Answers for Paper 1 2022/2023 – Objective
1. A list of assets and debts is called a balance sheet.
A. bank statement.
B. the balance sheet.
C. a record of what you’ve done.
D. general journal
2. The A. three-column Cash Book keeps track of discounts given and received.
B. bank Statement.
C. Cash Book with One Column.
D. Book of Small Cash.
Which of the following is not an item on the trial balance?
A. Opening stock B. Closing stock
C. Received discounts with a capital “D”
4. In an account of income and expenses, a loss is the amount by which expenses are more than income.
B. balance.
C. deficit D. profit
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Paper 2 – Essay 1. Explain each of the following:
(a) Trial balance (b) Cash book for small amounts (c) Bad debts (d) Sheet of Accounts (e) General Report
2.a) Explain what it means for an asset to lose value over time.
(b) Give eight examples of things that lose value over time.
(c) Explain two ways to figure out depreciation.
3. What is a control account?
b) Give four ways the control account can be used.
(c) Give five ways that control account can be used.
4. Write down the following in the book of Ehi:
1. Bought things from Layi on credit.
January 12: 10 rulers for N50 each and 16 exercise books for N120 each. Ucha sold it to me on credit.
15 shoes at N400 each and 16 shirts at N120 each less 5% discount
Answers to Question 1a of Section B (Pick Any Five)
(i)Invoice (ii)Credit note (iii)Debit note (iv)Petty cash voucher (v)Account statement (vi)Receipts
(1bi) Cashbook: In accounting, a cash book is used to keep track of all cash transactions.
(1bii) The book Return inward: Return The inward book is used to keep track of the goods that are sent back to the business.
(1biii) Purchases day book: This is where all the invoices for goods and services that were given to the company on credit are written down.
(1b) Sales Day Book: The Sales Day Book is used to keep track of all the business’s credit sales in one place.
(1bv)Returns outward book: This is where the debit notes are written down.
(2a) A partnership business is one in which two or more people pool their resources to start a business and agree to share risks, profits, and losses. Law firms, groups of doctors, firms that invest in real estate, and accounting groups are all examples of common business partnerships.
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(2b) (i)General partner (ii)Limited partner (i)General partner: General partners are active in the business, doing the work of the company (for example, being CPAs) and also taking part in management and making decisions.
ii. Limited partners: These people don’t do anything. They have money in the business, but they don’t help run it day-to-day.
(2c) (Pick Four) (Pick Four)
I The partners will each get an equal share of the profits and losses.
(ii) Partners won’t be paid.
(iii) No interest will be paid on the capital.
(iv) Interest will not be charged on loans.
If all the partners agree, the interest on loans to the business will be 6% per year.
(3a) An entrepreneur is the person who coordinates, controls, and organizes the production process to get the most output for the least amount of money, making money in the process.
(3b) I Leadership (ii) Motivation (iii) Vision (iv) Creativity (v) Adaptability (vi) (vi)
Tenacity\s(vii)
Risk-inclined\s(viii) Positivity
TAKE NOTE: These aren’t real WAEC GCE Book Keeping questions, but they may be questions that have been asked in the past to help students understand how their tests work. Make sure to write down each question on this page.