WAEC Book-Keeping Questions and Answers. I will be showing you WAEC Book Keeping objective and theory repeated questions for free. You will also understand how WAEC Book Keeping questions are set and many more examination details.
The West African Examination Council is an examination body that set questions yearly from areas students should, after their studies in senior secondary school, be able to write and pass without stress.
PAPER 1: This paper will consist of forty multiple-choice questions all of which must be answered in 50 minutes for 40 marks
PAPER 2: This paper will consist of two sections, Sections A and B as follows:
WAEC 2023/2024 Book Keeping Answers to Questions
WAEC Bookkeeping Answers to OBJ/ESSAY 2023.
Keep checking and reloading this page for the answers…
Note: The answers below are for 2022
(Pick Any Five) (i)Invoice
(iv)Petty cash Voucher
(v) statement of account
Cashbook: cash book is used in accounting to records all cash transactions in detail.
Return inward book: Return Inward book is used to record the goods returned to the business enterprise
Purchases Day book: The purchases day book is used to record all the purchase invoices for goods and services supplied on credit to the
Sales Day book: Sales Day book is used for recording all the credit sales of the business in one distinct place
(1 bv)Returns outward book: Returns outward is used to record the debit notes
Entrepreneur is the person who co ordinates, controls and organises the process of production inorder to make maximum output at minimum cost thereby making profits.
Stock valuation is the process of determining the current (or projected) worth of a stock at a given time period.
-CHARACTERS OF FIFO-
(i)it is easy to apply
(ii)the assumed flow of costs corresponds with the normal physical flow of goods.
-CHARACTERISTICS OF LIFO-
(i)It is used to account for inventory that records the most recently produced items as sold first.
(ii)The cost of the most recent products purchased (or produced) are the first to be expensed as cost of goods sold (COGS).
Expense in accounting is the money spent, or costs incurred, by a business in its effort to generate revenues. Example: Delivery expense
Revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Example: Service revenue
Loss is a decrease in net income that is outside the normal operations of the business. In other Words, losses can result from a number of activities. Example: sale of an asset for less than its carrying amount.
Capital is the value of the investment in the business by the owner(s). It is that part of the business that belongs to the owner; hence it is often described as the owner’s interest. Eg: Financial capital
Below is WAEC Book Keeping Questions and Answers Practice Questions
1. A statement drawn up to show assets and liabilities is
A. bank statement.
B. balance sheet.
C. statement of account.
D. general journal.
2. Discounts allowed and received are recorded in the
A. three Column Cash Book.
B. bank Statement.
C. single Column Cash Book.
D. petty Cash Book.
3. Which of the following is not a trial balance item?
A. Opening stock
B. Closing stock
D. Discounts received
4. The excess of expenditure over income in an income and expenditure account is
How to Pass WAEC Book Keeping Examination
1. Have a Positive Mindset:
It is obvious that until your mindset is positive, your life will not be positive. As you prepare for WAEC, you must develop a positive mindset toward your fate.
Don’t say, “WAEC is very hard I don’t know whether I will pass” and don’t believe anyone that says you cannot pass WAEC 2023 on your own.
Have the mentality, “If others passed WAEC 2023 in the past, then I will be like them. Refuse to be identified with failure or those that failed in the past.
Even if this year’s WAEC Exam is not your first time, it doesn’t mean that you cannot pass WAEC 2023 Book Keeping this time around.
Sit for maths 2023/2024 will a refined mindset. Nothing will make you fail WAEC 2023. Until your mindset is positive, your life will not be positive.
2. Avoid Bad Companies
If you are really serious about passing WAEC 2023 Book Keeping, try and avoid bad companies. They will discourage and engage you in activities that will not enhance your success. Remember that their mindset may not correspond to yours.
3. Set Good Targets and Plans:
If you have made up your mind to pass WAEC Book Keeping 2023, the next thing you should do is set targets.
Write down the type of grades you want in WAEC 2023. If you want all As, no Fs, and no Es then you should start planning it now.
Make sure you create a timetable and master plan to achieve your set goals. Remember, it takes nothing to dream but it takes everything to focus on your dream.
4. Get WAEC Book Keeping Recommended Textbooks 2023:
One of your plans should be to get the WAEC 2023 Book Keeping recommended textbooks. Normally, the West African Examination Council recommends books for the examination.
But apart from WAEC 2023 literature in English where certain novels are compulsory, you are free to use any good textbook to prepare for WAEC 2023 marketing exam.
Some topics are more difficult to understand. If you have any topic you are finding difficult to understand, then get another textbook that will make things simple for you.
5. Get WAEC Book Keeping Past Question:
This is a very good plan. Since WAEC 2023 and WAEC 2023 are of the same standard, you could use the same past questions to study for both.
If you are confused about how to get WAEC past questions. They are sold in good bookshops around. It is possible that the school where you registered could offer to give you some current past questions that will help you in WAEC 2023.
6. Start Preparing for WAEC Book Keeping 2023:
Stop wasting your time. Now that you have gotten textbooks and past questions, the next thing is to begin your reading. Early reading and practice are good for you; you will pass well on WAEC 2023.
7. Avoid Skipping Examples and Exercises:
It is very unfortunate that Secondary school students are fond of skipping exercises and even examples while studying textbooks.
They loved notebooks so much that they could ask, “can I read my Book Keeping, Mathematics, etc notebooks and pass WAEC 2023?”
Don’t be scared of attempting exercises; they are there to help you. Face it and overcome it!
8. Test Yourself on WAEC Book Keeping Questions and Answers
This is a good practice. Once in a while, answer full one year Book Keeping past questions on your own without checking the answers. Then mark to see your score. This will help you in many aspects.
9. Do Constant Practice:
Don’t get discouraged when certain topics are annoying, keep on practicing until you master everything. Never give up and never say never. Keep on keeping on….
10. Create Time for Recreation
Create time for yourself where you play and ease off stress. Do not overwork yourself; it can make you waste time unnecessarily. Once you work more than necessary, you are not gaining anything.
If you have any questions about WAEC 2023 Book Keeping Questions and Answers, kindly let us know in the comment box.
Last Updated on May 4, 2023 by Admin