Question 1
WAEC 2013Cash receipts and payments involving discounts are entered in
- a.three-column cash book.
- b.two-column cash book.
- c.analytical cash book.
- d.petty cash book.
WAEC Accounting Past Questions
Real WAEC Accounting past questions, each with the correct answer and a worked solution. NECO candidates sit the same paper, so these apply there too. Below are 8 to work through free — no account needed.
Sample drawn from papers of 2013, 2008.
8 WAEC Accounting questions with answers
Question 2
WAEC 2008Cash received from the subscribed shares is recorded by debting?
- a.application, allotment and crediting cash
- b.allotment and crediting cash
- c.cash and crediting subscribed shares
- d.cash, crediting application and allotment account
Solution
When cash is received from subscribed shares, the journal entry is: Debit: Cash Account (cash is coming into the company) Credit: Application and Allotment Account (to record the liability to issue shares)
Question 3
WAEC 2008Ordinary shareholders received dividend before?
- a.creditors
- b.debtors
- c.preference shareholders
- d.deferred shareholders
Solution
In the order of dividend payment priority: Preference shareholders (highest priority) Ordinary shareholders Deferred shareholders (lowest priority) Ordinary shareholders receive dividends before deferred shareholders because deferred shares are specifically designed to receive dividends only after ordinary shareholders have been paid.
Question 4
WAEC 2008A source of revenue that is compulsory payment without any derived benefit is?
- a.fees
- b.taxes
- c.fines
- d.rosyalties
Solution
Explanation: Taxes are compulsory payments made to the government without receiving any direct or specific benefit in return. Key characteristics: Compulsory - Must be paid by law ₦o direct benefit - Taxpayers don't receive specific services in exchange for their tax payment Government revenue - Used to fund general government operations and public services
Question 5
WAEC 2008The salary of the chief Justice of the Federation is paid from the?
- a.consolidated revenue fund
- b.development fund
- c.contigency fund
- d.special fund
Solution
The Consolidated Revenue Fund is the main government account that receives all government revenues and from which all government expenditures are made, including: Salaries of constitutional office holders (like the Chief Justice) Recurrent expenditures Statutory allocations General government operations The Chief Justice of the Federation, being a constitutional office holder, receives salary from this primary government fund.
Question 6
WAEC 2008Which of the following is among the categories of government cash book?
- a.Receipt cash book
- b.Payment cash book
- c.Petty cash book
- d.Treasury cash book
Solution
In government accounting, the main categories of cash books include: Treasury cash book - Maintained by the treasury to record all government receipts and payments Ministry cash book - Maintained by individual ministries Department cash book - Maintained by government departments Sub-treasury cash book - For regional treasury offices
Question 7
WAEC 2008The Auditor General of the Federation can be removed by the?
- a.National Assembly
- b.Chief Justice
- c.The president
- d.Head of Service
Solution
Explanation: under the 1999 Constitution the Auditor-General for the Federation is removed by the President, but only after an address from the Senate supported by a two-thirds majority requesting removal (for inability or misconduct).
Question 8
WAEC 2008Given that the balance as per cash book after adjustment was ₦6315, nu-presented cheques ₦1000 and the bank statement balance ₦3240. What was the balance of the nu-credited cheques?
- a.₦4075
- b.₦4240
- c.₦3315
- d.₦3075
Solution
Given: Cash book (after adjustments) = ₦6,315 Bank statement balance = ₦3,240 Un-presented cheques = ₦1,000 Let un-credited cheques = x Bank reconciliation formula: Bank statement + x − Un-presented cheques = Cash book Substitute values: ₦3,240 + x − ₦1,000 = ₦6,315 Solve for x: ₦3,240 − ₦1,000 = ₦2,240 ₦6,315 − ₦2,240 = ₦4,075 Therefore: Un-credited cheques (x) = ₦4,075
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