WAEC Financial Accounting Past Questions

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SSCE WAEC Financial Accounting Objective Test Questions.

Financial Accounting 1 (Objective Test Questions)
1 hours
Use HB pencil throughout.

Answer all Questions

Each question is followed by four options lettered A to D. Find out the correct options for each question and shade in pencil on your answer sheet, the answer space which bears the same letter as the option you Chosen. Give only one answer to each question. An example is given below

Which of the following documents is used to deposit money into a current account?
A. Passbook
B. Paying-in slip
C. Cheque book
D. Credit card

The correct answer is Paying-in slip, which is lettered B and therefore answer space B would be shaded.

[A] [ B ] [C] [ D ]

Think carefully before you shade the answer spaces; erase completely any answer you wish to change.

Do all rough work on this questions paper.

Now answer the following questions.

A debit entry in a fixed asset account represents
A. an increase in the fixed asset account.
B. a decrease in the fixed asset account.
C. a profit on disposal of the fixed asset.
D. a loss on disposal of the fixed asset.