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Waec 2025 Financial Accounting Questions Paper Expo

Wednesday, 4th June 2025
Financial Accounting 2 (Essay): 2:00pm – 4:30pm
Financial Accounting 1 (Objective): 4:30pm – 5:30pm

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Objective

1. Verifiable
2. Crediting the sales account
3. Quarries
4. ₦80,000 credit
5. Bank is owing the business
6. Net book value
7. ₦53,860
8. ₦14,620
9. 3.7 times
10. Direct expenses
11. Creditors
12. Amount owed by the customers
13. Prepare an opening statement of affairs
14. ₦14,300
15. ₦3,880
16. Deficit
17. ₦95,000
18. An increase of ₦60,000
19. Interest at 5% per annum
20. Assets account
21. Debit Discount Allowed Account ₦60,000; credit Discount Received Account ₦60,000
22. Rent paid
23. Drawings
24. Sales less cost of sales
25. It is prepared on accrual basis
26. Nominal partner
27. Dual aspect concept
28. Customers who bought goods on credit
29. Debit note
30. GH₵ 32,400
31. GH₵ 21,600
32. GH₵ 14,600
33. Realization concept
34. Credit sales
35. Is handicapped
36. Contra entry
37. Potential investor
38. Correction pen
39. Discount received
40. Discount allowed
41. Branch Stock Account: credit Returns Inwards Account
42. Current asset
43. Prudence concept
44. Warrant
45. Copyright
46. Authorized capital
47. Capital receipts are excluded from income in the accounting year
48. GH₵ 210,000
49. GH₵ 370,000
50. GH₵ 610,000
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NUMBER ONE

(1a)
(i) Surplus – Net profit
(ii) Accumulated fund – Capital
(iii) Receipts and payments account – Cash book
(iv) Deficit – Net loss
(v) Income and expenditure account – Profit and loss account

(1b)
(PICK ANY THREE)
(i) A social club is formed to serve the interests of its members, while a limited liability company is established to make profits for its shareholders.
(ii) A social club prepares an Income and Expenditure Account to determine surplus or deficit, while a limited liability company prepares a Profit and Loss Account to calculate net profit or loss.
(iii) A social club receives its funds mainly from members’ subscriptions, donations, and grants, while a limited liability company raises funds through share capital, loans, and retained earnings.
(iv) A social club uses any surplus to improve services or facilities for its members, while a limited liability company distributes its profits as dividends to shareholders or reinvests them into the business.
(v) A social club is usually governed by the rules of its constitution or charity laws, while a limited liability company is regulated under company law with strict reporting and disclosure requirements.
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(2ai)
-Seller-
Record of Sale:
(i)It serves as proof of a sale transaction, documenting the goods or services sold, quantity, price, and date.
(ii)It serves as an invoice to a formal request for payment from the buyer, specifying the amount owed and payment terms.
(iii)It helps track inventory levels by showing what items have been sold, aiding in stock management.

(2aii)
-Buyer-
(i)It serves as proof of purchase, useful for warranties, returns, and exchanges.
(ii)An invoice is a record of the amount owed and the payment terms, aiding in budgeting and financial planning.
(iii)It helps track business expenses for accounting and tax purposes.

(2b) (i)Improved Organization
(ii)Enhanced Accuracy
(iii)Better Analysis

(i)Improved Organization:
Separating the ledger into classes (e.g., sales, purchases, assets, liabilities) improves organization and makes it easier to find specific information.
(ii)Enhanced Accuracy:
Dividing the ledger reduces the risk of errors by categorizing entries, making it easier to audit and reconcile accounts.
(iii)Better Analysis: Different classes of ledgers allow for more detailed financial analysis, helping businesses understand their performance in various areas.
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(4a)
Increase in provision for doubtful debts; This represents an increase in the estimated amount of money that a business expects it will not be able to collect from its debtors (customers who owe money).

-Treatment in final- accounts:
(i)Profit and Loss Account: The increase is treated as an expense and debited to the profit and loss account, reducing net profit.
(ii)Balance Sheet: The increase is added to any previous provision for doubtful debts and deducted from the total debtors balance to show the net realizable value of the debts.

(4b)
Decrease in provision for doubtful debts; This indicates a reduction in the estimated amount of uncollectible debts, meaning the business now expects to recover more from its debtors than previously anticipated.

-Treatment in final- accounts:
(i)Profit and Loss Account: The decrease is treated as a gain or a reduction in expense and is credited to the profit and loss account, increasing net profit.
(ii)Balance Sheet: The decrease is deducted from the existing provision for doubtful debts, leading to a smaller reduction from the total debtors balance.

(4c)
Provision for discount on debtors; This is an allowance made for potential discounts that might be given to debtors for early or prompt payment. It acknowledges that not all debtors may pay the full amount.

-Treatment in final accounts-
(i)Profit and Loss Account: This provision is treated as an expense and is debited to the profit and loss account.
(ii)Balance Sheet: The amount provided is deducted from the debtors balance.

(4d)
Provision for discount on creditors; This is an allowance made for potential discounts that might be received from creditors for early or prompt payment. It acknowledges that the business might not have to pay the full amount owed.

-Treatment in final accounts-
(i)Profit and Loss Account: This provision is treated as a gain and is credited to the profit and loss account.
(ii)Balance Sheet: The amount is deducted from the creditors balance.

(4e)
Provision for depreciation; Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the reduction in the asset’s value due to wear and tear, usage, or obsolescence.

-Treatment in final accounts-
(i)Profit and Loss Account: Depreciation is treated as an expense and is debited to the profit and loss account.
(ii)Balance Sheet: The accumulated depreciation is shown as a deduction from the cost of the asset, reflecting its net book value.
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NUMBER 1

NUMBER 5

NUMBER 6

NUMBER 7

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NUMBER 9

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