WAEC

Waec 2022 Book Keeping Questions And Answers (Theory and Objectives)

This article provides you with WAEC 2022 Book Keeping Questions and Answers . It contains information regarding the WAEC Book Keeping Theory and Objective Questions and Answers.

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Examination Scheme:

There will be two papers, Papers 1 and 2, both of which will be a composite paper to be taken at one sitting.

PAPER 1: Will consist of forty multiple choice questions all of which must be answered in 50 minutes for 40 marks

PAPER 2: Will consist of two sections, Sections A and B as follows:

Section A: Will cover Theory of Book-Keeping and contain four questions. Candidates will be required to answer two for 20 marks.

Section B: Will cover Practice of Book-Keeping and contain five questions.

Candidates will be required to answer three for 60 marks. The paper will last 2 hours.

Waec 2022 Book Keeping Questions And Answers

(1a)

(Pick Any Five)

(i) Invoice

(ii)Credit note

(iii)Debit note

(iv)Petty cash Voucher

(v) statement of account

(vi)Reciepts

(1bi)

Cashbook: cash book is used in accounting to records all cash transactions in detail.

(1bii)

Return inward book: Return Inward book is used to record the goods returned to the business enterprise

(1biii)

Purchases Day book: The purchases day book is used to record all the purchase invoices for goods and services supplied on credit to the firm

(1biv)

Sales Day book: Sales Day book is used for recording all the credit sales of the business in one distinct place

(1bv)Returns outward book: Returns outward book is used to record the debit notes

(2a)

Partnership business consists of two or more people who combine their resources to form a business and agree to share risks, profits and losses. Common partnership business examples include law firms, physician groups, real estate investment firms and accounting groups.

(2b)

(i)General partner

(ii)Limited partner

(i)General partner: General partners are active in the business, doing the work of the company (being CPAs, for example) but also participating in management and decision-making.

(ii)Limited partners: Limited partners are passive. They have invested in the business but they don’t participate on a day-to-day basis in the running of the business.

(2c)

(Pick Four)

(i)The partners will share profits and losses equally.

(ii)Partners will not get a salary.

(iii)Interest on capital will not be payable.

(iv)Drawings will not be chargeable with interest.

(v)Partners will get 6% p.a. interest on loans to the firm if they mutually agree.

(3a)

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.

(3b)

(i)Leadership

(ii)Motivation

(iii)Vision

(iv)Creativity

(v)Adaptability

(vi)Tenacity

(vii)Risk-inclined

(viii) Positivity

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