Waec Financial Accounting Answers 2022

Waec Financial Accounting Answers 2022 Obj & Essay is one of the underrated subjects in the Waec examination, but believe me, to pass and get an A in this particular subject is not really easy unless you are ready to take the necessary steps, and I think you landed on this page because you want to seek for Waec Financial Accounting Obj & Essay exam help.

Scholars Learn is the most trusted website out there on the internet and the best place to get Waec Financial Accounting Obj & Essay. questions and answers for the year 2022.

Related Post

Are you a teacher, a student, a school owner, or do you manage an exam center and you want your candidates to make an A in this particular subject? keep following our site and invite persons to follow also with you right now without wasting time, the exam is about to start, and we will send you the 100% verified questions and answers for Waec 2022 Financial Accounting Obj & Essay examination.

2022 WAEC Financial Accounting questions is very essential because so many candidates has been in search of it, we have been receiving messages from several WAEC aspirants all over West Africa regarding the 2022 WAEC Financial Accounting questions and answer.

Keep Following Us And Be At Alert When It Drops!


Waec Financial Accounting Answers 2022


  • Sales ledger account
  • Purchase Ledger account
  • General ledger account


  • It is used to detect missing figures
  •  It helps to prevent fraud
  •  It facilitates easy identification of errors
  • It serves as a form of internal control


  • Cheques to creditors
  • Cash to suppliers
  • Discount received
  • Bill payable


  • Dishonoured cheque
  • Carriage outward
  • Discount disallowed
  • Debit note issue


Goodwill is an intangible asset which enables a business to earn returns in excess of what is expected under normal conditions.


(i) Public welfare

(ii) Higher education

(iii) Health and hospitals

(iv) Highways and roads


(i) Raw Material Inventory:

Raw materials are the basic materials that a manufacturing company buys from its suppliers. The former uses them to convert them into the final products by applying manufacturing processes. It is essential to optimize raw material inventory.

(ii) Work in Progress Inventory:

Work in progress inventory can also be called semi-finished goods. They are the raw materials that have been taken out of the raw materials store and are now undergoing the process of their conversion into the final products. So these are the partly processed raw materials lying on the production floor.

(iii) Finished Goods Inventory:

Finished goods are the final products obtained after applying the manufacturing processes to the raw materials and the semi-finished goods discussed above in the article. They are saleable, and their sale contributes fully to the revenue from the company’s core operations.


An accumulated fund holds excess money received by a non-profit organization (NPO). Similar to the retained earnings of a for-profit firm, the accumulated fund grows when revenues are greater than expenses and there is a budgetary surplus.


Statement of Affairs – or a SOA – is a document typically prepared by an accountant, which details a company’s assets and liabilities. It is designed to provide an overview of the company’s financial position and is particularly useful during when a com.


  • Donations.
  • Subscriptions/ Dues.
  • Entrance fees.
  • Fines.
  • Profits from bar.


(I) Nature

• Receipts and Payments Account

– It is a summary of cash and bank transactions

• Income and Expenditure Account

– It is a summary of current year income and expenses


Revenue and Capital

• Receipts and Payments Account

– It records transactions related to both revenue and capital nature.

• Income and Expenditure Account

– It records transactions related to revenue nature only.


Type of account

• Receipts and Payments Account

– It is a Real Account

• Income and Expenditure Account

– It is a Nominal Account


1. To know the financial position of each and every department separately, it is helpful to make a comparison.

2. Calculate commission of the managers department wise.

3. Evaluate performance, planning, and control.

4. For Investors and outsiders may know the detailed information.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button