Students preparing for WAEC GCE Financial Accounting 2025 are actively searching for past questions, accurate answers, and comprehensive practice questions to improve exam readiness. They want to study the syllabus 2025, WAEC GCE Financial Accounting theory questions and WAEC GCE Financial Accounting practice questions, tackle objective questions, and access revision tips, exam guides, and the marking scheme. Many learners are also looking for free WAEC GCE Financial Accounting practice questions to cover all topics, understand key accounting principles, and confidently score high in every section of the Financial Accounting examination.
Financial Accounting is one of the core subjects in the WAEC GCE examination for private candidates. Whether you’re writing to gain university admission or improve your qualifications, thorough preparation is crucial.
This guide provides WAEC GCE Financial Accounting 2025. It includes both multiple-choice (objective) and theory questions modeled to reflect the real WAEC GCE exam pattern.
WAEC GCE Financial Accounting 2025 Exam Overview
Understand the structure, sections, and key topics of WAEC GCE Financial Accounting 2025.
WAEC GCE Financial Accounting Past Questions and Answers
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WAEC GCE Financial Accounting Theory Questions Practice
Practice common WAEC GCE Financial Accounting theory questions for better understanding and scoring.
WAEC GCE Financial Accounting Objective and Multiple-Choice Questions
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WAEC GCE Financial Accounting Syllabus 2025 and Revision Tips
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Free WAEC GCE Financial Accounting Practice Questions and Exam Guide
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WAEC GCE Financial Accounting 2025 Questions and Answers
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SECTION A: Objective Financial Accounting Questions (Choose the correct answer)WAEC GCE FINANCIAL ACCOUNTING 2025 PRACTICE QUESTIONS AND ANSWERS
1. Which of the following is a liability?
A. Building
B. Capital
C. Loan from bank
D. Furniture
Answer: C
Explanation:
A liability is an amount the business owes to outsiders. Loan from a bank is a liability.
2. The accounting equation is:
A. Assets = Liabilities − Capital
B. Capital = Assets + Liabilities
C. Assets = Liabilities + Capital
D. Assets + Liabilities = Capital
Answer: C
3. Which document is used to record the details of a credit sale?
A. Receipt
B. Invoice
C. Debit Note
D. Credit Note
Answer: B
4. A trial balance is prepared to:
A. Detect fraud
B. Check arithmetic accuracy
C. Calculate net profit
D. Record transactions
Answer: B
5. Which of these is an intangible asset?
A. Goodwill
B. Inventory
C. Equipment
D. Buildings
Answer: A
6. Which of the following is not part of the final accounts?
A. Trading Account
B. Profit and Loss Account
C. Balance Sheet
D. Ledger
Answer: D
7. The double entry for receiving cash from a debtor is:
A. Debit cash, credit debtor
B. Debit debtor, credit cash
C. Debit sales, credit cash
D. Debit capital, credit sales
Answer: A
8. The accounting year is also called:
A. Capital period
B. Financial period
C. Trial period
D. Ledger period
Answer: B
9. Which of these is used to correct an error in recording transactions?
A. Credit note
B. Journal proper
C. Ledger
D. Sales day book
Answer: B
10. If rent paid in advance is ₦5,000, how is it treated?
A. Expense
B. Liability
C. Asset
D. Capital
Answer: C
SECTION B: WAEC GCE Financial Accounting Theory Questions
1. Define depreciation and state two causes.
Answer:
Depreciation is the reduction in the value of an asset over time due to usage, wear and tear, or obsolescence.
Causes of Depreciation:
Wear and tear from usage
Passage of time
2. List and explain four types of errors in accounting.
Answer:
Error of Omission: A transaction is completely left out.
Error of Commission: Wrong amount recorded or entry made in the wrong account.
Error of Principle: Recording a transaction against accounting principles, e.g., treating capital expenditure as revenue expenditure.
Compensating Error: Two errors cancel each other out.
3. State three differences between capital and revenue expenditure.
| Capital Expenditure | Revenue Expenditure |
|---|---|
| Long-term benefit | Short-term benefit |
| Buying fixed assets | Daily running costs |
| Recorded as an asset | Recorded as an expense |
4. What are the uses of a balance sheet?
Answer:
Shows the financial position of a business at a specific date.
Lists assets, liabilities, and capital.
Helps assess business solvency.
Used to attract investors or loans.
5. Explain the term “petty cash” and state two advantages of using it.
Answer:
Petty cash is a small amount of cash kept on hand for minor expenses.
Advantages:
Reduces the need to write cheques for small amounts.
Saves time in handling minor payments.
WAEC GCE Financial Accounting Practice Essay Sample
Question: Explain five qualities of a good financial accountant.
Answer:
Accuracy: A good accountant must be precise and careful when recording transactions.
Integrity: Must be honest and maintain confidentiality.
Analytical Skill: Ability to interpret financial information.
Knowledgeable: Well-versed in accounting principles and standards.
Organized: Keeps records in an orderly and retrievable format.
Key Accounting Formulas and Definitions
Accounting Equation:
Assets = Liabilities + CapitalGross Profit:
Sales − Cost of Goods SoldNet Profit:
Gross Profit − ExpensesDepreciation (Straight Line Method):
(Cost − Scrap Value) ÷ Useful LifeBalance Sheet Format:
| Assets | Liabilities |
|---|---|
| Cash, Stock, Equipment | Loans, Creditors |
Important WAEC GCE Accounting Exam Tips
Understand all definitions: depreciation, asset, liability, revenue, expense.
Practice writing up ledgers and trial balances.
Familiarize yourself with accounting documents like invoices and credit notes.
Know common accounting errors and how to correct them.
Work through past WAEC GCE papers regularly.
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