The West African Examinations Council (WAEC) Accounting exam is one of the most anticipated exams for students in Nigeria, Ghana, Sierra Leone, Liberia, and The Gambia. This article will provide detailed guidance on the format of the exam, types of questions to expect, and reliable preparation tips for the 2024 WAEC Accounting examination.
WAEC Accounting Exam Overview
The WAEC Accounting exam is divided into two parts:
- Objective Questions (OBJ): These are multiple-choice questions designed to test the candidate’s understanding of key concepts in financial accounting.
- Theory Questions: These are longer, more detailed questions that require comprehensive responses. The theory section tests the candidate’s ability to apply accounting principles in solving financial problems.
How to Prepare for WAEC Accounting 2024
To ace the WAEC Accounting exam, it is essential to:
- Understand the WAEC Syllabus: Ensure you are familiar with the entire WAEC syllabus for Accounting. Topics such as ledger accounts, bank reconciliation, balance sheets, depreciation, and trial balances are fundamental.
- Practice Past Questions: Solve previous years’ WAEC Accounting questions. This helps you understand the exam structure, common topics, and question patterns.
- Study Key Accounting Principles: Key topics such as journal entries, final accounts, adjustments, and corrections of errors often come up in WAEC Accounting.
- Time Management: Practice solving questions within the allotted time to improve speed and accuracy during the exam.
Sample WAEC Accounting Questions and Answers 2024
Here are some sample questions based on previous WAEC Accounting exams to guide you:
Objective Section (Multiple Choice)
- Question: Which of the following is a liability?
- A. Cash
- B. Bank overdraft
- C. Stock
- D. Equipment Answer: B. Bank overdraft
- Question: A trial balance is prepared to:
- A. Detect errors in journal entries
- B. Show the financial position of a business
- C. Ensure that total debits equal total credits
- D. Adjust errors in the ledger accounts Answer: C. Ensure that total debits equal total credits
Theory Section
Question 1: Prepare a Balance Sheet from the following information:
- Cash: ₦50,000
- Accounts Receivable: ₦100,000
- Inventory: ₦150,000
- Equipment: ₦300,000
- Accounts Payable: ₦75,000
- Long-Term Loan: ₦200,000
- Capital: ₦325,000
Answer:
Balance Sheet as at 31st December 2024
| Assets | ₦ |
|---|---|
| Cash | 50,000 |
| Accounts Receivable | 100,000 |
| Inventory | 150,000 |
| Equipment | 300,000 |
| Total Assets | 600,000 |
| Liabilities | ₦ |
|---|---|
| Accounts Payable | 75,000 |
| Long-Term Loan | 200,000 |
| Total Liabilities | 275,000 |
| Capital | ₦ |
|---|---|
| Capital | 325,000 |
| Total Capital | 325,000 |
Total Liabilities & Capital: ₦600,000
Question 2: Journalize the following transactions:
- 1st June: Bought goods on credit from ABC Ltd for ₦150,000
- 5th June: Paid ₦100,000 to XYZ Bank for a loan
- 10th June: Received ₦50,000 from a debtor
Answer:
Journal Entries for June 2024
| Date | Particulars | Debit (₦) | Credit (₦) |
|---|---|---|---|
| 1st June | Purchases A/C Dr | 150,000 | |
| To ABC Ltd | 150,000 | ||
| (Goods bought on credit) | |||
| 5th June | Loan A/C Dr | 100,000 | |
| To XYZ Bank | 100,000 | ||
| (Loan repayment to bank) | |||
| 10th June | Cash A/C Dr | 50,000 | |
| To Debtor A/C | 50,000 | ||
| (Cash received from debtor) |
Reliable Study Materials and Resources
- WAEC Official Syllabus: Ensure you follow the latest WAEC syllabus, available on the WAEC official website www.waeconline.org.ng.
- WAEC Past Questions: Download WAEC past questions from various online resources like myschool.ng and waecdirect.org.
- Recommended Textbooks: Books such as “Simplified Accounting for WAEC” and “New School Certificate Accounting” are great resources for WAEC Accounting preparation.
Frequently Asked Questions (FAQs)
- How many questions are there in the WAEC Accounting exam?
The WAEC Accounting exam consists of two sections: The objective section usually contains about 50 multiple-choice questions, while the theory section consists of 5 to 6 essay-type questions. - Is WAEC Accounting difficult?
WAEC Accounting can be challenging if you don’t prepare adequately. However, with proper study, understanding of key accounting principles, and solving past questions, it can be manageable. - What topics are important for WAEC Accounting 2024?
Some key topics include final accounts, adjustments, ledger accounts, trial balances, bank reconciliation, and correction of errors. - How do I calculate depreciation in WAEC Accounting?
Depreciation can be calculated using various methods, but the most common method in WAEC is the straight-line method:Depreciation=Cost−Residual ValueUseful Life\text{Depreciation} = \frac{\text{Cost} – \text{Residual Value}}{\text{Useful Life}} - Where can I find accurate WAEC past questions for Accounting?
You can find past questions from trusted platforms like Myschool.ng and waecdirect.org, or purchase from local bookstores.
Related Article: WAEC Chemistry practical Questions and Answers 2023 (100% Sure) Theory Solution
Conclusion
The WAEC Accounting exam requires dedication and strategic preparation. By focusing on core topics, solving past questions, and managing your time effectively, you can confidently approach the 2024 WAEC Accounting exam. Use the resources provided, stay focused, and ensure you are well-prepared for success!