Waec 2019/2020 Financial Accounting Sample Questions and Answers, Expo For MAY/JUNE Examinations

FINANCIAL ACCOUNTING
EXAMINATION SCHEME
There will be two papers – Paper 1 and Paper 2, both of which will constitute a composite
paper to be taken at one sitting.
PAPER 1: Will comprise fifty multiple choice questions to be taken in 1 hour for 50
marks.
PAPER 2: Will be made up of two sections: Sections A and B and will last 2½ hours.

Section A: Will contain five essay questions on theory of financial accounting.
Candidates will be required to answer two out of the four questions for 15
marks each.
Section B: Will contain five essay questions on financial accounting practice.
Candidates will be required to answer three out of the questions for 15
marks each.
SAMPLE QUESTION
PAPER 1
(OBJECTIVE)
1. The double entry for a cheque returned by a bank to a customer marked “refer to drawer”
is debit
A. bank, credit debtor.
B. bank, credit bad debt expenses.
C. bad debt expenses, credit bank.
D. debtor, credit bank.
2. Which of the following is a characteristic of joint venture?
A. The activities are of short term duration.
B. Individual maintains separate account.
C. There is perpetual succession.
D. There is limitation to membership.