WAEC Financial Accounting Past Questions and Answers
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21,000+ Financial Accounting past questions · 2020–2026
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Sample Financial Accounting past questions
Real WAEC Financial Accounting questions with the correct answer and explanation. This is a preview — the full bank continues in the app.
Bimpe's business has current assets of ₦203,000 and current liabilities of ₦86,500. Find the working capital.
- A ₦406,000
- B ₦319,500
- C ₦0
- D ₦116,500
What is the meaning of 'Artificial personal account'?
- A An account of an asset that cannot be physically touched, such as goodwill or patents
- B An account of a legal entity such as a company, club, or institution
- C An account that relates to persons or organisations, such as debtors and creditors
- D An account of an actual human being, such as a customer's or supplier's personal account
A business has current assets of ₦262,500 and current liabilities of ₦75,000. Find the current ratio.
- A 2:7
- B 7:3
- C 7:2
- D 4:1
Ngozi and Ijeoma are partners sharing profits in the ratio 5:1. If the profit for the year is ₦126,000, find Ngozi's share.
- A ₦105,000
- B ₦105,004
- C ₦126,000
- D ₦147,000
Aisha's business has current assets of ₦298,000 and current liabilities of ₦578,000. Find the working capital.
- A ₦596,000
- B ₦18,000
- C -₦280,000
- D ₦0
A business has total assets of ₦884,000 and liabilities of ₦165,000. Find the owner's capital.
- A ₦1,439,000
- B ₦719,000
- C ₦884,000
- D ₦1,603,000
Emeka and Grace are partners sharing profits in the ratio 6:7. If the profit for the year is ₦71,500, find Emeka's share.
- A ₦71,500
- B ₦77,000
- C ₦38,500
- D ₦33,000
Tunde's business has current assets of ₦96,500 and current liabilities of ₦647,000. Find the working capital.
- A -₦454,000
- B ₦0
- C -₦550,500
- D ₦193,000
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Preparing for WAEC Financial Accounting
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