2026 WAEC Financial Accounting Answers (OBJ & Essay) - MYDPORT

GET FREE 2026 WAEC May/June Financial Accounting (F/ACCT) Questions and Answers for School Candidates Free of Charge | Free WAEC May/June Free Accounting Questions and Answers EXPO Room for School Students (2026).

WAEC May/June 2026 FREE FINANCIAL ACCOUNTING QUESTION AND ANSWER ROOM [School Candidates]

COMPLETE 2026 WAEC FINANCIAL ACCOUNTING OBJ & Essay Questions And Answers:

Financial Accounting 2 (Essay) – 09:30am – 12:00pm.

Financial Accounting 1 (Objective) – 

12:00pm – 1:00pm

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2026 WAEC Financial Accounting Theory Answers

 2024 below

Answer 2 from this section!!!!

(1a)

(i) The purchase of office equipment on credit would be recorded in the purchases journal or purchases day book.

(ii) Credit purchases would also be recorded in the purchases journal or purchases day book.

(iii) Bank charges would be recorded in the cash book, specifically in the bank column.

(iv) Goods returned by a customer would be recorded in the sales returns journal or returns inwards journal.

(1b)

(i) Purchases would come from the total of the purchases journal or purchases day book.

(ii) Cash payments would come from the cash book, where payments are recorded.

(iii) Returns outwards would come from the returns outwards journal or purchases returns journal.

(iv) Discount received would come from the cash book, where such discounts are often recorded alongside the relevant payment.

(v) Petty cash payments would be transferred from the petty cash book.

(1c)

(i) The sales ledger contains individual accounts for each customer. It records all the transactions related to the sales on credit and the subsequent receipts from customers.

(ii) The purchases ledger contains individual accounts for each supplier. It records all the transactions related to credit purchases and payments made to suppliers.

(iii) The general ledger is the main ledger and records all the accounts that do not go into the sales or purchases ledger. This includes assets, liabilities, income, and expenses.

(2a)

(i) Depreciation of fixed assets.

(ii) Adjustment for closing stock.

(iii) Accruals for expenses incurred but not yet paid.

(iv) Prepayments for expenses paid in advance.

(v) Bad debts written off.

(vi) Provision for doubtful debts.

(2b)

(i) Capital expenditure is for purchasing or improving fixed assets, which provide benefits over several years, whereas revenue expenditure is for the day-to-day running of the business, providing benefits within the current accounting period.

(ii) Capital expenditure is recorded on the balance sheet, while revenue expenditure is recorded on the income statement.

(iii) Capital expenditure aims to increase the earning capacity of the business, while revenue expenditure is related to the maintenance of the earning capacity.

(3a)

Ose, by not keeping proper books of account, operates a single-entry bookkeeping system. This system records only one aspect of the transaction—either the credit or the debit, and does not provide a complete double-entry record for each transaction.

(3b)

(i) It is simpler and easier to maintain than a double-entry system.

(ii) It requires less technical knowledge and is less time-consuming.

(iii) It is cost-effective for a very small business with simple transactions.

-Three disadvantages of the single-entry bookkeeping system are-

(i) It does not provide a complete and accurate financial picture of the business.

(ii) It lacks the checks and balances of a double-entry system, making it more prone to errors and fraud.

(iii) It is not suitable for larger businesses with complex transactions and may not comply with certain accounting standards.

WAEC 2023 Financial Accounting Objective (OBJ) Answers

01-10: BBBCDCACCB
11-20: CADBAABAAC
21-30: DDDCBBABDB
31-40: BCCADCDBAC
41-50: BBDBCCBBAB

Status: Completed ✅

WAEC 2023 Financial Accounting Essay Answers

1a. What are Incomplete Records?

Incomplete records refer to a situation where a business or individual does not maintain all the essential accounting information needed for accurate financial reporting.

Alternative definition:
It is a method of accounting where some financial data, transactions, or documents are missing, insufficiently recorded, or unavailable.

1b. Causes of Incomplete Records (Choose any 3)

1. Lack of knowledge: The business may not understand proper accounting procedures.

2. Limited resources: Small businesses may not afford accounting software or hire professional accountants.

3. Time constraints: Owners or staff may be too busy to maintain complete records.

4. Negligence: Transactions may be overlooked or improperly documented.

5. Complex transactions: Businesses dealing with international trade or complicated finances may struggle to record accurately.

6. Regulatory challenges: Lack of compliance with reporting standards.

7. Weak internal controls: Poor systems may result in errors or omissions.

8. Fraud or misconduct: Records may be deliberately incomplete to deceive or evade taxes.

1c. Effects of Incomplete Records (Choose any 3)

1. Inaccurate financial statements.

2. Difficulty making informed business decisions.

3. Higher risk of fraud or errors.

4. Poor management control over operations.

5. Challenges in assessing financial performance.

3. Users of Accounting Information and Their Interests

User	Interest in Accounting Information
Investors	Assess the company’s financial health and potential returns.
Creditors	Determine the company’s ability to repay loans and obligations.
Managers	Monitor performance, allocate resources, and make strategic decisions.
Government	Ensure compliance, calculate taxes, and regulate business activities.
Employees	Evaluate company stability and job security.
Shareholders	Track financial performance, dividends, and company value.
Suppliers	Assess financial stability for credit and supply decisions.
Competitors	Benchmark performance and strategize accordingly.
Financial Analysts	Analyze financial statements and advise clients or investors.
General Public	Understand company ethics, social responsibility, and trustworthiness.

WAEC 2026/2027 Financial Accounting Questions and Answers

Prepare for the WAEC 2026/2027 Financial Accounting exam with verified Objective (OBJ) and Essay answers. All answers are designed to help students:

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Sample WAEC 2026/2027 Financial Accounting Questions & Answers

1. What is the equation for calculating the current ratio?
Answer: The current ratio is calculated by dividing total current assets by total current liabilities.
Equation: Current Assets ÷ Current Liabilities = Current Ratio

2. What is double-entry bookkeeping?
Answer: Double-entry bookkeeping is an accounting system where every transaction is recorded in two accounts – as a debit and as a credit. The total debits must equal total credits to keep the books balanced.

3. What is the difference between a debenture and a bond?
Answer: A debenture is a loan secured by a company’s assets, while a bond is a loan typically secured by a government or a large corporation with a good credit rating.

4. What is depreciation?
Answer: Depreciation is the accounting process of spreading the cost of an asset over its useful life. It reflects the reduction in value due to use, wear and tear, or obsolescence, and it can also reduce taxable income.

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