Highly Examinable Financial Accounting Questions For WASSCE 2023

WASSCE 2023 has been very exciting for those who prepared and kind of difficult for those who lack inadequate preparation. However Ghanaeducation.org is here to serve you with highly examinable questions to solve in order to be fully armed for the exam. Checkout some Financial Accounting questions below to help in your exam.

Highly Examinable Financial Accounting Questions For WASSCE 2023

1. Explain the following items and outline how they are treated in the final accounts:
   a.increase in provision for doubtful debts;
   b.decrease in provision for doubtful debts;
   c.provision for discount on debtors;
   d.provision for discount on creditors;
   e.provision for depreciation.
2. a)What are closing entries?
   b)Distinguish between a branch and a department.
   c)State four reasons for the preparation of branch accounts.
3. .a)State three effects of drawings on the business of a sole proprietor.
   b)Explain how the following items are treated in the balance sheet:
   (i)accrued expenses;
   (ii)prepaid expenses;
   (iii) accrued income.

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4. a)Outline three reasons for which a cheque would be dishonoured.
b)Explain the following terms:
i.petty cash float;
ii.contra entries;
iii.imprest system;
(c) State three advantages of keeping petty cash book using imprest system.