SOLVE NOW! 2023 WASSCE Financial Accounting Sample Questions

Financial Accounting is scheduled to begin on Tuesday 29th August 2023. Here are some sample Financial  Accounting questions for the 2023 WASSCE.

Financial  Accounting paper is written by Business students only.

Candidates are advised to use these sample questions as revision towards the WASSCE paper. These questions are well analyzed and has a high chance of dropping if not, pertaining to the same topics.

These sample Financial Accounting questions are not ‘APOR’ and should not be relied solely on. We at Education News Consult, do not know the actual questions that will be placed in front of you but what we can assure our cherished candidates is, we provide the very best of sample questions.

These questions are likely to be similar and the percentage at which  we rate that these sample Financial Accounting  questions will drop is 75%, with a faith  of 5% to make it 80%. The 5% is the chance that the actual questions will be dropped pertaining to the topics in this sample questions.

Financial Accounting Sample Questions For 2023 WASSCE

A. Explain the concepts below;

• 1. Going concern concept
• 2. Business entity concept
• 3. Dual aspect concept
• 4. Materiality concept

B. Mention three limitations in the use of accounting ratio

C. State four elements of financial statement

D. Discuss the accounting ratios below;

• 1. Current ratio
• 2. Gross profit percentage
• 3. Rate of stock turnover

E. For each of the Accounting ratios listed above, give the purpose of each

F. What are some five procedures of converting incomplete records?

G. Mention three disadvantages associated with incomplete records.

H. Explain the term ‘VAT’

I. State four properties of VAT

J. Explain the following below;

• Current assets
• Fixed assets
• Capital
• Intangible assets
• Current liability

K. With  the above explanation in (J), give three examples each.

L. Explain Partnership business

M. Give four demerits and merits each of (L)

N. State four reasons to indulge in partnership business.

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