WASSCE 2023 Financial Accounting Trial Questions

Master these trial questions for Financial Accounting for the upcoming 2023 WASSCE. Make sure to be well abreast with these Financial Accounting questions.

Answer all the questions below;

1. Explain the following terms as they are used in contract accounts:

i) Work-in-progress

ii) National profit

iii) Work certified

iv) Progress payment

v) Retention money

2. a List four uses of Accounting ratios

b. State two limitations in the use of Accounting ratios

3. What is a suspense account?

b. Explain four (4) errors that would not affect the agreement of a Trial balance.

c. Mention a class of account that would always show;

i. Debit balance ii. Credit balance

4. State two ratios which fall under the following classification of Accounting ratios

i) Activity       iii) Liquidity

ii) Leverage    iv) Investment

The 2023 will commerce from 31st July 2023 to 26th September 2023 and we urge all candidates to prepare very well before they sit for the examination.

We wish all 2023 WASSCE candidates the very best of luck as they prepare for their WASSCE in 2 months time.

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