WASSCE 2024 FINANCIAL ACCOUNTING TRIALS Test Questions provided here are meant for Business Students. Very often accounting students pay less attention to theories that underpin each topic. To pass any accounting examination the student needs to understand the concepts and theories which can be applied in solving calculation-related questions.
These questions provided here will no doubt help students who are preparing for the WASSCE 2024 Financial Accounting Exam to assess their basic knowledge.
Use these questions for useful class and group discussions with your colleagues, try to solve them, and refer to your lecture notes to fill the gap in your knowledge
Now let us try our hands on the WASSCE 2024 Financial Accounting Trial Questions
1. (a)What is a suspense account?
(b) Explain five errors that would not affect the agreement of the Trial balance.
(c) Mention a class of account that would always show:
(i) debit balance;
(ii) credit balance.
2. (a) State two ratios which fall under the following classification of accounting ratios:
(i) profitability;
(ii) activity;
(iii)liquidity;
(iv) investment;
(v) leverage.
(b) Outline:
(i) three uses of accounting ratios;
(ii) two limitations in the use of accounting ratios.
3.(a) What is a manufacturing account?
(b) Explain the following terms:
(i) prime cost;
(ii) factory overheads;
(iii) work-in-progress;
(iv) cost of goods transferred;
(v) finished goods;
(vi) profit on manufacturing.
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4. Explain the following terms as they are used in contract accounts:
(a) Notional profit;
(b) Retention money;
(c) Progress payments;
(d) Work certified;
(e) Work-in-progress.