WAEC Financial Accounting Questions and Answers 2020/2021

Our free WAEC Financial Accounting Answers 2020 Expo Guideline is out. This page is for WAEC Financial Exam Expo Hints for WAEC candidates in 2020: Check Our free WAEC Financial Accounting Questions and Answers 2020 free Expo solution guide for paper 1 [objective – OBJ] & Paper 2 (Theory – Essay) below.

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There is no charge for giving our candidates this Exam Guidelines and Solutions. Stay calm and read down to get free WAEC Financial Accounting Questions and Answers 2020 Solutions below.

WAEC Financial Accounting Exam papers

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Free WAEC Financial Accounting Expo 2020:

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WAEC Financial Accounting Exam Tutorial & Expo Practice.

Have you ever wondered how you can write this WAEC Financial Accounting  Exam and come out with a good grade? If your Answers is yes, then here is the best WAEC Financial Accounting Questions and Answers 2020 Solutions I will ever recommend to all WAEC Candidate.

WAEC Financial Accounting Answers sheet booklet for paper 1 & 2

Some WAEC Accounting Frequently Asked Questions from our Candidates:

  • How will the WAEC Financial Accounting Exam 2020/2021 look like?
  • Can I pass the WAEC Financial Accounting Questions Exam without Expo?
  • How can I answer the WAEC Financial Accounting Questions easily without mistakes?
  • How can I pass the WAEC Financial Accounting Exam even When I am not good in Financial Accounting?
  • What will appear on my WAEC Financial Accounting Question paper?
  • What are the secrets I can use to pass this WAEC Financial Accounting Exam?
  • Where can I get WAEC Financial Accounting Questions and Answers before Exam?

Don’t worry because this post will answer all the above questions.

Guide To WAEC Financial Accounting Exam 2020 and How To Pass without Expo:

Like I said before, this tutorial today is for the candidates that are looking for WAEC Financial Accounting Questions and Answers 2020/2021 Solutions. Please, I will advise you to take your time and follow this step by step guide because it will really help you to pass this WAEC Financial Accounting Exam right now.

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WAEC Financial Accounting Format and Scheme and Guidelines for 2020

Below are the best WAEC Financial Accounting Expos that will help you get your WAEC Financial Accounting Questions and Answers 2020 Solutions for free without.

The first thing to do immediately you get to your WAEC  Centre:

The first thing you should do is to locate your exam hall and take note of the paper you are writing today. Before you leave your house, make sure you eat and get satisfied. But eat only light food that may not cause you to sleep. Leave your house very early so as to arrive at your Exam hall before your Exam Invigilator comes.

WAEC Financial Accounting Theory Exam papers

How to Start Answering your WAEC Financial Accounting Questions?

When you get to the exam, the first thing you should do immediately you get your Exam paper should be to pray. After praying, make sure you provide your Exam details (Exam Number, your name, your Center number, and all other details) in the provided spaces.

How Many Questions will you have to answer during the WAEC Exam?

Your Question will come in two papers. That will be paper 1 & Paper 2. Paper 1 is Objective Questions while Paper 2 will be theory Questions. You are to answer all questions in Paper 1 (One option for each question) and selected a number of questions for Paper 2.

WAEC Financial Accounting Exam Time range: You have just 2 and a half hours (2½) to answer all the Questions in both Paper 1 and Paper 2.

Things you should not bring to your WAEC Exam Center/ Hall?

All WAEC Candidates including you are to come to the Exam Center/Hall with all the materials you will use to write your Exam. Candidates should never come with Phones, bags, Textbooks, or any other material that is not needed for the Exam into the Exam Hall.

How to Predict WAEC Accounting Objective Answers (OBJ Section – Paper One)

Before I begin, below are some awesome tips for picking the correct OBJ Answers in this WAEC Financial Accounting Exam 2020.

WAEC Financial Accounting OBJ (Objective) Exam papers

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  1. There is no point in wasting time when you get to any question that you are not familiar with. Just Proceed to other questions.
  2. It is advisable to attempt the questions you are familiar with first before proceeding to attempt more difficult, advance, and difficult questions so as to help you save time.
  3. Sometimes, two options may look right. So be very careful in choosing an option when two options are alike. These kinds of questions are usually set to test the candidate’s abilities to know if they actually know what they are doing.
  4. How to Guess your answers: If it seems there is no more option for you, it is better to make a wise guess for any question you don’t have answers to instead of wasting your whole time on it. Let your guess be based on a positive option. On several occasions, positive options are usually true if there are no negative ones attached.
  5. Pay attention to these words like: “ not, sometimes, always, and never”. Answers that contain words like “always” must be irrefutable.
  6. Answers to questions with “All of the above” and “None of the above”: When you encounter “All of the above” and “None of the above” options, then it is advisable not to select “All of the above” if you are not very sure that any of the answers provided is incorrect. The same is applicable to Questions with “None of the above” options. Don’t always choose options with “none of the above” If you are not very sure if any of the answer options is correct.
  7. The Correct Option always carries information Relating to the Question (sometimes contain a phrase from the question”. It has been observed that the correct answer always contains more relating information than the other options that may not be correct. This is a very good hint for you when guessing an answer.

How to Answer WAEC Financial Accounting Theory Questions [Essay Paper].

Answering WAEC Financial Accounting theory questions can be very intimidating especially when you don’t no self-confidence. But the advice I will give you if you want to pass this Exam is to always make sure you eliminate fear first before going for Exam. WAEC Financial Accounting Exam Marking Scheme

To Answer any WAEC Theory question, make sure you follow these steps below↓

  • First, read and understand the instructions and format that Question and Answer must follow and obey before you start answering it.
  • Read a particular question and understand what the questions are looking for. Read like two or three times before you give start providing your answer
  • Your Answers should start by quoting the question if it is an essay question.
  • Make sure to go through entire Answers to make sure that all your answers, writings, and spellings are presented accurately in the required format.
  • Make sure you follow the Theory Answers Structures. Below is the complete WAEC theory answers Structures to take note of.

WAEC Theory Answers Structures:

Whenever you are answering WAEC theory or Essay questions, always make sure you take note of the following answer structures and make sure you present your answers as stated here:

When the Question says:

  • “Describe”: That Means You should say what you see – no need for reasons. You can give a detailed account, using examples
  • “State”: That Means You should Provide a factual report with no explanation or opinion.
  • List”: That Means You should write down listed points, not paragraphs. Keep it brief.
  • Explain”: That Means You should give reasons
  • Outline”: That Means You should give a brief summary
  • Analyse”: That Means You should go into detail
  • Compare”: That Means You should state similarities and differences?
  • Contrast”: That Means You should state the differences?
  • Calculate”: That Means You should use numbers given to work out the value of something
  • Define”: That Means You should give the meaning of something.
  • Evaluate”: That Means You should consider both sides – pros and cons
  • Justify”: That Means You should use evidence to explain something.
  • To what extent”: That Means You should Judge the importance or success of something –Tell both the abilities and disabilities of that thing.
  • Argue”: That Means You should present a case with evidence or reasons.
  • Assess”: That Means You should Weigh up / give an informed judgment.
  • Comment on”: That Means You should give your opinion on something.
  • Debate”: That Means You should give a different perspective

General WAEC Accounting Past Questions and Answers Expos 2020

Question 1 (Essay Question Sample): If A company has 3 payment bank accounts for processing their payments, what will be the minimum number of ledgers that will be needed? And Why?

Answer to Question 1: The company will need 3 ledgers for each account. Because it will help to enhance proper accounting and reconciliation processes.

Question 2 (Theory Question): State the difference between inactive and dormant accounts?

Answer to Question 2: Inactive accounts refer to accounts that are closed and will not be used in the future. While Dormant accounts are accounts that are not currently functional but may be used in the future.

Question 3 (Essay Question): Mention 4 common errors in accounting?

Answer to Question 3: Four among the common errors in accounting include: compensating error,  errors of omission, errors of principle & errors of commission.

Question 4 (Example Of Accounting Theory Question): What are the main differences between trial balance & a balance sheet?

Answer to Question 4: Trial balance has the list of all balances in a ledger account and it is used to check the arithmetical accuracy in recording and posting. While, A balance sheet is a statement that shows the assets, liabilities, and equity of a company and is used to ascertain its financial position on a particular date.

Question 5 (Theory Past Question): Define the term “working capital” mathematically?

Ans. Working capital can be mathematically defined as “current assets” minus “current liabilities”. and it is used in day-to-day sales.

Secrets to WAEC Financial Accounting Exam 2020

WAEC Financial Accounting Exam has both Objective and theory Questions. So you need to acknowledge the following:

  • Be smart and also recognize and recall all that you have been reading.
  • You have to be smart and conversant with all WAEC Question formats like questions of facts, sentence completion, true-false questions, analogy, multiple-choice, matching questions, etc..
  • The theory part always requires more detailed writing and Explanations.
  • The objective Questions have one, and only one correct answer. So don’t pick more than one answer for any question.
  • This WAEC Exam requires strict preparation and memorization. So read and memorize what you read.

Where to Get Free WAEC Accounting Questions and Answers before Exam.

It is not advisable to hope on WAEC Expo, WAEC Expo is illegal and attracts a penalty. Any candidate got with Expo will automatically fail the exam. So, we advise you to study with your Syllabus, Textbooks, and past questions and also pray, hoping on God to help you to pass your exam. If you need more help from us, then use the comment box below to reach us and we promise to send you feedback.

Why do Candidates Fail WAEC Exam

Many candidates fail WAEC because of the following:

  1. Failure to, or Provision of wrong candidate’s details on Answer booklets.
  2. Having the same Exam number and name on more than one Answer Booklet on the same subjects.
  3. Candidate or Exam Center indulgent in Exam malpractice.
  4. Failure to follow Exam instructions as presented on the Question papers.
  5. Failure to shade answers appropriately as required on the OMR (OBJ Answer Booklet).
  6. Shading objective Answer sheets with a pen instead of using an HB pencil.
  7. Mix up of details or using Mismatching details.
  8. Missing Exam. And so on…

How WAEC Exams are being marked?

The marking of WAEC Candidate’s scripts is handled by selected WAEC examiners and Officials. WAEC Exam Markers are usually educationists who have been well trained and have familiarity with student abilities and classroom situations.

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