2022 Waec Financial Accounting Questions and Answers (Legit)

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Financial Accounting paper is divided into two question types, Papers 1 and 2, both of which must be taken taken.

Paper 1 Objective

paper 2 Theory

2022 Waec Financial Accounting Question and Answers
1. The officer responsible for ascertaining whether all public expenditure and appropriation are in time with the approved guideline is the

A. Creditor

B. Cashier

C. Auditor General

D. Bursar

ANSWER: C (Auditor General)

2. The cash basis of accounting requires the recognition of revenue only when they are

A. sent Out

B. documented

D received

ANSWER: D (Received)

3. Responsibility accounting is particularly concerned with

A. variable cost
4. Earnings per share is a measure of

A. loss

B. profit

C. income

D. expenditure

ANSWER: B (Profitability)
Accounting Theory Answer
1. The Industry norm – This is the most common type of comparison. Analysts will typically look for companies within the same industry and develop an industry average, which they will compare to the company they are evaluating.

Ratios per industry are also provided by Bloomberg and the S&P. These are good sources of general industry information. Unfortunately, there are several companies included in an index that can distort certain ratios.

If we look at the food and beverage ratio index, it will include companies that make prepared foods and some that are distributors.

The ratios in this case would be distorted
1cii) Limitations to Accounting ratios/Financial ratios
There are some important limitations of financial ratios that analysts should be conscious of:

i)Many large firms operate different divisions in different industries. For these companies, it is difficult to find a meaningful set of industry-average ratios.

ii)Inflation may have badly distorted a company’s balance sheet. In this case, profits will also be affected. Thus a ratio analysis of one company over time or a comparative analysis of companies of different ages must be interpreted with judgment
Important Notice or information on 2022 WAEC Financial Accounting questions
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Here are the schedule of all exams scheduled for the day.

Tuesday 24th May 2022

Financial Accounting 2 (Essay) 9:30am – 12:00noon
Financial Accounting 1 (Objective) 12:00noon – 1:00pm

French 2 (Essay) 2:00pm – 3:15pm
French 1 (Objective) 3:15pm – 4:15pm

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May 24th cadidates
WAEC – ENGLISH
1) B. Diminish Through women emancipation
2) D. The office and home
3) A. Men were assigned superior role
4) A. Women become covertly ambitious
5) D. badly affected
6) D. curative
7)
A. planning
9) B. pattern
10)
11) D. denied
12) kick and skipped meal
18) B. colonial service
19)
20) D. African adoption of western culture


*Gov*
* Right to life
* The best citizen is in control of government
* Propaganda
* Babaginda Regime
* Councils
*
* collegiate executive
* rigid and written
* international peace and security
* Clifford constitution
* Regional and ethnic undertone
* Promotability