Question 1
Which of the following correctly states the accounting equation?
Correct Answer:
Assets = Capital + Liabilities
Question 2
In double-entry bookkeeping, an increase in an asset is recorded as a:
Correct Answer:
Debit entry
Question 3
Goods bought on credit for resale are recorded in the:
Correct Answer:
Purchases day book
Question 4
A trial balance is prepared mainly to:
Correct Answer:
Check the arithmetical accuracy of the ledger
Question 5
The petty cash book is most commonly kept on the basis of the:
Correct Answer:
Imprest system
Question 1
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About this Exam

Prepare with the WASSCE Financial Accounting Practice Questions - WASSCE Financial Accounting (WAEC, West African Examinations Council) Exam practice quiz. This question bank includes 100 questions covering account, cash, profit, balance, and book. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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WASSCE Financial Accounting Practice Questions - WASSCE Financial Accounting (WAEC, West African Examinations Council) Exam

This practice set contains 100 questions from the matching question bank and focuses on account, cash, profit, balance, and book. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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