West African Examinations Council
WASSCE Accounting · Paper 2 — Essay
Written answers, marked against a rubric.
8 exam-style questions, written to the West African Examinations Council format and free to read. The answers are here too — what they do not tell you is how many you would get right with a clock running.
1. (a) Distinguish between a trading account and a profit and loss account. [5 marks]
(b) A business records: opening stock ₦120,000; purchases ₦480,000; closing stock ₦90,000; sales ₦800,000. Calculate the cost of goods sold and the gross profit. [10 marks]
(c) State three items that appear in a profit and loss account but not in a trading account. [5 marks]
2. (a) Define a partnership. [3 marks]
(b) State and explain five contents of a partnership deed. [10 marks]
(c) State three ways in which a partnership differs from a limited company. [7 marks]
3. (a) What is a bank reconciliation statement? [4 marks]
(b) State and explain five reasons why the cash book balance may differ from the bank statement balance. [10 marks]
(c) State two benefits of preparing a bank reconciliation. [6 marks]
4. (a) State the accounting equation and explain each of its three elements. [6 marks]
(b) State and explain five books of original entry. [10 marks]
(c) Outline three reasons why the double-entry system is preferred to single entry. [4 marks]
5. (a) What is a trial balance and what is its purpose? [5 marks]
(b) State and explain five errors that a trial balance will NOT reveal. [10 marks]
(c) Explain what a suspense account is used for. [5 marks]
6. (a) Distinguish between cash-basis and accrual-basis accounting. [5 marks]
(b) State and explain five sources of government revenue in Nigeria. [10 marks]
(c) State three differences between public sector and private sector accounting. [5 marks]
Reading these is not the same as sitting them.
Every question above is answerable given time. The exam does not give you time. Sit the whole paper on the real clock and the number you get back is the one that means something.
Sit it against the clock — freeExampaper is an independent study service. It is not affiliated with, endorsed by, or connected to WAEC, NECO, JAMB or any examination body. Exam names and subject titles are used only to describe what each paper is for.