Accounting Questions for WASSCE and Senior High School Learners

These questions are ideal for students preparing to sit for the West African Examination Council’s Exams. Try your hands on these questions if you are a Business student at the senior high. The questions are selected from depreciations, accruals, doubtful debts, day books, accounting ratios, financial statements, etc.

Sit with your friends and discussed them. To have a copy of these questions, you may want to write them in your exercise book.

Accounting Questions for WASSCE

Here are some sample WASSCE (West African Senior School Certificate Examination) questions on Financial Accounting:

1. A company purchased equipment for $50,000 cash. The equipment has an estimated useful life of 5 years and a salvage value of $5,000. Calculate the annual depreciation expense using the straight-line method.

2 XYZ Company had accounts receivable of $10,000 at the beginning of the year. During the year, sales on credit amounted to $50,000, and collections from customers totaled $45,000. Determine the ending balance of accounts receivable.

3 ABC Corporation issued 1,000 shares of common stock at a par value of $10 per share. The company received $12 per share for the stock. Calculate the amount of additional paid-in capital.

4 DEF Enterprises purchased inventory worth $20,000 on credit. The terms were 2/10, net 30. Calculate the discount available to the company if payment is made within the discount period.

5 A company’s income statement shows sales revenue of $100,000, cost of goods sold of $60,000, and operating expenses of $20,000. Calculate the company’s gross profit and operating profit.

6 XYZ Company purchased inventory worth $10,000 on credit. The terms were 2/10, net 30. Calculate the amount to be paid if the company pays within the discount period.

7 ABC Corporation reported the following information for the year: Net income = $50,000, Total assets = $500,000, Total liabilities = $200,000. Calculate the company’s return on assets (ROA) ratio.

8 DEF Ltd. sold goods worth $5,000 on credit. The terms were 2/15, net 30. If the customer pays within the discount period, calculate the amount received.

9 PQR Company had a beginning inventory of $20,000. During the year, purchases amounted to $30,000, and ending inventory was $15,000. Calculate the cost of goods sold.

10 XYZ Ltd. issued a $100,000, 5-year bond with a stated interest rate of 8%. The bond pays interest annually. Calculate the annual interest expense.

11 ABC Enterprises acquired a building by paying $200,000 in cash and issuing a mortgage of $300,000. Calculate the total cost of the building.

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Accounting Questions for WASSCE and Senior High School Learners

Accounting Questions for WASSCE

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Accounting Questions for WASSCE

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