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WAEC ACCOUNTING OBJECTIVES

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WAEC 2025 FINANCIAL ACCOUNTING OBJECTIVE QUESTIONS

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WAEC ACCOUNT COMPLETE ✅ SOLUTIONS

(1a)
PLS TABULATE
-Surplus-
matches with Net profit

-Accumulated fund-
matches with Capital

-Receipts and payments account-
matches with Cash book

-Deficit-
matches with Net loss

-Income and expenditure account-
matches with Profit and loss account

(1b)
(i)Purpose: Social clubs are non-profit organizations focused on member benefits, while limited liability companies (LLCs) aim to generate profit.
(ii)Capital: Social clubs usually have an accumulated fund, while LLCs have capital invested by owners.
(iii)Surplus/Deficit: Social clubs record surplus or deficit, while LLCs record net profit or net loss.
(iv)Ownership: Social clubs are owned by members, while LLCs are owned by shareholders or members.
(v)Financial Statements: Social clubs prepare income and expenditure accounts, while LLCs prepare profit and loss accounts.

(2ai)
-Seller-
Record of Sale:
(i)It serves as proof of a sale transaction, documenting the goods or services sold, quantity, price, and date.
(ii)It serves as an invoice to a formal request for payment from the buyer, specifying the amount owed and payment terms.
(iii)It helps track inventory levels by showing what items have been sold, aiding in stock management.

(2aii)
-Buyer-
(i)It serves as proof of purchase, useful for warranties, returns, and exchanges.
(ii)An invoice is a record of the amount owed and the payment terms, aiding in budgeting and financial planning.
(iii)It helps track business expenses for accounting and tax purposes.

(2b)
(i)Improved Organization:
Separating the ledger into classes (e.g., sales, purchases, assets, liabilities) improves organization and makes it easier to find specific information.
(ii)Enhanced Accuracy:
Dividing the ledger reduces the risk of errors by categorizing entries, making it easier to audit and reconcile accounts.
(iii)Better Analysis: Different classes of ledgers allow for more detailed financial analysis, helping businesses understand their performance in various areas.
*NUMBER THREE*

(PICK FIVE)

(3)
(i) In XYZ Ltd, Mr. Obi prepared financial statements with the primary aim of showing profitability, *while* in PQ Local Government/District Assembly, the focus is on demonstrating how effectively public funds are used to deliver services.

(ii) The financial statements of a private company like XYZ Ltd typically include a Profit and Loss Account and a Balance Sheet, *whereas* in a public sector organization such as PQ Local Government, he would now prepare a Statement of Receipts and Payments and a Statement of Financial Position.

(iii) The users of financial statements in a private company include shareholders, investors, and tax authorities, *but* in a local government setting, the primary users are the government, oversight bodies like the Auditor General, and the general public.

(iv) While XYZ Ltd likely used the accrual basis of accounting, PQ Local Government/District Assembly may use the cash basis or a modified cash basis of accounting.

(v) XYZ Ltd is financed through private sources such as equity and loans, *but* PQ Local Government is funded mainly through government subventions, grants, and internally generated funds.

(vi) In his former role, Mr. Obi prepared financial reports according to the International Financial Reporting Standards (IFRS), *but* in his current role, he must follow the International Public Sector Accounting Standards (IPSAS).

(vii) Budget reports in a private company are mostly internal documents and not a formal part of financial reporting, *whereas* in local government, budget performance and implementation are integral components of the financial reports.

(viii) The financial reporting in XYZ Ltd emphasized profitability and return on investment, *but* in PQ Local Government/District Assembly, the emphasis is on accountability, transparency, and adherence to public financial regulations.

(4a)
Increase in provision for doubtful debts; This represents an increase in the estimated amount of money that a business expects it will not be able to collect from its debtors (customers who owe money).

-Treatment in final- accounts:
(i)Profit and Loss Account: The increase is treated as an expense and debited to the profit and loss account, reducing net profit.
(ii)Balance Sheet: The increase is added to any previous provision for doubtful debts and deducted from the total debtors balance to show the net realizable value of the debts.

(4b)
Decrease in provision for doubtful debts; This indicates a reduction in the estimated amount of uncollectible debts, meaning the business now expects to recover more from its debtors than previously anticipated.

-Treatment in final- accounts:
(i)Profit and Loss Account: The decrease is treated as a gain or a reduction in expense and is credited to the profit and loss account, increasing net profit.
(ii)Balance Sheet: The decrease is deducted from the existing provision for doubtful debts, leading to a smaller reduction from the total debtors balance.

(4c)
Provision for discount on debtors; This is an allowance made for potential discounts that might be given to debtors for early or prompt payment. It acknowledges that not all debtors may pay the full amount.

-Treatment in final accounts-
(i)Profit and Loss Account: This provision is treated as an expense and is debited to the profit and loss account.
(ii)Balance Sheet: The amount provided is deducted from the debtors balance.

(4d)
Provision for discount on creditors; This is an allowance made for potential discounts that might be received from creditors for early or prompt payment. It acknowledges that the business might not have to pay the full amount owed.

-Treatment in final accounts-
(i)Profit and Loss Account: This provision is treated as a gain and is credited to the profit and loss account.
(ii)Balance Sheet: The amount is deducted from the creditors balance.

(4e)
Provision for depreciation; Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the reduction in the asset's value due to wear and tear, usage, or obsolescence.

-Treatment in final accounts-
(i)Profit and Loss Account: Depreciation is treated as an expense and is debited to the profit and loss account.
(ii)Balance Sheet: The accumulated depreciation is shown as a deduction from the cost of the asset, reflecting its net book value.

Exãm Sëçrët

WAEC 2025 FINANCIAL ACCOUNTING SOLUTIONS

(1a)
PLS TABULATE
-Surplus-
matches with Net profit

-Accumulated fund-
matches with Capital

-Receipts and payments account-
matches with Cash book

-Deficit-
matches with Net loss

-Income and expenditure account-
matches with Profit and loss account

(1b)
(i)Purpose: Social clubs are non-profit organizations focused on member benefits, while limited liability companies (LLCs) aim to generate profit.
(ii)Capital: Social clubs usually have an accumulated fund, while LLCs have capital invested by owners.
(iii)Surplus/Deficit: Social clubs record surplus or deficit, while LLCs record net profit or net loss.
(iv)Ownership: Social clubs are owned by members, while LLCs are owned by shareholders or members.
(v)Financial Statements: Social clubs prepare income and expenditure accounts, while LLCs prepare profit and loss accounts.

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WAEC 2025 FINANCIAL ACCOUNTING QUESTIONS

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COMPLETE 2025 WAEC ECONOMIC ANSWERS
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THEORY ANSWERS

SECTION A:
Answer only one (1) Question from this section
Section A consist of Question 1 & 2 only (Pick any one)
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(1a)
Equilibrium output = Q₀

Equilibrium price = P₁

(1b)
The AR (Average Revenue) curve represents the market demand curve because it shows the price consumers are willing to pay for each quantity.

(1c)
The firm operates in an imperfect market (monopoly or monopolistic competition).
*Reason:* The AR curve is downward-sloping and distinct from MR, indicating the firm has price-setting power.

(1d)
(i) Total Revenue (TR):
TR = Price × Quantity = P₁ × Q₀
TR = P₁ × Q₀
This is the area of the rectangle from the origin to Q₀ and up to P₁.

(ii) Total Cost (TC):
TC = Average Cost × Quantity = AC at Q₀ × Q₀
This is the area under the AC curve at Q₀, multiplied by output Q₀.

(iii) Profit = TR – TC = shaded area between P₁ and AC at Q₀

(1e)
The profit indicates the firm has market power. Without competition or regulation, such profits can persist and may lead to market inefficiency.
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(2a)
Terms of Trade Formula = (Price Index of Exports/Price Index of Imports) × 100

2020:
Terms of Trade = (180/150) × 100 = 120%

2021:
Terms of Trade = (160/200) × 100 = 80%

(2bi)
Favourable: 2020
Reason: The terms of trade in 2020 is 120%, which is greater than 100%. This means Country X can obtain more imports for a given quantity of exports, indicating an economic advantage.

(2bii)
Unfavourable: 2021
Reason: The terms of trade in 2021 is 80%, which is less than 100%. This means Country X needs to export more to obtain the same quantity of imports, indicating a disadvantageous trade position

(2c)
(i) Primary Products vs Manufactured Goods: If Country X exports primary products while importing manufactured goods, the terms of trade are generally determined against primary producers and in favour of industrial countries.
(ii) Backward Technology/Low Productivity: Countries with backward technology have relatively low productivity, leading to higher costs of production and a disadvantageous bargaining position in international trade

(2d)
Current Account Balance = Balance of Trade + Balance of Invisible Trade
$812,500 = $4,062,500 + Balance of Invisible Trade
Balance of Invisible Trade = $812,500 - $4,062,500
Balance of Invisible Trade = -$3,250,000

Explanation: The balance of invisible trade represents the difference between exports and imports of services (invisibles). If the balance of invisible trade is $812,500, this indicates a surplus in service transactions, meaning the country exports more services than it imports.
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*SECTION B:*
Answer three (3) Questions from this section
Number 3 - 8 questions
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3(a) Distinguish between complementary goods and substitute goods.

[4 marks]

Complementary goods are goods that are used together to satisfy a want. An increase in the demand for one leads to an increase in the demand for the other.
Example: Car and petrol, bread and butter.

Substitute goods are goods that can replace each other in consumption. An increase in the price of one leads to an increase in the demand for the other.
Example: Tea and coffee, butter and margarine.

---

3(b) Explain (with diagram) how a decrease in supply of meat, other things being equal, will affect equilibrium price and quantity.

[8 marks]

A decrease in supply shifts the supply curve leftward.

At the original price, there is excess demand.

To restore equilibrium, the price rises and quantity falls.

📉 Effect:

Price increases

Quantity decreases
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(4a)
Minimum price control, also known as a price floor, is a government-imposed lowest legal price below which a specified good or service cannot be sold or bought. It is set above the equilibrium price to protect producers, especially agricultural producers, from income fluctuations caused by factors such as poor harvests.

(4b)
(i) To Protect Farmers’ Income: Minimum prices ensure that farmers receive a guaranteed price for their produce, preventing income loss during bumper harvests when market prices might fall sharply.

(ii) To Prevent Distress Sales: By setting a minimum price, farmers are discouraged from selling their produce at very low prices due to urgent need for cash, thus avoiding exploitation by buyers.

(iii) To Stabilize Agricultural Markets: Minimum prices help reduce price volatility and encourage farmers to invest in production by providing price certainty before the sowing season.

(4c)
(i) Surplus Production: Setting a minimum price above equilibrium can lead to excess supply as farmers produce more, but demand decreases at the higher price, causing unsold surpluses.

(ii) Government Burden of Procurement: To maintain the minimum price, the government often has to buy the surplus produce, which can be costly and require large storage facilities.

(iii) Market Distortions and Inefficiencies: Minimum prices can distort natural market forces, potentially leading to wastage, reduced incentives for efficiency, and sometimes black markets if the controls are not well managed.
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(5a)
Production costs refer to all the expenses a firm incurs in the process of producing goods or services. These include payments for raw materials, labor, machinery, rent, utilities, and other inputs necessary for production.

(5b)
Real cost includes the total effort, sacrifice, and resources used in production, including opportunity costs while explicit cost refers to the actual financial payments made during production, such as wages and rent.

(5c)
Fixed Input refers to inputs in production whose quantity does not change with the level of output in the short run. For example, the size of a factory or the number of machines remains constant regardless of how much is produced WHILE variable Input refers to inputs whose quantity varies directly with the level of output. For instance, raw materials and labor hired on an hourly basis increase as production increases.

(5d)
(i) Fixed Cost:
These are costs that do not change with the level of output. Whether production is high or low, fixed costs like rent and salaries remain constant.

(ii) Variable Cost:
These are costs that vary directly with output. As production increases, expenses like raw materials and electricity also rise.

(iii) Total Cost:
This is the sum of fixed and variable costs. It represents the overall expense incurred in producing a given level of output.

(iv) Marginal Cost:
This is the additional cost of producing one more unit of output. It helps firms decide whether increasing production is profitable.
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(6a)
A monopoly is a market structure where there is only one producer or seller of a particular good or service, with no close substitutes.

(6b)
(i) High Barriers to Entry: Significant obstacles such as large capital requirements, control over essential resources, or government regulations prevent other firms from entering the market.

(ii) Legal Monopoly or Government Grant: The government may grant exclusive rights to a firm through patents, copyrights, or licenses, giving it sole control over production and sales.

(iii) Control of Key Resources: When a firm owns or controls a resource essential for production, it can prevent others from competing, thus establishing a monopoly.

(6c)
DIAGRAM

From this graph, the monopolist is at equilibrium, where his marginal cost (MC) is equal to marginal Revenue (MR). At the point of equilibrium, the quantity produced is OQ while the price is OP. At that point he is able to cover both the AC and MC. The super -normal profit can now be determined thus: Total Revenue = OPOQ
Total Cost = OCOQ
Profit = TR - TC = OPOQ - OCOQ
Quantity =PCSE or the shaded portion
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(7a)
(PICK ANY THREE)
(i) Treasury Bills
(ii) Commercial Papers
(iii) Certificates of Deposit
(iv) Repurchase Agreements (Repos)
(v) Bankers’ Acceptances
(vi) Call Money

(7bi)
Money Market: A manufacturer will seek short-term funds from the money market to meet immediate or temporary financial needs such as purchasing raw materials, paying workers’ salaries, or financing daily operations.
Example: A manufacturer facing a cash flow gap before receiving payment from customers may use a treasury bill or commercial paper for short-term financing.

(7bii)
Capital Market: A manufacturer will seek long-term funds from the capital market to finance major projects such as expansion, purchase of machinery, construction of a new factory, or acquisition of fixed assets.
Example: A manufacturer may issue bonds or shares to raise funds for building a new production plant.

(7c)
(PICK ANY THREE)
(i) Provision of long-term loans: Development banks provide long-term financing to sectors like agriculture, industry, and infrastructure.
(ii) Promotion of industrial development: They support the establishment and growth of industries, especially in underdeveloped areas.
(iii) Financing capital projects: They fund major projects such as power plants, roads, and housing, which may not attract private investment.
(iv) Technical and managerial assistance: Development banks offer advisory services and training to entrepreneurs.
(v) Support for small and medium enterprises (SMEs): They provide credit and support to small businesses that struggle to get loans from commercial banks.
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(8a)
A regressive system of taxation is one in which the tax rate decreases as the taxpayer's income increases. This means that lower-income earners pay a higher percentage of their income in taxes compared to higher-income earners. It places a greater burden on the poor than the rich.

(8bi)
Economy: This principle emphasizes that the cost of collecting a tax should be low relative to the revenue generated. The tax system should not require excessive administrative expenses or burden the taxpayers unnecessarily.

(8bii)
Certainty: This principle means that taxpayers should know exactly how much tax they are expected to pay, when to pay it, and how to pay it. The rules should be clear, consistent, and not arbitrary to avoid confusion and abuse.

(8biii)
Equity: Equity means fairness in taxation. It implies that individuals should pay taxes based on their ability to pay. The rich should contribute more than the poor (vertical equity), and those in similar financial situations should pay similar taxes (horizontal equity).

(8c)
(PICK ANY THREE)
(i) To raise revenue for government expenditure.
(ii) To redistribute income and reduce inequality.
(iii) To control inflation by reducing disposable income.
(iv) To protect local industries (e.g., through import duties).
(v) To discourage the consumption of harmful goods (e.g., to***co, alcohol).
(vi) To influence investment decisions.
(vii) To fund infrastructure and public services.
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*OSUN STATE BECE CULTURAL AND CREATIVE ARTS*

*THEORY*

(1a)
Music is an art form whose medium is sound and silence, consisting of a series of sounds that are perceived as pleasant, expressive, and meaningful.

(1b)
| *Western Instruments* | *Traditional Instruments* |
| --- | --- |
| Piano | Talking Drum (Nigeria) |
| Guitar | Kora (West Africa) |
| Violin | Shekere (West Africa) |
| Trumpet | Opon Ifa (Nigeria) |

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(2a)
A character is a person, animal, or entity that plays a role in a narrative, such as a play, story, or novel, and is often developed with distinct traits, motivations, and actions.

(2b)
(i)Protagonist (main character)
(ii)Antagonist (opponent or adversary)
(iii) Foil (character that contrasts with another)

(2c)
(i)Actor : A person who portrays a character in a performance, such as a play, film, or television show.

(ii)An actress is a woman who performs in films, television shows, theater, or other forms of entertainment, portraying characters and bringing stories to life.

=============================

(3a)
(i)Firing : The process of heating clay or other materials to high temperatures to achieve hardness, durability, and other desired properties.
(ii)Kiln : A thermally insulated chamber or furnace used for firing clay and other materials at high temperatures.

(3b)
(i)Bisque firing : The first firing stage, which removes excess moisture and prepares the clay for glazing.
(ii)Glaze firing : The second firing stage, which melts and sets the glaze.
(iii) High-fire firing : A final firing stage at high temperatures to achieve specific effects or properties.

=============================

(4)
(i)Naturalism : Ife art is known for its realistic and naturalistic depictions of the human form.
(ii)Bronze casting : Ife art is famous for its sophisticated bronze casting techniques.
(iii)Royal symbolism : Ife art often features symbols and motifs associated with royalty and nobility.
(iv)Terracotta : Ife art also includes terracotta sculptures and artifacts.
(v)Spiritual significance: Ife art often has spiritual or ritual significance, reflecting the cultural and religious beliefs of the Ife people.

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