WAEC 2026 Accounting OBJ & Essay Questions and Answers (May/June)
Preparing for WAEC 2026 Accounting OBJ and Essay Questions and Answers (May/June) requires a solid understanding of accounting principles, past questions, and exam techniques. This guide is designed to help candidates revise effectively by providing likely objective and theory questions with accurate answers. Whether you are aiming for distinction or just want to pass confidently, practicing these WAEC 2026 Accounting questions and answers will boost your chances of success.
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WAEC 2026 Accounting OBJ & Essay Questions and Answers (May/June), SECTION A: OBJECTIVE QUESTIONS (20)
Choose the correct option (A–D).
- The book used to record credit purchases is
A. Sales Day Book
B. Purchases Day Book
C. Cash Book
D. Journal
Answer: B - Which of the following is a real account?
A. Capital
B. Cash
C. Rent
D. Drawings
Answer: B - The accounting concept that assumes a business will continue in operation is
A. Accrual
B. Going Concern
C. Consistency
D. Prudence
Answer: B - Depreciation is charged to
A. Increase profit
B. Reduce assets value
C. Increase capital
D. Reduce liabilities
Answer: B - Which document is issued when goods are returned?
A. Invoice
B. Debit Note
C. Credit Note
D. Receipt
Answer: C - Capital + Liabilities =
A. Assets
B. Expenses
C. Income
D. Drawings
Answer: A - The cash book serves as
A. Ledger
B. Trial balance
C. Both journal and ledger
D. Journal only
Answer: C - Discount allowed is
A. Expense
B. Income
C. Asset
D. Liability
Answer: A - Which account is debited when cash is received?
A. Capital
B. Cash
C. Sales
D. Purchases
Answer: B - Bad debts are
A. Income
B. Loss
C. Asset
D. Capital
Answer: B - Trial balance is used to check
A. Profit
B. Errors
C. Assets
D. Capital
Answer: B - Which of the following is a liability?
A. Debtors
B. Creditors
C. Cash
D. Stock
Answer: B - A ledger is
A. Book of final entry
B. Book of original entry
C. Source document
D. Cash book
Answer: A - Drawings reduce
A. Assets
B. Capital
C. Income
D. Liabilities
Answer: B - Purchases return is also called
A. Credit note
B. Debit note
C. Invoice
D. Receipt
Answer: B - Which account shows financial position?
A. Trading account
B. Profit and loss account
C. Balance sheet
D. Cash book
Answer: C - Accrued expenses are
A. Paid expenses
B. Outstanding expenses
C. Capital expenses
D. Income
Answer: B - The double entry system means
A. One entry
B. Two entries
C. Three entries
D. No entry
Answer: B - Which is an intangible asset?
A. Building
B. Goodwill
C. Machinery
D. Cash
Answer: B - Bank reconciliation statement is prepared to
A. Check profit
B. Correct errors
C. Reconcile bank balances
D. Record sales
Answer: C
WAEC 2026 Accounting OBJ & Essay Questions and Answers (May/June), SECTION B: ESSAY QUESTIONS AND ANSWERS (20)
1. Define accounting.
Answer: Accounting is the process of recording, classifying, summarizing, and interpreting financial transactions of a business.
2. Explain the double entry system.
Answer: It is a system where every transaction affects two accounts — one debit and one credit.
3. State two functions of accounting.
Answer:
- Record financial transactions
- Provide financial information for decision-making
4. What is a ledger?
Answer: A ledger is a book that contains all accounts where transactions are recorded permanently.
5. Define depreciation.
Answer: Depreciation is the gradual reduction in the value of fixed assets over time.
6. List three causes of depreciation.
Answer:
- Wear and tear
- Obsolescence
- Passage of time
7. What is a trial balance?
Answer: A statement showing all ledger balances to check the accuracy of accounts.
8. State two limitations of trial balance.
Answer:
- Does not detect all errors
- Cannot correct errors
9. Define capital.
Answer: Capital is the owner’s investment in the business.
10. What are drawings?
Answer: Drawings are goods or cash withdrawn by the owner for personal use.
11. Explain cash book.
Answer: A cash book records all cash and bank transactions.
12. What is a balance sheet?
Answer: A statement showing assets and liabilities at a particular date.
13. Define assets.
Answer: Assets are resources owned by a business.
14. Give two examples of liabilities.
Answer:
- Loans
- Creditors
15. What is goodwill?
Answer: Goodwill is the reputation of a business that attracts customers.
16. Define revenue.
Answer: Revenue is income generated from business activities.
17. What is an expense?
Answer: Expense is the cost incurred in running a business.
18. State the accounting equation.
Answer: Assets = Capital + Liabilities
19. What is bank reconciliation?
Answer: It is the process of comparing bank statement with cash book.
20. Mention two types of errors in accounting.
Answer:
- Error of omission
- Error of commission
Conclusion thought
To excel in WAEC 2026 Accounting OBJ and Essay Questions and Answers (May/June), practice regularly, understand key concepts like double entry, trial balance, and financial statements, and revise past questions consistently.
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