2025 WAEC GCE Financial Accounting Obj & Essay Questions (Nov/Dec) - ScholarsSeeders – NECO, WAEC, JAMB & Scholarship Updates

2025 WAEC GCE Financial Accounting Obj/Essay Questions and Answers (Nov/Dec WASSCE for Private Candidates) are now available in this article for candidates preparing for the examination. The paper has been officially scheduled for Wednesday, 12th November, 2025.

This is to inform the general public, as well as all candidates sitting for the West African Senior School Certificate Examination (WASSCE) for Private Candidates (Nov/Dec), popularly called WAEC GCE, that the Financial Accounting Objective and Theory papers will hold on the same day.

Below is the full timetable schedule:

• Financial Accounting 2 (Theory and Practice) – 2hrs 30mins – 08:30 am to 11:00 am

• Financial Accounting 1 (Objective) – 1hr – 11:00 am to 12:00 pm

Why Financial Accounting is Important in WAEC GCE

Financial Accounting in WAEC GCE Nov/Dec helps candidates understand the principles of bookkeeping, preparation of accounts, and interpretation of financial statements. The subject is very useful for students pursuing careers in business, banking, finance, or management.

Key topics covered include:

• Double entry principles

• Trial balance and adjustments

• Final accounts of sole traders, partnerships, and companies

• Bank reconciliation statements

• Depreciation methods

• Control accounts

• Public sector accounting

• Ratios and interpretation

Studying these areas well will prepare you for both WAEC GCE Financial Accounting Obj/Essay 2025.

WAEC GCE Financial Accounting Objective Questions 2025

Here are some practice-style multiple-choice questions to guide your preparation:

1. The excess of current assets over current liabilities is known as:
   A. Capital employed
   B. Net profit
   C. Working capital
   D. Gross profit
   Answer: C

2. Which of the following is a fixed asset?
   A. Stock
   B. Debtors
   C. Buildings
   D. Prepaid rent
   Answer: C

3. A trial balance will not disclose:
   A. Error of omission
   B. Error of commission
   C. Error of principle
   D. Error of transposition
   Answer: A

4. The accounting equation is:
   A. Assets = Liabilities – Capital
   B. Capital = Assets + Liabilities
   C. Assets = Capital + Liabilities
   D. Liabilities = Capital – Assets
   Answer: C

Likely WAEC GCE Financial Accounting Essay Questions 2025

Candidates writing the WAEC GCE Nov/Dec Financial Accounting Essay (Theory) 2025 should prepare for questions in the following areas:

1. Explain the meaning of a trial balance and outline four reasons why it may fail to balance.

2. List five causes of depreciation and explain two methods of calculating depreciation.

3. Prepare the trading, profit, and loss account of a sole trader from the following balances…

4. Define a partnership and state five features that distinguish it from a sole proprietorship.

5. State five functions of accounting in business management.

Sample Essay Answer (Expected Format)

Question: State five causes of depreciation and explain two methods of calculating depreciation.

Answer:
Depreciation is the reduction in the value of a fixed asset due to usage, passage of time, or obsolescence.

Causes of Depreciation:

• Wear and tear

• Obsolescence

• Passage of time

• Exhaustion of natural resources

• Accidents or damage

Methods of Calculating Depreciation:

1. Straight-Line Method: A fixed amount is charged yearly by dividing cost minus scrap value over useful life.

2. Reducing Balance Method: A fixed percentage is charged yearly on the asset’s reducing book value.

Preparation Tips for WAEC GCE Nov/Dec 2025 Financial Accounting

To perform well in the WAEC GCE Financial Accounting Obj/Essay papers, here are some practical study tips:

1. Study the WAEC syllabus carefully – it tells you all examinable topics.

2. Practice with past questions to understand the exam format.

3. Memorize key formulas such as accounting ratios and depreciation calculations.

4. Show working clearly in essay answers – marks are awarded for steps.

5. Time yourself during practice to avoid rushing on exam day.

6. Revise journal entries and final accounts regularly.

WAEC GCE Financial Accounting Past Questions PDF

Many candidates find WAEC GCE past questions and answers very helpful because some questions are often repeated or slightly modified. Past papers also help in understanding marking schemes.

It is advisable to download WAEC GCE Financial Accounting past questions PDF or practice with recommended textbooks to prepare effectively.

WAEC GCE Financial Accounting Marking Scheme

• Objective Paper (Financial Accounting 1): 50 questions – 40 marks

• Theory Paper (Financial Accounting 2): 5 questions (answer 3) – 60 marks

Scoring Tips:

• Attempt all questions in the objective section.

• In theory, explain points with real-life examples.

• Use clear workings in calculations.

• Avoid skipping steps in balancing accounts.

Frequently Asked Questions (FAQs)

Q1: When is WAEC GCE Financial Accounting 2025 exam?
A: The exam will be held on Wednesday, 12th November 2025 (Obj/Essay same day).

Q2: Is WAEC GCE the same as WASSCE for Private Candidates?
A: Yes. WAEC GCE is the West African Senior School Certificate Examination (WASSCE) for Private Candidates (Nov/Dec).

Q3: Can I use bullet points in essay answers?
A: Yes, but always explain each point properly for full marks.

Q4: What’s the duration of the papers?
A: Objective – 1 hour (11:00 am – 12:00 pm). Essay – 2hrs 30mins (08:30 am – 11:00 am).

Conclusion

The 2025 WAEC GCE Financial Accounting Obj/Essay Questions and Answers (Nov/Dec WASSCE for Private Candidates) remain a vital exam for all candidates aiming to pass Financial Accounting with confidence.

We have provided you with the exam date, schedule, sample objective and essay questions, marking scheme, and smart preparation tips.

To succeed:

• Study past questions

• Understand key accounting principles

• Practice under exam conditions

With the right preparation, you can score high in WAEC GCE Financial Accounting 2025/2026.