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Ikiodiete George
- 3 Min Read
Waec Gce Accounting Exam (2025/2026): Full List Of Most Repeated Topics & Past Questions
The WAEC GCE Accounting exam is a core subject for commercial students and anyone planning a future in business, banking, or finance. Whether you’re sitting for the first or second series in 2025/2026, knowing the most repeated topics and how to answer them correctly can help you secure an A1.
This guide breaks everything down in a simple way, showing you what to study, how to answer, and what WAEC repeats almost every year.
What You’ll Learn
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Most repeated WAEC GCE Accounting topics
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Frequently asked theory and objective questions
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Format of the exam and how it is marked
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Sample questions with answers
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Tips to avoid common mistakes and boost your score
WAEC GCE Accounting Exam Format
| Paper | Type | Duration | Details |
|---|---|---|---|
| Paper 1 | Objective | 1 hour | 50 multiple choice questions |
| Paper 2 | Essay (Theory) | 2 hours | 5–7 questions, answer 4 only |
| Total Mark | Combined Paper 1 & 2 | — | Paper 1 (40%) + Paper 2 (60%) |
Most Repeated Topics in WAEC GCE Accounting
| Topic | Key Focus Areas |
|---|---|
| Accounting Concepts and Conventions | Business entity, accrual, matching, etc. |
| Ledger and Journal Entries | Posting transactions, double-entry system |
| Trial Balance and Correction of Errors | Errors not affecting agreement of trial balance |
| Bank Reconciliation Statement | Differences between bank and cash book balances |
| Depreciation of Assets | Straight-line, reducing balance methods |
| Trading, Profit & Loss and Balance Sheet | Preparing financial statements for sole traders |
| Control Accounts | Debtors and creditors control accounts |
| Incomplete Records | Single entry systems |
| Final Accounts of a Sole Trader | Preparation and adjustments |
| Partnership Accounts | Admission, retirement, profit sharing, revaluation |
| Manufacturing Accounts | Cost of production, factory cost vs trading account |
| Public Sector Accounting | Sources of government income and expenditure |
Sample WAEC GCE Accounting Past Questions
Objective Questions (Paper 1)
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The accounting principle that requires consistency in method application is:
A. Matching
B. Accrual
C. Consistency
D. Prudence
✅ Correct Answer: C -
Depreciation is charged in order to:
A. Save money to buy new assets
B. Estimate tax payable
C. Reflect asset's reduction in value
D. Prepare trading account
✅ Correct Answer: C
Theory Questions (Paper 2)
Question 1 (Repeated):
Explain five accounting concepts and their importance in financial reporting.
Sample Answer (Outline):
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Business Entity Concept
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Going Concern
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Matching Concept
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Consistency
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Accrual Concept
Question 2 (Likely):
Prepare a Trading, Profit & Loss Account and Balance Sheet from the following information…
| Item | Amount (₦) |
|---|---|
| Opening Stock | 25,000 |
| Purchases | 150,000 |
| Sales | 300,000 |
| Closing Stock | 30,000 |
| Expenses | 20,000 |
Answer Tip:
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Use correct format
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Deduct closing stock from cost of goods sold
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Include expenses in profit & loss
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Show capital and net profit in balance sheet
Question 3 (Likely):
Differentiate between capital and revenue expenditure with examples.
Sample Answer:
| Capital Expenditure | Revenue Expenditure |
|---|---|
| Buying long-term assets (e.g., land, buildings) | Routine expenses (e.g., salaries, repairs) |
| One-time cost | Repeated over time |
| Recorded in balance sheet | Recorded in profit & loss account |
Frequently Repeated Questions (Table)
| Year | Frequently Asked Topic |
|---|---|
| 2024 | Partnership Account – Profit Sharing Ratio |
| 2023 | Trial Balance – Errors and Corrections |
| 2022 | Final Accounts with Adjustments |
| 2021 | Depreciation Methods and Disposal of Assets |
| 2020 | Bank Reconciliation with Updated Cash Book |
| 2019 | Public Sector Accounting – Sources of Revenue |
Tips to Score High in WAEC GCE Accounting
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Don’t cram definitions – Understand the logic behind each concept.
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Always use proper headings – Especially in account statements.
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Practice ledger formatting – Show both debit and credit clearly.
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Balance your answers – Check for arithmetical accuracy.
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Use recent past questions – At least 5 years for best preparation.
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Show all workings – Partial credit is often awarded.
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Manage your time – Spend 15–20 minutes per theory question.
WAEC GCE Accounting FAQs
Q: How many essay questions should I answer?
You are to answer four (4) questions in Paper 2.
Q: Are accounting formats important?
Yes. Marks are awarded for correct layout and proper formatting of accounts.
Q: Can I use a calculator in the exam?
Yes. Calculators are allowed but must be non-programmable.
Q: Is WAEC GCE Accounting hard?
Not if you understand the basics, practice often, and focus on repeated topics.
Final Thoughts
WAEC GCE Accounting isn’t just about math—it’s about understanding how money flows in a business. By studying past questions and repeated topics, you’ll recognize familiar patterns in the exam hall.
“In accounting, consistency and clarity always lead to accuracy.”
With proper revision, you can walk into the exam room confidently and walk out with an A1.
