7 Reasons why Candidates Fail 2014 WAEC Financial Accounting

Many are the reasons that may be alluded to the failure of a particular subject among the candidates, however, a reliable information from WAEC official outlined the following Reasons why Candidates Fail 2014 WAEC Financial Accounting

Some of the reasons or peculiar weaknesses observed were:

1. Candidates’ inability to answer question 8 which is on the preparation of account(s) to correct net profit errors
2. Candidates mixed and muddled up entries in the Manufacturing, Trading, Profit and Loss Account;
3. Lack of proper understanding of the basic principles of accounting;
4. Non-coverage of syllabus before registering for the examination;
5. Majority of the candidates could not state the effects of errors on the net profit and to prepare the statement of corrected net profit;
6. Candidates make use of abbreviation B.S. for Balance Sheet or C.L. for Current Liability, F.A. for Fixed Assets, etc.
7. There was also wrong placement of value of digits and commas e.g., 26,04 instead of 2,604; 100,43 instead 10,043.

Applicable information for passing the exam

WAEC has no gain nor joy when there is large percentage of failure in a particular subject and therefore, the body searched deeply to find out applicable tips. Here are they….

1. The teaching of the basic principles of Financial Accounting must be emphasized in schools.
2. Candidates should prepare very well by covering all aspects of the syllabus before writing the examination.
3. Teachers should make use of past question papers as a revision exercise and educate the candidates on what is required for each question.
4. Qualified teachers should be employed to teach the subject.
5. Teachers should teach the candidates on the use of comma to a designated thousand, million, billion and also, to always write out in full instead of using abbreviations.

General Displayed Candidate strength

The candidates performed very well in questions testing the following topics:

1. Principles and practice
2. Depreciation of assets
3. Classification of account
4. Manufacturing, Trading, Profit and Loss Account; Bank reconciliation statement
5. Trading, Profit and Loss, Appropriation Account; Calculation of ratios

We have specially made you a portable Financial Accounting handbook for each year, CLICK HERE TO DOWNLOAD