WAEC Book Keeping 2025 Theory — Question 7

Question 7 of 40 from the West African Examinations Council (WAEC) Book Keeping 2025 Theory paper, with the correct answer and a full explanation.

Enumerate three features of a balance sheet.

Model answer

i. Dual aspect - every transaction affects at least two accounts ii. Snapshot in time - reflects position on a specific date, not a period iii. Classification - items are grouped into assets, liabilities and capital

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