Financial Accounting
Double-entry, ledgers, trial balance and final accounts.
About Financial Accounting on DigiTransact Mastermind
Double-entry, ledgers, trial balance and final accounts.
Each of the 10 Financial Accounting skills carries its own SmartScore from 0 to 100, so progress is measured per topic rather than as one overall grade.
All 64 Financial Accounting questions come with the written reasoning behind the answer, so a wrong attempt still teaches the method.
Financial Accounting work is filed under Senior High, University, so you only see sets that match the stage you are studying.
Education levels covered
SHS 1 to 3 (Grades 10 to 12 / High School) - Towards the WASSCE
8 Financial Accounting skills at this level
Tertiary and college foundations - Advanced study
2 Financial Accounting skills at this level
Relevant curricula and exams
Based on the education levels this subject covers on the platform.
Curriculum notes are a general guide to where this work normally sits. Always check the syllabus your school or examination body is currently using.
Learning outcomes
After working through the Financial Accounting practice sets you should be able to:
- Double-entry and the ledger: The accounting equation, double-entry and ledger accounts for WASSCE.
- Partnership accounts: Profit sharing, capital and current accounts in partnerships.
- Cash book and reconciliation: Record cash and bank transactions and reconcile.
- Theory Practice A: Short structured accounting questions.
- Financial Accounting Principles: The accounting equation, accruals, and financial statements.
Sample questions
Real questions taken from the Financial Accounting question bank, shown with the working learners see after answering.
The accounting equation states that Assets =
- Capital + Liabilities
- Capital - Liabilities
- Liabilities - Capital
- Expenses + Income
Working: Assets = Capital + Liabilities is the basic accounting equation.
The accounting equation is
- Assets = Liabilities + Equity
- Assets = Liabilities - Equity
- Equity = Assets + Liabilities
- Profit = Assets + Cash
Working: Every transaction keeps this equation in balance, which is the basis of double-entry.
A cash book records receipts and payments of:
- stock only
- cash and bank
- assets only
- debtors only
Working: The cash book records both cash and bank transactions.
Main topics and skills
Financial Accounting is organised into 5 topic groups covering 10 practice skills. Open any skill to read the guide and start a practice set.
SHS Financial Accounting
Partnership & Company Accounts
SHS Cash Book & Bank Reconciliation
WASSCE Past Questions
University Accounting
Exams Financial Accounting practice prepares you for
Each page below sets out what the examination covers and links straight back to the financial accounting skills that feed into it.
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Frequently asked questions
Who is this Financial Accounting practice for?
Right now Financial Accounting spans Senior High and University. Use the level filter on this page to hide everything outside the stage you are revising for.
What topics are included in Financial Accounting?
There are 5 topic groups in Financial Accounting, including SHS Financial Accounting, Partnership & Company Accounts, SHS Cash Book & Bank Reconciliation and WASSCE Past Questions. Working through a single group at a time is usually faster than jumping around.
What is in the Financial Accounting question bank?
64 Financial Accounting questions sit across 10 skills. A written explanation follows every answer, so a wrong attempt still shows you the method.
Is Financial Accounting practice useful for the WASSCE or tertiary coursework?
Because Financial Accounting is organised by level, the sets covering the WASSCE and tertiary coursework are easy to isolate, and they are labelled Ghana GES SHS syllabus, WASSCE and Tertiary foundation coursework.
Do I need an account to practise Financial Accounting?
Reading is open to everyone. Signing up for free adds the parts that need to be stored: your SmartScore, your completed Financial Accounting skills and your place in a set.
Related subjects
Free financial accounting courses to watch alongside
Full video courses from universities and educators, free to watch and listed on their own pages here.
How this page was produced
This text was drafted with AI assistance from the questions and topics already stored on the platform. A subject-specialist review is scheduled but has not yet been recorded, so we do not claim it here.
- Written by
- DigiTransact Mastermind editorial team
- Human review
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Ready to master Financial Accounting?
Pick any of the 10 Financial Accounting skills above, answer the questions and watch your SmartScore climb.