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2026 WACE Accounting and Finance exam: What to learn from last year's mistakes
WACE Accounting and Finance is on Friday 13 November at 9:20 am, WA time.
Last year's mean was 66.38%. Multiple-choice averaged 77.67%, while extended answer averaged 49.52%. The examiner report says practical answers were generally stronger than theory.
I've checked the report and marking key. Here are four places to sharpen your revision.
1. Question 16(a): Make the bonus-share workings visible
Where an answer loses marks: The ledger task awarded marks for the calculations feeding into the entries, with deductions possible for incorrect dates and unbalanced accounts.
What you needed: The key calculates 20 million existing shares, a one-for-ten bonus issue of 2 million shares, and a $1 million transfer into share capital.
My revision drill: write the share count, issue ratio and dollar value on separate labelled lines. Then trace the final value into both ledger accounts. This makes a calculation error easier to locate before it spreads into the presentation.
2. Question 16(b): Separate declaration from payment
Where an answer loses marks: This question required journal entries with narrations for two different events.
What you needed: Include the bonus shares when calculating the dividend: 22 million shares at four cents gives $880,000. Declaration debits retained earnings and credits dividend payable; payment debits dividend payable and credits cash at bank.
My check: make a two-date timeline before writing the journal. Ask which account changes when the obligation is recognised and which changes when cash moves. Then confirm that your narration describes the event on that date.
3. Question 16(c): Describe the funding alternatives
Where an answer loses marks: Naming an alternative earned less than describing it. The question also excluded the asset revaluation reserve.
What you needed: Two different, explained alternatives. Retained earnings and the general reserve were examples in the key.
My practice habit: circle exclusions before answering. For every named source, add a sentence explaining its nature and relevance to the bonus issue. A familiar accounting term on its own is not automatically a complete description.
4. Theory answers: Spend your words on the question
Where students went wrong: Across the paper, theory was weaker than practical work. The report advises targeted answers supported by the stimulus.
What they should have done: Match the depth to the command verb and marks, using accounting terminology accurately.
My final drill: take a theory answer and underline every sentence that directly addresses the requested decision or explanation. Rewrite anything that only introduces the topic. Practise this alongside calculations, so your revision sessions aren't entirely the part you're already comfortable doing.
Finish each practice paper by checking that the numbers in your workings match the numbers transferred into the final answer. A correct calculation only helps if it reaches the right place.
Sources: 2025 examiner report and 2025 marking key. The practice drills are my suggestions; the key does not establish how often each specific mistake occurred.
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