WAEC Syllabus for Book Keeping 2023/2024

The WAEC syllabus for Book Keeping is the topic you must study to sit for the examination. It contains the aims and objectives, notes and format for the Book Keeping exam.

Studying the Book Keeping syllabus is necessary for your exam preparation. It will serve as a guide for you to know the topics to read. There are also notes on concepts you should pay attention to learning.

Exam preparations without using the Book Keeping Works syllabus are like going to the farm without your agricultural tools. You will end up not being productive.

Ensure you begin your exam preparations using the syllabus.

This post contains the Book Keeping syllabus and recommended textbooks of the West African Examination Council (WAEC).

Let me know in the comment section if you have any questions. I will love to hear from you.

WAEC Book Keeping

The Book Keeping syllabus is designed to assess the candidates’ basic knowledge of business activities and understanding of the financial systems for the purpose of establishing a business and laying a good foundation for further studies.

Aims and Objectives

The aim of this paper is to test candidates’:

  • knowledge of basic skills required to start a business;
  • ability to appreciate the rules and functions of bookkeeping;
  • ability to apply the basic knowledge and skills in Book Keeping to modern business activities.

Scheme of the Examination

There will be two papers, Papers 1 and 2, both of which will be a composite paper to be taken at one sitting.

PAPER 1: Will consist of forty multiple-choice questions all of which must be answered in 50 minutes for 40 marks.

PAPER 2: Will consist of two sections, Sections A and B as follows:

Section A: Will cover the Theory of Book-Keeping and contain four questions. Candidates will be required to answer two for 20 marks.

Section B: This will cover the Practice of Book-Keeping and contain five questions.  Candidates will be required to answer three for 60 marks. The paper will last 2 hours.        

WAEC Book Keeping Syllabus

S/NoTopicsNotes
1Introduction to Book KeepingMeaning of Book Keeping
definition, history, nature, importance and functions of Book Keeping;
career opportunities and beneficiaries of bookkeeping;
qualities and values of bookkeepers.

Assets and Liabilities:        
– definition, differences, classification and examples of Assets and Liabilities.

Business Transactions:         
– meaning and types of business transactions;         
– parties involved in business transactions.

Classification of Accounts:         
–   personal accounts (debtors and creditors);         
–   Impersonal accounts (real and nominal).

Source Documents:         
–  definition, identification, types and uses of source documents.
2.Concepts and ConventionsDefinition, identification and the differences between concepts and conventions.
3.Books of Original EntryDefinition, purpose, types, format, uses and preparation of Books of Original entry
4Ledger and Principles of Double EntryLedger:       
–  definition, classification, format, uses and preparation of ledgers.

Principles of Double Entry:  
– meaning, history, rules and making double entries.
5.Cash BookMeaning, purpose, description, differences and preparation of:        – single column;        
– double column;        
– three column;        
– petty cash book.
6.Bank Reconciliation Statement– meaning and purpose        
– terminologies and banking documents     
– causes of differences between cash book and bank statement balance
7.Trial Balance and Errors  – meaning and functions of trial balance;      
– rules and preparation of trial balance;      
– meaning, types, classification of errors;      
– correction of errors and preparation of Suspense Account.
8.Financial Statements of Sole ProprietorshipTrading Account:      
– definition, purpose, format and preparation of a simple Trading Account;      
– methods of valuing stock (FIFO and LIFO).

Profit and Loss Account:       
– definition, purpose, format and preparation of Profit and Loss Account;

Balance Sheet:
– meaning, content, format and preparation of a  simple balance sheet.
9.Adjustments to Financial Statements  Adjustment for prepayments, accruals, depreciation, bad and doubtful debts;

Meaning and methods of depreciation (straight line and reducing balance). 
10.Control AccountsMeaning and preparation of Sales Ledger and Purchases Ledger Control Accounts.
11.Single Entry and Incomplete RecordsMeaning, limitations and preparation of final accounts from incomplete records
12.Accounts of Not-For-Profit Making organizationsPurpose, content and preparation of Receipts and Payments Accounts, Income and Expenditure Account.
13.Manufacturing Accountsmeaning, purpose and terminologies;  
–  preparation of Manufacturing, Trading, Profit and Loss Accounts.
14.Partnership Accountsmeaning and terms:  
–  partnership deed, drawings, interest on capital, interest on drawings;  
–  preparation of Capital and Current Accounts, Profit and Loss and Appropriation Account and Balance Sheet;  
–  admission of new partners and Goodwill Account.
15.Joint Venture Accounts–  meaning and purpose;  
–  differences between joint venture and partnership.
16.Departmental and Branch Accounts–  importance and differences;  
–  preparation of Departmental and simple Branch Accounts.
17.Introduction to Company Accounts–  formation and terminologies;  
–  preparation of simple financial statements.
18.Interpretation of Accounts– Purpose and computation of ratios:   
– net profit margin;  
– stock turnover;  
– quick ratio;  
– acid test ratio;  
– gross profit margin;   
– return on capital employed.
19.Purchase of BusinessReasons, terminologies and preparation of accounts related to purchasing and sale of the business.
20.Consignment AccountsTerminologies and preparation of simple Consignment Accounts.
21.Hire PurchaseMeaning and preparation of accounts in the seller’s and hirer’s books.
22Contract Accounts–  meaning, purpose and terminologies;  
–  preparation of Contract Accounts.
23.Cooperative AccountsMeaning and objectives of cooperative societies.

NOTE: Emphasis should be on the application

SUGGESTED READING LIST

  1. Business Accounting Vol.1 and 2 F. Wood
  2. Book-keeping and Accounts (ELBS) Spicer & Peggler
  3. Introduction to Accounting for Business Studies F.P. Langley
  4. Accounting I ad II Jennings
  5. Essential Financial Accounting for Senior Secondary School O.A Longe and R.A. Kezeem
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