WAEC Syllabus for Principles of Cost Accounting 2022/2023

The WAEC syllabus for Principles of Cost Accounting is the topic you must study to sit for the examination. It contains the aims and objectives, notes and format for the Principles of Cost Accounting exam.

Studying the Principles of Cost Accounting subject 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 Principles of Cost Accounting 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 Principles of Cost Accounting and recommended textbooks of the West African Examination Council (WAEC).

WAEC Principles of Cost Accounting

Aims and Objectives

The aims of this examination are to test candidates’ ability to

  • assemble, analyze and ascertain the cost of producing and procuring goods and services;
  • develop skills for using Cost Accounting as a tool for assisting management with information needed for planning, control and decision making;
  • show awareness of the economic use of resources through costing techniques;
  • demonstrate knowledge of basic methods of presenting cost statements.

Scheme of 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 fifty multiple-choice objective questions all of which must be answered within 1 hour for of 25 marks.  

PAPER 2:  Will consist of nine essay-type questions.  Candidates will be required to answer five questions within 2 hours for 75 marks.

]The paper will consist of two sections, Sections A and B as follows:

  • Section A: Theory of Principles of Cost Accounting  – four questions will be set and candidates will be required to answer two of them for 15 marks each.
  • Section B:  Practices of Principles of Cost Accounting – five questions will be set and candidates will be required to answer three of them for 15 marks each.

WAEC Syllabus for Principles of Cost of Accounting

  1. Introduction To Cost Accounting
  2. Characteristics of a Good Costing System
  3. Cost Classification and Types f oCost
  4. Elements of Cost
  5. Materials
  6. Labour
  7. Overheads
  8. Costing Methods
    • Job/Batch Costing
    • Contract Costing
    • Service Costing
    • Process Costing
  9. Costing Techniques
    • Marginal and Absorption Costing
    • Break-even Analysis
  10. Budgeting And Budgetary Control
  11. Standard Costing
  12. Cost of Accounting
  • Cost Accounting – by  Harper, W.M  – Published by   Pitman Publishing Ltd.
  • Cost Accounting – by T. Lucey Published by DPP Publications Ltd
  • Weldon’s Cost Accounting – Published by  Macdonald and Evans Ltd. – by Owler, L.W.J and Brown, J.L
  • Principles of Cost Accounting for – Published by Longmanfor the
  • Senior Secondary Schools in Ghana Ministry of  Education, Ghana (1991).
  • Cost Accounting – by Drury, Colin – Published by Professional   Heinemann Publishing.

B.   OTHER SUGGESTED LOCAL TEXTS /PAMPHLETS/JOURNALS IN GHANA

  • Costing Made Easy  – by Kingsford Opoku (Kings Series)
  • Costing for ‘U’ – by Barnabas Dadzie (C for ‘U’ Series).
  • Cost Accounting for Senior HighSchool – by Williams Asamoah  Appiah (AKI-OLA Series)-AKI-OLA Publications, Accra
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