The WAEC syllabus for Financial Accounting is the topic you must study to sit for the examination. It contains the aims and objectives, notes and format for the Financial Accounting exam.
Studying the Financial Accounting 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 Financial Accounting 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.
Table of contents
WAEC Financial Accounting
Aims and Objectives
The examination in this subject sets out to assess candidates’:
- Understanding of accounting principles and the role of accounting in recording business transactions;
- appreciation and application of the rules and functions of Accounting as they apply to the organization;
- foundation for further studies in Accounting.
There will be two papers – Paper 1 and Paper 2, both of which will constitute a composite paper to be taken in one sitting.
PAPER 1: Will comprise fifty multiple-choice questions to be taken in 1 hour for 50 marks.
PAPER 2: Will be made up of two sections: Sections A and B and will last 2½ hours.
Section A: This will contain five essay questions on the theory of financial accounting. Candidates will be required to answer two out of the four questions for 15 marks each.
Section B: Will contain five essay questions on financial accounting practice. Candidates will be required to answer three out of the questions for 15 marks each.
WAEC Financial Accounting Syllabus
|1.||Introduction to Financial Accounting||1.1 History, nature and functions of Accounting.|
1.2 Users of Accounting information.
1.3 Stages in the Accounting process.1.4 Characteristics of Accounting Information.
|2.||The Accounting Equation and Double Entry Principles||2.1 Accounting Equation. Purpose and functions of source documents.|
2.3 Subsidiary books.
2.4 The ledger: classification of Accounts.
2.5 Cash Book: analytical cash book, including petty cash book.
2.6 Preparation of Trial Balance.
2.7 Bank Reconciliation Statements.
2.8 Correction of errors and Suspense Account.
|4.||The Final Accounts of a Sole Trader/proprietorship|| Trading, profit and loss accounts/Income statement. |
alance sheet/statement of financial position.
Adjustments to final accounts.
|5.||Provisions and Reserves||Provision for doubtful debts/Allowance for doubtful debts. |
Provision for discounts.
Depreciation – concepts, reasons for recording and methods:
(i) straight line;
(ii) reducing balance;
(iii) sum of the years digits;
5.4 Accounting for depreciation.
5.5 Reserves – revenue and capital reserves.
|6.||Manufacturing Accounts||6.1 Purpose of Manufacturing Accounts.|
6.2 Cost classification in Manufacturing Accounts.
6.3 Preparation of final Accounts of a Manufacturing concern.
|7.||Control Accounts and Self-balancing Ledgers||Meaning and uses of control accounts|
(i) sales ledger control
(ii) purchases ledger control preparation of Control Accounts
7.4 Reconciliation of Control Accounts
|8.||Single Entry and Incomplete Records||Meaning and limitations|
8.2 Computation of profit or loss from opening and closing balance sheets.
8.3 Conversion of singe entry to double entry.
8.4 Preparation of final accounts from a set of incomplete records.
8.5 Mark up and Margin
|9.||Accounts of Not-for-Profit Making Organizations||Meaning and terminologies.|
9.2 Receipts and payments accounts.
9.3 Subscriptions Account
9.4. Income and expenditure accounts.
9.5 Accumulated fund.
9.6 Balance sheet.
9.7 Profit or loss from income-generating activities.
|10.||Partnership Accounts||10.1 Nature and formation of the partnership.|
10.2 Partnership agreements/Deed.
10.3 Profit and loss appropriation accounts.
10.4 Partners capital account and balance sheet
10.5 Admission of a new partner.
10.6 Treatment of goodwill and revaluation of assets
10.7 Dissolution of partnership (Questions will not be set on Garner V. Murray and piecemeal realization)
|11.||Company Accounts||11.1 Nature and formation of a company.|
11.2 Types of companies and shares.
11.3 Issue of shares.
11.4 Loan capital, debentures/loan notes and mortgages.
11.5 Final accounts of the company for internal use only.
11.6 Interpretation of accounts using simple ratios.
11.7 Purchase of business account.
11.8 Statement of Cash Flow (using direct and indirect methods).
NOTE: Separate questions may be set to meet statutory requirements of individual countries.
Candidates’ answers must meet statutory requirements of individual countries.
|12. *||Accounting for Value Added Tax||12.1 Purpose of VAT.|
12.2 Characteristics of VAT.
12.3 Bases of computing input/output VAT.
12.4 Preparation of VAT returns.
12.5 Exempt goods and services.
|13.||Departmental and Branch Accounts||13.1 Meaning and importance|
13.2 Differences between a department and branch.
13.3 Preparation of departmental account.
13.4 Preparation of Branch Account excluding foreign branches.
13.5 Interbranch transactions.
|14.||Public Sector Accounting||14.1 Meaning and difference between Public Sector and Private Sector Accounts.|
14.2 Sources of public revenue.
14.3 Capital and recurrent expenditures.
14.4 Preparation of simple government accounts.
|15. *||Information Technology in Accounting||15.1 Manual and computerized Accounting Processing Systems.|
15.2 Processes involved in data processing.
15.3 Computer Hardware and Software.
15.4 Merits and demerits of manual and computerized accounting processing systems.
|16**||Miscellaneous Accounts||16.1 Meaning, introduction, terminologies and preparation of simple: |
(i) Joint Venture Accounts
(ii) Consignment Accounts
(iii) Contract Accounts
(iv) Hire Purchase Accounts
|17.**||Financial system||17.1 Meaning and components.|
17.2 Meaning, functions and features of:
(i) money market;
(ii) capital market;
(iii) insurance market.
17.3 Methods of raising funds from the capital market:
(i) offer for sale;
(ii) offer for subscription;
(iii) rights issue;
(iv) private placement;
17.4 Requirements for accessing the capital market.1
17.5 Benefits of capital market to:
(iv) individual company;
17.6 Types, features and reasons for regulation.
- Business Accounting Volume 1 – West African Edition by Frank Wood and Omunya.
- Business Accounting Volume 2 – Frank Wood.
- Accounting and Finance – Frank Wood.
- Foundation Accounting – A. H. Millchamp.
- Basic Accounting – J. D. Magee.
- Accounting for Senior Secondary School – S. C. Malhorta, P. K. Botchweyand, P. A. Amankwah.
- Accounting in Business – R. J. Bull.
- Company Accounts – J. N. Amorin.
- Principles of Accounting – K. B. Appiah Mensah
- Incorporated private Partnership Act 1962, Act 152.
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