Download this WAEC Book-Keeping Syllabus to study smart and excel in your exams
Home » WAEC Syllabus » Hey there! Don’t skip this article if you’re getting ready for the WAEC exams and bookkeeping is one of your registered subjects. In this article, We will be sharing the official WAEC syllabus for Financial Accounting and we recommend you follow it for the following reasons:
i. The syllabus is a roadmap that tells you exactly what topics you need to cover for your upcoming exams.
ii. It helps you know the topics to focus on and ensures you don’t miss out on anything important.
You should see this syllabus as a secret weapon given to you free of charge.
The aim of the WAEC Book-keeping exam is to:
i. Knowledge of basic skills required to start a business;
ii. Ability to appreciate the rules and functions of book-keeping;
iii. Ability to apply the basic knowledge and skills in Bookkeeping to modern business activities.
There will be two papers, Papers 1 and 2, both of which will be a composite paper to be taken in 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: Will cover the Practice of bookkeeping and contain five questions. Candidates will be required to answer three for 60 marks. The paper will last 2 hours.
| WAEC BOOK KEEPING SYLLABUS | ||
| SN | TOPICS | OBJECTIVES |
| 1 | INTRODUCTION TO BOOK KEEPING | i. Meaning of BookKeeping – Definition, history, nature, importance, and functions of Book Keeping – Career opportunities and beneficiaries of bookkeeping; – Qualities and values of bookkeepers. ii. Assets and Liabilities: – Definition, differences, classification, and examples of Assets and Liabilities. iii. Business Transactions: – Meaning and types of business transactions; – Parties involved in business transactions. iv. Classification of Accounts: – personal accounts (debtors and creditors); – Impersonal accounts (real and nominal). v. Source Documents – Definition, identification, types, and uses of source documents. |
| 2 | CONCEPTS AND CONVENTIONS | i. Definition ii. Identification and the differences between concepts and conventions. |
| 3 | BOOKS OF ORIGINAL ENTRY | i. Definition ii. Purpose iii. Types iv. Format, uses, and preparation of Books of Original entry |
| 4 | LEDGER AND PRINCIPLES OF DOUBLE ENTRY | i. Ledger: – definition, classification, format, uses and preparation of ledgers. ii. Principles of Double Entry: – Meaning, history, rules, and making double entries. |
| 5 | CASH BOOK | i. Meaning, purpose, description, differences, and preparation of: – Single column – Double column – Three column – Petty cash book |
| 6 | BANK RECONCILLATION STATEMENT | i. Meaning and purpose ii. Terminologies and banking documents iii. Causes of differences between cash book and bank statement balance |
| 7 | TRIAL BALANCE AND ERRORS | i. Meaning and functions of trial balance ii. Rules and preparation of trial balance iii. Meaning, types, classification of errors iv. Correction of errors and preparation of Suspense Account |
| 8 | FINANCIAL STATEMENT OF SOLE PROPRIETORSHIP | i. Trading Account – Definition, purpose, format and preparation of simple Trading Account – Methods of valuing stock (FIFO and LIFO). ii. Profit and Loss Account – Definition, purpose, format and preparation of Profit and Loss Account iii. Balance Sheet – Meaning, content, format and preparation of a simple balance sheet. |
| 9 | ADJUSTMENT TO FINANCIAL STATEMENT | i. Adjustment for prepayments, accruals, depreciation, bad and doubtful debts; ii. Meaning and methods of depreciation (straight line and reducing balance). |
| 10 | CONTROL ACCOUNTS | i. Meaning and preparation of Sales Ledger and Purchases Ledger Control Accounts. |
| 11 | SINGLE ENTRY AND INCOMPLETE RECORDS | i. Meaning, limitations and preparation of final accounts from incomplete records |
| 12 | ACCOUNTS FOR NOT-FOR-PROFIT MAKING ORGANIZATION | i. Purpose, content and preparation of Receipts and Payments Accounts, Income and Expenditure Account. |
| 13 | PATNERSHIP ACCOUNTS | i. Meaning and terms ii. Partnership deed, drawings, interest on capital, interest on drawings iii. Preparation of Capital and Current Accounts, Profit and Loss and Appropriation Account and Balance Sheet iv. Admission of new partners and Goodwill Account. |
| 14 | JOINT VENTURE ACCOUNTS | i. Meaning and purpose ii. Differences between joint venture and partnership |
| 15 | DEPARTMENTAL AND BRANCH ACCOUNTS | i. Importance and differences ii. Preparation of Departmental and simple Branch Accounts. |
| 16 | INTRODUCTION TO COMPANY ACCOUNTS | i. Formation and terminologies ii. Preparation of simple financial statements. |
| 17 | INTERPRETATION OF ACCOUNTS | i. Purpose and computation of ratios ii. Net profit margin iii. Stock turnover iv. Quick ratio v. Acid test ratio vi. Gross profit margin vii. Return on capital employed |
| 18 | PURCHASE OF BUSINESS | i. Reasons, terminologies and preparation of accounts related to purchase and sale of business. |
| 19 | CONSIGNMENT ASSOCIATE | i. Terminologies and preparation of simple Consignment Accounts. |
| 20 | HIRE PURCHASE | i. Meaning and preparation of accounts in the seller’s and hirer’s books. |
| 21 | CONTRACT ACCOUNTS | i. Meaning, purpose and terminologies ii. Preparation of Contract Accounts. |
| 22 | COOPERATIVE ACCOUNTS | i. Meaning and objectives of cooperative societies. |
Business Accounting Vol.1 and 2 F. Wood
Book-keeping and Accounts (ELBS) Spicer & Peggler
Introduction to Accounting for Business Studies F.P. Langley
Accounting I and II Jennings
Essential Financial Accounting for Senior Secondary School O.A Longe and R.A. Kezeem
The duration of the WAEC Book-keeping exam is usually two hours and 50 minutes. You will have to write papers 1 and 2 within the stipulated time.
The exam includes multiple-choice objective questions and theory questions that will test your understanding of book-keeping principles and your ability to apply them.
Time management is a very important skill for every exam. To manage time well, ensure you do not spend so much time on a particular question. Once you’re not sure of a question, leave it and answer others then come back to review and cross-check your work
There is no format for answering theory questions. You should, however, write clearly so it’ll be easy to see your work, spell correctly and provide clear explanations. You should also know what to do when the question says; define, explain, highlight, list, discuss, etc.
Practice, practice, practice. Study the syllabus, recommended textbooks, notes, and past questions together. You can also ask your teacher or tutor questions on topics you don’t understand
All the topics in the syllabus above are important and you will be tested on them
