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WAEC Financial Accounting Syllabus

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Writing Financial Accounting in WAEC Exams

Hey there! Don’t skip this article if you’re getting ready for the WAEC exams and Financial Accounting 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 because of 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.

With the right dedication and preparation, we can assure you will ace your exam.

Marking Guide

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

PAPER 1: Will comprise fifty multiple choice questions, all of which should be answered in 1 hour for 25 marks.

PAPER 2: Will be made up of two sections, Sections A and B and will last 2½ hours.

Section A: Will contain four essay questions on 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

Financial Accounting Syllabus for WAEC Exams

 Introduction to Financial Accounting1.1 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.
2The Accounting Equation and Double Entry Principles,*,,,,,**2.1 Accounting Equation.
2.2 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.
3Accounting Concepts3.1 Meaning.
3.2 Types.
3.3 Significance.
3.4 Limitations.
4The Final Accounts of a Sole Trader/proprietorship4.1 Trading, profit and loss accounts/Income statement.
4.2 Balance sheet/statement of financial position.
4.3 Adjustments to final accounts.
5Provisions and Reserves5.1 Provision for doubtful debts/Allowance for doubtful debts.
5.2 Provision for discounts.
5.3 Depreciation – concepts, reasons for recording and methods:
(i) straight line;
(ii) reducing balance;
(iii) sum of the years digits;
(iv) revaluation.
5.4 Accounting for depreciation.
5.5 Reserves – revenue and capital reserves.
6Manufacturing Accounts6.1 Purpose of Manufacturing Accounts.
6.2 Cost classification in Manufacturing Accounts.
6.3 Preparation of final Accounts of Manufacturing concern.
7Control Accounts and Self- balancing Ledgers7.1 Meaning and uses of control accounts
7.2 Types:
(i) sales ledger control
(ii) purchases ledger control
7.3 Preparation of Control Accounts
7.4 Reconciliation of Control Accounts
8Single Entry and Incomplete Records8.1 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
9Accounts of Not-for-Profit
Making Organizations
9.1 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.
10Partnership Accounts10.1 Nature and formation of 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)
11Company Accounts11.1 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 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.
12Accounting for Value Added Tax12.1 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 .
13Departmental and Branch Accounts13.1 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 Inter branch transactions.
14Public Sector Accounting14.1 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.
15Information Technology in Accounting15.1 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.
16Miscellaneous Accounts16.1 Meaning, introduction, terminologies and preparation of simple:
(i) Joint Venture Accounts
(ii) Consignment Accounts
(iii) Contract Accounts
(iv) Hire Purchase Accounts
17Financial system17.1 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.
17.5 Benefits of capital market to:
(i) investors;
(ii) government;
(iii) economy;
(iv) individual company;
17.6 Types, features and reasons for regulation.

Recommended WAEC Financial Accounting Textbooks

1. Business Accounting Volume 1 – West African Edition by Frank Wood and Omunya.

2. Business Accounting Volume 2 – Frank Wood.

3. Accounting and Finance – Frank Wood.

4. Foundation Accounting – A. H. Millchamp.

5. Basic Accounting – J. D. Magee.

6. Accounting for Senior Secondary School – S. C. Malhorta, P. K. Botchweyand, P. A. Amankwah.

7. Accounting in Business – R. J. Bull.

8. Company Accounts – J. N. Amorin.

9. Principles of Accounting – K. B. Appiah Mensah

10. Incorporated Private Partnership Act 1962, Act 152

Frequently Asked Questions About WAEC Financial Accounting Exam

How long is the WAEC Financial Accounting exam?

The duration of the WAEC Financial Accounting exam is usually three hours 30 minutes. You will have to write paper 1 and 2 within the stipulated time.


What type of questions can I expect in the exam?

The exam includes multiple-choice objective questions and theory questions that will test your understanding of accounting principles and your ability to apply them.


Are calculators allowed in the exam?

Yes, you will be given an official calculator by the West African Examination Council(WAEC). This is the only calculator you are expected to use during the exam.


How should I manage my time during the exam?

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 


Is there a specific format for answering theory questions?

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 together with relevant examples or calculations.You should also know what to do when the question says; define, explain, highlights, list, discuss, etc.


How can I prepare for the WAEC Financial Accounting exam?

Practice, practice, practice. Study the syllabus, recommended textbooks, notes, andpast questions together. You can also ask your teacher or tutor questions on topics you don’t understand 


Are there any specific topics that are heavily tested in the exam?

All the topics in the syllabus above are important and you will be tested on them.



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