Current WAEC Syllabus For Accounting

What if there is an expo that tells you the exact topics where all your WAEC Accounting questions will come from?

In this library…

You will see and download the current WAEC syllabus for Accounting theory and objective examination for SSCE and GCE this year.

ALSO SEE: WAEC Syllabus For All Other Subjects In SSCE and GCE

Take note.

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.

Now to the syllabus…

WAEC Accounting syllabus

The PDF version of this WAEC syllabus for Accounting is available for your free download at the bottom of this library.

1. Introduction to Financial Accounting 

  • History, nature and functions of Accounting. 
  • Users of Accounting information. 
  • Stages in the Accounting process. 
  • Characteristics of Accounting information.

2. The Accounting Equation and Double Entry Principles 

  • Accounting Equation. 
  • Purpose and functions of source documents. 
  • Subsidiary books. 
  • The ledger: classification of Accounts. 
  • Cash Book: analytical cash book, including petty cash book. 
  • Preparation of Trial Balance. 
  • Bank Reconciliation Statements.
  • Correction of errors and Suspense Account.

3. Accounting Concepts

  • Meaning. 
  • Types. 
  • Significance. 
  • Limitations.

4. The Final Accounts of a Sole Trader / proprietorship 

  • Trading, profit and loss accounts / Income statement. 
  • Balance 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; 
    • (iv) revaluation. 
  • Accounting for depreciation. 
  • Reserves – revenue and capital reserves.

6. Manufacturing Accounts 

  • Purpose of Manufacturing Accounts. 
  • Cost classification in Manufacturing Accounts. 
  • Preparation of final Accounts of Manufacturing concern.

7. Control Accounts and Self-balancing Ledgers 

  • Meaning and uses of control accounts 
  • Types: 
    • (i) sales ledger control 
    • (ii) purchases ledger control 
  • Preparation of Control Accounts 
  • Reconciliation of Control Accounts

8. Single Entry and Incomplete Records

  • Meaning and limitations 
  • Computation of profit or loss from opening and closing balance sheets. 
  • Conversion of singe entry to double entry. 
  • Preparation of final accounts from a set of incomplete records. 
  • Mark up and Margin

9. Accounts of Not-for-Profit Making Organizations 

  • Meaning and terminologies. 
  • Receipts and payments accounts. 
  • Subscriptions Account 
  • Income and expenditure accounts. 
  • Accumulated fund. 
  • Balance sheet. 
  • Profit or loss from income generating activities.

10. Partnership Accounts

  • Nature and formation of partnership. 
  • Partnership agreements / Deed. 
  • Profit and loss appropriation accounts. 
  • Partners capital account and balance sheet 
  • Admission of a new partner. 
  • Treatment of goodwill and revaluation of assets 
  • Dissolution of partnership (Questions will not be set on Garner V. Murray and piecemeal realization)

11. Company Accounts

  • Nature and formation of a company. 
  • Types of companies and shares. 
  • Issue of shares. 
  • Loan capital, debentures/loan notes and mortgages. 
  • Final accounts of company for internal use only. 
  • Interpretation of accounts using simple ratios.
  • Purchase of business account.

13. Departmental and Branch Accounts 

  • Meaning and importance 
  • Differences between a department and branch.
  • Preparation of departmental account. 
  • Preparation of Branch Account excluding foreign branches. 
  • Inter branch transactions.

14. Public Sector Accounting

  • Meaning and difference between Public Sector and Private Sector Accounts. 
  • Sources of public revenue. 
  • Capital and recurrent expenditures. 
  • Preparation of simple government accounts.

16. Miscellaneous Accounts 

  • Meaning, introduction, terminologies and preparation of simple: 
    •  Joint Venture Accounts 
    •  Consignment Accounts 
    •  Contract Accounts 
    •  Hire Purchase Accounts

17. Financial system 

  • Meaning and components. 
  • Meaning, functions and features of: 
    • money market; 
    • capital market; 
    • insurance market. 
  • Methods of raising funds from the capital market: 
    • (i) offer for sale; 
    • (ii) offer for subscription; 
    • (iii) rights issue; 
    • (iv) private placement; 
  • Requirements for accessing the capital market. 
  • Benefits of capital market to: 
    • (i) investors; 
    • (ii) government; 
    • (iii) economy; 
    • (iv) individual company; 
  • Types, features and reasons for regulation.

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