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 TABLE OF CONTENTS

About Us..................................................................................Page 3
Chapter One
Marking Guides........................................................................Page 5
Chapter Two
Syllabus...................................................................................Page 6
Chapter Three
Recommended Textbooks.......................................................Page 9
Chapter Four
WAEC Grading System.............................................................Page 10
 Chapter One
Aims & Objectives

About
Hey there! Don't skip this article if you're getting ready for the WAEC exams and Fi-
nancial Accounting is one of your registered subjects. In this article, We will be shar-
ing the official WAEC syllabus for Financial Accounting and we recommend you fol-
low 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 any-
thing 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 Guides & Sections

There will be two papers, Paper I and Paper 2, both of which are to be taken at one
sitting.

PAPER I: Will consist of fifty multiple choice questions to be answered in 50 minutes

for 50 marks.

PAPER II: Will consist of eight essay-type questions out of which candidates will be
required to answer any five within 2 hours for 100 marks

5
 Chapter Two

WAEC SYLLABUS FOR FINANCIAL ACCOUNTING

SN TOPICS* OBJECTIVES
1 THEME
Introduction to Financial 1.1 History, nature and functions of
Accounting 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 2.1 Accounting Equation.
Double Entry Principles,*,,,,,** 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.
3 Accounting Concepts 3.1 Meaning.
3.2 Types.
3.3 Significance.
3.4 Limitations.
4 The Final Accounts of a Sole 4.1 Trading, profit and loss
Trader/proprietorship accounts/Income statement.
4.2 Balance sheet/statement of financial
position.
4.3 Adjustments to final accounts.
5 Provisions and Reserves 5.1 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.
6 Manufacturing Accounts 6.1 Purpose of Manufacturing Accounts.
6.2 Cost classification in Manufacturing
Accounts.
6.3 Preparation of final Accounts of
Manufacturing concern.
7 Control Accounts and Self- 7.1 Meaning and uses of control accounts
balancing Ledgers 7.2 Types:
(i) sales ledger control
(ii) purchases ledger control
7.3 Preparation of Control Accounts
7.4 Reconciliation of Control Accounts
8 Single Entry and Incomplete 8.1 Meaning and limitations
Records 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 9.1 Meaning and terminologies.
Making Organizations 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 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 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 12.1 Purpose of VAT.
Tax 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 13.1 Meaning and importance
Accounts 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.
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 15.1 Manual and computerized Accounting
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.
17.5 Benefits of capital market to:
(i) investors;
(ii) government;
(iii) economy;
(iv) individual company;
17.6 Types, features and reasons for
regulation.
 Chapter Three
Recommended Textbooks

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

9
 Chapter Four
WAEC Grading System
Having a good grade is very important in every exam especially one like WAEC which
will determine your admission status in higher institutions. Below is a table showing
how WAEC grades you depending on your score

  

75-100 A1 Excellent

70-74 B2 Very Good

65-69 B3 Good

60-64 C4 Credit

55-59 C5 Credit

50-54 C6 Credit

45-49 D7 Pass

40-44 E8 Pass

39 and below F9 Fail

10
 ________________________________________________________________ WAEC Grading System

It is very important to score at least 50% which will give you a C6 in the 4 compul-
sory subjects as well as your core subjects or you could have problems getting admis-
sion and may have to re-write the exams.

For example, if you want to study Medicine and Surgery, you should try hard to score
high in Mathematics, English, Civic Education, and the trade subject you are writing
and your core subjects which are: Physics, Biology, and Chemistry

11