The WAEC syllabus for Financial Accounting and other areas of concentration for 2023 WASSCE is out. All art and commercial students can now download the PDF and see all the topics approved for them to read.
This is to officially inform the general public that the WAEC syllabus for Financial Accounting is out. Candidates are now at liberty to read thoroughly and download in others to see all necessary topics to study. This topic is solely for WAEC candidates from countries like Nigeria, Ghana, Sierra Leone, Liberia, and the Gambia.
This piece is made for SS3 students who wish to write the upcoming WASSACE. One thing for sure is that all the topics listed below are approved by the West African Examination Council. Hence, you should expect questions from these areas.
WAEC Syllabus for Financial Accounting PDF 2023/2024
You must use the WAEC Syllabus both before and during the WAEC exam. It serves as a guide for the material you will be studying. Without guidance, a blind person cannot reach his destination. If you don’t study according to your WAEC curriculum, it signifies that you intend to fail your exam.
To succeed in your forthcoming examination, you need to have in your grasp the complete WAEC syllabus for all subjects so that your preparation can have direction.
Please make note of the area of specialization and suggested textbooks when reviewing the whole financial accounting scheme of work provided below.
1. Introduction to Financial Accounting
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
Purpose and functions of source documents.
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
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 year’s digits;
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 a Manufacturing concern.
7. Control Accounts and Selfbalancing Ledgers
Meaning and uses of control accounts
sales ledger control
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 single entry to double entry.
Preparation of final accounts from a set of incomplete records.
Markup and Margin
9. Accounts of Not-for-Profit
Meaning and terminologies.
Receipts and payments accounts.
Income and expenditure accounts.
Profit or loss from income-generating activities.
10. Partnership Accounts
Nature and formation of the partnership.
Profit and loss appropriation accounts.
Partner’s 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 the company for internal use only.
Interpretation of accounts using simple ratios.
Purchase of business account.
Statement of Cash Flow (using direct and indirect methods).
NOTE: Separate questions may be set to meet the statutory requirements of individual countries. Candidates’ answers must meet the statutory requirements of individual countries.
WAEC Area of Concentration for Financial Accounting and other important topics
12. Accounting for Value Added Tax
Purpose of VAT.
Characteristics of VAT.
Bases of computing input/output VAT.
Preparation of VAT returns.
Exempt goods and services.
13. Departmental and Branch Accounts
Meaning and importance
Differences between a department and a branch.
Preparation of departmental account.
Preparation of Branch accounts excluding foreign branches.
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.
15. Information Technology in Accounting
Manual and computerized Accounting Processing Systems.
Processes involved in data processing.
Computer Hardware and Software.
Merits and demerits of manual and computerized accounting
16. Miscellaneous Accounts
Meaning, introduction, terminologies, and preparation of simple:
(i) Joint Venture Accounts
(ii) Consignment Accounts
(iii) Contract Accounts
(iv) Hire Purchase Accounts
17. Financial system
Meaning and components.
Meaning, functions, and features of:
(i) money market;
(ii) capital market;
(iii) 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:
(iv) individual company;
Types, features, and reasons for regulation.