WAEC Financial Accounting Syllabus 2022 | See Concentrated Topics
– WAEC Financial Accounting Syllabus –
WAEC Financial Accounting Syllabus 2022 is Out: The Financial Accounting 2021/2022 West African Examination Council (WAEC) Syllabus is aiming at preparing candidates for the Board’s examination.
AIMS AND OBJECTIVES
The examination in this subject sets out to assess candidates:
1. Understanding of accounting principles and the role of accounting in recording business transactions;
2. Appreciation and application of the rules and functions of accounting as they apply to the organisation;
3. Foundation for further studies in accounting.
EXAMINATION SCHEME
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: This will comprise fifty multiple-choice questions to be taken in 1 hour for 50 marks.
PAPER 2: This will comprise two sections: Sections A and B and will last 2½ hours.
Section A: This will contain five essay questions on the theory of financial accounting. They will require candidates to answer two out of the four questions for 15 marks each.
Section B: This will contain five essay questions on financial accounting practice. They will require candidates to answer three out of the questions for 15 marks each.
DETAILED SYLLABUS
| S/NO | TOPICS | NOTES |
| 1. |
Introduction to Financial Accounting |
1.1 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. |
| 2. |
The 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. |
| 3. | Accounting Concepts |
3.1 Meaning. 3.2 Types. 3.3 Significance. 3.4 Limitations. |
| 4. | The Final Accounts of a Sole Trader/proprietorship |
4.1 Trading, profit and loss 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-balancing Ledgers |
7.1 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 |
| 8. | Single Entry and Incomplete Records |
8.1 Meaning and limitations 8.2 Computation of profit or loss from opening and closing balance sheets. 8.3 Conversion of single 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-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. |
| 10. | Partnership Accounts |
10.1 Nature and formation of the 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 a 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 Tax |
12.1 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. |
| 13. | Departmental and Branch Accounts |
13.1 Meaning and importance 13.2 Differences between a department and a branch. 13.3 Preparation of departmental account. 13.4 Preparation of Branch Account excluding foreign branches. 13.5 Interbranch 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 Accounting |
15.1 Manual and computerized Accounting Processing Systems. 15.2 Processes involved in the 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. |
NOTE: * Available for candidates in Ghana only
** Available for candidates in Nigeria, The Gambia, Sierra Leone and Liberia only
RECOMMENDED 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.
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CSN Team.
