Book Keeping Waec Syllabus

Introduction to Book Keeping

1. Meaning of Book Keeping
   • definition
   • history
   • nature
   • importance and functions of Book Keeping
   • career opportunities and beneficiaries of book keeping
   • qualities and values of book keepers
2. Assets and Liabilities
   • definition
   • differences
   • classification
   • examples of Assets
   • Liabilities.
3. Business Transactions
   • meaning and types of business transactions
   • parties involved in business transactions
4. Classification of Accounts
   • personal accounts (debtors and creditors);
   • Impersonal accounts (real and nominal)
5. Source Documents
   • definition, identification, types and uses of source documents.

Concepts and Conventions

1. Definition, identification, and the differences between concepts and conventions.

Books of Original Entry

1. Definition, purpose, types, format, uses and preparation of Books of Original entry

Ledger and Principles of Double Entry

1. Ledger
   • definition, classification, format, uses and preparation of ledgers.
2. Principles of Double Entry
   • meaning, history, rules and making double entries

Cash Book

1. Meaning, purpose, description, differences and preparation of
   • single column;
   • double column;
   • three column;
   • petty cash book

Bank Reconciliation Statement

1. meaning and purpose
3. terminologies and banking documents
4. causes of differences between cash book and bank statement balance

Trial Balance and Errors

1. meaning and functions of trial balance
2. rules and preparation of trial balance
3. meaning, types, classification of errors
4. correction of errors and preparation of Suspense Account

Financial Statements of Sole Proprietorship

1. Trading Account
   • definition, purpose, format and preparation of simple Trading Account
   • methods of valuing stock (FIFO and LIFO).
2. Profit and Loss Account
   • definition, purpose, format and preparation of Profit and Loss Account
3. Balance Sheet
   • meaning, content, format and preparation of a simple balance sheet

Adjustments to Financial Statements

1. Adjustment for prepayments, accruals, depreciation, bad and doubtful debts
2. Meaning and methods of depreciation (straight line and reducing balance)

Control Accounts

1. Meaning and preparation of Sales Ledger and Purchases Ledger Control Accounts

Single Entry and Incomplete Records

1. Meaning, limitations and preparation of final accounts from incomplete records

Accounts of Not-For-Profit Making organizations

1. Purpose, content and preparation of Receipts and Payments Accounts, Income and Expenditure Account.

Manufacturing Accounts

1. meaning, purpose and terminologies
2. preparation of Manufacturing, Trading, Profit and Loss Accounts

Partnership Accounts

1. meaning and terms
2. partnership deed, drawings, interest on capital, interest on drawings
3. preparation of Capital and Current Accounts, Profit and Loss and Appropriation Account and Balance Sheet
4. admission of new partners and Goodwill Account

Joint Venture Accounts

1. meaning and purpose
2. differences between joint venture and partnership

Departmental and Branch Accounts

1. importance and differences
2. preparation of Departmental and simple Branch Accounts

Introduction to Company Accounts

1. formation and terminologies
2. preparation of simple financial statements

Interpretation of Accounts

1. Purpose and computation of ratios
2. net profit margin
3. stock turnover
4. quick ratio
5. acid test ratio
6. gross profit margin
7. return on capital employed

Purchase of Business

1. Reasons, terminologies and preparation of accounts related to purchase and sale of business

Consignment Accounts

1. Terminologies and preparation of simple Consignment Accounts.

Hire Purchase

1. Meaning and preparation of accounts in the seller’s and hirer’s books

Contract Accounts

1. meaning, purpose and terminologies
2. preparation of Contract Accounts

Cooperative Accounts

1. Meaning and objectives of cooperative societies

SUGGESTED READING LIST

1. Business Accounting Vol.1 and 2 F. Wood
2. Book-keeping and Accounts (ELBS) Spicer & Peggler
3. Introduction to Accounting for Business Studies F.P. Langley
4. Accounting I ad II Jennings
5. Essential Financial Accounting for Senior Secondary School O.A Longe and R.A. Kezeem