Aims and Objectives
- knowledge of basic skills required to start a business
- ability to appreciate the rules and functions of book keeping
- ability to apply the basic knowledge and skills in Book Keeping to modern business activities.
Scheme of Examination
There will be two papers, Papers 1 and 2, both of which will be a composite paper to be taken at one sitting.
PAPER 1: Will consist of forty multiple choice questions all of which must be answered in 50 minutes for 40 marks.
PAPER 2: Will consist of two sections, Sections A and B as follows:
Section A: Will cover Theory of Book-Keeping and contain four questions. Candidates will be required to answer two for 20 marks.
Section B: Will cover Practice of Book-Keeping and contain five questions. Candidates will be required to answer three for 60 marks. The paper will last 2 hours.
Detailed Book Keeping Syllabus
Introduction to Book Keeping
- 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
- Assets and Liabilities
- definition
- differences
- classification
- examples of Assets
- Liabilities.
- Business Transactions
- meaning and types of business transactions
- parties involved in business transactions
- Classification of Accounts
- personal accounts (debtors and creditors);
- Impersonal accounts (real and nominal)
- Source Documents
- definition, identification, types and uses of source documents.
Concepts and Conventions
- Definition, identification, and the differences between concepts and conventions.
Books of Original Entry
- Definition, purpose, types, format, uses and preparation of Books of Original entry
Ledger and Principles of Double Entry
- Ledger
- definition, classification, format, uses and preparation of ledgers.
- Principles of Double Entry
- meaning, history, rules and making double entries
Cash Book
- Meaning, purpose, description, differences and preparation of
- single column;
- double column;
- three column;
- petty cash book
Bank Reconciliation Statement
- meaning and purpose
- terminologies and banking documents
- causes of differences between cash book and bank statement balance
Trial Balance and Errors
- meaning and functions of trial balance
- rules and preparation of trial balance
- meaning, types, classification of errors
- correction of errors and preparation of Suspense Account
Financial Statements of Sole Proprietorship
- Trading Account
- definition, purpose, format and preparation of simple Trading Account
- methods of valuing stock (FIFO and LIFO).
- Profit and Loss Account
- definition, purpose, format and preparation of Profit and Loss Account
- Balance Sheet
- meaning, content, format and preparation of a simple balance sheet
Adjustments to Financial Statements
- Adjustment for prepayments, accruals, depreciation, bad and doubtful debts
- Meaning and methods of depreciation (straight line and reducing balance)
Control Accounts
- Meaning and preparation of Sales Ledger and Purchases Ledger Control Accounts
Single Entry and Incomplete Records
- Meaning, limitations and preparation of final accounts from incomplete records
Accounts of Not-For-Profit Making organizations
- Purpose, content and preparation of Receipts and Payments Accounts, Income and Expenditure Account.
Manufacturing Accounts
- meaning, purpose and terminologies
- preparation of Manufacturing, Trading, Profit and Loss Accounts
Partnership Accounts
- meaning and terms
- partnership deed, drawings, interest on capital, interest on drawings
- preparation of Capital and Current Accounts, Profit and Loss and Appropriation Account and Balance Sheet
- admission of new partners and Goodwill Account
Joint Venture Accounts
- meaning and purpose
- differences between joint venture and partnership
Departmental and Branch Accounts
- importance and differences
- preparation of Departmental and simple Branch Accounts
Introduction to Company Accounts
- formation and terminologies
- preparation of simple financial statements
Interpretation of Accounts
- Purpose and computation of ratios
- net profit margin
- stock turnover
- quick ratio
- acid test ratio
- gross profit margin
- return on capital employed
Purchase of Business
- Reasons, terminologies and preparation of accounts related to purchase and sale of business
Consignment Accounts
- Terminologies and preparation of simple Consignment Accounts.
Hire Purchase
- Meaning and preparation of accounts in the seller’s and hirer’s books
Contract Accounts
- meaning, purpose and terminologies
- preparation of Contract Accounts
Cooperative Accounts
- Meaning and objectives of cooperative societies
SUGGESTED READING LIST
- Business Accounting Vol.1 and 2 F. Wood
- Book-keeping and Accounts (ELBS) Spicer & Peggler
- Introduction to Accounting for Business Studies F.P. Langley
- Accounting I ad II Jennings
- Essential Financial Accounting for Senior Secondary School O.A Longe and R.A. Kezeem
Download Complete PDF
View the Book Keeping Waec Syllabus as text above or download the syllabus as a PDF below. Please use the buttons below to download offline PDF files for external or internal Waec.
Frequently Asked Questions
Is the Book Keeping WAEC syllabus the same for SSCE and GCE candidates?
Yes. WAEC uses the same Book Keeping syllabus for both SSCE (school) and GCE (private/external) candidates, so the topics, aims and scheme of examination are identical.
What does the Book Keeping WAEC syllabus contain?
The Book Keeping syllabus sets out the aims and objectives, the scheme of examination (papers, duration and marks) and the detailed list of topics and subtopics that your exam questions are drawn from.
Is the Book Keeping syllabus the same in Nigeria, Ghana, Sierra Leone, The Gambia and Liberia?
Yes. WAEC standardises the Book Keeping syllabus across all member countries, so candidates in Nigeria, Ghana, Sierra Leone, The Gambia and Liberia study the same content.
Can I download the Book Keeping WAEC syllabus as a PDF?
Yes. You can download the complete Book Keeping WAEC syllabus as a PDF using the SSCE and GCE download buttons above. The PDF works offline for both internal (SSCE) and external (GCE) candidates.
Is this the latest Book Keeping WAEC syllabus for 2026?
Yes. This is the current Book Keeping syllabus, covering the May/June, Nov/Dec and Jan/Feb WASSCE cycles. It was last reviewed on January 21, 2024.
How should I use the Book Keeping syllabus to prepare for WAEC?
Work through every topic in the detailed syllabus above, match each topic to past questions, and use the aims and objectives to understand the skills examiners reward. Cover the whole syllabus, since WAEC sets questions from across all topics.