Book Keeping Waec Syllabus
Below is this 2026 Waec Syllabus for Book Keeping. Note that this syllabus is for both internal and external candidates.
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
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