Financial Accounting Waec Syllabus

Below is this years Waec Syllabus for Financial Accounting. Note that this syllabus is for both internal and external candidates.

Aims and Objectives

  • Understanding of accounting principles and the role of accounting in recording business transactions
  • Appreciation and application of the rules and functions of Accounting as they apply to organization
  • Foundation for further studies in Accounting

Scheme of Examination

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: Will comprise fifty multiple choice questions to be taken in 1 hour for 50 marks.

PAPER 2: will be made up of two sections: Sections A and B and will last 2½ hours.

Section A: will contain five essay questions on theory of financial accounting.  Candidates will be required to answer two out of the four questions for 15 marks each. 

Section B: will contain five essay questions on financial accounting practice. Candidates will be required to answer three out of the questions for 15 marks each.

NOTE: * Available to candidates in Ghana only

            ** Available to candidates in Nigeria, The Gambia, Sierra Leone and Liberia only

Detailed Financial Accounting Syllabus

  1. Introduction to Financial 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
    • Accounting Equation.
    • Purpose and functions of source documents.
    • Subsidiary books.
    • 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
    • Meaning.
    • Types.
    • Significance.
    • Limitations.
  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:
      • straight line
      • reducing balance
      • sum of the years digits
      • revaluation.
    • 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 Manufacturing concern.
  7. Control Accounts and Self-balancing Ledgers
    • Meaning and uses of control accounts
    • Types:
      • 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 singe entry to double entry.
    • Preparation of final accounts from a set of incomplete records.
    • Mark up and Margin
  9. Accounts of Not-for-Profit Making Organizations
    • Meaning and terminologies.
    • Receipts and payments accounts.
    • Subscriptions Account
    • Income and expenditure accounts.
    • Accumulated fund.
    • Balance sheet.
    • Profit or loss from income generating activities.
  10. Partnership Accounts
    • Nature and formation of partnership.
    • Partnership agreements/Deed.
    • Profit and loss appropriation accounts.
    • Partners 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 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 statutory requirements of individual countries.  Candidates’ answers must meet statutory requirements of individual countries.

  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 branch.
    • Preparation of departmental account.
    • Preparation of Branch Account excluding foreign branches.
    • Inter branch transactions.
  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 processing systems.
  16. **Miscellaneous Accounts
    • Meaning, introduction, terminologies and preparation of simple:
    • Joint Venture Accounts
    • Consignment Accounts
    • Contract Accounts
    • Hire Purchase Accounts
  17. **Financial system
    • Meaning and components.
    • Meaning, functions and features of:
      • money market;capital market;

        insurance market.

    • Methods of raising funds from the capital market:
      • offer for sale;
      • offer for subscription;
      • rights issue;
      • private placement;
    • Requirements for accessing the capital market
    • Benefits of the capital market to:
      • investors;
      • government;
      • economy;
      • individual company;
    • Types, features and reasons for regulation.


  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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