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WAEC Syllabus for Financial Accounting

WAEC Syllabus for Financial Accounting. WAEC Syllabus for Financial Accounting is available for all candidates who want to participate in the examination. The West African examination council (WAEC) has officially introduced a syllabus that will guide all the WAEC candidates who wish to write the WAEC examination this year. For a very successful WAEC Financial Accounting examination for this year, you need to check out the available areas of concentration. It has been divided into sections with chapters, followed by the topics to be covered in preparation for the exams. In the WAEC Syllabus for Financial Accounting, you will also see the format of how the WAEC Financial Accounting questions will be presented. Jamb form 

There are 2 sections to answer questions from. Paper 1 is Objective questions, paper 2 is essay questions. Where paper one (1) carries 1 hour for 25 marks. Npower Recruitment

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WAEC Syllabus for Financial Accounting

; paper two (2) carries 30 marks for 2½ hours, (15 marks for each section).

This WAEC syllabus is for both the O’level WAEC and General Certificate Examination (GCE) candidates. Final year students in the senior secondary school level and external candidates are eligible to make use of this syllabus and prepare ahead of the examination.

See the full detailed information concerning the WAEC Financial Accounting Syllabus below.


The examination in this subject sets out to assess candidates’ Waec Result

  • 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; WAEC Syllabus for Financial Accounting
  • foundation for further studies in Accounting.


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, all of which should be answered  in 1 hour for 25 marks.

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

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Section A:       Will contain four 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.


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. Pounds to Naira

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: Jamb Result

(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 singe 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 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 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 branch.

13.3 Preparation of departmental account.

13.4 Preparation of Branch Account excluding foreign branches.

13.5 Inter branch 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 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 to candidates in Ghana only

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


  1.  Business Accounting volume 1                           –    West African Edition by Frank Wood and Omunya.
  2. Business Accounting Volume 2                          –     Frank Wood. Dollar to Naira Rate
  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.

Check and Confirm: How much is Dollar to Naira               Pounds to Naira Rate Today

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