Education

WAEC Syllabus for Principles Of Cost Accounting

WAEC Syllabus for Principles Of Cost Accounting. WAEC Syllabus for Principles Of Cost 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 Principles Of Cost 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 Principles Of Cost Accounting, you will also see the format of how the WAEC Principles Of Cost Accounting questions will be presented. Jamb form 

There are 2 sections to answer questions from. Paper 1 is Objective and paper 2 contains essay questions and paper. Where paper one (1) carries 1 hour for of 25 marks; paper two (2) carries 2 hours for 75 marks.

WAEC Syllabus for Principles Of Cost Accounting

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. WAEC Syllabus for Principles Of Cost Accounting

See the full detailed information concerning the WAEC Principles Of Cost Accounting Syllabus below.

AIMS AND OBJECTIVES

The aims of this examination are to test candidates’ ability to

  1. a) assemble, analyze and ascertain the cost of producing and procuring goods and services;

(b)        develop skills for using Cost Accounting as a tool for assisting management with information needed for planning, control and decision making; Waec Result

(c)        show awareness of economic use of resources through costing techniques;

(d)       demonstrate knowledge of basic methods of presenting cost statements.

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 fifty multiple-choice objective questions all of which must be answered within 1 hour for of 25 marks. Jamb Result

PAPER 2:  Will consist of nine essay-type questions.  Candidates will be required to answer five questions within 2 hours for 75 marks. The paper will consist of two sections, Sections A and B as follows:

  • Section A: Theory of Principles of Cost Accounting – four questions will be set and candidates will be required to answer two of them for 15 marks each.
  • Section B: Practices of Principles of Cost Accounting – five questions will be set and candidates will be required to answer three of them for 15 marks each. Npower Recruitment

DETAILED SYLLABUS

TOPICS                                 NOTES
1.      INTRODUCTION TO                                                   COST ACCOUNTING

 

 

 

 

 

 

 

 

 

2.      CHARACTERISTICS OF A GOOD COSTING SYSTEM

 

 

 

 

3.      COST CLASSIFICATION

AND TYPES OF COST

 

 

 

 

 

 

 

 

 

 

 

4.      ELEMENTS OF COST

 

1.1              Definition and objectives of   cost accounting.

1.2       Functions and importance of Cost

Accounting

1.3       Differences among Cost Accounting,             Management Accounting and                         Financial Accounting.

1.4       Basic Costing terminologies e.g                      Cost Centre, cost unit, unit cost etc.

 

2.1       Characteristics of a good costing             System e.gsimple, relevant, accurate,

cost-effective etc

2.2       Qualities of good Cost information

e.g brief, timely, comparable,

objective etc. Pounds to Naira

 

3.1        Basis of cost classification:

Classification of cost according to

behaviour, function, nature etc.

3.2      Types of cost under various

Classifications eg. direct cost,                        indirect cost, period cost,

historical cost, sunk cost, etc.

3.3      Components of cost build-up for

ascertaining the cost/profit of a

product or an activity e.g prime cost, overheads, factory cost, cost of production, cost of sales, total cost etc.

 

4.1       Explanation of elements of cost i.e

Material, Labour and Expenses.

 

4.2       Identification and grouping of

elements of cost into direct and

indirect costs e.g direct material cost direct, labour cost, direct expenses and overheads such as factory, administration, selling and distribution, etc.

 

 

TOPICS                                 NOTES
 

5.      MATERIALS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.      LABOUR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.      OVERHEADS

 

 

5.1       Purchasing, receiving, storage and                  their documentation.

5.2       Stocktaking: periodic and continuous             and perpetual inventory system.

5.3       Inventory control – Minimum,

Maximum, Re-order stock levels and

Economic Order Quantity.

(computation of Economic Order

Quantity is not required).

5.4       Pricing of issues and Stock valuation using FIFO, LIFO, Simple Average, Weighted Average, Standard Price methods and their advantages and disadvantages.

 

6.1          Labour: Meaning and types of labour and labour cost:- skilled and unskilled.

– direct and indirect.

6.2       Methods of labour remuneration:

–  Time rate

–  Piece rate: straight piece rate,

differential piece rate, price rate with guaranteed time rate.

–  incentive schemes: premium bonus, overtime premium.

6.3           Methods of time keeping and concept of idle time.

6.4   Payroll procedures:

-Preparation  of wages analysis sheet

-statutory and non-statutory deductions should be emphasized. (questions will be limited to computation of individual

bonus schemes).

6.5     Labour Turnover: Meaning, causes and

cost.

-Labour turnover ratio.

 

7.1     Definition of overheads.

7.2     Types of overheads.

7.3     Overhead analysis, collection,

classification, allocation, apportionment and redistribution.

 

 

 

TOPICS                                 NOTES
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.  COSTING METHODS

8.1 Job/Batch Costing

 

 

8.2  Contract Costing

 

 

 

8.3  Service Costing

 

 

 

 

 

8.4  Process Costing

 

7.4    Overhead Absorption:

– Calculation of Overhead                         Absorption Rates (OAR) e.g                  Direct Wages Percentage, Direct            Material Cost Percentage,                       Machine Hour Rate, Prime

Cost percentage, etc.

7.5   Application of Overhead  Absorption Rates.

7.6   Calculation of under/over absorption of overheads.

7.7   Activity Based Costing:

7.7.1 Meaning, advantages and disadvantages of Activity Based Costing (ABC).

7.7.2 Steps in Activity Based Costing.

7.7.3 Differences between Activity Based Costing and Traditional Product Costing systems.

– limitations of  Traditional Product        Costing System.

7.7.4 Computation of product cost using

Activity Based Costing.

 

8.1.1    Purpose and circumstances under

which Job/Batch Costing is applied.

8.1.2  Ascertainment of cost of a job or batch.

 

8.2.1  Meaning and characteristics.

8.2.2  Preparation of Contract Accounts

and Contractee’s Account.

 

8.3.1   Meaning and objectives of Service         Costing.

8.3.2  Organizations that use Service Costing.

8.3.3   Ascertainment of cost per unit of services rendered.

 

8.4.1  Explanation and circumstance where

process costing is applied

8.4.2  Terminologies in process costing e.g   joint-products, by-products, scrap, waste, etc.

 

 

TOPICS                                 NOTES
 

 

 

 

 

9.0  COSTING TECHNIQUES

 

9.1  Marginal and Absorption Costing

 

 

 

 

 

 

 

 

 

9.2  Break Even Analysis

 

 

 

 

 

 

 

 

10.0  Budgeting and  Budgetary     Control

 

 

 

 

 

 

 

 

 

 

 

11.0  STANDARD COSTING

 

 

8.4.3  Preparation of process accounts

including  Normal loss,  Abnormal

Loss and Abnormal gain.

 

 

 

9.1.1  Meaning anddistinction

between Marginal and  Absorption

Costing.

9.1.2  Terminologies used in Marginal and

Absorption Costing – fixed cost, variable

cost, semi-variable costs,  contribution,

period and product costs. etc.

9.1.3  Preparation of Income Statement using

both Marginal and Absorption costing.

 

9.2.1  Meaning, importance, assumptions and

limitations of break-even analysis.

9.2.2  Computation of break-even points in

units and values from given data

including segregation of costs ( using

high and low method).

9.2.3  Preparation and  interpretation of

break-even charts.

 

10.1   Explanation of basic terminologies in

Budgeting and Budgetary control.

10.2   Budgeting process and Administration.

10.3   Importance of Budgeting and

Budgetary control.

–  Preparation of budgets will be limited

to cash sales, material usage, material

purchase and production budgets.

10.4   Functional budgets:

–   Sales, production, capital expenditure,

etc.

10.5  Cash budget and master budget.

 

11.1   Meaning and importance of  Standard

Costing

11.2   Types of Standards.

 

11.3   Computation of variances:

·         Material (price and usage)

·         Labour (rate and efficiency).

 

TOPICS                                 NOTES
 

12.0  COST ACCOUNTS

 

12.1   Interlocking cost accounts.

 

12.2  Preparation of cost ledger accounts.

12.3  Reconciliation of cost and financial

profits.

12.4  Integrated Cost accounts.

 

12.5   Preparation of ledger accounts and

income statements.

 

SUGGESTED READING LIST

 

RECOMMENDED TEXTBOOKS

Cost Accounting  – by  Harper, W.M  –      Published by   Pitman Publishing Ltd. Dollar to Naira Rate

Cost Accounting – by T. Lucey         –      Published by DPP Publications Ltd

Weldon’s Cost Accounting    –      Published by  Macdonald and Evans Ltd.           – by Owler, L.W.J and Brown, J.L

Principles of Cost Accounting for       –          Published by Longmanfor the

Senior Secondary Schools in Ghana               Ministry of  Education, Ghana (1991).

Cost Accounting – by Drury, Colin   –           Published by Professional   Heinemann

Publishing.

  1. OTHER SUGGESTED LOCAL TEXTS /PAMPHLETS/JOURNALS IN GHANA
  1. Costing Made Easy – by Kingsford Opoku (Kings Series) Jamb Result
  2. Costing for ‘U’ – by Barnabas Dadzie (C for ‘U’ Series).
  3. Cost Accounting for Senior HighSchool – by Williams Asamoah Appiah

(AKI-OLA Series)-AKI-OLA Publications, Accra

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

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