WAEC Syllabus For Financial Accounting
If you registered for the 2025 WAEC and Financial Accounting is one of the subjects you are sitting for, get in here. We know you are preparing in earnest to ace the paper, and we are here to offer a solution to your study challenges.
The WAEC syllabus for Financial Accounting has been released, and following it will help you focus on important topics instead of studying random areas that may not even appear in the examination.
The exam consists of two papers, both taken in a single sitting. Paper 1 is an objective test with 50 multiple-choice questions to be answered in 1 hour for 25 marks. Paper 2 is the essay section, lasting 2½ hours, and is divided into two parts: Section A, which covers the Theory of Financial Accounting, consists of four essay questions, out of which candidates must answer two for 15 marks each. Section B focuses on Financial Accounting Practice and contains five essay questions, with candidates required to answer three, each worth 15 marks.
Below, you will find the full WAEC Syllabus for Financial Accounting, a list of recommended textbooks, and some useful tips to help you excel in the exam.
WAEC Syllabus For Financial Accounting
| SN | Topics | Objectives |
|---|---|---|
| 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. – 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 of accounting concepts. – Types of accounting concepts. – Significance of accounting concepts. – Limitations of accounting concepts. |
| 4 | 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, the sum of the years’ digits, and 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 for manufacturing concerns. |
| 7 | Control Accounts and Self-Balancing Ledgers | – Meaning and uses of control accounts. – Types of control accounts: sales ledger control and purchases ledger control. – Preparation of control accounts. – Reconciliation of control accounts. |
| 8 | Single Entry and Incomplete Records | – Meaning and limitations of a single entry. – Computation of profit or loss from opening and closing balance sheets. – Conversion of single entry to double entry. – Preparation of final accounts from incomplete records. – Markup and margin. |
| 9 | Accounts of Not-for-Profit Organizations | – Meaning and key 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 partnerships. – 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 partnerships (excluding 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 a company (for internal use only). – Interpretation of accounts using simple ratios. – Purchase of business account. – Statement of Cash Flow (using direct and indirect methods). |
| 12 | Accounting for Value Added Tax (VAT) | – 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 of departmental and branch accounts. – Differences between a department and a branch. – Preparation of departmental accounts. – Preparation of branch accounts (excluding foreign branches). – Inter-branch transactions. |
| 14 | Public Sector Accounting | – Meaning and differences 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 systems. |
| 16 | Miscellaneous Accounts | – Meaning, introduction, terminologies, and preparation of simple: (i) Joint Venture Accounts (ii) Consignment Accounts (iii) Contract Accounts (iv) Hire Purchase Accounts |
| 17 | Financial System | – Meaning and components of the financial system. – Meaning, functions, and features of: (i) Money market (ii) Capital market (iii) Insurance market – Methods of raising funds from the capital market: (i) Offer for sale (ii) Offer for subscription (iii) Rights issue (iv) Private placement – Requirements for accessing the capital market. – Benefits of the capital market to: (i) Investors (ii) Government (iii) Economy (iv) Individual companies – Types, features, and reasons for regulation. |
Recommended WAEC Financial Accounting Textbooks
These are the books you should use to revise for the examinations, as they are recommended by WAEC.
- Wood, F., & Omunya, A. (n.d.). Business accounting volume 1 – West African edition.
- Wood, F. (n.d.). Business accounting volume 2.
- Wood, F. (n.d.). Accounting and finance.
- Millchamp, A. H. (n.d.). Foundation accounting.
- Magee, J. D. (n.d.). Basic accounting.
- Malhorta, S. C., Botchweyand, P. K., & Amankwah, P. A. (n.d.). Accounting for senior secondary school.
- Bull, R. J. (n.d.). Accounting in business.
- Amorin, J. N. (n.d.). Company accounts.
- Mensah, K. B. A. (n.d.). Principles of accounting.
- Incorporated Private Partnership Act 1962, Act 152 (n.d.).
Remember to revise properly using the syllabus and the recommended test mentioned above. Another important hack to passing this examination is the past question. This will provide you insight into how the examination is structured and the best way to answer them. We wish you the best of luck in your examinations.
If you have questions, send them in via the comments section and we will respond as soon as possible. Do not forget to share this post with other candidates.
