WAEC Syllabus for Financial Accounting PDF 2024/2025

The WAEC syllabus for Financial Accounting and other areas of concentration for 2024 WASSCE is out. All art and commercial students can now download the PDF and see all the topics approved for them to read.

These topics are meant for all WAEC students in Nigeria, Ghana, Sierra Leone, Liberia, and the Gambia. This scheme of work for financial account is also available to SS1, SS2 and SS3.

One thing you should note is that all these topics listed below are real and approved by the West African Examination Council. Therefore, your questions will come out from these areas.

Check out the full financial accounting scheme of work below and make sure you note the area of concentration and the recommended textbooks.

Others are searching: Free WAEC syllabus for Financial Accounting, area of concentration for Financial Accounting, WAEC Financial Accounting topics for science students, approved WAEC syllabus for Financial Accounting, how do I get the WAEC Financial Account scheme of work for senior secondary schools, WAEC Financial Accounting for SS1, SS2 and SS3.


WAEC Syllabus for Financial Accounting PDF 2024/2025

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 


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:
(i) straight line;
(ii) reducing balance;
(iii) sum of the year’s digits;
(iv) 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 a Manufacturing concern.

7. Control Accounts and Selfbalancing Ledgers
Meaning and uses of control accounts
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 single entry to double entry.
Preparation of final accounts from a set of incomplete records.
Mark up and Margin

9. Accounts of Not-for-Profit 

Meaning and terminologies.
Making Organizations

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 the 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 the 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.

WAEC Area of Concentration for Financial Accounting and other important Topics

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 a 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 the 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:
(i) Joint Venture Accounts
(ii) Consignment Accounts
(iii) Contract Accounts
(iv) Hire Purchase Accounts

17. Financial system

Meaning and components.
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 capital market to:
(i) investors;
(ii) government;
(iii) economy;
(iv) individual company;

Types, features and reasons for regulation.


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