WAEC Syllabus For Financial accounting 2021/2022 PDF. As previously said, many students are preparing for Waec Financial accounting 2021 without the syllabus. I use this medium to inform you that your preparation is not effective Without Waec Financial accounting 20211syllabus.
This is an outline of the main points of a discourse, the subjects, the contents of WAEC Financial accounting 2021/2022 curriculum Given out by The West African Examination Council for all candidates sitting for the 2021 Waec examination.
Without the WAEC Syllabus, Your preparation is yet to kick off.
Table of Contents
WAEC Financial Accounting Syllabus 2021/2022 | Free Download Syllabus
Today, take a look at the topic “WAEC Syllabus Accounting 2021/2022 | Free Download WAEC Financial accounting Syllabus
WAEC Syllabus For Financial accounting 2021/2022 is very essential due to many searches we have been receiving from several WAEC aspirants all over West Africa as well as on various social media outlets regarding the WAEC Syllabus For Financial accounting 2021/2022 for the forthcoming 2021/2022 WAEC May/June Examinations.
When WAEC draws close, its more about your personal interest and input than what your school is currently teaching you. However, have it in mind that whatever your teacher teaches in school is the first knowledge you concerning any subjects, you are supposed to build more and more on that.
WAEC Syllabus for Financial accounting
- AIMS AND OBJECTIVES
The examination in this subject sets out to assess candidates’
(a) understanding of accounting principles and the role of accounting in recording businesstransactions;
(b) appreciation and application of the rules and functions of Accounting as they apply to organization;
(c) foundation for further studies in Accounting.
- SCHEME OF THE EXAMINATION
There will be two papers – Paper 1 and Paper 2, both of which will constitute a composite paper to betaken at one sitting.
PAPER 1: Will comprise fifty multiple choice questions, all of which should be answered in 1hour for 25 marks.
PAPER 2: Will be made up of two sections, Sections A and B and will last 2½ hours.
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.
DETAILED SYLLABUS
S/NO TOPICS NOTES
- 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.
- The Accounting Equation and Double Entry Principles
2.1 Accounting Equation.
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.
- Accounting Concepts 3.1 Meaning.
3.2 Types.
3.3 Significance.
3.4 Limitations.
- 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.
- 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:
(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.
- Manufacturing Accounts 6.1 Purpose of Manufacturing Accounts.
6.2 Cost classification in Manufacturing Accounts.
6.3 Preparation of final Accounts of Manufacturing concern.
- Control Accounts and Selfbalancing
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
- 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
- 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.
- 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)
- 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.
- * Accounting for ValueAdded 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.
- Departmental and BranchAccounts
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.
- 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.
RECOMMENDED:
- WAEC Financial Accounting Questions and Answers
- WAEC Economics Questions and Answers
- WAEC Syllabus for Econonics
- * 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
RECOMMENDED TEXTBOOKS FOR FINANCIAL ACCOUNTING
- Business Accounting volume 1 – West African Edition by Frank Wood and Omunya.
- Business Accounting Volume 2 – Frank Wood.
- Accounting and Finance – Frank Wood.
- Foundation Accounting – A. H. Millchamp.
- Basic Accounting – J. D. Magee.
- Accounting for Senior Secondary School – S. C. Malhorta, P. K. Botchweyand, P. A. Amankwah.
- Accounting in Business – R. J. Bull.
- Company Accounts – J. N. Amorin.
- Principles of Accounting – K. B. Appiah Mensah
- Incorporated private Partnership Act 1962, Act 152.
When WAEC draws close, its more about your personal interest and input than what your school is currently teaching you. However, have it in mind that whatever your teacher teaches in school is the first knowledge you concerning any subjects, you are supposed to build more and more on that.
Undoubtedly, there is need to start preparing for Waec Financial accounting 2021 without the WAEC Exam syllabus topic by topic. In the nearest, we shall deal with this subjects and topics one after the other however, do not underestimate the power of your personal interest and input.
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