Book Keeping WAEC Syllabus & Suggested Readings

This is the complete Book Keeping WAEC Syllabus  for this years WAEC examination. Candidates for WAEC GCE (External) and candidates for WAEC SSCE (Internal) are reminded to use this syllabus to prepare for their examination. Click here "WAEC Syllabus" to get the rest of the subjects.

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The importance of this WAEC Syllabus can never be undermined. Hence, it's advisable to stick to your books as well as this syllabus for highlights and concentration areas. It is also advisable that students becomes aware of the WAEC grading system to know what grade they are exactly aiming for.

See also the WAEC exams rules and regulations and how to grow thick skin for it. 

Book Keeping WAEC Syllabus

Below is the WAEC Syllabus for this year; kindly make judicious use of it.

1. PREAMBLE

The Book Keeping syllabus is designed to assess the candidates’ basic knowledge of business activities and understanding of financial system for the purpose of establishing a business and laying a good foundation for further studies.

2. AIM AND OBJECTIVES

The aim of this paper is to test candidates’:

• knowledge of basic skills required to start a business;

(ii)        ability to appreciate the rules and functions of book keeping;
(iii)       ability to apply the basic knowledge and skills in Book Keeping to modern business activities.

3. SCHEME OF THE 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 forty multiple choice questions all of which must be answered in 50 minutes for 40 marks.
PAPER 2:      Will consist of two sections, Sections A and B as follows:
Section A:   Will cover Theory of Book-Keeping and contain four questions. Candidates will   be required to answer two for 20 marks.
Section B:  Will cover Practice of Book-Keeping and contain five questions.  Candidates will be required to answer three for 60 marks. The paper will last 2 hours.        

DETAILED SYLLABUS

S/NO	TOPICS	NOTES
1	Introduction to Book Keeping	1.1  Meaning of Book Keeping –          definition, history, nature, importance and functions of Book Keeping; –          career opportunities and beneficiaries of book keeping; –          qualities and values of book keepers. 1.2  Assets and Liabilities: –      definition, differences, classification and examples of Assets  and Liabilities. 1.3  Business Transactions: –    meaning and types of business transactions; –    parties involved in business transactions. 1.4    Classification of Accounts: –   personal accounts (debtors and creditors); –   Impersonal accounts (real and nominal). 1.5    Source Documents: –  definition, identification, types and uses of source documents.
2.	Concepts and Conventions	Definition, identification and the differences between concepts and conventions.
3.	Books of Original Entry	Definition, purpose, types, format, uses and preparation of Books of Original entry
4	Ledger and Principles of Double Entry	4.1  Ledger: –  definition, classification, format, uses and preparation of   ledgers. 4.2   Principles of Double Entry: –    meaning, history, rules and making double entries.
5.	Cash Book	5.1  Meaning, purpose, description, differences and                        preparation of: –   single column; –  double column; –   three column; –   petty cash book.
6.	Bank Reconciliation Statement	–    meaning and purpose –  terminologies and banking documents –  causes of differences between cash book and bank statement balance
7.	Trial Balance and Errors	–  meaning and functions of trial balance; –  rules and preparation of trial balance; –   meaning, types, classification of errors; –  correction of errors and preparation of Suspense Account.
8.	Financial Statements of Sole Proprietorship	8.1  Trading Account: –  definition, purpose, format and preparation of simple Trading Account; –  methods of valuing stock (FIFO and LIFO). 8.2    Profit and Loss Account: –  definition, purpose, format and preparation of Profit    and Loss Account; 8.3   Balance Sheet: –   meaning, content, format and preparation of a  simple balance sheet.
9.	Adjustments to Financial Statements	9.1    Adjustment for prepayments, accruals, depreciation, bad and doubtful debts; 9.2 Meaning and methods of depreciation (straight line and reducing balance).
10.	Control Accounts	Meaning and preparation of Sales Ledger and Purchases Ledger Control Accounts.
11.	Single Entry and Incomplete Records	Meaning, limitations and preparation of final accounts from incomplete records
12.	Accounts of Not-For-Profit Making organizations	Purpose, content and preparation of Receipts and Payments Accounts, Income and Expenditure Account.
13.	Manufacturing Accounts	–  meaning, purpose and terminologies; –  preparation of Manufacturing, Trading, Profit and Loss Accounts.
14.	Partnership Accounts	–  meaning and terms: –  partnership deed, drawings, interest on capital, interest on drawings; –  preparation of Capital and Current Accounts, Profit and Loss and Appropriation Account and Balance Sheet; –  admission of new partners and Goodwill Account.
15.	Joint Venture Accounts	–  meaning and purpose; –  differences between joint venture and partnership.
16.	Departmental and Branch Accounts	–  importance and differences; –  preparation of Departmental and simple Branch Accounts.
17.	Introduction to Company Accounts	–  formation and terminologies; –  preparation of simple financial statements.
18.	Interpretation of Accounts	–   Purpose and computation of ratios: –  net profit margin; –  stock turnover; –  quick ratio; –  acid test ratio; –  gross profit margin; –  return on capital employed.
19.	Purchase of Business	Reasons, terminologies and preparation of accounts related to purchase and sale of business.
20.	Consignment Accounts	Terminologies and preparation of simple Consignment Accounts.
21.	Hire Purchase	Meaning and preparation of accounts in the seller’s and hirer’s books.
22	Contract Accounts	–  meaning, purpose and terminologies; –  preparation of Contract Accounts.
23.	Cooperative Accounts	Meaning and objectives of cooperative societies.

NOTE: Emphasis should be on application
SUGGESTED READING LIST

1. Business Accounting Vol.1 and 2                                F. Wood
2. Book-keeping and Accounts (ELBS)                            Spicer & Peggler
3. Inroduction to Accouting for Business Studies           F.P. Langley
4. Accounting I ad II                                                         Jennings

5. Essential Financial Accounting for Senior Secondary School

O.A Longe and R.A. Kezeem