Waec Financial Accounting Syllabus/Questions 2019/2020
- Waec Financial Accounting Syllabus AIMS AND OBJECTIVES
The examination in this subject sets out to assess candidates’:
(i) Understanding of accounting principles and the role of accounting in recording business transactions;
(iii) foundation for further studies in Accounting.
Waec Financial Accounting Syllabus EXAMINATION SCHEME
There will be two papers – Paper 1 and Paper 2, both of which will constitute a composite paper to be taken at one sitting.
PAPER 1: Will comprise fifty multiple choice questions to be taken in 1 hour for 50 marks.
PAPER 2: Will be made up of two sections: Sections A and B and will last 2½ hours.
Section A: Will contain five 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.
Waec Financial Accounting Syllabus DETAILED
|1.||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.
|2.||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.
|3.||Accounting Concepts||3.1 Meaning.3.2 Types.3.3 Significance.
|4.||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.|
|5.||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;
5.4 Accounting for depreciation.
5.5 Reserves – revenue and capital reserves.
|6.||Manufacturing Accounts||6.1 Purpose of Manufacturing Accounts.6.2 Cost classification in Manufacturing Accounts.6.3 Preparation of final Accounts of Manufacturing concern.|
|7.||Control Accounts and Self-balancing Ledgers||7.1 Meaning and uses of control accounts7.2 Types:(i) sales ledger control
(ii) purchases ledger control
7.3 Preparation of Control Accounts
7.4 Reconciliation of Control Accounts
|8.||Single Entry and Incomplete Records||8.1 Meaning and limitations8.2 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
|9.||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.
|10.||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)
|11.||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.
|12. *||Accounting for Value Added 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.
|13.||Departmental and Branch Accounts||13.1 Meaning and importance13.2 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.
|14.||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.
|15. *||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:
(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 TEXT BOOKS
- 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.
That is all on Waec Financial Accounting Syllabus Questions 2019/2020.
Feel free to ask Questions concerning Waec Financial Accounting Syllabus using the comments section Below.