You need to study the WAEC Book keeping course in order to take the test. It includes notes, the format, and the goals and objectives for the bookkeeping exam.
examining the text Maintaining your syllabus is essential for exam preparation. You can use it as a guide to help you decide which topics to read about. Additionally, there are notes on ideas that you ought to learn carefully.
Exam preparation without reference to the Book Keeping Works syllabus is equivalent to going to the farm unprepared. You won’t be effective in the end.
Make sure to use the syllabus when you start your exam preparations.
The West African Examination Council’s recommended textbooks and Book Keeping syllabus are included in this article (WAEC).
If you have any questions, please ask them in the comment area. I look forward to hearing from you.
WAEC Book Keeping
The goal of the Book Keeping syllabus is to evaluate applicants’ fundamental knowledge of business operations and financial systems in order to help them start a firm and provide a solid foundation for further study.
Aims and Objectives
This exam’s goal is to gauge candidates’:
- knowledge of basic skills required to start a business;
- ability to appreciate the rules and functions of bookkeeping;
- ability to apply the basic knowledge and skills in Book Keeping to modern business activities.
Scheme of the Examination
Papers 1 and Paper 2 will both be composite exams that must be done in one session.
Paper 1 will include 40 multiple-choice questions that must all be done in 50 minutes for a total of 40 marks.
Sections A and B of Paper 2 will be organized as follows:
Section A will include four questions and discuss the Theory of Book-Keeping. For 20 points, candidates must correctly answer two questions.
Section B will include five questions and cover the practice of bookkeeping. Candidates must correctly answer three questions to receive 60 points. There will be a 2-hour paper.
WAEC Book Keeping Syllabus
|1||Introduction to Book Keeping||Meaning of Book Keeping
definition, history, nature, importance and functions of Book Keeping;
career opportunities and beneficiaries of bookkeeping;
qualities and values of bookkeepers.Assets and Liabilities:
– definition, differences, classification and examples of Assets and Liabilities.
Classification of Accounts:
|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||Ledger:
– definition, classification, format, uses and preparation of ledgers.Principles of Double Entry:
– meaning, history, rules and making double entries.
|5.||Cash Book||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||Trading Account:
– definition, purpose, format and preparation of a simple Trading Account;
– methods of valuing stock (FIFO and LIFO).Profit and Loss Account:
– definition, purpose, format and preparation of Profit and Loss Account;
|9.||Adjustments to Financial Statements||Adjustment for prepayments, accruals, depreciation, bad and doubtful debts;
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 purchasing and sale of the 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.|
SUGGESTED READING LIST
- Business Accounting Vol.1 and 2 F. Wood
- Book-keeping and Accounts (ELBS) Spicer & Peggler
- Introduction to Accounting for Business Studies F.P. Langley
- Accounting I ad II Jennings
- Essential Financial Accounting for Senior Secondary School O.A Longe and R.A. Kezeem