You must prepare for the exam by studying the WAEC Principles of Cost Accounting course. The Principles of Cost Accounting exam’s goals, objectives, notes, and format are all included.
You must study Principles of Cost Accounting in order to be prepared for the exam. 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 Principles of Cost Accounting is equivalent to visiting a farm without your farm equipment. 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 suggested texts and Principles of Cost Accounting are included in this article (WAEC).
Aims and Objectives
The purpose of this examination is to gauge candidates’
- assemble, analyze and ascertain the cost of producing and procuring goods and services;
- develop skills for using Cost Accounting as a tool for assisting management with information needed for planning, control and decision making;
- show awareness of the economic use of resources through costing techniques;
- demonstrate knowledge of basic methods of presenting cost statements.
Scheme of Examination
Papers 1 and Paper 2 will both be composite exams that must be done in one session.
Paper 1 will include 50 multiple-choice objective questions that must all be answered in one hour for a total of 25 marks.
The second paper will have nine essay-style questions. Five questions must be answered correctly for 75 points in two hours by candidates.
Sections A and B of the paper will be organized as follows:
Candidates must respond to two of the four questions in Section A, Theory of Principles of Cost Accounting, for a total of 15 marks.
Candidates must respond to three of the five questions in Section B, “Practices of Principles of Cost Accounting,” for a total of 15 marks.
- Introduction To Cost Accounting
- Characteristics of a Good Costing System
- Cost Classification and Types of Cost
- Elements of Cost
- Costing Methods
- Job/Batch Costing
- Contract Costing
- Service Costing
- Process Costing
- Costing Techniques
- Marginal and Absorption Costing
- Break-even Analysis
- Budgeting And Budgetary Control
- Standard Costing
- Cost of Accounting
- Cost Accounting – by Harper, W.M – Published by Pitman Publishing Ltd.
- Cost Accounting – by T. Lucey Published by DPP Publications Ltd
- Weldon’s Cost Accounting – Published by Macdonald and Evans Ltd. – by Owler, L.W.J and Brown, J.L
- Principles of Cost Accounting for – Published by Longmanfor the
- Senior Secondary Schools in Ghana Ministry of Education, Ghana (1991).
- Cost Accounting – by Drury, Colin – Published by Professional Heinemann Publishing.
B. OTHER SUGGESTED LOCAL TEXTS /PAMPHLETS/JOURNALS IN GHANA
- Costing Made Easy – by Kingsford Opoku (Kings Series)
- Costing for ‘U’ – by Barnabas Dadzie (C for ‘U’ Series).
- Cost Accounting for Senior HighSchool – by Williams Asamoah Appiah (AKI-OLA Series)-AKI-OLA Publications, Accra