WAEC Accounting Syllabus (FOR GCE)

WAEC Accounting Syllabus is has been updated and those that are preparing to take their WAEC for 2025 should use this as a study guide.

The West African Examinations Council (WAEC) conducts two primary exams for secondary school students: the Senior Secondary Certificate Examination (SSCE) for internal candidates and the General Certificate Examination (GCE) for external candidates. For students preparing for Accounting, the syllabuses for both exams are the same, ensuring a consistent standard regardless of the exam format. This guide provides detailed insights into the structure of the WAEC Accounting exam and key topics you need to study.

In this content we are going to give you the list of topics and subtopics you are expected to finish before the date of your examination. Also make use of your past questions to avoid any surprises.

Exam Structure

Both WAEC SSCE (internal) and WAEC GCE Accounting exams consist of two compulsory papers:

PAPER 1:

• Duration: 1 hour
• Format: 50 objective questions

PAPER 2:

• Duration: 2½ hours
• Sections:
  • Section A: Theory of Financial Accounting
    • Answer 2 out of 4 questions
    • Worth 30% of the total marks
  • Section B: Financial Accounting Practice
    • Answer 3 out of 5 questions
    • Worth 45% of the total marks

WAEC Accounting Syllabus Overview

The syllabus is comprehensive and covers a range of topics essential for a thorough understanding of Accounting principles and practices. Here’s a detailed breakdown:

Introduction

• History, Nature, and Functions of Accounting
• Importance of Book-keeping and Accounting
• Users of Accounting Information

Principles and Practice of Double Entry

• Purpose and Functions of Source Documents: Subsidiary Books
• The Ledger: Classification of Accounts
• Cash Book: Analytical Cash Book, Including Petty Cash Book
• Preparation of Trial Balance and Treatment of Errors
• The Imprest System
• Bank Reconciliation Statements

The Final Accounts of a Sole Trader

• Trading, Profit, and Loss Accounts; The Balance Sheet
• Adjustments

Reserves and Provisions

• Provision for Doubtful Debts
• Provision for Discounts
• Importance of Law and Order in Society
• Amortization and Depletion of Fixed Assets
• Reserves: Revenue and Capital Reserves

Manufacturing Accounts

• Simple Manufacturing or Production Accounts Showing Various Cost Classifications

Control Accounts and Self-balancing

• Reasons for Control Accounts
• Types of Control Accounts

Single Entry and Incomplete Records

• Nature of Single Entry
• Computation of Profit from Two Balance Sheets
• Preparation of Final Accounts from Incomplete Records

Accounts of Not-For-Profit Making Organizations

• Receipts and Payments Accounts
• Income and Expenditure Accounts
• Subscription in Advance and in Arrears
• Accumulated Fund
• Balance Sheet

Accounting Concepts and Conventions

• Nature, Significance, and Limitations of Accounting Concepts and Conventions

Partnership

• Introduction to Partnerships
• Partnership Agreements
• Capital and Current Accounts
• Profit and Loss and Appropriation Accounts and Balance Sheet
• Admission of a Partner and Partnership Dissolution

Company Accounts

• Formation and Statutory Requirements
• Issue and Redemption of Shares
• Loan Capital
• Final Accounts for Internal Use Only
• Purchase of a Sole Trader by a Company
• Conversion of a Partnership into a Limited Liability Company
• Interpretation of Accounts Using Simple Ratios

Departmental and Branch Accounts

• Ascertainment of Departmental and Total Profit
• Inter-Branch Transactions (Excluding Foreign Branches)
• Accounting Records Kept by the Head Office and by Branches

Public Sector Accounting

• Sources of Public Revenue
• Capital and Recurrent Expenditures
• Simple Government Accounting Procedures

Introduction to Data Processing

• Development of Data Processing
• Steps in Data Processing
• Manual Data Processing
• Mechanical Data Processing
• Electronic Data Processing
• Advantages and Disadvantages of Various Data Processing Systems

Frequently Asked Questions

What is the structure of the WAEC Accounting exam?

The exam consists of two papers: Paper 1 (50 objective questions in 1 hour) and Paper 2 (theory and practice questions in 2½ hours).

How many questions do I need to answer in Paper 2?

In Section A (Theory), you need to answer 2 out of 4 questions. In Section B (Practice), you need to answer 3 out of 5 questions.

Are the syllabuses for WAEC SSCE (internal) and WAEC GCE the same?

Yes, the syllabuses are the same, ensuring a consistent standard for both exams.

What are the key topics covered in the WAEC Accounting syllabus?

The syllabus covers a wide range of topics including double entry, final accounts, reserves and provisions, manufacturing accounts, control accounts, single entry, not-for-profit organizations, partnership, company accounts, departmental and branch accounts, public sector accounting, and data processing.

Can I find past questions for practice?

Yes, past questions are invaluable for preparation and can often be found online or through educational resources.

Where can I download the WAEC Accounting syllabus?

The PDF version of the syllabus is available for free and unlimited download at the end of this guide.

Conclusion

Preparing for the WAEC SSCE (internal) and WAEC GCE Accounting exams requires a strategic approach and thorough understanding of the syllabus. By familiarizing yourself with the exam structure and focusing on key topics, you can effectively plan your study sessions and enhance your chances of success. Utilize past questions, diversify your study resources, and engage in regular self-assessment to monitor your progress. With dedication and consistent effort, you can excel in your WAEC Accounting exams and achieve your academic goals. Good luck!