WAEC Book Keeping Syllabus 2025 [UPDATED]

WAEC Book Keeping Syllabus for 2025 is now ready for all students that registered it in their WAEC and it is well detailed.

In this content, we are going to give in details all the topics you have read up so you can have idea of the topics you might be facing during your exam period.

Table of Contents

WAEC Book Keeping Syllabus

Preamble

The WAEC Book Keeping syllabus is designed to assess the candidates’ foundational knowledge of business activities and their understanding of financial systems. It aims to provide the necessary groundwork for establishing a business and offers a solid foundation for further studies in accounting and finance.

Aim and Objectives

The aim of the syllabus is to evaluate candidates on their:

Knowledge of basic skills required to start a business.
Ability to appreciate the rules and functions of book keeping.
Ability to apply basic knowledge and skills in book keeping to modern business activities.

Scheme of Examination

The examination consists of two papers, Papers 1 and 2, which are composite papers to be taken at one sitting.

Paper 1

Content: Forty multiple choice objective questions.
Duration: 50 minutes.
Marks: 40 marks.

Paper 2

Sections: Two sections, A and B.
Duration: 2 hours.
Marks: 80 marks.
- Section A: Theory of Book Keeping with four questions. Candidates are required to answer two questions for a total of 20 marks.
- Section B: Practice of Bookkeeping with five questions. Candidates are required to answer three questions for a total of 60 marks.

Detailed Syllabus

1. Introduction to Book Keeping

Meaning of Book Keeping: Definition, history, nature, importance, and functions.
Career Opportunities and Beneficiaries: Various career paths and individuals who benefit from bookkeeping.
Qualities and Values of Bookkeepers: Essential attributes and ethical values.

1.2 Assets and Liabilities

Definitions, Differences, Classification, and Examples: Understanding different types of assets and liabilities.

1.3 Business Transactions

Meaning and Types: Various kinds of business transactions.
Parties Involved: Identification of parties in business transactions.

1.4 Classification of Accounts

Personal Accounts: Debtors and creditors.
Impersonal Accounts: Real and nominal accounts.

1.5 Source Documents

Definition, Identification, Types, and Uses: Various documents used in book keeping.

2. Concepts and Conventions

Definitions, Identification, and Differences: Understanding key accounting concepts and conventions.

3. Books of Original Entry

Definition, Purpose, Types, Format, Uses, and Preparation: Understanding and preparing books of original entry.

4. Ledger and Principles of Double Entry

4.1 Ledger

Definition, Classification, Format, Uses, and Preparation: Detailed study of ledgers.

4.2 Principles of Double Entry

Meaning, History, Rules, and Making Double Entries: Comprehensive understanding of double entry bookkeeping.

5. Cash Book

5.1 Types of Cash Books

Single Column, Double Column, Three Column, and Petty Cash Book: Preparation and differences.

6. Bank Reconciliation Statement

Meaning and Purpose: Understanding bank reconciliation.
Terminologies and Banking Documents: Key terms and documents.
Causes of Differences: Reasons for discrepancies between cash book and bank statement balances.

7. Trial Balance and Errors

Meaning and Functions: Purpose of a trial balance.
Rules and Preparation: How to prepare a trial balance.
Types, Classification, and Correction of Errors: Understanding and rectifying errors.
Suspense Account: Preparation and use of a suspense account.

8. Financial Statements of Sole Proprietorship

8.1 Trading Account

Definition, Purpose, Format, and Preparation: Basics of trading accounts.
Stock Valuation Methods: FIFO and LIFO.

8.2 Profit and Loss Account

Definition, Purpose, Format, and Preparation: Understanding profit and loss accounts.

8.3 Balance Sheet

Meaning, Content, Format, and Preparation: Basics of preparing a balance sheet.

9. Adjustments to Financial Statements

9.1 Adjustments

Prepayments, Accruals, Depreciation, Bad and Doubtful Debts: Making necessary adjustments.

9.2 Depreciation Methods

Straight Line and Reducing Balance: Understanding and applying different methods.

10. Control Accounts

Sales Ledger and Purchases Ledger Control Accounts: Preparation and purpose.

11. Single Entry and Incomplete Records

Meaning, Limitations, and Preparation of Final Accounts: Handling incomplete records.

12. Accounts of Not-For-Profit Making Organizations

Receipts and Payments Accounts, Income and Expenditure Account: Preparation and purpose.

13. Manufacturing Accounts

Meaning, Purpose, Terminologies, and Preparation: Basics of manufacturing accounts.

14. Partnership Accounts

Meaning and Terms: Key aspects of partnership accounts.
Preparation of Accounts: Capital and Current Accounts, Profit and Loss Appropriation Account, and Balance Sheet.
Admission of New Partners and Goodwill Account: Handling new partners and goodwill.

15. Joint Venture Accounts

Meaning and Purpose: Understanding joint ventures.
Differences Between Joint Venture and Partnership: Key distinctions.

16. Departmental and Branch Accounts

Importance and Differences: Preparing departmental and branch accounts.

17. Introduction to Company Accounts

Formation and Terminologies: Basics of company accounts.
Preparation of Financial Statements: Simple financial statements.

18. Interpretation of Accounts

Purpose and Computation of Ratios: Key financial ratios.
- Net Profit Margin, Stock Turnover, Quick Ratio, Acid Test Ratio, Gross Profit Margin, Return on Capital Employed: Understanding and calculating these ratios.

19. Purchase of Business

Reasons, Terminologies, and Preparation of Accounts: Accounts related to business purchases.

20. Consignment Accounts

Terminologies and Preparation: Handling consignment accounts.

21. Hire Purchase

Meaning and Preparation of Accounts: Accounts in seller’s and hirer’s books.

22. Contract Accounts

Meaning, Purpose, and Terminologies: Basics of contract accounts.
Preparation of Accounts: Detailed account preparation.

23. Cooperative Accounts

Meaning and Objectives: Understanding cooperative societies.

Frequently Asked Questions

What is the focus of the WAEC Book Keeping syllabus?

The focus is on assessing candidates’ understanding of basic business activities, financial systems, and bookkeeping principles necessary for starting and managing a business.

How many papers are there in the WAEC Book Keeping exam?

There are two papers, Papers 1 and 2, which are taken in one sitting. Paper 1 consists of multiple-choice questions, while Paper 2 has theory and practice questions.

What topics are covered in the syllabus?

Topics include introduction to bookkeeping, assets and liabilities, business transactions, classification of accounts, source documents, concepts and conventions, books of original entry, ledgers, cash book, bank reconciliation, trial balance, errors, financial statements, adjustments, control accounts, and more.

What are the benefits of studying bookkeeping according to the syllabus?

Studying bookkeeping helps students acquire essential skills for starting and managing a business, understand financial principles, and apply bookkeeping knowledge in modern business contexts, providing a foundation for further education and potential self-employment.

Conclusion

The WAEC Book Keeping syllabus provides a comprehensive guide for students to understand and apply bookkeeping principles. Mastery of the theoretical concepts and practical applications outlined in the syllabus is essential for success in the examination and in future business endeavors.