WAEC Book Keeping Syllabus

Objective

Understand definition, history, importance, career opportunities, values of bookkeepers, assets vs liabilities classification, business transaction parties, personal vs impersonal accounts, and identification/uses of source documents.

Objective

Define, identify, and distinguish basic accounting concepts and conventions.

Objective

Define, format, and prepare books of original entry including sales, purchases, returns, and general journals.

Objective

Define, classify, format, and prepare ledgers. Understand the history, rules, and posting mechanisms of double entry bookkeeping.

Objective

Understand, differentiate, and prepare single column, double column, three column, and petty cash books.

Objective

Identify causes of differences between cash book and bank statement balances and prepare bank reconciliation statements.

Objective

Understand functions and rules for preparing trial balances; classify errors, correct errors via journals, and open/balance Suspense Accounts.

Objective

Prepare Trading Accounts (with stock valuation methods FIFO/LIFO), Profit and Loss Accounts, and simple Balance Sheets for sole proprietors.

Objective

Calculate and account for prepayments, accruals, bad/doubtful debts, and depreciation using straight line and reducing balance methods.

Objective

Understand the purpose of and prepare Sales Ledger Control Accounts and Purchases Ledger Control Accounts.

Objective

Understand limitations of single entry systems and prepare complete final accounts from incomplete business records.

Objective

Understand content and prepare Receipts and Payments Accounts and Income and Expenditure Accounts for non-profits.

Objective

Understand cost concepts (direct/indirect costs, prime cost) and prepare Manufacturing, Trading, and Profit and Loss Accounts.

Objective

Account for drawings, interest on capital/drawings, prepare Capital/Current Accounts, Profit and Loss Appropriation Accounts, Balance Sheets, partner admissions, and Goodwill Accounts.

Objective

Understand joint venture concepts, distinguish them from partnerships, and record joint venture transactions.

Objective

Differentiate departmental and branch structures, and prepare Departmental Accounts and simple Branch Accounts.

Objective

Understand company formation, share capital terminologies, and prepare simple company financial statements.

Objective

Compute and interpret key ratios: Net Profit Margin, Gross Profit Margin, Stock Turnover, Quick Ratio, Acid Test Ratio, and Return on Capital Employed (ROCE).

Objective

Understand terminologies and prepare accounting entries related to buying and selling existing businesses.

Objective

Understand consignment terminologies and prepare simple Consignment Accounts.

Objective

Understand hire purchase principles and prepare appropriate ledger accounts in both hirer and seller books.

Objective

Understand contract terminologies (retention money, architect certificates) and prepare Contract Accounts.

Objective

Understand the meaning, core objectives, and basic accounting practices of cooperative societies.