CBT-Practice

WAEC Financial Accounts · Section 1

Accounting Concepts, Sole Trader Final Accounts, Provisions, Reserves, and Manufacturing Accounts

Detailed Syllabus

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Syllabus content and objectives

Official WAEC Financial Accounts outline · Detailed Syllabus

Content

3.1 - 6.3 Accounting concepts, Trading/P&L/Balance Sheet adjustments, provisions for bad debts, depreciation methods, reserves, manufacturing accounts

Objective

Identify accounting concepts and limitations; prepare sole proprietor Trading, Profit & Loss Accounts, and Balance Sheets with adjustments (accruals, prepayments); calculate bad debt provisions and depreciation (straight line, reducing balance, sum of digits, revaluation); prepare Manufacturing Accounts classifying prime cost, factory overheads, and work-in-progress.

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