WAEC Syllabus for Financial Accounting 2024/2025
Are you preparing for the West African Examination Council (WAEC) exam in Financial Accounting? Do you want to know the aims and objectives, the topics, and the recommended textbooks for this subject? If yes, then you are in the right place. In this blog post, I will share with you everything you need to know about the WAEC syllabus for Financial Accounting 2024/2025.
What is Financial Accounting?
Financial Accounting is the branch of accounting that deals with recording, summarizing, and reporting the financial transactions and events of a business or an organization. It provides information to the external users of accounting, such as investors, creditors, regulators, and tax authorities, who need to make decisions based on the financial performance and position of the entity.
Financial Accounting follows certain rules and standards, such as the International Financial Reporting Standards (IFRS) or the Generally Accepted Accounting Principles (GAAP), to ensure the reliability, comparability, and relevance of the financial statements. Financial Accounting covers topics such as the accounting equation, the double entry system, the accounting concepts, the final accounts, the provisions and reserves, the manufacturing accounts, the control accounts, the partnership accounts, the company accounts, the branch accounts, the departmental accounts, the cash flow statements, the ratio analysis, and the public sector accounting.
What are the Aims and Objectives of WAEC Financial Accounting?
The WAEC exam in Financial Accounting sets out to assess the candidates’ understanding of accounting principles and the role of accounting in recording business transactions, their appreciation and application of the rules and functions of accounting as they apply to the organization, and their foundation for further studies in accounting.
The WAEC exam in Financial Accounting consists of two papers: Paper 1 and Paper 2, both of which are to be taken in one sitting. Paper 1 comprises 50 multiple-choice questions to be taken in 1 hour for 50 marks. Paper 2 consists of two sections: Section A and Section B, and lasts for 2.5 hours. Section A contains five essay questions on the theory of financial accounting, out of which candidates are required to answer two for 15 marks each. Section B contains five essay questions on financial accounting practice, out of which candidates are required to answer three for 15 marks each.
What are the Topics in the WAEC Syllabus for Financial Accounting?
The WAEC syllabus for Financial Accounting contains the following topics:
- Introduction to Financial Accounting
- The Accounting Equation and Double Entry Principles
- Accounting Concepts
- The Final Accounts of a Sole Trader/Proprietorship
- Provisions and Reserves
- Manufacturing Accounts
- Control Accounts and Self-Balancing Ledgers
- Partnership Accounts
- Company Accounts
- Branch Accounts
- Departmental Accounts
- Cash Flow Statements
- Ratio Analysis
- Public Sector Accounting
Each topic has its own subtopics, notes, and examples, which can be found in the WAEC Syllabus for Financial Accounting PDF 2024/2025. These are the official and approved syllabus by the WAEC for all the candidates in Nigeria, Ghana, Sierra Leone, Liberia, and the Gambia. The syllabus also indicates the areas of concentration and the recommended textbooks for each topic.
What are the Recommended Textbooks for WAEC Financial Accounting?
The WAEC syllabus for Financial Accounting recommends the following textbooks for the candidates:
- Abdullahi D. Z. (2014) Modern Financial Accounting, Husab Global Press Concept Ltd.
- Adeifa O. Ajileye, J. O and Oluwasanna, R. O (2011) Get your Financial Accounting Right. Book One: Oyo, Tenlad Press International.
- Ajileye, J. O. and Adetifa O. (2006) Get your Financial Accounting Right, Book Two: Lagos: De Hadey Printing Services
- Akinduko, A. O (2001) Basic Accounting: Akure: Spetins
- Awoyemi, E. O. (1989) A guide to Government Accounting and Internal Audit, Ibadan: Onibonje Press
- Dodge, R. (2002) Foundation of Business Accounting, (Second Edition), Bershire: Chapman and Hall
- Ekwere, A. B. (1997) Contemporary Accounting, Abuja: Aflon Finance (Control and Management) Act 1958
- Frankwood and Alan S. (2002) Frankwood’s Business Accounting, Prentice Hall International Edition
- Hanson, C. W. (2000) Government Accounting: Lagos: Ranel Consult Ltd.
- Igben, R. O. (2004) Financial Accounting Made Simple (Vol. I) Lagos: Roi Publishers
- Longe, O. A. and Kazeem, R. A (2006) Essential Financial Accounting for Senior Secondary Schools: Lagos: Tonad Publishers Limited
- Millichamp, A. H. (1989) Foundation Accounting: An Introduction manual for Accounting Students, London: DP Publication
- Okwoli, A. A. (1995) Financial Accounting, Zaria: Tamaza Publishers
- Oshisami, K. (1997) Government Accounting and Financial Control: Ibadan: Spectrum
- Wisdomline Pass at Once JAMB.
Conclusion
The WAEC syllabus for Financial Accounting 2024/2025 is a useful guide for the candidates who want to excel in the exam. It provides the aims and objectives, the topics, and the recommended textbooks for the subject. The candidates should study the syllabus carefully and follow the areas of concentration and the notes. They should also practice the past questions and use the recommended textbooks for further reading and understanding. By doing so, they will be able to achieve their desired grades and pursue their career goals in accounting.
Frequently Asked Questions and Answers
Q: How can I download the WAEC syllabus for Financial Accounting PDF 2024/2025?
A: You can download the WAEC syllabus for Financial Accounting PDF 2024/2025 from the links provided in this blog post. You can also visit the official website of the WAEC or any of its regional offices to get a copy of the syllabus.
Q: How many questions are there in the WAEC exam in Financial Accounting?
A: There are 50 multiple-choice questions in Paper 1 and 10 essay questions in Paper 2, out of which candidates are required to answer 5 in total.
Q: How long is the WAEC exam in Financial Accounting?
A: The WAEC exam in Financial Accounting lasts for 3.5 hours in total. Paper 1 is for 1 hour and Paper 2 is for 2.5 hours.
Q: What is the pass mark for the WAEC exam in Financial Accounting?
A: The pass mark for the WAEC exam in Financial Accounting is not fixed, as it depends on the performance of the candidates and the standard of the exam. However, a general rule of thumb is that candidates need to score at least 50% of the total marks to pass the exam.
Q: What are the benefits of studying Financial Accounting?
A: Studying Financial Accounting can help the candidates to develop their analytical, critical, and problem-solving skills, as well as their knowledge of accounting principles, standards, and practices. It can also prepare them for further studies and careers in accounting, finance, business, and management.