Waec Syllabus for Financial Accounting 2022 is now available, candidates preparing for Waec 2022 are advised to download the latest Waec Syllabus 2022 in other to get prepared ahead of the forthcoming Waec Examination.
The Waec Syllabus for Financial Accounting 2022 will help candidates pinpoint their reading or studies towards better topics and courses that will be set for the 2022 Waec examination.
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1. Introduction to Financial
Accounting History, nature, and functions of Accounting.
Users of Accounting information.
Stages in the Accounting process.
Characteristics of Accounting Information.
2. The Accounting Equation and Double Entry Principles
Purpose and functions of source documents.
The ledger: classification of Accounts.
Cash Book: analytical cash book, including petty cash book.
Preparation of Trial Balance.
Bank Reconciliation Statements.
Correction of errors and Suspense Account.
3. Accounting Concepts
4. The Final Accounts of a Sole Trader/proprietorship
Trading, profit and loss accounts/Income statement.
Balance sheet/statement of financial position.
Adjustments to final accounts.
5. Provisions and Reserves
Provision for doubtful debts/Allowance for doubtful debts.
Provision for discounts.
Depreciation – concepts, reasons for recording, and methods:
(i) straight line;
(ii) reducing balance;
(iii) sum of the year’s digits;
Accounting for depreciation.
Reserves – revenue and capital reserves.
6. Manufacturing Accounts
Purpose of Manufacturing Accounts.
Cost classification in Manufacturing Accounts.
Preparation of Final Accounts of a Manufacturing concern.
7. Control Accounts and Selfbalancing Ledgers
Meaning and uses of control accounts
sales ledger control
purchases ledger control
Preparation of Control Accounts
Reconciliation of Control Accounts
8. Single Entry and Incomplete Records
Meaning and limitations
Computation of profit or loss from opening and closing balance sheets.
Conversion of single entry to double entry.
Preparation of final accounts from a set of incomplete records.
Mark up and Margin
9. Accounts of Not-for-Profit
Meaning and terminologies.
Receipts and payments accounts.
Income and expenditure accounts.
Profit or loss from income-generating activities.
10. Partnership Accounts
Nature and formation of the partnership.
Profit and loss appropriation accounts.
Partners capital account and balance sheet
Admission of a new partner.
Treatment of goodwill and revaluation of assets
Dissolution of partnership (Questions will not be set on Garner V. Murray and piecemeal realization)
11. Company Accounts
Nature and formation of a company.
Types of companies and shares.
Issue of shares.
Loan capital, debentures/loan notes, and mortgages.
Final accounts of the company for internal use only.
Interpretation of accounts using simple ratios.
Purchase of business account.
Statement of Cash Flow (using direct and indirect methods).
NOTE: Separate questions may be set to meet statutory
requirements of individual countries. Candidates’ answers must
meet statutory requirements of individual countries.
12. Accounting for Value Added Tax
Purpose of VAT.
Characteristics of VAT.
Bases of computing input/output VAT.
Preparation of VAT returns.
Exempt goods and services.
13. Departmental and Branch Accounts
Meaning and importance
Differences between a department and a branch.
Preparation of departmental account.
Preparation of Branch Account excluding foreign branches.
14. Public Sector Accounting
Meaning and difference between Public Sector and Private Sector Accounts.
Sources of public revenue.
Capital and recurrent expenditures.
Preparation of simple government accounts.
15. Information Technology in Accounting
Manual and computerized Accounting Processing Systems.
Processes involved in the data processing.
Computer Hardware and Software.
Merits and demerits of manual and computerized accounting
16. Miscellaneous Accounts
Meaning, introduction, terminologies and preparation of simple:
(i) Joint Venture Accounts
(ii) Consignment Accounts
(iii) Contract Accounts
(iv) Hire Purchase Accounts
17. Financial system
Meaning and components.
Meaning, functions and features of:
(i) money market;
(ii) capital market;
(iii) insurance market.
Methods of raising funds from the capital market:
(i) offer for sale;
(ii) offer for subscription;
(iii) rights issue;
(iv) private placement;
Requirements for accessing the capital market.
Benefits of capital market to:
(iv) individual company;
Types, features and reasons for regulation.
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