Find the best WAEC Financial Accounting books for 2025. Use these books to study well and pass your exam easily. Get study tips and past question advice
WAEC Syllabus for Financial Accounting
If you have registered for the 2025 WAEC exam and will write Financial Accounting, this is for you. We know you are studying hard to pass the exam. This guide will help you prepare better.
WAEC has released the syllabus for Financial Accounting. Using the syllabus will help you study only the important topics. This will save you time and effort because you will not waste time on topics that may not be in the exam.
The exam has two papers. Both papers are written on the same day.
- Paper 1: This is an objective test with 50 multiple-choice questions. You will have 1 hour to answer all questions. This section is worth 25 marks.
- Paper 2: This is the essay section, and it lasts for 2½ hours. It has two parts:
- Section A: This part covers the Theory of Financial Accounting. There are four essay questions, and you must answer two. Each question carries 15 marks.
- Section B: This part focuses on Financial Accounting Practice. There are five essay questions, and you must answer three. Each question carries 15 marks.
WAEC Financial Accounting Syllabus
The WAEC syllabus for Financial Accounting helps students understand what to study for the exam. Below is a list of topics and what students will learn in each topic.
1. Introduction to Financial Accounting
- History and meaning of accounting.
- Role of accounting.
- Who uses accounting information.
- Steps in the accounting process.
- Features of accounting information.
2. Accounting Equation and Double Entry System
- What is the accounting equation.
- Why source documents are important.
- Different types of record books.
- Types of ledger accounts.
- How to record transactions in a cash book.
- How to prepare a trial balance.
- How to do bank reconciliation.
- How to fix errors in accounting.
3. Accounting Concepts
- Meaning of accounting concepts.
- Types of accounting concepts.
- Importance of these concepts.
- Limitations of accounting concepts.
4. Final Accounts of a Sole Trader
- How to prepare a trading, profit, and loss account.
- How to create a balance sheet.
- How to adjust final accounts.
5. Provisions and Reserves
- Why businesses set aside money for doubtful debts.
- Why businesses give discounts.
- What is depreciation and why it is recorded.
- Different methods of depreciation (straight-line, reducing balance, sum of years’ digits, revaluation).
- How to record depreciation.
- Types of reserves (revenue and capital reserves).
6. Manufacturing Accounts
- Purpose of manufacturing accounts.
- How to classify costs in manufacturing.
- How to prepare final accounts for manufacturing businesses.
7. Control Accounts and Self-Balancing Ledgers
- What are control accounts and why they are used.
- Types of control accounts (sales ledger control and purchases ledger control).
- How to prepare control accounts.
- How to match control accounts with ledgers.
8. Single Entry and Incomplete Records
- What is a single-entry system and its limitations.
- How to find profit or loss from balance sheets.
- How to convert single-entry records to double-entry records.
- How to prepare accounts from incomplete records.
- Understanding markup and margin.
9. Accounts of Non-Profit Organizations
- Meaning and key terms.
- How to prepare receipts and payments accounts.
- Understanding subscriptions account.
- How to prepare income and expenditure accounts.
- What is an accumulated fund.
- How to prepare a balance sheet.
- Profit and loss from income-generating activities.
10. Partnership Accounts
- How partnerships work.
- Partnership agreements.
- How to prepare profit and loss sharing accounts.
- How to record capital accounts.
- How to admit a new partner.
- How to calculate goodwill and adjust asset values.
- How to dissolve a partnership (excluding Garner V. Murray).
11. Company Accounts
- How companies are formed.
- Types of companies and types of shares.
- How shares are issued.
- What are loan capital, debentures, and mortgages.
- How to prepare final accounts of a company.
- How to interpret accounts using simple ratios.
- How businesses are bought and sold.
- How to prepare a cash flow statement.
12. Accounting for VAT (Value Added Tax)
- What is VAT and why it is important.
- Features of VAT.
- How to calculate input and output VAT.
- How to prepare VAT returns.
- Goods and services that are exempt from VAT.
13. Departmental and Branch Accounts
- Meaning and importance of departmental and branch accounts.
- Differences between a department and a branch.
- How to prepare departmental accounts.
- How to prepare branch accounts (excluding foreign branches).
- How to record inter-branch transactions.
14. Public Sector Accounting
- Difference between public and private sector accounts.
- How government gets revenue.
- Types of government spending.
- How to prepare simple government accounts.
15. Information Technology in Accounting
- Manual and computerized accounting systems.
- Steps in data processing.
- Types of computer hardware and software.
- Advantages and disadvantages of manual and computerized accounting.
16. Other Accounting Types
- What are these accounts and how to prepare them:
- Joint Venture Accounts.
- Consignment Accounts.
- Contract Accounts.
- Hire Purchase Accounts.
17. Financial System
- Meaning and parts of the financial system.
- Understanding financial markets:
- Money market.
- Capital market.
- Insurance market.
- How businesses raise money in the capital market:
- Offer for sale.
- Offer for subscription.
- Rights issue.
- Private placement.
- Who can access the capital market.
- Benefits of the capital market for:
- Investors.
- Government.
- Economy.
- Companies.
- Types and reasons for financial regulation.
Recommended WAEC Financial Accounting Textbooks
Below are the books recommended by WAEC for studying Financial Accounting. These books will help you prepare well for the exam.
Textbooks for Financial Accounting:
- Business Accounting Volume 1 – West African edition by Wood, F. & Omunya, A.
- Business Accounting Volume 2 by Wood, F.
- Accounting and Finance by Wood, F.
- Foundation Accounting by Millchamp, A. H.
- Basic Accounting by Magee, J. D.
- Accounting for Senior Secondary School by Malhorta, S. C., Botchweyand, P. K., & Amankwah, P. A.
- Accounting in Business by Bull, R. J.
- Company Accounts by Amorin, J. N.
- Principles of Accounting by Mensah, K. B. A.
- Incorporated Private Partnership Act 1962, Act 152
Study Tips for Success
- Follow the WAEC syllabus carefully to study the right topics.
- Use the recommended books to understand key concepts.
- Solve past questions to know how WAEC structures the exam.
- Practice answering questions within the time limit.
We wish you success in your exam! If you have any questions, drop them in the comments, and we will respond. Also, share this with other candidates to help them prepare.
