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WAEC WASSCE [SSCE] SYLLABUS FOR FINANCIAL ACCOUNTING
- AIMS AND OBJECTIVES
The examination in this subject sets out to assess candidates’
- understanding of accounting principles and the role of accounting in recording business transactions;
- appreciation and application of the rules and functions of Accounting as they apply to organization;
- foundation for further studies in Accounting.
- SCHEME OF THE EXAMINATION
There will be two papers – Paper 1 and Paper 2, both of which will constitute a composite paper to be taken at one sitting.
PAPER 1: Will comprise fifty multiple choice questions, all of which should be answered in 1 hour for 25 marks.
PAPER 2: Will be made up of two sections, Sections A and B and will last 2½ hours.
Section A: Will contain four essay questions on Theory of Financial Accounting. Candidates will be required to answer two out of the four questions for 15 marks each.
Section B: Will contain five essay questions on Financial Accounting Practice. Candidates will be required to answer three out of the questions for 15 marks each.
DETAILED SYLLABUS
S/NO | TOPICS | NOTES |
1. | Introduction to Financial Accounting | 1.1 History, nature and functions of Accounting. 1.2 Users of Accounting information. 1.3 Stages in the Accounting process. 1.4 Characteristics of Accounting information. |
2. | The Accounting Equation and Double Entry Principles | 2.1 Accounting Equation.
2.3 Subsidiary books. 2.4 The ledger: classification of Accounts. 2.5 Cash Book: analytical cash book, including petty cash book. 2.6 Preparation of Trial Balance. 2.7 Bank Reconciliation Statements. 2.8 Correction of errors and Suspense Account. |
3. | Accounting Concepts |
|
4. | The Final Accounts of a Sole Trader/proprietorship |
4.3 Adjustments to final accounts. |
5. | Provisions and Reserves |
5.4 Accounting for depreciation. 5.5 Reserves – revenue and capital reserves. |
6. | Manufacturing Accounts | 6.1 Purpose of Manufacturing Accounts. 6.2 Cost classification in Manufacturing Accounts. 6.3 Preparation of final Accounts of Manufacturing concern. |
7. | Control Accounts and Self-balancing Ledgers |
7.2 Types: (i) sales ledger control (ii) purchases ledger control
7.4 Reconciliation of Control Accounts |
8. | Single Entry and Incomplete Records |
8.2 Computation of profit or loss from opening and closing balance sheets. 8.3 Conversion of singe entry to double entry. 8.4 Preparation of final accounts from a set of incomplete records. 8.5 Mark up and Margin |
9. | Accounts of Not-for-Profit Making Organizations |
9.2 Receipts and payments accounts. 9.3 Subscriptions Account 9.4. Income and expenditure accounts. 9.5 Accumulated fund. 9.6 Balance sheet. 9.7 Profit or loss from income generating activities. |
10. | Partnership Accounts | 10.1 Nature and formation of partnership. 10.2 Partnership agreements/Deed. 10.3 Profit and loss appropriation accounts. 10.4 Partners capital account and balance sheet 10.5 Admission of a new partner. 10.6 Treatment of goodwill and revaluation of assets 10.7 Dissolution of partnership (Questions will not be set on Garner V. Murray and piecemeal realization) |
11. | Company Accounts | 11.1 Nature and formation of a company. 11.2 Types of companies and shares. 11.3 Issue of shares. 11.4 Loan capital, debentures/loan notes and mortgages. 11.5 Final accounts of company for internal use only. 11.6 Interpretation of accounts using simple ratios. 11.7 Purchase of business account. *11.8 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
| 12.1 Purpose of VAT. 12.2 Characteristics of VAT. 12.3 Bases of computing input/output VAT. 12.4 Preparation of VAT returns. 12.5 Exempt goods and services. |
13. | Departmental and Branch Accounts | 13.1 Meaning and importance 13.2 Differences between a department and branch. 13.3 Preparation of departmental account. 13.4 Preparation of Branch Account excluding foreign branches. 13.5 Inter branch transactions. |
14. | Public Sector Accounting | 14.1 Meaning and difference between Public Sector and Private Sector Accounts. 14.2 Sources of public revenue. 14.3 Capital and recurrent expenditures. 14.4 Preparation of simple government accounts. |
15. * | Information Technology in Accounting | 15.1 Manual and computerized Accounting Processing Systems. 15.2 Processes involved in data processing. 15.3 Computer Hardware and Software. 15.4 Merits and demerits of manual and computerized accounting processing systems. |
16** | Miscellaneous Accounts | 16.1 Meaning, introduction, terminologies and preparation of simple: (i) Joint Venture Accounts (ii) Consignment Accounts (iii) Contract Accounts (iv) Hire Purchase Accounts |
17.** | Financial system | 17.1 Meaning and components. 17.2 Meaning, functions and features of: (i) money market; (ii) capital market; (iii) insurance market. 17.3 Methods of raising funds from the capital market: (i) offer for sale; (ii) offer for subscription; (iii) rights issue; (iv) private placement; 17.4 Requirements for accessing the capital market. 17.5 Benefits of capital market to: (i) investors; (ii) government; (iii) economy; (iv) individual company; 17.6 Types, features and reasons for regulation. |
NOTE: * Available to candidates in Ghana only
** Available to candidates in Nigeria, The Gambia, Sierra Leone and Liberia only
RECOMMENDED TEXT BOOKS
- Business Accounting volume 1 – West African Edition by Frank Wood and Omunya.
- Business Accounting Volume 2 – Frank Wood.
- Accounting and Finance – Frank Wood.
- Foundation Accounting – A. H. Millchamp.
- Basic Accounting – J. D. Magee.
- Accounting for Senior Secondary School – S. C. Malhorta, P. K. Botchweyand, P. A. Amankwah.
- Accounting in Business – R. J. Bull.
- Company Accounts – J. N. Amorin.
- Principles of Accounting – K. B. Appiah Mensah
- Incorporated private Partnership Act 1962, Act 152.