BOOK KEEPING
WAEC SYLLABUS ON BOOK KEEPING
PREAMBLE:
The Book Keeping syllabus is designed to assess the candidates’ basic knowledge of business activities and understanding of financial system for the purpose of establishing a business and laying a good foundation for further studies.
AIMS AND OBJECTIVES:
The aim of this paper is to test candidates:(i) knowledge of basic skills required to start a business;
(ii) ability to appreciate the rules and functions of book keeping;
(iii) ability to apply the basic knowledge and skills in Book Keeping to modern business activities.
SCHEME OF EXAMINATION
There will be two papers, Papers 1 and 2, both of which will be a composite paper to be taken at one sitting.
PAPER 1:
Will consist of forty multiple choice questions all of which must be answered in 50 minutes for 40 marks.
PAPER 2:
Will consist of two sections, Sections A and B as follows:Section A:
Will cover Theory of Book-Keeping and contain four questions. Candidates will be required to answer two for 20 marks.Section B:
Will cover Practice of Book-Keeping and contain five questions. Candidates will be required to answer three for 60 marks. The paper will last 2 hours.DETAILED SYLLABUS
| S/No | TOPIC | NOTES |
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1. | Introduction to Book Keeping | 1.1 Meaning of Book Keeping ‐ definition, history, nature, importance and functions of Book Keeping; ‐ career opportunities and beneficiaries of book keeping; ‐ qualities and values of book keepers. |
| 1.2 Assets and Liabilities: ‐ definition, differences, classification and examples of Assets and Liabilities. | ||
| 1.3 Business Transactions: ‐ meaning and types of business transactions; ‐ parties involved in business transactions. | ||
| 1.4 Classification of Accounts: ‐ personal accounts (debtors and creditors); ‐ Impersonal accounts (real and nominal). | ||
| 1.5 Source Documents: ‐ definition, identification, types and uses of source documents. | ||
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2. | Concepts and Conventions | Definition, identification and the differences between concepts and conventions. |
3. | Books of Original Entry | Definition, purpose, types, format, uses and preparation of Books of Original entry |
4. | Ledger and Principles of Double Entry | 4.1 Ledger: ‐ definition, classification, format, uses and preparation of ledgers. 4.2 Principles of Double Entry: ‐ meaning, history, rules and making double entries. |
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5. | Cash Book | 5.1 Meaning, purpose, description, differences andpreparation of: ‐ single column; ‐ double column; ‐ three column; -‐ petty cash book. |
6. | Bank Reconciliation Statement | ‐ meaning and purpose ‐ terminologies and banking documents ‐ causes of differences between cash book and bank statement balance |
7. | Trial Balance and Errors | ‐ meaning and functions of trial balance; ‐ rules and preparation of trial balance; ‐ meaning, types, classification of errors; ‐ correction of errors and preparation of Suspense Account. |
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8. | Financial Statements of Sole Proprietorship | 8.1 Trading Account: ‐ definition, purpose, format and preparation of simple Trading Account; ‐ methods of valuing stock (FIFO and LIFO). 8.2 Profit and Loss Account: ‐ definition, purpose, format and preparation of Profit and Loss Account; 8.3 Balance Sheet: ‐ meaning, content, format and preparation of a simple balance sheet. |
9. | Adjustments to Financial Statements | 9.1 Adjustment for prepayments, accruals, depreciation,bad and doubtful debts; 9.2 Meaning and methods of depreciation (straight line and reducing balance). |
10. | Control Accounts | Meaning and preparation of Sales Ledger and Purchases Ledger Control Accounts. |
11. | Single Entry and Incomplete Records | Meaning, limitations and preparation of final accounts from incomplete records |
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12. | Accounts of Not‐For‐Profit Making organizations | Purpose, content and preparation of Receipts and Payments Accounts, Income and Expenditure Account. |
13. | Manufacturing Accounts | ‐ meaning, purpose and terminologies; ‐ preparation of Manufacturing, Trading, Profit and Loss Accounts. |
14. | Partnership Accounts | ‐ meaning and terms: ‐ partnership deed, drawings, interest on capital, interest on drawings; ‐ preparation of Capital and Current Accounts, Profit andLoss and Appropriation Account and Balance Sheet; ‐ admission of new partners and Goodwill Account. |
15. | Joint Venture Accounts | ‐ meaning and purpose; ‐ differences between joint venture and partnership. |
16. | Departmental and Branch Accounts | ‐ importance and differences; ‐ preparation of Departmental and simple Branch Accounts. |
We provide educational resources/materials, curriculum guide, syllabus, scheme of work, lesson note & plan, waec, jamb, O-level & advance level GCE lessons/tutorial classes, on various topics, subjects, career, disciplines & department etc. for all the Class of Learners | ||
17. | Introduction to Company Accounts | ‐ formation and terminologies; ‐ preparation of simple financial statements. |
18. | Interpretation of Accounts | ‐ Purpose and computation of ratios: ‐ net profit margin; ‐ stock turnover; ‐ quick ratio; ‐ acid test ratio; ‐ gross profit margin; ‐ return on capital employed. |
19. | Purchase of Business | Reasons, terminologies and preparation of accounts related to purchase and sale of business. |
20. | Consignment Accounts | Terminologies and preparation of simple Consignment Accounts. |
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21. | Hire Purchase | Meaning and preparation of accounts in the seller’s and hirer’s books. |
22. | Contract Accounts | ‐ meaning, purpose and terminologies; ‐ preparation of Contract Accounts. |
23. | Cooperative Accounts | Meaning and objectives of cooperative societies. |
NOTE: Emphasis should be on application
SUGGESTED READING LIST1. Business Accounting Vol.1 and 2 F. Wood
2. Book‐keeping and Accounts (ELBS) Spicer & Peggler
3. Inroduction to Accouting for Business Studies F.P. Langley
4. Accounting I ad II Jennings
5. Essential Financial Accounting for Senior Secondary School O.A Longe and R.A. Kezeem