Waec Syllabus for Book Keeping
Below is this 2026 Waec Syllabus for Book Keeping. Note that this syllabus is for both internal and external candidates.
Aims and Objectives
- knowledge of basic skills required to start a business
- ability to appreciate the rules and functions of book keeping
- 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 Book Keeping Syllabus
Introduction to Book Keeping
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
Assets and Liabilities
- definition
- differences
- classification
- examples of Assets
- Liabilities.
Business Transactions
- meaning and types of business transactions
- parties involved in business transactions
Classification of Accounts
- personal accounts (debtors and creditors);
- Impersonal accounts (real and nominal)
Source Documents
- definition, identification, types and uses of source documents.
Concepts and Conventions
Definition, identification, and the differences between concepts and conventions.
Books of Original Entry
Definition, purpose, types, format, uses and preparation of Books of Original entry
Ledger and Principles of Double Entry
Ledger
- definition, classification, format, uses and preparation of ledgers.
Principles of Double Entry
- meaning, history, rules and making double entries
Cash Book
Meaning, purpose, description, differences and preparation of
- single column;
- double column;
- three column;
- petty cash book
Bank Reconciliation Statement
meaning and purpose
terminologies and banking documents
causes of differences between cash book and bank statement balance
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
Financial Statements of Sole Proprietorship
Trading Account
- definition, purpose, format and preparation of simple Trading Account
- methods of valuing stock (FIFO and LIFO).
Profit and Loss Account
- definition, purpose, format and preparation of Profit and Loss Account
Balance Sheet
- meaning, content, format and preparation of a simple balance sheet
Adjustments to Financial Statements
Adjustment for prepayments, accruals, depreciation, bad and doubtful debts
Meaning and methods of depreciation (straight line and reducing balance)
Control Accounts
Meaning and preparation of Sales Ledger and Purchases Ledger Control Accounts
Single Entry and Incomplete Records
Meaning, limitations and preparation of final accounts from incomplete records
Accounts of Not-For-Profit Making organizations
Purpose, content and preparation of Receipts and Payments Accounts, Income and Expenditure Account.
Manufacturing Accounts
meaning, purpose and terminologies
preparation of Manufacturing, Trading, Profit and Loss Accounts
Partnership Accounts
meaning and terms
partnership deed, drawings, interest on capital, interest on drawings
preparation of Capital and Current Accounts, Profit and Loss and Appropriation Account and Balance Sheet
admission of new partners and Goodwill Account
Joint Venture Accounts
meaning and purpose
differences between joint venture and partnership
Departmental and Branch Accounts
importance and differences
preparation of Departmental and simple Branch Accounts
Introduction to Company Accounts
formation and terminologies
preparation of simple financial statements
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
Purchase of Business
Reasons, terminologies and preparation of accounts related to purchase and sale of business
Consignment Accounts
Terminologies and preparation of simple Consignment Accounts.
Hire Purchase
Meaning and preparation of accounts in the seller’s and hirer’s books
Contract Accounts
meaning, purpose and terminologies
preparation of Contract Accounts
Cooperative Accounts
Meaning and objectives of cooperative societies
SUGGESTED READING LIST
Business Accounting Vol.1 and 2 F. Wood
Book-keeping and Accounts (ELBS) Spicer & Peggler
Introduction to Accounting for Business Studies F.P. Langley
Accounting I ad II Jennings
Essential Financial Accounting for Senior Secondary School O.A Longe and R.A. Kezeem
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