Wondering how to get confirmed GCE syllabus? This is the official 2021 Waec GCE syllabus for Book Keeping. I will make it available for download later. You may also click here for how to pass Waec GCE. Don’t forget to rotate your screen if you are using a phone to view the table.
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BOOKKEEPING
- PREAMBLE
The Book Keeping syllabus is designed to assess the candidates’ basic knowledge of business activities and understanding of the financial system for the purpose of establishing a business and laying a good foundation for further studies.
- AIM AND OBJECTIVES
The aim of this paper is to test candidates’
- 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 THE 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: Consist of two sections, Sections A and B as follows:
Section A: Cover the 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 | TOPICS | NOTES |
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. |
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. |
5. | Cash Book | 5.1 Meaning, purpose, description, differences and preparation 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. |
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 |
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 and Loss 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. |
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. |
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 LIST
- Business Accounting Vol.1 and 2 F. Wood
- Book-keeping and Accounts (ELBS) Spicer & Peggler
- Inroduction to Accouting 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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