WAEC Syllabus for Financial Accounting 2022/2023 – Download

WAEC Financial Accounting Syllabus 2022 is Out: The Financial Accounting 2022/2023 West African Examination Council (WAEC) Syllabus is aiming at preparing candidates for the Board’s examination.

In this post, I will give you free access to all the accounting topics (Area of Concentration) which you must read in order to pass your WASSCE examination successfully.

You will also see all the senior waec recommended textbooks and authors for financial accounting.

Scroll down to download the pdf.

Others are searching: Free WAEC Syllabus for financial accounting, download account WASSCE area of concentration, see all topics for this year’s financial accounting examination, where can I get WAEC syllabus for financial accounting.



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 the organisation;
  •  Foundation for further studies in accounting.


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: This will comprise fifty multiple-choice questions to be taken in 1 hour for 50 marks.

PAPER 2: This will comprise two sections: Sections A and B and will last 2½ hours.

Section A: This will contain five essay questions on the theory of financial accounting.  They will require candidates to answer two out of the four questions for 15 marks each.

Section B: This will contain five essay questions on financial accounting practice. They will require candidates to answer three out of the questions for 15 marks each.

WAEC Financial Accounting Areas Of Concentration 2022

The table below will show you the list of all the waec approved topics under financial account.


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.
2.2   Purpose and functions of source documents.
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 3.1   Meaning.
3.2   Types.
3.3   Significance.
3.4   Limitations.
4. The Final Accounts of a Sole Trader/proprietorship 4.1   Trading, profit and loss accounts/Income statement.
4.2  Balance sheet/statement of financial position.
4.3 Adjustments to final accounts.
5. Provisions and Reserves 5.1   Provision for doubtful debts/Allowance for doubtful debts.
5.2   Provision for discounts.
5.3   Depreciation – concepts, reasons for recording and methods:
(i)  straight line;
(ii)  reducing balance;
(iii)  sum of the years digits;
(iv)  revaluation.
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 7.1   Meaning and uses of control accounts
7.2  Types:
(i)   sales ledger control
(ii)   purchases ledger control
7.3  Preparation of Control Accounts
7.4  Reconciliation of Control Accounts
8. Single Entry and Incomplete Records 8.1   Meaning and limitations
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 9.1   Meaning and terminologies.
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.

Recommended Text Book For 2022 WAEC Financial Accounting Exam

1 Business Accounting Volume 1 African Edition by Frank Wood and Omunya.
2 Business Accounting Volume 2 Frank Wood.
3 West African Edition Frank Wood and Omunya.
4 Foundation Accounting A. H. Millchamp.
5 Basic Accounting J. D. Magee.
6 Accounting for Senior Secondary School S. C. Malhorta, P. K. Botchweyand, P. A. Amankwah.
7 Accounting in Business R. J. Bull.
8 Company Accounts  J. N. Amorin
9 Principles of Accounting K. B. Appiah Mensah
10 Incorporated private Partnership Act 1962, Act 152.

Download WAEC Accounting syllable

How to use JAMB Syllabus

JAMB syllable contains all the topics your need to read for each subject. It contains only the topics approved by the Joint Admissions and Matriculation Board.

The best way to use it is to follow and read all the topics outlined there. If you cannot cover all, make sure you cover 60% of all the topics.

Follow this guideline and use your syllable effectively:

  • From the first part of the syllable, read at least five (5) topics
  • Read at least 5 topics from the middle part of the syllable
  • Also read the last 5 topics.
  • Finally, begin to read other topics you feel are easy for you.

Adopting the above trick simply means touching every part of your syllable and it will enhance your chances of scoring very high in your UTME examination.

If you have any question, do well to drop it in the comment section.

See Other WASSCE Syllables

Add a Comment

Your email address will not be published. Required fields are marked *