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WAEC Financial Accounting Syllabus 2026/2027 & Textbooks

By October 29, 2025 Blog, WAEC Syllabus 2026 0 Comments

The WAEC Financial Accounting syllabus for 2026/2027 covers core topics from introductory concepts and double-entry principles to more complex areas like partnership and company accounts. A list of recommended textbooks is also provided by WAEC

Examination Scheme

If you’re preparing for the WAEC exams and have registered for Financial Accounting, this guide is for you. The WAEC Financial Accounting syllabus serves as a roadmap, outlining all the topics you need to study and helping you focus on key areas to boost your performance. Think of it as a free, strategic tool to help you excel with proper preparation and commitment.

The exam consists of two papers taken together. Paper 1 includes 50 multiple-choice questions to be answered in 1 hour for 25 marks. Paper 2 has two sections:

  • Section A (Theory of Financial Accounting): Four essay questions — answer any two for 15 marks each.
  • Section B (Financial Accounting Practice): Five essay questions — answer any three for 15 marks each.

WAEC Financial Accounting Syllabus 2026/2027


WAEC SYLLABUS FOR FINANCIAL ACCOUNTING
SNTOPICS*OBJECTIVES
1THEME
 Introduction to Financial Accounting1.1 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.
2The 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.
3Accounting Concepts3.1 Meaning.
3.2 Types.
3.3 Significance.
3.4 Limitations.
4The Final Accounts of a Sole Trader/proprietorship4.1 Trading, profit and loss accounts/Income statement.
4.2 Balance sheet/statement of financial position.
4.3 Adjustments to final accounts.
5Provisions and Reserves5.1 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.
6Manufacturing Accounts6.1 Purpose of Manufacturing Accounts.
6.2 Cost classification in Manufacturing Accounts.
6.3 Preparation of final Accounts of Manufacturing concern.
7Control Accounts and Self- balancing Ledgers7.1 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
8Single Entry and Incomplete Records8.1 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
9Accounts 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.
10Partnership Accounts10.1 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)
11Company Accounts11.1 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.
12Accounting for Value Added Tax12.1 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 .
13Departmental and Branch Accounts13.1 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.
14Public Sector Accounting14.1 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.
15Information Technology in Accounting15.1 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.
16Miscellaneous Accounts16.1 Meaning, introduction, terminologies and preparation of simple:
(i) Joint Venture Accounts
(ii) Consignment Accounts
(iii) Contract Accounts
(iv) Hire Purchase Accounts
17Financial system17.1 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.

WAEC Financial Accounting Textbooks 2026/2027

  • 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.

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