WAEC Financial Accounting Curriculum
Your course of study, class by class and term by term. Work through the units in order and tick each one off.
- 85 study units
- 9 terms
- SS1 to SS3
The curriculum comes with the Complete plan
Complete gives you revision notes, the curriculum checklist, practice papers and problem-solving quizzes, as well as every exam question with its worked answer. ₦15,000 a month, or ₦162,000 a year.
SS1 Foundation
Book-keeping and accounting, double entry, the ledger and trial balance, source documents and subsidiary books, cash books, errors, bank reconciliation, and the final accounts of a sole trader
First Term 10 units
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1
Unit 01
Book-keeping and accounting
Definitions of book-keeping and accounting; the differences between them; users of accounting information; reasons for keeping records; the history of accounting.
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2
Unit 02
Transactions and the accounting equation
The meaning of a transaction; cash and credit transactions; assets, liabilities and capital; how transactions change the equation.
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3
Unit 03
The ledger and the journal
Books of account; the ledger as the principal book; the journal as a subsidiary book; their layouts; posting and folio numbers.
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4
Unit 04
The double entry principle
The rules of double entry; debiting and crediting; posting cash and credit transactions to ledger accounts.
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5
Unit 05
Double entry for trading items
Sales, purchases, returns inwards and outwards, carriage, capital, drawings, expenses and income; combining cash and bank.
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6
Unit 06
Balancing the ledger
Steps in balancing an account; debit and credit balances; the sales, purchases and general ledgers and the cash book.
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7
Unit 07
Extracting the trial balance
The meaning and purpose of a trial balance; its format; which balances are debit and which are credit.
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8
Unit 08
Source documents
The purpose of source documents; receipts, invoices, cheques, paying-in slips, debit and credit notes, statements and vouchers; their features and uses.
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9
Unit 09
Subsidiary books: purpose and uses
Books of prime entry; sales, purchases and returns journals; the general journal and its uses; the cash book and petty cash book.
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10
Unit 10
Preparing subsidiary books
Writing up the day books with trade discount; journal entries with narrations; posting the totals to the ledger.
Second Term 10 units
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1
Unit 01
The single column cash book
The cash book as a subsidiary book and a ledger; types of cash book; recording and balancing cash receipts and payments.
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2
Unit 02
The two column cash book
Cash and bank columns; contra entries; a bank overdraft in the cash book.
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3
Unit 03
Discounts
Trade and cash discounts; discounts allowed and received; reasons for giving discounts.
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4
Unit 04
The three column cash book
The discount columns; totalling and posting them; personal accounts after a discount.
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5
Unit 05
The imprest system
The petty cash book and its uses; the float; petty cash vouchers; features and advantages of the imprest system.
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6
Unit 06
Preparing the petty cash book
Analysis columns; the ledger column; balancing and restoring the imprest; posting the totals.
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7
Unit 07
Classification of accounts and the ledger
Personal, real and nominal accounts; debtors and creditors; the divisions of the ledger and why they are useful.
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8
Unit 08
The trial balance: preparation and uses
Uses of a trial balance; preparing it from ledger accounts; sundry debtors and creditors; key points about what it is.
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9
Unit 09
Errors and the trial balance
Errors of omission, commission, principle, original entry, reversal, compensation and duplication; errors that stop agreement; errors and fraud.
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10
Unit 10
Correcting errors
Quick checks when the totals differ; the suspense account and its uses; journal entries for corrections.
Third Term 10 units
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1
Unit 01
The bank and its accounts
Kinds of bank account; benefits of banking; overdraft; dishonoured cheques and why cheques are refused.
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2
Unit 02
Bank statements and disagreement
The bank statement and its uses; items in the cash book only; items in the statement only; the effect of each.
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3
Unit 03
Preparing a bank reconciliation
Comparing the records; updating the cash book; the three steps of a reconciliation statement.
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4
Unit 04
Reconciliation: practice and purpose
Starting from either balance; overdrafts; stale cheques; why reconciliation matters.
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5
Unit 05
The trading account
The contents of the final accounts; net sales, net purchases, cost of goods sold and gross profit; the horizontal and vertical formats.
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6
Unit 06
The profit and loss account
Net profit, other incomes and expenses; the two formats; where net profit goes.
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7
Unit 07
Trading, profit and loss from a trial balance
Combining the accounts; using a trial balance and a closing stock note; which balances are used.
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8
Unit 08
Final accounts practice
Further exercises on the trading, profit and loss account; cost of goods available for sale; the effect of closing stock.
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9
Unit 09
The balance sheet
The meaning and layout of the balance sheet; fixed and current assets; current and long-term liabilities; capital; the vertical format.
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10
Unit 10
Opening entries
Starting double entry records; finding capital; the opening journal entry; recording later transactions.
SS2 Development
Adjustments and provisions, depreciation and disposal, departmental and manufacturing accounts, concepts, margin and mark-up, incomplete records, control accounts, clubs, joint ventures and consignments
First Term 10 units
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1
Unit 01
Special transactions and closing entries
Goods stolen or taken by the owner; bad debts and bad debts recovered; closing entries; the adjustments needed in final accounts.
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2
Unit 02
Provision for doubtful debts
Why a provision is made; creating, raising and lowering it; its treatment in the final accounts.
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3
Unit 03
Provision for discounts
Provisions for discounts on debtors and on creditors; the order of calculation; the prudence concept.
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4
Unit 04
Accruals
The accruals concept; accrued expenses and accrued income; ledger accounts and the final accounts.
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5
Unit 05
Prepayments
Prepaid expenses and income received in advance; ledger accounts; the matching of costs and revenues.
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6
Unit 06
Depreciation: causes and straight line
The meaning and causes of depreciation; why it is charged; the factors in calculating it; the straight line method.
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7
Unit 07
Reducing balance and sum of the years’ digits
The reducing balance method and the rate formula; the sum of the years’ digits; advantages and disadvantages.
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8
Unit 08
Revaluation and depletion methods
The revaluation method for loose tools; the depletion unit method for wasting assets; depreciation and amortisation.
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9
Unit 09
Recording depreciation
The asset account; the provision for depreciation account; net book value; the balance sheet extract.
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10
Unit 10
Final accounts with adjustments
A full trial balance with notes; stock valuation; each adjustment in the profit and loss account and the balance sheet.
Second Term 10 units
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1
Unit 01
Departments and apportionment
The meaning of departmental accounts; reasons for departments; common expenses; bases of apportionment.
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2
Unit 02
Departmental final accounts
The columnar trading, profit and loss account; inter-departmental transfers; advantages of departmental accounts.
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3
Unit 03
Elements of manufacturing cost
The purpose of manufacturing accounts; prime cost; direct and indirect costs; factory overheads; work in progress.
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4
Unit 04
Preparing manufacturing accounts
The layout; raw materials used; cost of production; gross profit on production; finished goods in the trading account.
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5
Unit 05
Capital and revenue expenditure
Definitions and examples; the distinction; the effect of confusing them; statements of capital and revenue expenditure.
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6
Unit 06
Disposal of fixed assets: methods
Why assets are sold; the old and modern methods; the disposal account; profit and loss on disposal.
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7
Unit 07
Disposal of fixed assets: practice
Asset, provision and disposal accounts; part exchange; the entries in profit and loss.
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8
Unit 08
Concepts and conventions
Business entity, going concern, money measurement, cost, accruals, matching, dual aspect and realisation; materiality, conservatism and consistency.
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9
Unit 09
Margin and mark-up
Margin and mark-up; converting one to the other; rebuilding a trading account by working backwards.
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10
Unit 10
Stock lost in a fire or by theft
The pro forma trading account; finding cost of sales; expected stock; stock saved and stock lost.
Third Term 10 units
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1
Unit 01
Single entry and the statement of affairs
Features and weaknesses of single entry; the statement of affairs; profit by comparing capital; moving to double entry.
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2
Unit 02
Incomplete records: the steps
Opening capital; receipts and payments; total debtors and creditors accounts to find sales and purchases.
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3
Unit 03
Incomplete records: final accounts
Adjusting for accruals and prepayments; depreciation; preparing the profit and loss account and balance sheet.
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4
Unit 04
Control accounts: why they are kept
The meaning of control accounts; their advantages; the sales and purchases ledger control accounts; their formats.
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5
Unit 05
Preparing control accounts
Items on each side; items left out; contra entries; finding balances.
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6
Unit 06
Receipts and payments accounts
Non-profit-making organisations; their special features; the receipts and payments account and its weaknesses.
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7
Unit 07
Income and expenditure accounts
Subscriptions in arrears and in advance; life subscriptions; donations; fund-raising; the accumulated fund.
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8
Unit 08
A club’s final accounts
The opening statement of affairs; receipts and payments; bar or trading accounts; the income and expenditure account; the balance sheet.
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9
Unit 09
Joint venture accounts
The meaning of a joint venture; how it differs from a partnership; the methods of recording; profit and settlement.
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10
Unit 10
Consignment accounts
Consignor and consignee; pro forma invoice and account sales; commission; the consignment account; valuing unsold stock.
SS3 Mastery
Partnerships, company accounts, shares and debentures, purchase of a business, ratios and interpretation, public sector and branch accounts, data processing, then WASSCE revision
First Term 10 units
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1
Unit 01
Partnership agreement, capital and current accounts
The meaning of a partnership; the deed; the Partnership Act rules; fixed and fluctuating capitals; current accounts.
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2
Unit 02
Final accounts of a partnership
The appropriation account; interest on capital and drawings; salaries; sharing profit; the balance sheet.
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3
Unit 03
Admitting a partner: goodwill
Reasons for admission; the meaning, causes and valuation of goodwill; entries when goodwill is kept or written off; new ratios.
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4
Unit 04
Admitting a partner: revaluation
The revaluation account; changes in assets and liabilities; sharing the result; the new balance sheet.
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5
Unit 05
Dissolution: causes and accounts
Reasons for dissolving a partnership; the realisation, cash and capital accounts; retirement.
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6
Unit 06
Dissolution: entries and practice
Selling assets; assets taken over; expenses; creditors and discounts; partners’ loans; deficits and final payments.
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7
Unit 07
Introduction to company accounts
The meaning and kinds of company; public and private companies; formation; the memorandum, articles and prospectus.
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8
Unit 08
Final accounts of companies
Directors’ and auditors’ fees; the appropriation account; tax, reserves and dividends; the balance sheet; working capital and capital employed.
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9
Unit 09
Shares and debentures: classes and terms
Ordinary, preference and founders’ shares; par, premium and discount; the kinds of debenture.
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10
Unit 10
Shares and debentures: entries
Application and allotment entries; premium and discount; over- and under-subscription; issuing debentures.
Second Term 10 units
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1
Unit 01
Purchase of a business
Vendor, purchaser and purchase consideration; goodwill and capital reserve; the business purchase and vendor’s accounts.
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2
Unit 02
Ratios: profitability
The uses and limits of ratios; gross and net margin; return on capital employed; asset turnover; expense ratios.
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3
Unit 03
Ratios: liquidity, investment and interpretation
Current and acid test ratios; stock, debtors and creditors periods; earnings per share, yields and cover; reading results together.
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4
Unit 04
Public sector accounting
The meaning of public sector accounting; how it differs from private accounting; funds; the cash basis.
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5
Unit 05
Government revenue and allocation
Sources of revenue by tier of government; the Federation Account; sharing by equality, population, derivation and independent revenue.
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6
Unit 06
Receipts, payments and personnel cost
A local government’s receipts and payments; the personnel cost budget; the salary formula; allowances.
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7
Unit 07
Branches and pricing
Dependent and independent branches; the accounts kept; goods sent at cost, cost plus a percentage, and selling price.
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8
Unit 08
Branch accounts: memorandum method
The double-column branch account; stock at selling price; finding shortages.
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9
Unit 09
Branch accounts: adjustment method
Branch stock, goods sent and adjustment accounts; returns, stolen goods and unrealised profit; branch and head office current accounts.
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10
Unit 10
Introduction to data processing
Data and information; the stages and methods of data processing; the parts of a computer; uses in accounting; controls.
Third Term 5 units
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1
Unit 01
WASSCE revision: records and cash
Double entry, the ledger, subsidiary books, the trial balance, errors, the cash books, bank reconciliation and control accounts.
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2
Unit 02
WASSCE revision: final accounts
Final accounts with adjustments, provisions, depreciation and disposals, and stock valuation.
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3
Unit 03
WASSCE revision: special accounts
Incomplete records, clubs, departmental, manufacturing, branch, joint venture and consignment accounts.
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4
Unit 04
WASSCE revision: partnerships and companies
Appropriation, admission and dissolution; company final accounts; shares, debentures and purchase of a business.
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5
Unit 05
WASSCE revision: ratios, public sector and full papers
Ratios and interpretation, public sector accounting, data processing and concepts; timed practice papers.