WAEC FINANCIAL ACCOUNTING 2024 QUESTIONS AND ANSWERS EXPO
The West African Examination Council (WAEC) Has Scheduled The WAEC Financial Accounting 2024 Paper To Kick Off On 21st May 2024.
This brings the attention of candidates writing the exam to search for Waec Financial Accounting 2024 Questions And Answers, WAEC Financial Accounting Expo 2024, Waec Financial Accounting Question and Answer 2024, 2024 Waec Financial Accounting Questions and Answers, etc.
WAEC FINANCIAL ACCOUNTING 2024 QUESTIONS AND ANSWERS
In this section, you will read the steps and requirements needed to get Waec Financial Accounting 2024 Questions And Answers before the exam.
WAEC Financial Accounting Language 2024 Paper is Categorized in to 2 parts:
- WAEC Financial Accounting Essay 2024
- WAEC Financial Accounting Objective 2024
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WAEC SYLLABUS FOR FINANCIAL ACCOUNTING 2024
The WAEC syllabus for Financial Accounting 2024 is designed to assess candidates’ knowledge and understanding of accounting principles, the role of accounting in recording business transactions, and the application of accounting rules and functions in organizations.
It also serves as a foundation for further studies in Accounting.
EXAMINATION SCHEME
The Financial Accounting examination consists of two papers: Paper 1 and Paper 2. Both papers are combined to form a composite paper and are taken in one sitting.
PAPER 1
This paper comprises fifty multiple-choice questions to be completed within one hour, carrying a total of 50 marks.
PAPER 2
Paper 2 consists of two sections, A and B, with a duration of 2½ hours.
SECTION A
This section contains five essay questions on the theory of financial accounting. Candidates must answer two out of the four questions, with each question carrying 15 marks.
SECTION B
Section B includes five essay questions on financial accounting practice.
Candidates are required to answer three out of the five questions, with each question carrying 15 marks.
DETAILED SYLLABUS
Below is a detailed syllabus for the WAEC Financial Accounting examination in 2023:
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 single 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 the 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).
Please note that separate questions may be set to meet the statutory requirements of individual countries, and candidates’ answers must meet those requirements.
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 Interbranch 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 the capital market to:
(i) investors;
(ii) government;
(iii) economy;
(iv) individual company.
17.6 Types, features, and reasons for regulation.
RECOMMENDED TEXTBOOKS
- 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.
- 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.
Please refer to these textbooks for detailed information and explanations on the topics covered in the Financial Accounting WAEC Syllabus 2024.
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