WAEC Syllabus for Financial Accounting Syllabus 2026/2027 — WAEC Financial Accounting Syllabus 2026/2027 & Recommended Textbooks provides a detailed academic framework for students preparing for the West African Senior School Certificate Examination (WASSCE). The syllabus takes students from the basics of accounting principles and double-entry bookkeeping to more advanced areas such as partnership accounts, company accounts, public sector accounting, and financial systems.
Overview of WAEC Financial Accounting Syllabus
In addition to outlining examinable topics, WAEC also recommends specific WAEC Financial Accounting & Textbooks that align with the Senior Secondary School curriculum. These resources help students prepare effectively for both objective questions and essay-based accounting problems.
WAEC Financial Accounting Syllabus
Examination Scheme/ Structure of the WAEC Financial Accounting Syllabus
If you are sitting for the WAEC examination and have registered for Financial Accounting, understanding the syllabus is one of the smartest ways to prepare. The Recommended WAEC Financial Accounting syllabus 2026/2027 and Textbooks acts as a clear study guide, showing students exactly what to read, practice, and revise before the exam.
The Financial Accounting examination consists of two papers taken together:
Paper 1 (Objective Test)
50 multiple-choice questions
Duration: 1 hour
Total marks: 25
Paper 2 (Essay Test)
Paper 2 is divided into two sections:
Section A: Theory of Financial Accounting
Four essay questions are set. Candidates answer any two, with each question carrying 15 marks.Section B: Financial Accounting Practice
Five practical essay questions are set. Candidates answer any three, with each question carrying 15 marks.
This structure tests both theoretical knowledge and practical application of accounting principles.
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WAEC Financial Accounting Syllabus 2026/2027
Below is an overview of the major topics covered in the syllabus.
1. Introduction to Financial Accounting
History, nature, and functions of accounting
Users of accounting information
Stages in the accounting process
Qualities of good accounting information
2. Accounting Equation and Double-Entry Principles
The accounting equation
Source documents and subsidiary books
Ledger accounts and classification
Cash book, including petty cash
Trial balance preparation
Bank reconciliation statements
Correction of errors and suspense accounts
3. Accounting Concepts
Meaning and types of accounting concepts
Importance and limitations of accounting concepts
4. Final Accounts of a Sole Trader
Trading and profit & loss accounts
Statement of financial position
Adjustments to final accounts
5. Provisions and Reserves
Provision for doubtful debts
Provision for discounts
Depreciation concepts and methods
Revenue and capital reserves
6. Manufacturing Accounts
Purpose of manufacturing accounts
Cost classification
Preparation of final accounts for manufacturing businesses
7. Control Accounts and Self-Balancing Ledgers
Meaning and uses of control accounts
Sales and purchases ledger control accounts
Reconciliation of control accounts
8. Single Entry and Incomplete Records
Meaning and limitations
Determination of profit or loss
Conversion to double entry
Mark-up and margin
9. Accounts of Not-for-Profit Organizations
Receipts and payments account
Income and expenditure account
Subscriptions and accumulated fund
Balance sheet preparation
10. Partnership Accounts
Formation and partnership agreements
Profit and loss appropriation
Capital accounts
Admission and dissolution of partners
11. Company Accounts
Formation and types of companies
Issue of shares and debentures
Final accounts for internal use
Interpretation of accounts using ratios
Statement of cash flow
Note: Candidates’ answers must comply with statutory requirements of individual countries.
12. Accounting for Value Added Tax (VAT)
Purpose and features of VAT
Input and output VAT
Preparation of VAT returns
Exempt goods and services
13. Departmental and Branch Accounts
Meaning and importance
Departmental account preparation
Branch accounts (excluding foreign branches)
14. Public Sector Accounting
Differences between public and private sector accounts
Sources of government revenue
Capital and recurrent expenditure
Simple government accounts
15. Information Technology in Accounting
Manual and computerized accounting systems
Data processing
Hardware and software
Advantages and disadvantages of computerized accounting
16. Miscellaneous Accounts
Joint venture accounts
Consignment accounts
Contract accounts
Hire purchase accounts
17. Financial System
Meaning and components of the financial system
Money market, capital market, and insurance market
Methods of raising funds
Benefits and regulation of capital markets
Recommended WAEC Financial Accounting Textbooks 2026/2027.
The following are WAEC Recommended 2026/2027 Financial Accounting Textbooks for effective preparation:
Business Accounting Volumes 1 & 2 – Frank Wood
Accounting and Finance – Frank Wood
Foundation Accounting – A.H. Millchamp
Basic Accounting – J.D. Magee
Accounting for Senior Secondary Schools – S.C. Malhotra et al.
Principles of Accounting – K.B. Appiah Mensah
Company Accounts – J.N. Amorin
These books align closely with the WAEC syllabus and provide practical illustrations, worked examples, and revision questions. It is advised that students should always check the WAEC Website https://www.waeconline.org.ng/ for Updated information about the Financial Accounting Syllabus WAEC
