Book Keeping: 1. Preamble

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ng
BOOK KEEPING
1. PREAMBLE
The Book Keeping syllabus is designed to assess the candidates’ basic knowledge of
business activities and understanding of financial system for the purpose of establishing
a business and laying a good foundation for further studies.
2. AIM AND OBJECTIVES
The aim of this paper is to test candidates’:
(i) knowledge of basic skills required to start a business;

(ii) ability to appreciate the rules and functions of book keeping;
(iii) ability to apply the basic knowledge and skills in Book Keeping to modern
business activities.
3. SCHEME OF THE EXAMINATION
There will be two papers, Papers 1 and 2, both of which will be a composite paper to be
taken at one sitting.
PAPER 1: Will consist of forty multiple choice questions all of which must be
answered in 50 minutes for 40 marks.
PAPER 2: Will consist of two sections, Sections A and B as follows:
Section A: Will cover Theory of Book-Keeping and contain four questions.

Candidates will be required to answer two for 20 marks.
Section B: Will cover Practice of Book-Keeping and contain five questions.

Candidates will be required to answer three for 60 marks. The paper will
last 2 hours.
DETAILED SYLLABUS
S/NO TOPICS NOTES
1 Introduction to 1.1 Meaning of Book Keeping
Book Keeping - definition, history, nature, importance and functions

of Book Keeping;
WAEC Syllabus - Uploaded online by www.myschoolgist.com.ng
- career opportunities and beneficiaries of book

keeping;
- qualities and values of book keepers.
1.2 Assets and Liabilities:
- definition, differences, classification and examples

of Assets and Liabilities.
1.3 Business Transactions:
- meaning and types of business transactions;
- parties involved in business transactions.
1.4 Classification of Accounts:
- personal accounts (debtors and creditors);
- Impersonal accounts (real and nominal).
1.5 Source Documents:
- definition, identification, types and uses of source

documents.
2. Concepts and Definition, identification and the differences between

Conventions concepts and conventions.
3. Books of Original Entry Definition, purpose, types, format, uses and preparation of
Books of Original entry
4 Ledger and Principles of 4.1 Ledger:

Double Entry
- definition, classification, format, uses and preparation
of ledgers.
4.2 Principles of Double Entry:
- meaning, history, rules and making double entries.
5. Cash Book 5.1 Meaning, purpose, description, differences and

preparation of:
- single column;
- double column;
- three column;
- petty cash book.
6. Bank Reconciliation - meaning and purpose

Statement
- terminologies and banking documents
- causes of differences between cash book and bank

statement balance
7. Trial Balance and Errors - meaning and functions of trial balance;
- rules and preparation of trial balance;
- meaning, types, classification of errors;
- correction of errors and preparation of Suspense

Account.
8. Financial Statements of 8.1 Trading Account:

Sole Proprietorship
- definition, purpose, format and preparation of simple
Trading Account;
- methods of valuing stock (FIFO and LIFO).
8.2 Profit and Loss Account:
- definition, purpose, format and preparation of Profit

and Loss Account;
8.3 Balance Sheet:
- meaning, content, format and preparation of a simple

balance sheet.
9. Adjustments to 9.1 Adjustment for prepayments, accruals, depreciation,

Financial Statements bad and doubtful debts;
9.2 Meaning and methods of depreciation (straight line and

reducing balance).
10. Control Accounts Meaning and preparation of Sales Ledger and Purchases
Ledger Control Accounts.
11. Single Entry and Meaning, limitations and preparation of final accounts from
Incomplete Records incomplete records
12. Accounts of Not-For- Purpose, content and preparation of Receipts and

Profit Making Payments Accounts, Income and Expenditure Account.
organizations
13. Manufacturing - meaning, purpose and terminologies;

Accounts
- preparation of Manufacturing, Trading, Profit and Loss
Accounts.
14. Partnership Accounts - meaning and terms:
- partnership deed, drawings, interest on capital, interest

on drawings;
- preparation of Capital and Current Accounts, Profit and

Loss and Appropriation Account and Balance Sheet;
- admission of new partners and Goodwill Account.
15. Joint Venture Accounts - meaning and purpose;
- differences between joint venture and partnership.
16. Departmental and - importance and differences;

Branch Accounts
- preparation of Departmental and simple Branch
Accounts.
17. Introduction to - formation and terminologies;

Company Accounts
- preparation of simple financial statements.
18. Interpretation of - Purpose and computation of ratios:

Accounts - net profit margin;
- stock turnover;
- quick ratio;
- acid test ratio;
- gross profit margin;
- return on capital employed.
19. Purchase of Business Reasons, terminologies and preparation of accounts related

to purchase and sale of business.
20. Consignment Accounts Terminologies and preparation of simple Consignment

Accounts.
21. Hire Purchase Meaning and preparation of accounts in the seller’s and
hirer’s books.
22 Contract Accounts - meaning, purpose and terminologies;

- preparation of Contract Accounts.
23. Cooperative Accounts Meaning and objectives of cooperative societies.
NOTE: Emphasis should be on application
SUGGESTED READING LIST
1. Business Accounting Vol.1 and 2 F. Wood
2. Book-keeping and Accounts (ELBS) Spicer & Peggler
3. Inroduction to Accouting for Business Studies F.P. Langley
4. Accounting I ad II Jennings
5. Essential Financial Accounting for Senior Secondary School

O.A Longe and R.A. Kezeem

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WAEC Syllabus - Uploaded online by www.myschoolgist.com.

2. AIM AND OBJECTIVES

The aim of this paper is to test candidates’:

(i) knowledge of basic skills required to start a business;

3. SCHEME OF THE EXAMINATION

PAPER 2: Will consist of two sections, Sections A and B as follows:

Section A: Will cover Theory of Book-Keeping and contain four questions.

Section B: Will cover Practice of Book-Keeping and contain five questions.

S/NO TOPICS NOTES

1 Introduction to 1.1 Meaning of Book Keeping

Book Keeping - definition, history, nature, importance and functions

- career opportunities and beneficiaries of book

- qualities and values of book keepers.

1.2 Assets and Liabilities:

- definition, differences, classification and examples

1.3 Business Transactions:

- meaning and types of business transactions;

- parties involved in business transactions.

1.4 Classification of Accounts:

- personal accounts (debtors and creditors);

- Impersonal accounts (real and nominal).

1.5 Source Documents:

- definition, identification, types and uses of source

2. Concepts and Definition, identification and the differences between

4 Ledger and Principles of 4.1 Ledger:

4.2 Principles of Double Entry:

- meaning, history, rules and making double entries.

5. Cash Book 5.1 Meaning, purpose, description, differences and

- petty cash book.

6. Bank Reconciliation - meaning and purpose

- causes of differences between cash book and bank

7. Trial Balance and Errors - meaning and functions of trial balance;

- rules and preparation of trial balance;

- meaning, types, classification of errors;

- correction of errors and preparation of Suspense

8. Financial Statements of 8.1 Trading Account:

- methods of valuing stock (FIFO and LIFO).

8.2 Profit and Loss Account:

- definition, purpose, format and preparation of Profit

8.3 Balance Sheet:

- meaning, content, format and preparation of a simple

9. Adjustments to 9.1 Adjustment for prepayments, accruals, depreciation,

9.2 Meaning and methods of depreciation (straight line and

12. Accounts of Not-For- Purpose, content and preparation of Receipts and

13. Manufacturing - meaning, purpose and terminologies;

14. Partnership Accounts - meaning and terms:

- partnership deed, drawings, interest on capital, interest

- preparation of Capital and Current Accounts, Profit and

- admission of new partners and Goodwill Account.

15. Joint Venture Accounts - meaning and purpose;

- differences between joint venture and partnership.

16. Departmental and - importance and differences;

17. Introduction to - formation and terminologies;

18. Interpretation of - Purpose and computation of ratios:

19. Purchase of Business Reasons, terminologies and preparation of accounts related

20. Consignment Accounts Terminologies and preparation of simple Consignment

22 Contract Accounts - meaning, purpose and terminologies;

- preparation of Contract Accounts.

23. Cooperative Accounts Meaning and objectives of cooperative societies.