WAEC Financial Accounting Areas Of Concentration: Here are all you need to know about WAEC accounting areas of focus.
This is a valuable asset to share with the WAEC candidates on that will guide your preparation in the 2021/22 WAEC accounting paper.
As a matter of emphasis, to whom it may concern, it is necessary to follow this guiding article to enhance your preparation for the WAEC examination as tips will be given on the topics to focus on in accounting if at all you are lost in the race for preparation. Below are the areas you should focus on in your forthcoming WAEC exam.
WAEC Accounting Areas Of Concentration 2021
- INTRODUCTION TO FINANCIAL ACCOUNTING: history, nature, functions, users of accounting.
- THE ACCOUNTING EQUATION AND DOUBLE ENTRY PRINCIPLES: accounting equation, purpose and functions of source documents, subsidiary books, the ledgers, cashbook, trial balance.
- ACCOUNTING CONCEPTS: definition, types, importance, and limitations.
- FINAL ACCOUNTS OF A SOLE TRADER/PROPRIETORSHIP: trading, profit and loss accounts, income statement, balance sheet, statement of financial position, adjustments to final account.
- PROVISIONS AND RESERVES
- MANUFACTURING ACCOUNTS: the purpose of manufacturing accounts, cost classification in manufacturing accounts, preparation of final account of a manufacturing concern
- CONTROL ACCOUNTS AND SELF BALANCING LEDGERS
- SINGLE ENTRY AND INCOMPLETE RECORDS: meaning and limitations, conversion of single entry to double entry, computation of profit, markup & margin, preparation of final accounts from a set of incomplete records
- Accounts of Not-for-profit making organization: meaning, terminologies, balance sheet, receipts and payments accounts
- PARTNERSHIP ACCOUNT
- COMPANY ACCOUNTS
- ACCOUNTING FOR VALUE ADDED TAX: the purpose of VAT, features, bases of computing input/output VAT, preparation
- PUBLIC SECTOR ACCOUNTING: meaning, the difference between public sector and private sector accounts, sources of public revenue, capital & recurrent expenditures
- INFORMATION TECHNOLOGY IN ACCOUNTING: manual and computerized accounting processing systems, computer and software, merits and demerits of manual and computerized accounting processing systems
- MISCELLANEOUS ACCOUNTS: meaning, introduction, terminologies and preparation of simple joint venture, consignment, purchase accounts
- FINANCIAL SYSTEM: meaning, components, money, capital and insurance market.
Recommended Text Book For 2021 WAEC Financial Accounting Exam
|1||Business Accounting Volume 1||African Edition by Frank Wood and Omunya.|
|2||Business Accounting Volume 2||Frank Wood.|
|3||West African Edition||Frank Wood and Omunya.|
|4||Foundation Accounting||A. H. Millchamp.|
|5||Basic Accounting||J. D. Magee.|
|6||Accounting for Senior Secondary School||S. C. Malhorta, P. K. Botchweyand, P. A. Amankwah.|
|7||Accounting in Business||R. J. Bull.|
|8||Company Accounts||J. N. Amorin|
|9||Principles of Accounting||K. B. Appiah Mensah|
|10||Incorporated private Partnership Act 1962, Act 152.|
Only these areas of concentration do not guarantee your success in the WAEC if efforts are not made to the WAEC series. This act is just like “A farmer who planted a mango tree without producing mangoes”.
Therefore, it is compulsorily required WAEC candidates study their accounting WAEC Series as well as the areas of concentration prepared for the above.