The WAEC Accounting exam plays a crucial role for students who wish to pursue careers in finance, business, and related fields. With the 2025/2026 exam session approaching, understanding the most frequently repeated topics and reviewing past questions is vital to your success. This guide provides a list of highly repeated topics in the WAEC Accounting exam, accompanied by past questions to help you understand the exam format and improve your chances of achieving a high score.
Overview of the WAEC Accounting Exam
Before diving into the repeated topics, let’s first understand the structure of the WAEC Accounting exam:
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Number of Questions: 50 multiple-choice questions and 2 to 3 essay-type questions.
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Duration: 2 hours.
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Syllabus Coverage: The exam covers various aspects of financial accounting, management accounting, and bookkeeping.
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Topics Included:
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Basic Accounting Principles
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Accounting Terms and Concepts
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Financial Statements
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Cash Flow Statements
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Depreciation and Valuation of Assets
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Partnership Accounting
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Final Accounts of a Sole Trader
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Inventory Valuation
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Highly Repeated Topics in WAEC Accounting (2025/2026)
Understanding which topics frequently appear in the WAEC Accounting exam will help you focus your study efforts. Below are some of the most commonly tested topics:
1. Basic Accounting Principles and Concepts
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Accounting Definitions and Terminologies:
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Fundamental accounting terms like assets, liabilities, capital, revenue, and expenses.
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The difference between capital expenditure and revenue expenditure.
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Principles of Accounting:
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The double-entry system of bookkeeping.
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Accounting equation: Assets = Liabilities + Owner's Equity.
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Accrual basis vs. cash basis accounting.
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Accounting Concepts:
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Going concern concept.
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Consistency concept.
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Matching concept.
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Conservatism (prudence) concept.
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2. Bookkeeping and Journals
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Double-Entry System:
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Debits and credits rules and how they affect different accounts.
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Recording transactions in the journal and ledger.
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Types of Journals:
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General Journal, Cash Book, and Sales Journal.
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Petty Cash Book and Purchases Journal.
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Posting from the Journal to the Ledger:
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How to transfer journal entries to the appropriate ledger accounts.
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3. Preparation of Financial Statements
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Trial Balance:
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Preparing and balancing the trial balance.
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Identifying errors in a trial balance and correcting them.
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Profit and Loss Account (Income Statement):
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Understanding the components of the profit and loss account, including sales, cost of sales, and expenses.
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Balance Sheet (Statement of Financial Position):
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Preparing a balance sheet, identifying assets, liabilities, and equity.
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Statement of Cash Flows:
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Distinguishing between operating activities, investing activities, and financing activities in cash flow statements.
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4. Depreciation and Valuation of Assets
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Depreciation Methods:
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Different methods of depreciation: straight-line, reducing balance, and sum of years’ digits.
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How to calculate depreciation for tangible fixed assets.
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Asset Revaluation:
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The process of asset revaluation and its effect on financial statements.
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Provision for Depreciation:
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How to handle depreciation in financial statements and journal entries.
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5. Partnership Accounting
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Partnership Agreement:
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Understanding the capital contributions of partners and the profit-sharing ratio.
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Preparation of Partnership Accounts:
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Preparing income statements and balance sheets for partnerships.
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Interest on capital, salary to partners, and appropriation accounts.
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Admission and Retirement of Partners:
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Accounting for the admission and retirement of partners.
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The effect of revaluation of assets and settlement of accounts when a partner leaves or joins.
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6. Accounting for Sole Traders
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Final Accounts of a Sole Trader:
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Preparing trading, profit and loss, and balance sheet accounts for sole proprietorships.
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Accounting for Drawings and Capital:
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Accounting for the drawings of the owner and changes in capital.
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7. Inventory Valuation
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Methods of Inventory Valuation:
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Understanding FIFO (First In, First Out), LIFO (Last In, First Out), and Weighted Average methods.
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Stock Valuation in Financial Statements:
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The effect of inventory valuation on profit margins and asset management.
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8. Cash and Bank Reconciliation
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Bank Reconciliation Statements:
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Preparing bank reconciliation to identify discrepancies between the cash book and bank statement.
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Adjustments in Cash and Bank Accounts:
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Adjusting bank balance for unpresented cheques and deposits in transit.
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Past Questions for WAEC Accounting Exam
Here are some sample past questions based on the highly repeated topics in the WAEC Accounting exam:
Sample Past Question 1:
Question:
Explain the difference between capital expenditure and revenue expenditure. Give two examples of each.
Answer:
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Capital Expenditure: These are expenses incurred for acquiring or improving long-term assets, such as machinery or land. Examples: Purchase of equipment, construction of a building.
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Revenue Expenditure: These are costs incurred for day-to-day operations, such as wages or utility bills. Examples: Payment of rent, payment for repairs.
Sample Past Question 2:
Question:
Prepare a cash flow statement using the following data for XYZ Ltd:
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Cash received from customers: ₦1,000,000
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Cash paid to suppliers: ₦500,000
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Interest paid: ₦50,000
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Capital injection: ₦200,000
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Purchase of equipment: ₦300,000
Answer:
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Operating Activities:
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Cash received from customers: ₦1,000,000
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Cash paid to suppliers: (₦500,000)
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Interest paid: (₦50,000)
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Net cash from operating activities: ₦450,000
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Investing Activities:
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Purchase of equipment: (₦300,000)
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Net cash used in investing activities: (₦300,000)
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Financing Activities:
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Capital injection: ₦200,000
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Net cash from financing activities: ₦200,000
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Net Increase in Cash: ₦450,000 + (₦300,000) + ₦200,000 = ₦350,000
Study Tips for WAEC Accounting Exam
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Understand Key Principles: Focus on understanding core concepts like the double-entry system and accounting principles.
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Use Past Questions: Practice with previous years’ questions to get familiar with the exam format.
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Master Financial Statements: Be proficient in preparing income statements, balance sheets, and cash flow statements.
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Focus on Accounting Ratios: Understand how to calculate and interpret key accounting ratios such as liquidity ratios and profitability ratios.
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Revise Frequently: Regular revision will help you remember accounting principles and calculation techniques.
Frequently Asked Questions (FAQs)
1. How many questions are asked in the WAEC Accounting exam?
The WAEC Accounting exam consists of 50 multiple-choice questions and 2 to 3 essay-type questions.
2. What is the format of the WAEC Accounting exam?
The exam features multiple-choice and theory-based questions. It tests your knowledge on accounting principles, financial statements, and bookkeeping techniques.
3. Can I prepare for the WAEC Accounting exam without a tutor?
Yes, with consistent practice using textbooks, past questions, and revision guides, self-study is sufficient for the exam.
4. How can I effectively prepare for the WAEC Accounting exam?
Practice past questions, focus on key accounting principles, and understand the various types of accounts and financial statements. Regular revision and mock exams will also boost your preparation.
5. Are depreciation and asset valuation important for the WAEC Accounting exam?
Yes, depreciation and asset valuation are key topics, and questions on these areas are commonly asked in the exam.
Conclusion
Success in the WAEC Accounting exam requires focused preparation. By understanding the most frequently repeated topics and practicing past questions, you can improve your chances of scoring well. Remember to break down complex topics into manageable parts and review regularly. Good luck with your studies and exam preparation!
