Waec & Gce Syllabus For Accounting + Exam Tips (2025)

Accounting is a core subject in the WAEC and GCE exams for students in commercial and business classes. The 2025 WAEC/GCE Accounting syllabus is designed to test candidates’ understanding of financial principles, bookkeeping, business management, and ethics.

This guide outlines the full syllabus, exam objectives, topics to study, recommended texts, and tips for excelling in Accounting.

Aims and Objectives

The syllabus aims to enable candidates to:

1. Understand basic accounting principles and how to apply them.

2. Develop skills in recording business transactions accurately.

3. Prepare and interpret financial statements.

4. Appreciate the role of accounting in business decision-making.

5. Apply ethics and good practices in financial dealings.

Examination Structure

The WAEC & GCE Accounting exam is usually divided into two papers:

• Paper 1 – Objective (50 multiple-choice questions)
  Time: 1 hour

• Paper 2 – Essay/Practical (5 questions out of 8)
  Time: 2 hours

Topics in the 2025 WAEC/GCE Accounting Syllabus

1. Introduction to Accounting

• Definition and purpose

• Branches of accounting

• Users and uses of accounting information

2. Principles and Concepts of Accounting

• Business entity

• Going concern

• Accrual and matching

• Consistency

• Prudence

• Materiality

3. The Accounting Equation and Double Entry System

• Assets, liabilities, and capital

• Debit and credit rules

• Source documents and journals

4. Books of Original Entry

• Sales, Purchases, Returns Inward and Outward Journals

• Cash book (single, double & triple column)

• Petty cash book and imprest system

5. Ledger and Trial Balance

• Posting to ledger

• Balancing accounts

• Extracting the trial balance

6. Bank Reconciliation Statement

• Causes of differences

• Adjusting cash book

• Preparation of bank reconciliation statement

7. Control Accounts and Self-Balancing Ledgers

• Sales ledger control account

• Purchases ledger control account

8. Correction of Errors and Suspense Account

• Types of errors (errors of omission, commission, principle, etc.)

• Uses of suspense account

9. Manufacturing Account

• Elements of cost

• Preparation of manufacturing account

10. Final Accounts of a Sole Trader

• Trading, Profit & Loss Account

• Balance Sheet with adjustments (prepayments, accruals, depreciation, bad debts)

11. Incomplete Records and Single Entry

• Determination of profit

• Conversion to double entry

12. Accounts of Non-Profit Making Organizations

• Receipts and payments account

• Income and expenditure account

• Balance sheet

13. Partnership Accounts

• Formation and operations

• Profit-sharing ratio

• Admission, retirement, and dissolution

14. Company Accounts

• Types of companies

• Issue of shares and debentures

• Final accounts of limited liability companies

15. Public Sector Accounting

• Characteristics of public sector

• Sources of public funds

• Differences from private sector accounting

16. Introduction to Auditing

• Definition and types

• Duties and rights of an auditor

• Internal and external audit

17. Information and Communication Technology (ICT) in Accounting

• Use of computers in bookkeeping

• Basic accounting software (e.g., Excel, QuickBooks)

• Advantages of ICT in accounting

Recommended Textbooks

• Frank Wood’s Business Accounting

• O.A. Longe – Comprehensive Accounting

• A.A. Aruwa – Accounting: Principles and Practice

• WAEC Official Past Questions and Answers

• New General Certificate Accounting Texts (for GCE)

Exam Tips for WAEC/GCE Accounting 2025

• Practice past questions consistently.

• Learn formats for different account types (Trading, Profit & Loss, Balance Sheet).

• Understand adjustment entries (e.g., depreciation, accruals).

• Master double entry principles.

• Use study groups and tutorials.

Frequently Asked Questions (FAQs)

1. Is the WAEC and GCE Accounting syllabus the same?
Yes, WAEC and GCE (private candidate) syllabuses for Accounting are generally the same.

2. What topics are most important in Accounting?
Final accounts, ledger entries, double entry system, and adjustments are commonly tested.

3. Can I use a calculator during the exam?
Yes, non-programmable calculators are allowed.

4. How many papers are there in the Accounting exam?
There are two papers: Paper 1 (Objective) and Paper 2 (Essay/Practical).

5. Are partnership and company accounts compulsory topics?
They are examinable and may appear as compulsory questions. Study them thoroughly.

Conclusion

Mastering the WAEC & GCE Accounting syllabus for 2025 is your first step to passing with distinction. Focus on understanding key principles, practice regularly, and revise smartly. With consistent effort, scoring an A1 in Accounting is very achievable.