Financial Accounting is one of the most feared subjects by most candidates sitting for the West African Examination Council (WAEC) because they fail to prepare properly for this subject. One strategy of passing Accounting in WAEC or NECO is studying hard and most importantly, knowing the compulsory questions that the examiners test students on yearly. that is why I have here, the list of 17 compulsory WASSCE and NECO topics in Financial Accounting examination for you.
The importance of Financial Accounting as a requirement for admission is quite important. In as much as it is not a needed subject to study accounting or any management course in all tertiary institutions in Nigeria, it is best you understand and pass this subject in WAEC or NECO because it will be the most important course for all candidates seeking to study Accounting as a discipline.
Passing Accounting in WASSCE or NECO is very simple so long as you are prepared for the questions ahead. Getting prepared as a result of being aware of the most common Financial Accounting questions in WASSCE and NECO makes it even more interesting.
The most likely topics listed below are compulsory topics in both Objective (Obj) and theory. To further break it down, we highlighted the most common topics under objective and theory for ease of understanding. Knowing the most compulsory topics in Accounting for WAEC is not enough as adequate preparedness is key to passing Accounting in your exam that is why you are advised to get past questions and answer papers and test yourself on the under-listed topics below to ascertain your strengths and weaknesses.
Both NECO and WAEC examiners are very smart, they know it is very impossible to attempt all questions adequately with the allotted time so they present you with time wasting questions like Public sector Accounting that carries equal marks with other simpler and direct ones. In this case, you are advised to skip questions on trading profit and loss account or any question you know will waste your time when seen under objective section and come back to them after being done with the simpler ones. However, strengths and weaknesses differ so if you know you are very good at word problems, you could go ahead with it when confronted with one.
One last thing to note is that different marks are allotted to different questions. In the West African Senior Secondary School Certificate Examination (WASSCE) questions on Company account carry the highest mark as well as time wasting so you must maintain a balance when attempting questions on this topic.
Much has been said not just about the seventeen compulsory topics in Accounting examination but how to attempt them and which question must be given priority in the West African Senior Secondary School Certificate Examination. Now i will be listing the most common WASSCE topics in Accounting you must come accross in both Objective and theory section. These topics when mastered MUST guarantee you a distinction in Accounting in WAEC or any examination in Nigeria or abroad.
17 Most Compulsory WASSCE Topics in Financial Accounting Examination
The topics listed below are:
- Introduction to Financial Accounting
- The Accounting Equation and Double Entry Principles
- Accounting Concepts
- The Final Accounts of a Sole Trader/proprietorship
- Provisions and Reserves
- Manufacturing Accounts
- Control Accounts and Self-balancing Ledgers
- Single Entry and Incomplete Records
- Accounts of Not-for-Profit Making Organizations
- Partnership Accounts
- Company Accounts
- Accounting for Value Added Tax
- Departmental and Branch Accounts
- Public Sector Accounting
- Information Technology in Accounting
- Miscellaneous Accounts
- Financial system
Please take the above topics very seriously. If you are willing and determined to pass Accounting in WAEC or NECO, your mastery of the 17 compulsory topics with the approved WAEC text book for senior secondary school and attempts on various past questions would do you a lot of positives in passing this subject.
Do you have any questions as regards the above? Kindly reach out to us via the comment section below and we shall respond immediately. Note that the most common topics for Financial Accounting examination in WAEC or NECO examination listed above does not mean you should avoid other topics, remember that the examiner isn’t testing you for Accounting topics in SS 3 classes only but on all Accounting topics ranging from SS 1 first term to the completion of your SS3. It is as a result of its cumbersomeness that I thought it necessary to list the exact topics that must come out yearly after thorough research.
Best of luck to all aspirants.