Financial Accounting — 30-Week Plan
Weekly outline built from the WAEC syllabus (last 5–10 years emphasis). Practice can be done offline; Mock is timed online (2 attempts).
Total practice: 420 • Total mock: 630
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Week 1–4 (October: Foundations & Double Entry)
- Week 1: Introduction — history, nature & functions of Accounting; users of accounting info; stages of accounting process; characteristics of good information.
- Week 2: Accounting equation — assets, liabilities, capital; source documents; subsidiary books (sales, purchases, returns, general).
- Week 3: Ledger classification; cash books (single, double, analytical, petty cash); posting entries.
- Week 4: Trial balance; bank reconciliation statements; correction of errors & suspense accounts.
Week 5–8 (November: Concepts, Sole Trader & Provisions)
- Week 5: Accounting concepts — business entity, going concern, consistency, prudence, accruals, materiality, cost, duality; significance & limitations.
- Week 6: Final accounts of sole trader — trading, profit & loss accounts; income statement.
- Week 7: Balance sheet/statement of financial position; adjustments (prepayments, accruals, depreciation, bad debts).
- Week 8: Provisions & reserves — doubtful debts, discounts; depreciation (straight-line, reducing balance, sum of years digits, revaluation); capital vs revenue reserves.
Week 9–12 (December: Manufacturing, Control & Single Entry)
- Week 9: Manufacturing accounts — purpose, cost classification (prime, factory overheads, work in progress), final accounts for manufacturing concerns.
- Week 10: Control accounts — meaning, uses, sales ledger & purchases ledger control; self-balancing ledgers.
- Week 11: Control account reconciliation; suspense correction practice.
- Week 12: Single entry & incomplete records — meaning, limitations; conversion to double entry; computing profit/loss from balance sheet approach.
Week 13–16 (January: Not-for-Profit & Partnerships)
- Week 13: Not-for-profit I — receipts & payments accounts; income & expenditure accounts; accumulated fund.
- Week 14: Not-for-profit II — subscriptions account; preparation of balance sheet; profit/loss from income-generating activities.
- Week 15: Partnership I — nature, formation, agreements; appropriation accounts; partners’ capital/current accounts; balance sheet.
- Week 16: Partnership II — admission of new partner; goodwill; revaluation of assets; dissolution of partnership (excluding Garner v. Murray & piecemeal).
Week 17–20 (February: Company Accounts & Ratios)
- Week 17: Company accounts I — nature, formation; types of companies & shares (ordinary, preference).
- Week 18: Company accounts II — issue of shares; loan capital (debentures, mortgages); preparation of final accounts (internal use).
- Week 19: Interpretation of accounts — simple ratios (profitability, liquidity, efficiency, leverage).
- Week 20: Statement of cash flow — direct & indirect methods; purchase of business account.
Week 21–24 (March: Tax, Departments, Public Sector & ICT)
- Week 21: Value Added Tax (VAT) — purpose, characteristics, computation of input/output VAT, VAT returns, exempt goods/services.
- Week 22: Departmental & branch accounts — meaning, differences, preparation of departmental accounts, branch accounts (excluding foreign branches), inter-branch transactions.
- Week 23: Public sector accounting — meaning, differences from private sector; sources of public revenue; capital/recurrent expenditure; simple government accounts.
- Week 24: Information technology in accounting — manual vs computerized systems; hardware/software; merits & demerits; WAEC-style mock on mixed topics.
Week 25–27 (April: Miscellaneous Accounts & Financial System)
- Week 25: Joint venture accounts — meaning, features, preparation of accounts.
- Week 26: Consignment accounts, contract accounts, hire purchase accounts — preparation & adjustments.
- Week 27: Financial system — money, capital & insurance markets; raising funds (offer for sale, subscription, rights issue, private placement); benefits & regulation of capital market.
Week 28–30 (April: Revision & Grand Final Mocks)
- Week 28: Revision blitz — double entry, trial balance, final accounts, control accounts; Grand Final Mock 1.
- Week 29: Revision blitz — partnerships, company accounts, VAT, ratios; Grand Final Mock 2 (harder data-response).
- Week 30: Revision blitz — public sector, ICT, financial system, miscellaneous; Grand Final Mock 3 (closest WAEC replica; strict timing).