Are you writing Financial Accounting in your NECO (SSCE or GCE) exam this year? The NECO Financial Accounting syllabus helps you know where all your NECO Financial Accounting questions will be asked from.
You will see the NECO Financial Accounting exam structure, full list of syllabus topics, areas of concentration and study tips on Financial Accounting in NECO exam this year.
ALSO SEE: HOW TO PASS NECO COMMERCE EXAM
Let’s begin…
NECO Financial Accounting Exam Structure
The exam is divided into two papers:
Paper 1
- 50 multiple-choice questions
- 60 minutes
- Total of 50 marks
Paper 2
Paper 2 consists of two sections: Section A and Section B.
Section A
In Section A, you will focus on the theory of financial accounting. You will be given five essay questions, but you only need to answer two. Each question carries 15 marks, so ensure your responses are thorough and precise.
Section B
In Section B, the focus shifts to applying theory in practice. You will be given another five essay questions, this time on financial accounting practice. You only need to answer three. Each question carries 15 marks, so choose wisely and demonstrate your practical skills with confidence
See NECO Financial Accounting Syllabus
Here are the Financial Accounting topics and areas of concentration under each topic which you must study according to the official NECO syllabus.
NECO Financial Accounting Syllabus
1. Introduction to Financial Accounting
- History, nature and functions of Accounting
- Users of Accounting information
- Stages in the Accounting process
- Characteristics of Accounting information
2. The Accounting Equation and Double Entry Principles
- Accounting Equation
- Purpose and functions of source documents
- Subsidiary books
- The ledger: classification of Accounts
- Cash Book: analytical cash book, including petty cash book
- Preparation of Trial Balance
- Bank Reconciliation Statements
3. Accounting Concepts
- Meaning
- Types
- Significance
- Limitations
4. The Final Accounts of a Sole Trader/proprietorship
5. Provisions and Reserves
- Provision for doubtful debts/Allowance for doubtful debts
- Provision for discounts
- Depreciation – concepts, reasons for recording and methods
- Accounting for depreciation
- Reserves – revenue and capital reserves.
6. Manufacturing Accounts
- Purpose of manufacturing accounts
- Cost classification in manufacturing accounts
- Preparation of final accounts of manufacturing concern
7. Control Accounts and Self Balancing Ledgers
- Meaning and uses of control accounts
- Types
- Preparation of Control Accounts
- Reconciliation of Control Accounts
8. Single Entry and Incomplete Records
- Meaning and limitations
- Computation of profit or loss from opening and closing balance sheets
- Conversion of single entry to double entry
- Preparation of final accounts from a set of incomplete records
- Markup and Margin
9. Accounts of Not-for-Profit Making Organizations
- Meaning and terminologies
- Receipts and payments accounts
- Subscriptions Account
- Income and expenditure accounts
- Accumulated fund
- Balance sheet
- Profit or loss from income generating activities.
10. Partnership Accounts
- Nature and formation of partnership
- Partnership agreements/Deed
- Profit and loss appropriation accounts
- Partners capital account and balance sheet
- Admission of a new partner
- Treatment of goodwill and revaluation of assets
- Dissolution of partnership (Questions will not be set on Garner V. Murray and piecemeal realization)
11. Company Accounts
- Nature and formation of a company
- Types of companies and shares
- Issue of shares
- Loan capital, debentures/loan notes and mortgages
- Final accounts of company for internal use only
- Interpretation of accounts using simple ratios
- Purchase of business account
- Statement of Cash Flow (using direct and indirect methods)
NOTE: Separate questions may be set to meet statutory requirements of individual countries. Candidates’ answers must meet statutory requirements of individual countries.
12. Accounting for Value Added Tax
- Purpose of VAT
- Characteristics of VAT
- Bases of computing input/output VAT
- Preparation of VAT returns
- Exempt goods and services.
13. Departmental and Branch Accounts
- Meaning and importance
- Differences between a department and branch
- Preparation of departmental account
- Preparation of Branch Account excluding foreign branches
- Inter branch transactions.
14. Public Sector Accounting
- Meaning and difference between Public Sector and Private Sector Accounts
- Sources of public revenue
- Capital and recurrent expenditures
- Preparation of simple government accounts
15. Information Technology in Accounting
- Manual and computerized Accounting Processing Systems
- Processes involved in data processing
- Computer Hardware and Software
- Merits and demerits of manual and computerized accounting processing systems.
16. Miscellaneous Accounts
- Meaning, introduction, terminologies and preparation of simple Joint Venture Accounts, Consignment Accounts, Contract Accounts, and Hire Purchase Accounts
17. Financial system
- Meaning and components
- Meaning, functions and features of money market, capital market, and insurance market
- Methods of raising funds from the capital market
- Requirements for accessing the capital market
- Benefits of capital market to investors, government, economy, and individual company
- Types, features and reasons for regulation.
Smart Study Tips for NECO Financial Accounting
- Create a weekly study plan by topic
- Group similar topics for better understanding
- Time yourself when practicing past questions.
FAQs
Q: Is the NECO Financial Accounting syllabus the same as WAEC?
A: They are similar but not the same. Always use the NECO version when preparing for NECO exams.
Q: Where can I download the syllabus PDF?
A: You can get it from syllabus.ng or ask your school to print a copy.
Summary on the NECO Financial Accounting Syllabus
Financial Accounting is a bonus subject if you follow the NECO Financial Accounting syllabus and prepare smartly. Use this post as your study guide, cover every topic, and tackle past questions consistently.
Good luck with your preparation!
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