The NECO syllabus is available for all subjects, including Financial Accounting, and it plays a role in helping candidates prepare effectively for the upcoming exams. The NECO Syllabus for Financial Accounting outlines the key topics and areas of concentration that are likely to appear in the actual examination.
The NECO June/July examinations will commence soon, and candidates are strongly advised to get a copy of the NECO Syllabus for Financial Accounting, study it carefully, and ensure they cover all the listed topics. These are the areas from which NECO will set the exam questions, so proper coverage will significantly improve your chances of success.
Below, you will find the full NECO Financial Accounting syllabus along with a list of recommended textbooks to guide your preparation.
NECO Syllabus for Financial Accounting
| S/N | Topic | Subtopics/Details |
|---|---|---|
| 1 | Introduction to Financial Accounting | – History, nature, and functions of accounting – Users of accounting information – Stages in the accounting process – Characteristics of info |
| 2 | The Accounting Equation and Double Entry Principles | – Accounting equation – Source documents: purpose and functions – Subsidiary books – Ledger: classification of accounts – Cash book: incl. petty cash – Trial balance – Bank reconciliation – Correction of errors & suspense account |
| 3 | Accounting Concepts | – Meaning, types, significance, and limitations of accounting concepts |
| 4 | Final Accounts of a Sole Trader | – Trading, profit and loss accounts – Balance sheet/Statement of financial position – Adjustments to final accounts |
| 5 | Provisions and Reserves | – Provision for doubtful debts and discounts – Depreciation: meaning, reasons, methods (straight line, reducing balance, sum of year’s digits, revaluation) – Accounting for depreciation – Revenue and capital reserves |
| 6 | Manufacturing Accounts | – Purpose and cost classification – Preparation of final accounts for manufacturing businesses |
| 7 | Control Accounts & Self-Balancing Ledgers | – Meaning and uses – Types: Sales ledger control and Purchases ledger control – Preparation and reconciliation |
| 8 | Single Entry and Incomplete Records | – Meaning and limitations – Profit/loss from balance sheets – Conversion to double entry – Final accounts from incomplete records – Markup and margin |
| 9 | Accounts of Not-for-Profit Organizations | – Meaning and key terms – Receipts and payments account – Subscriptions account – Income and expenditure account – Accumulated fund – Balance sheet – Profit/loss from income-generating activities |
| 10 | Partnership Accounts | – Nature, formation, and agreement – Profit and loss appropriation – Capital account and balance sheet – Admission of partner – Goodwill and revaluation – Dissolution (excl. Garner v. Murray and piecemeal realization) |
| 11 | Company Accounts | – Nature, formation, types of companies/shares – Issue of shares – Loan capital: debentures, mortgages – Final accounts (internal use) – Simple ratios – Purchase of business – Cash flow statement (direct and indirect methods) |
| 12 | Accounting for VAT | – Purpose and characteristics of VAT – Computing input/output VAT – VAT returns – Exempt goods/services |
| 13 | Departmental and Branch Accounts | – Meaning, importance – Department vs. Branch – Preparation of departmental and branch accounts – Inter-branch transactions |
| 14 | Public Sector Accounting | – Meaning, public vs. private sector accounting – Sources of public revenue – Capital and recurrent expenditures – Simple government account preparation |
Recommended Textbooks for Financial Accounting
- Wood, F., & Omunya, K. (n.d.). Business accounting: Volume 1 (West African ed.). Pearson Education.
- Wood, F. (n.d.). Business accounting: Volume 2. Pearson Education.
- Wood, F. (n.d.). Accounting and finance. Pearson Education.
- Millichamp, A. H. (n.d.). Foundation accounting. Cengage Learning.
- Magee, J. D. (n.d.). Basic accounting. Macmillan.
- Malhotra, S. C., Botchwey, P. K., & Amankwah, P. A. (n.d.). Accounting for senior secondary school. Sedco Publishing.
- Bull, R. J. (n.d.). Accounting in business. Butterworth-Heinemann.
- Amorin, J. N. (n.d.). Company accounts. Ghana Publishing Corporation.
- Appiah-Mensah, K. B. (n.d.). Principles of accounting. University Press.
Did you find this post helpful? If you have any questions, feel free to ask in the comments, and we will respond shortly. Don’t forget to share this with other candidates preparing for NECO. You can also check our page for other NECO syllabi to support your exam preparation.
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