Preparing for your Principles of Cost Accounting examination requires a thorough understanding of the syllabus provided by the West African Examination Council (WAEC).
This blog post serves as a simplified guide, outlining the aims and objectives of the exam, key topics to study, and the recommended textbooks to aid your preparation.
By following this syllabus, you will acquire the necessary knowledge and skills to analyze costs, assist management in decision-making, and effectively present cost statements.
Aims and Objectives:
The primary objectives of the Principles of Cost Accounting examination are as follows:
- Assembling, Analyzing, and Ascertaining Costs: Candidates will be tested on their ability to determine the costs involved in producing and procuring goods and services accurately.
- Cost Accounting as a Management Tool: The exam aims to develop candidates’ skills in utilizing Cost Accounting as a tool for planning, control, and decision-making within an organization.
- Economic Resource Utilization: Candidates will demonstrate an understanding of costing techniques that promote the economic use of resources.
- Presentation of Cost Statements: Knowledge of the fundamental methods used to present cost statements effectively will be assessed.
Scheme of Examination:
The examination consists of two papers: Paper 1 and Paper 2. Here’s an overview of each paper:
Paper 1:
- Duration: 1 hour
- Format: Multiple-choice objective questions
- Total Marks: 25
- Candidates must answer all fifty questions within the given time.
Paper 2:
- Duration: 2 hours
- Format: Essay-type questions
- Total Marks: 75
- Candidates are required to answer five out of nine questions.
- The paper is divided into two sections: Section A (Theory of Principles of Cost Accounting) and Section B (Practices of Principles of Cost Accounting).
Syllabus Topics:
To adequately prepare for the Principles of Cost Accounting exam, it is essential to cover the following topics:
- Introduction to Cost Accounting
- Characteristics of a Good Costing System
- Cost Classification and Types of Costs
- Elements of Cost (Materials, Labour, Overheads)
- Costing Methods (Job/Batch Costing, Contract Costing, Service Costing, Process Costing)
- Costing Techniques (Marginal and Absorption Costing, Break-even Analysis)
- Budgeting and Budgetary Control
- Standard Costing
- Cost Accounting
Recommended Textbooks:
To enhance your understanding of the subject, consider using the following textbooks:
- “Cost Accounting” by Harper, W.M – Published by Pitman Publishing Ltd.
- “Cost Accounting” by T. Lucey – Published by DPP Publications Ltd.
- “Weldon’s Cost Accounting” by Owler, L.W.J and Brown, J.L – Published by Macdonald and Evans Ltd.
- “Principles of Cost Accounting” by Longman – Published for the Senior Secondary Schools in Ghana, Ministry of Education, Ghana (1991).
- “Cost Accounting” by Drury, Colin – Published by Professional Heinemann Publishing.
Additional Resources:
In addition to the recommended textbooks, you may find the following local texts, pamphlets, and journals helpful:
- “Costing Made Easy” by Kingsford Opoku (Kings Series)
- “Costing for ‘U'” by Barnabas Dadzie (C for ‘U’ Series).
- “Cost Accounting for Senior High School” by Williams Asamoah Appiah (AKI-OLA Series) – AKI-OLA Publications, Accra.
Conclusion
Studying the Principles of Cost Accounting syllabus provided by WAEC is crucial for your exam preparation.
By focusing on the outlined aims, objectives, and topics, and utilizing the recommended textbooks and additional resources, you will equip yourself with the knowledge and skills necessary to excel in the examination.
