JAMB UTME Principles of Accounts syllabus

Candidates should be able to:

i. differentiate between Book Keeping and Accounting;

ii. understand the historical background of Book Keeping and Accounting;

iii. apply the right principles, concepts and conventions to solving Accounting problems;

iv. understand the role of Accounting information in decision making;

v. identify the types/branches of Accounting such as Cost Accounting, Management Accounting, Auditing, Financial Accounting, Forensic Accounting, Social and Environmental Accounting, Government Accounting and Taxation; and

vi. identify the different career opportunities in Book Keeping and Accounting.

Candidates should be able to:

i. identify various source documents and their uses;

ii. relate source documents to the various books of original entry;

iii. determine the effect of changes in elements of Accounting equation;

iv. understand the role of double entry principles in treating financial transactions;

v. extract a trial balance from ledger accounts;

vi. identify various types of errors and their corrections; and

vii. correct errors using suspense account. Principles of Accounting

Candidates should be able to:

i. understand the ethics required in preparing and presenting Accounting information;

ii. understand qualities of an Accountant such as honesty, integrity, transparency, accountability and fairness;

iii. understand the purpose and functions of Accounting professional bodies in Nigeria; and

iv. understand the purpose and functions of Accounting regulatory bodies in Nigeria e.g. Financial Reporting Council of Nigeria (FRCN), Corporate Affairs Commission (CAC) and International Accounting Standard Board (IASB).

Candidates should be able to:

i. determine the cash float; ii . differentiate between two and three columnar cash books and how transactions are recorded in them;

iii. differentiate between trade and cash discounts;

iv. examine the effects of trade and cash discounts in the books of accounts; and

v. identify various petty cash expenses.

Candidates should be able to:

i. identify various instruments of bank transactions such as cheques, pay-in-slips, credit cards, debit cards, internet banking and their uses;

ii. assess the impact of automated credit system, credit transfers, interbank transfers and direct debit on cash balances;

iii. identify factors that cause discrepancies between cash book balance and bank statement; and

iv. determine adjusted cash book balance.

Candidates should be able to:

i. determine the cost of sales, gross profit and net profit of a sole trader;

ii. identify non-current assets, current assets, long- term liabilities, current liabilities and proprietor’s capital;

iii. compute adjustable items on the related expenditure and income in the statement of profit or loss; and

iv. differentiate between bad debts and provision for bad and doubtful debts. Principles of Accounting

Candidates should be able to:

i. determine the value of materials issued to production department using FIFO, LIFO and simple average;

ii. calculate the closing stock of materials or finished goods using FIFO, LIFO and simple average;

iii. compare the advantages and disadvantages of each method of stock valuation; and

iv. determine the effects of stock valuation on elements of income statement.

Candidates should be able to:

i. understand the meaning of control accounts;

ii. identify the uses of control accounts in a business enterprise;

iii. differentiate between sales ledger control account and purchases ledger control account; and

iv. identify the entries in control accounts.

Candidates should be able to:

i. understand and differentiate between incomplete records and single entry;

ii. determine proprietor’s capital using statement of affairs;

iii. determine the amount of sales, purchases, cash balances, debtors, creditors and expenses by converting single entry to double entry; and

iv. use accounting equations, gross and net profit percentages to determine cost of sales, gross and net profits.

Candidates should be able to:

i. identify the reason for preparing manufacturing account;

ii. calculate prime cost, overhead cost, production cost and total cost; and

iii. determine the basis of cost apportionment among production, administration, selling and distribution.

Candidates should be able to:

i. distinguish between profit oriented and Not-For-Profit- Making Organizations;

ii. determine annual subscription, subscription in arrears and in advance; and

iii. compute the cash balances, accumulated funds, surplus or deficit for the period. Principles of Accounting

Candidates should be able to:

i. identify the reasons for preparing departmental accounts;

ii. determine the expenses and incomes attributable to departments;

iii. compute departmental profit or loss; and

iv. understand the Accounting treatment of inter- departmental transfer.

Candidates should be able to:

i. understand the reasons for preparing branch accounts;

ii. differentiate between types of branches;

iii. calculate profit or loss from branches; and

iv. reconcile the difference between branch and head office accounts.

Candidates should be able to:

i. identify the objectives and features of joint venture;

ii. identify the forms of joint venture;

iii. identify the Accounting procedures of joint venture; and

iv. determine the profit or loss of joint venture.

Candidates should be able to:

i. understand the procedures for the formation of partnership;

ii. identify the accounts maintained for partnership business;

iii. determine the effects of admission and retirement of a partner;

iv. determine profit or loss on revaluation of assets; and

v. determine the partners’ share of profit or loss on dissolution.

Candidates should be able to:

i. differentiate between types of companies;

ii. identify the procedures of treating the issue of shares and debentures;

iii. compute the elements of final accounts of companies; and

iv. compute and interpret Accounting ratios such as current, acid test and stock turnover. Principles of Accounting

Candidates should be able to:

i. differentiate between public and private sector accounting;

ii. identify the sources of government revenue;

iii. differentiate between capital and recurrent expenditure;

iv. calculate consolidated revenue fund and determine the values of assets and liabilities;

v. identify the duties of the Accountant General, Auditor General, Minister of Finance and Treasurer of Local Government;

vi. distinguish between elements of control in government accounting procedures e.g. warrant, votes, budget and due process certificate; and

vii. understand current trends in public sector Accounting.

Candidates should be able to:

i. differentiate between manual and computerized Accounting processing system;

ii. identify the procedures involved in data processing;

iii. identify the digital technologies use in Accounting processing system;

iv. understand the benefits of block chain technology in Accounting system;

v. identify the services provided by virtual accountants such as book keeping, payroll processing, tax preparation, banks, credit and loan accounts reconciliation, financial statement preparation etc.; and

vi. identify the advantages and disadvantages of computerized Accounting processing system. Principles of Accounting