Nature and Significance of Accounting
Topics:
a.Development of accounting (including branches of accounting)
b. Objectives of bookkeeping and accounting;
c. Users and characteristics of Accounting information
d. Principles, concepts and conventions of accounting (nature, significance and application)
e. Role of accounting records and information
b. Objectives of bookkeeping and accounting;
c. Users and characteristics of Accounting information
d. Principles, concepts and conventions of accounting (nature, significance and application)
e. Role of accounting records and information
Objectives:
Candidates should be able to:
i. differentiate between bookkeeping and accounting;
ii. use the historical background of bookkeeping and accounting for future development;
iii. apply the right principles, concepts and conventions to solving accounting problems;
iv. examine the role of accounting records and information in decision making.
v. List the branches of Accounting such as Cost Accounting, Management Accounting, Auditing, Financial Accounting and Taxation.
ii. use the historical background of bookkeeping and accounting for future development;
iii. apply the right principles, concepts and conventions to solving accounting problems;
iv. examine the role of accounting records and information in decision making.
v. List the branches of Accounting such as Cost Accounting, Management Accounting, Auditing, Financial Accounting and Taxation.
JAMB Syllabus For Principles Of Accounts | 2. Principles of Double Entry
Topics:
a. Functions of source documents
b. Books of original entry
c. Accounting equation
d. The ledger and its classifications
e. Trial balance
f. Types and treatment of errors and uses of suspense account
b. Books of original entry
c. Accounting equation
d. The ledger and its classifications
e. Trial balance
f. Types and treatment of errors and uses of suspense account
Objectives:
Candidates should be able to:
i. relate the various source documents to 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. identify the role of double entry and use it to post transactions into various divisions of the ledger;
v. balance off ledger accounts;
vi. extract a trial balance from balances and determine its uses;
vii. identify various types of errors and their necessary corrections;
viii. create a suspense account.
i. relate the various source documents to 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. identify the role of double entry and use it to post transactions into various divisions of the ledger;
v. balance off ledger accounts;
vi. extract a trial balance from balances and determine its uses;
vii. identify various types of errors and their necessary corrections;
viii. create a suspense account.
JAMB Syllabus For Principles Of Accounts | 3. Ethics in Accounting
Topics:
a. Objectives
b. Qualities of an Accountant
b. Qualities of an Accountant
Objectives:
Candidates should be able to:
i. use ethics in preparing and presenting Accounting Reports;
ii. list qualities of an Accountant such as honesty, integrity, transparency, accountability and fairness.
i. use ethics in preparing and presenting Accounting Reports;
ii. list qualities of an Accountant such as honesty, integrity, transparency, accountability and fairness.
JAMB Syllabus For Principles Of Accounts | 4. Cashbook
Topics:
a. Columnar cashbooks
b. Discounts
c. Petty cashbook and the imprest system
b. Discounts
c. Petty cashbook and the imprest system
Objectives:
Candidates should be able to:
i. determine the cash float;
ii. differentiate between two and three columnar cashbooks 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.
v. Identify various petty cash expense;
i. determine the cash float;
ii. differentiate between two and three columnar cashbooks 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.
v. Identify various petty cash expense;
JAMB Syllabus For Principles Of Accounts | 5. Bank Transactions and Reconciliation Statements
Topics:
a. Instrument of bank transactions
b. e-banking system
c. Courses of discrepancies between cashbook and bank statement
d. Bank reconciliation statement
b. e-banking system
c. Courses of discrepancies between cashbook and bank statement
d. Bank reconciliation statement
Objectives:
Candidates should be able to :
i. identify bank documents such as cheques, pay-in-slips, credit and debit cards and their uses;
ii. assess the impact of automated credit system, credit transfers, interbank transfers and direct debit on cash balances;
iii. list factors that cause discrepancies between balances of cashbook and bank statements
iv. prepare adjusted cashbook balance
v. prepare bank reconciliation statements.
i. identify bank documents such as cheques, pay-in-slips, credit and debit cards and their uses;
ii. assess the impact of automated credit system, credit transfers, interbank transfers and direct debit on cash balances;
iii. list factors that cause discrepancies between balances of cashbook and bank statements
iv. prepare adjusted cashbook balance
v. prepare bank reconciliation statements.
JAMB Syllabus For Principles Of Accounts | 6. The Final Accounts of a Sole Trader
Topics:
a. Income statement (Trading and profit and loss account)
b. Statement of financial position (Balance sheet)
c. Adjustments:
i. provision for bad and doubtful debt
ii. provision for discounts
iii. provision for depreciation using straight-line and reducing balance methods
iv. accruals and prepayments
b. Statement of financial position (Balance sheet)
c. Adjustments:
i. provision for bad and doubtful debt
ii. provision for discounts
iii. provision for depreciation using straight-line and reducing balance methods
iv. accruals and prepayments
Objectives:
Candidates should be able to:
i. determine the cost of sales, gross profit and net profit of a sole trader;
ii. identify fixed assets, current assets, long- term liabilities, current liabilities and proprietor’s capital;
iii. compute adjustable items on the related expenditure and income in the profit and loss account;
iv. relate the adjustable items and their corresponding disclosure in the statement of financial position;
v. differentiate between bad debts and provision for bad and doubtful debts.
i. determine the cost of sales, gross profit and net profit of a sole trader;
ii. identify fixed assets, current assets, long- term liabilities, current liabilities and proprietor’s capital;
iii. compute adjustable items on the related expenditure and income in the profit and loss account;
iv. relate the adjustable items and their corresponding disclosure in the statement of financial position;
v. differentiate between bad debts and provision for bad and doubtful debts.
JAMB Syllabus For Principles Of Accounts | 7. Stock Valuation
Topics:
a. Methods of cost determination using FIFO, LIFO and simple average
b. The advantages and disadvantages of the methods
c. The importance of stock valuation
b. The advantages and disadvantages of the methods
c. The importance of stock valuation
Objectives:
Candidates should be able to:
i. determine the cost of materials issued to production or cost of goods sold 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;
iv. determine the effects of stock valuation on trading, profits and cost of goods sold.
i. determine the cost of materials issued to production or cost of goods sold 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;
iv. determine the effects of stock valuation on trading, profits and cost of goods sold.
JAMB Syllabus For Principles Of Accounts | 8. Control Accounts and Self-balancing Ledgers
Topics:
a. Importance of control accounts
b. Purchases ledger control account
c. Sales ledger control account
b. Purchases ledger control account
c. Sales ledger control account
Objectives:
Candidates should be able to:
i. determine the importance of control accounts in a business enterprise;
ii. differentiate between sales ledger control account and purchases ledger control account;
iii. identify the individual elements of control accounts;
iv. prepare the control accounts
i. determine the importance of control accounts in a business enterprise;
ii. differentiate between sales ledger control account and purchases ledger control account;
iii. identify the individual elements of control accounts;
iv. prepare the control accounts
JAMB Syllabus For Principles Of Accounts | 9. Incomplete Records and Single Entry
Topics:
a. Conversion of single entry to double entry
b. Determination of missing figures
c. Preparation of final accounts from incomplete records
b. Determination of missing figures
c. Preparation of final accounts from incomplete records
Objectives:
Candidates should be able to:
i. determine proprietor’s capital using statement of affairs;
ii. determine the amount of sales, purchases, cash balances, debtors, creditors and expenses by converting single entry to double entry;
iii. use accounting equations and gross profit percentage to determine gross profit or cost of sales.
i. determine proprietor’s capital using statement of affairs;
ii. determine the amount of sales, purchases, cash balances, debtors, creditors and expenses by converting single entry to double entry;
iii. use accounting equations and gross profit percentage to determine gross profit or cost of sales.
JAMB Syllabus For Principles Of Accounts | 10. Manufacturing Accounts
Topics:
a. Cost classification
b. Cost apportionment
c. Preparation of manufacturing account
b. Cost apportionment
c. Preparation of manufacturing account
Objectives:
Candidates should be able to:
i. calculate prime cost, production overhead, production cost and total cost;
ii. determine the basis of apportionment into production, administration, selling and distribution.
i. calculate prime cost, production overhead, production cost and total cost;
ii. determine the basis of apportionment into production, administration, selling and distribution.
JAMB Syllabus For Principles Of Accounts | 11. Accounts of Not-For-Profit-Making Organizations.
Topics:
a. Objectives of Not-For-Profit-Making organizations
b. Receipts and payments account
c. Income and expenditure account
d. Statement of financial position (Balance sheet)
b. Receipts and payments account
c. Income and expenditure account
d. Statement of financial position (Balance sheet)
Objectives:
Candidates should be able to:
i. distinguish between the features of Not-for-profit-making organizations;
ii. determine the subscription income, subscription in arrears and in advance;
iii. compute the cash balances and accumulated funds, surplus and deficit for the period from all sources.
iv. Prepare:
a. receipts and payments account
b. income and expenditure account
c. statement of financial position
i. distinguish between the features of Not-for-profit-making organizations;
ii. determine the subscription income, subscription in arrears and in advance;
iii. compute the cash balances and accumulated funds, surplus and deficit for the period from all sources.
iv. Prepare:
a. receipts and payments account
b. income and expenditure account
c. statement of financial position
JAMB Syllabus For Principles Of Accounts | 12. Departmental Accounts
Topics:
a. Objectives
b. Apportionment of expenses
c. Departmental trading and profit and loss account
b. Apportionment of expenses
c. Departmental trading and profit and loss account
Objectives:
Candidates should be able to:
i. identify the reasons for departmental accounts;
ii. determine the expenses associated with individual departments;
iii. compute departmental profits or losses.
i. identify the reasons for departmental accounts;
ii. determine the expenses associated with individual departments;
iii. compute departmental profits or losses.
JAMB Syllabus For Principles Of Accounts | 13. Branch Accounts
Topics:
a. Objectives
b. Branch accounts in the head office books
c. Head office account
d. Reconciliation of branch and head office books
b. Branch accounts in the head office books
c. Head office account
d. Reconciliation of branch and head office books
Objectives:
Candidates should be able to:
i. determine the reasons for branch accounts;
ii. calculate profits and losses from branches;
iii.determine the sources of differences and reconcile them.
i. determine the reasons for branch accounts;
ii. calculate profits and losses from branches;
iii.determine the sources of differences and reconcile them.
JAMB Syllabus For Principles Of Accounts | 14. Joint Venture Accounts
Topics:
a. Objectives
b. Personal accounts of venturers
c. Memorandum Joint venture accounts
b. Personal accounts of venturers
c. Memorandum Joint venture accounts
Objectives:
Candidates should be able to:
i. identify the objectives of Joint Venture;
ii. determine the profit or loss of the Joint Venture;
iii.determine the profit or loss of each venture.
i. identify the objectives of Joint Venture;
ii. determine the profit or loss of the Joint Venture;
iii.determine the profit or loss of each venture.
JAMB Syllabus For Principles Of Accounts | 15. Partnership Accounts
Topics:
a. Formation of partnership
b. Profit and loss account
c. Appropriation account
d. Partners current and capital accounts
e. Treatment of goodwill
f. Admission/retirement of a partner
g. Dissolution of partnership
h. Conversion of a partnership to a company
b. Profit and loss account
c. Appropriation account
d. Partners current and capital accounts
e. Treatment of goodwill
f. Admission/retirement of a partner
g. Dissolution of partnership
h. Conversion of a partnership to a company
Objectives:
Candidates should be able to:
i. determine the instruments of partnership formation;
ii. categorize all accounts necessary for partnership;
iii. determine the effects of admission and retirement of a partner;
iv. prepare revaluation account
v. identify the accounts required for dissolution and conversion to a company;
vi. determine the partners share of profits or losses
i. determine the instruments of partnership formation;
ii. categorize all accounts necessary for partnership;
iii. determine the effects of admission and retirement of a partner;
iv. prepare revaluation account
v. identify the accounts required for dissolution and conversion to a company;
vi. determine the partners share of profits or losses
JAMB Syllabus For Principles Of Accounts | 16. Introduction to Company Accounts
Topcs:
a. Formation and classification of companies
b. Issue of shares and debentures
c. Final accounts of companies
d. Interpretation of accounts using ratios.
e. Distinction between capital and revenue reserves
b. Issue of shares and debentures
c. Final accounts of companies
d. Interpretation of accounts using ratios.
e. Distinction between capital and revenue reserves
Objectives:
Candidates should be able to:
i. differentiate between types of companies;
ii. identify the processes and procedures of recording the issue of shares and debentures;
iii. compute elements of final accounts of companies;
iv. Interprete the accounts for decision making using ratios such as current, acid test and stock turnover.
i. differentiate between types of companies;
ii. identify the processes and procedures of recording the issue of shares and debentures;
iii. compute elements of final accounts of companies;
iv. Interprete the accounts for decision making using ratios such as current, acid test and stock turnover.
JAMB Syllabus For Principles Of Accounts | 17. Public Sector Accounting
Topics:
a. Comparison of cash and accrual basis of accounting
b. Sources of government revenue
c. Capital and recurrent expenditure
d. Consolidated revenue fund
e. Statement of assets and liabilities
f. Responsibilities and powers of:
i. The Accountant General
ii. The Auditor General
i. The Minister of Finance
ii. The Treasurer of local government
g. Instruments of financial regulation
b. Sources of government revenue
c. Capital and recurrent expenditure
d. Consolidated revenue fund
e. Statement of assets and liabilities
f. Responsibilities and powers of:
i. The Accountant General
ii. The Auditor General
i. The Minister of Finance
ii. The Treasurer of local government
g. Instruments of financial regulation
Objectives:
Candidates should be able to:
i. differentiate between public sector accounting and private sector accounting;
ii. identify the sources of government revenue;
iii. differentiate between capital and recurrent expenditure;
iii. calculate consolidated revenue fund and determine the values of assets and liabilities;
iv. analyse the duties of the Accountant General, the Auditor General, the Minister of Finance and the Treasurer of local government;
v. distinguish between the elements of control in government accounting procedures e.g. virement, warrant, votes, authority to incur expenditure, budget and due process certificate.
i. differentiate between public sector accounting and private sector accounting;
ii. identify the sources of government revenue;
iii. differentiate between capital and recurrent expenditure;
iii. calculate consolidated revenue fund and determine the values of assets and liabilities;
iv. analyse the duties of the Accountant General, the Auditor General, the Minister of Finance and the Treasurer of local government;
v. distinguish between the elements of control in government accounting procedures e.g. virement, warrant, votes, authority to incur expenditure, budget and due process certificate.
JAMB Syllabus For Principles Of Accounts | 18. Information Technology in Accounting
Topics:
a. Manual and computerized accounting processing system
b. Processes involved in data processing
c. Computer hardware and software
d. Advantages and disadvantages of manual and computerized accounting processing system
b. Processes involved in data processing
c. Computer hardware and software
d. Advantages and disadvantages of manual and computerized accounting processing system
Objectives:
Candidates should be able to:
i. relate and differentiate between manual and computerized accounting processing system;
ii. identify the processes involved in data processing;
iii. relate the different components of computer;
iv. identify the advantages and disadvantages of manual and computerized accounting processing system
i. relate and differentiate between manual and computerized accounting processing system;
ii. identify the processes involved in data processing;
iii. relate the different components of computer;
iv. identify the advantages and disadvantages of manual and computerized accounting processing system
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