Principles of Accounts syllabus for Jamb

Part 1: Jamb syllabus for Principles of Account topic 1 to 5

1. Nature and significance of Book Keeping and Accounting

• Development of Accounting (including branches of accounting)
• Objectives of Book Keeping and accounting
• Users and characteristics of Accounting information
• Principles, concepts and conventions of Accounting (nature, significance and application)
• Role of Accounting records and information
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2. Principles of Double Entry

• Source documents
• Books of original Entry
• Accounting equation
• Ledger and its classifications
• Trial balance
• Types and correction of errors
• Suspense account
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3. Ethics in Accounting

• Objectives
• Qualities of an Accountants
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4. Cash Book

• Columnar Cash Books: (i) single column (ii) double column (iii) Three column
• Discounts
• Petty Cash Book and imprest system
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5. Bank Transactions and Reconciliation Statements

• Instrument of bank transactions
• e-banking system
• Causes of discrepancies between cash book and bank statement
• Bank reconciliation statement
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6. Final Accounts of a Sole Trader

• Income statement (Trading and profit and loss account)
• Statement of financial position (Balance Sheet)
• Adjustments: (i) provision for bad and doubtful debt (ii) provision for discounts (iii) provision for depreciation using straightline and reducing balance methods (iv) accruals and prepayment
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7. Stock valuation

• Methods of stock valuation e.g FIFE, LIFO and simple average
• Advantages and disadvantages of the methods
• The importance of stock valuation
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8. Control Accounts and Self balancing Ledger

• Meaning and uses of control accounts
• Purchases ledger control account
• Sales ledger control account
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9. Incomplete Records and Single Entry

• Determinatoin of missing figures
• Preparation of final accounts from incomplete records
• Conversion of singe entry to double entry
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10. Manufacturing Accounts

• Cost classification
• Cost apportionment
• Preparation of manufacturing account
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11. Accounts of Not-for-profit Making Organizations

• Objectives
• Receipts and payment accounts
• Income and expenditure account
• Statement of financial position
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12. Departmental Accounts

• Objectives
• Apportionment of expenses
• Departmental trading and profit and loss account
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13. Branch Accounts

• Objectives
• Branch account in the head office Books
• Head office account
• Reconciliation of branch and head office books
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14. Joint Venture Accounts

• Objectives and features
• Personnel account of venturers
• Memorandum joint venture accounts
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15. Partnership Accounts

• Formation of partnership
• Profit or loss account
• Appropriation account
• Partners current and capital accounts
• Treatment of goodwill
• Admission/retirement of a partner
• Dissolution of partnership
• Conversion of a partnership to a company
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16. Introduction to Company Accounts

• Formation and classifictin of companies
• Issue of shares and debentures
• Final accounts of companies
• Accounting ratios
• Distinction between capital and revenue reserves
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17. Public Sector Accounting

• Companies of cash and accrual basis of Accounting
• Sources of government revenue
• Capital and recurrent expenditure
• Consolidated Revenue Fund
• Statement of assets and liabilities
• Responsibilities and powers of:

1. The Accountant General
2. The Auditor General
3. The Minister of Finance
4. The treasurer of Local Government

• Instruments of financial regulation
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18. Information Technologh in Accounting

• Manual and computerized Accounting processing system
• Procedures involved in data processing
• Computer hardware and software
• Advantages and disadvantages of manual and computerize Accounting Processing system
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