JAMB Principles of Accounting Syllabus

Contents / notes

• 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
• Career opportunities in Book Keeping and Accounting

Candidate objectives

• Differentiate between Book Keeping and Accounting.
• Understand the historical background of Book Keeping and Accounting.
• Apply the right principles, concepts and conventions to solving Accounting problems.
• Understand the role of Accounting information in decision making.
• Identify the types and branches of Accounting, including Cost Accounting, Management Accounting, Auditing, Financial Accounting, Forensic Accounting, Social and Environmental Accounting, Government Accounting and Taxation.
• Identify the different career opportunities in Book Keeping and Accounting.

Contents / notes

• Source documents
• Books of original entry
• Accounting equation
• Ledger and its classifications
• Trial balance
• Types and correction of errors
• Suspense Account

Candidate objectives

• Identify various source documents and their uses.
• Relate source documents to the various books of original entry.
• Determine the effect of changes in elements of the Accounting equation.
• Understand the role of double-entry principles in treating financial transactions.
• Extract a trial balance from ledger accounts.
• Identify various types of errors and their corrections.
• Correct errors using a suspense account.

Contents / notes

• Objectives
• Qualities of an Accountant
• Accounting professional bodies in Nigeria
• Accounting regulatory bodies

Candidate objectives

• Understand the ethics required in preparing and presenting Accounting information.
• Understand qualities of an Accountant such as honesty, integrity, transparency, accountability and fairness.
• Understand the purpose and functions of Accounting professional bodies in Nigeria.
• Understand the purpose and functions of Accounting regulatory bodies in Nigeria, such as the Financial Reporting Council of Nigeria (FRCN), Corporate Affairs Commission (CAC) and International Accounting Standards Board (IASB).

Contents / notes

• Columnar Cash Books: single column
• Columnar Cash Books: double column
• Columnar Cash Books: three column
• Discounts
• Petty Cash Book and imprest system

Candidate objectives

• Determine the cash float.
• Differentiate between two-column and three-column cash books and explain how transactions are recorded in them.
• Differentiate between trade and cash discounts.
• Examine the effects of trade and cash discounts in the books of accounts.
• Identify various petty cash expenses.

Contents / notes

• Instruments of bank transactions
• E-banking system
• Causes of discrepancies between cash book and bank statement
• Bank reconciliation statement
• Adjusted cash book

Candidate objectives

• Identify various instruments of bank transactions, such as cheques, pay-in-slips, credit cards, debit cards and internet banking, and explain their uses.
• Assess the impact of automated credit systems, credit transfers, interbank transfers and direct debit on cash balances.
• Identify factors that cause discrepancies between cash book balance and bank statement.
• Determine the adjusted cash book balance.

Contents / notes

• Statement of profit or loss or income statement
• Statement of financial position
• Provision for bad and doubtful debt
• Provision for discounts
• Provision for depreciation using straight-line and reducing-balance methods
• Accruals and prepayments

Candidate objectives

• Determine the cost of sales, gross profit and net profit of a sole trader.
• Identify non-current assets, current assets, long-term liabilities, current liabilities and proprietor's capital.
• Compute adjustable items relating to expenditure and income in the statement of profit or loss.
• Differentiate between bad debts and provision for bad and doubtful debts.

Contents / notes

• Meaning and purpose of stock valuation
• Methods of stock valuation, including FIFO, LIFO and simple average
• Advantages and disadvantages of the methods

Candidate objectives

• Determine the value of materials issued to the production department using FIFO, LIFO and simple average.
• Calculate the closing stock of materials or finished goods using FIFO, LIFO and simple average.
• Compare the advantages and disadvantages of each method of stock valuation.
• Determine the effects of stock valuation on elements of the income statement.

Contents / notes

• Meaning and uses of control accounts
• Purchases ledger control account
• Sales ledger control account

Candidate objectives

• Understand the meaning of control accounts.
• Identify the uses of control accounts in a business enterprise.
• Differentiate between sales ledger control account and purchases ledger control account.
• Identify the entries in control accounts.

Contents / notes

• Meaning of incomplete records and single entry
• Differences between incomplete records and single entry
• Determination of missing figures
• Preparation of final accounts from incomplete records
• Conversion of single entry to double entry

Candidate objectives

• Understand and differentiate between incomplete records and single entry.
• Determine proprietor's capital using a statement of affairs.
• Determine sales, purchases, cash balances, debtors, creditors and expenses by converting single entry to double entry.
• Use Accounting equations and gross and net profit percentages to determine cost of sales, gross profit and net profit.

Contents / notes

• Purpose of manufacturing account
• Cost classification
• Cost apportionment
• Preparation of manufacturing account

Candidate objectives

• Identify the reason for preparing a manufacturing account.
• Calculate prime cost, overhead cost, production cost and total cost.
• Determine the basis of cost apportionment among production, administration, selling and distribution.

Contents / notes

• Objectives
• Receipts and payments account
• Income and expenditure account
• Statement of financial position

Candidate objectives

• Distinguish between profit-oriented and not-for-profit-making organizations.
• Determine annual subscription, subscription in arrears and subscription in advance.
• Compute cash balances, accumulated funds, surplus or deficit for the period.

Contents / notes

• Objectives
• Apportionment of incomes and expenses
• Departmental statement of profit or loss
• Inter-departmental transfer

Candidate objectives

• Identify the reasons for preparing departmental accounts.
• Determine the expenses and incomes attributable to departments.
• Compute departmental profit or loss.
• Understand the Accounting treatment of inter-departmental transfers.

Contents / notes

• Objectives
• Types of branches
• Pricing methods and accounts maintained by head office
• Account maintained by a branch
• Reconciliation of branch and head office books

Candidate objectives

• Understand the reasons for preparing branch accounts.
• Differentiate between types of branches.
• Calculate profit or loss from branches.
• Reconcile differences between branch and head office accounts.

Contents / notes

• Objectives and features
• Forms of joint ventures
• Accounting procedures
• Memorandum joint venture accounts

Candidate objectives

• Identify the objectives and features of joint ventures.
• Identify the forms of joint ventures.
• Identify the Accounting procedures of joint ventures.
• Determine the profit or loss of a joint venture.

Contents / notes

• Formation of partnership
• Partners' current and capital accounts
• Partnership final accounts: profit or loss account
• Partnership final accounts: appropriation account
• Partnership final accounts: statement of financial position
• Treatment of goodwill
• Admission or retirement of a partner
• Dissolution of partnership

Candidate objectives

• Understand the procedures for the formation of a partnership.
• Identify the accounts maintained for a partnership business.
• Determine the effects of admission and retirement of a partner.
• Determine profit or loss on revaluation of assets.
• Determine the partners' share of profit or loss on dissolution.

Contents / notes

• Formation and classification of companies
• Issue of shares and debentures
• Final accounts of companies: statement of profit or loss
• Final accounts of companies: statement of financial position
• Accounting ratios
• Distinction between capital and revenue reserves

Candidate objectives

• Differentiate between types of companies.
• Identify the procedures for accounting for the issue of shares and debentures.
• Compute the elements of final accounts of companies.
• Compute and interpret Accounting ratios such as current ratio, acid-test ratio and stock turnover.

Contents / notes

• Accounting basis in the public sector
• Sources of government revenue
• Capital and recurrent expenditure
• Consolidated Revenue Fund
• Statement of assets and liabilities
• Responsibilities and powers of the Accountant General
• Responsibilities and powers of the Auditor General
• Responsibilities and powers of the Minister of Finance
• Responsibilities and powers of the Treasurer of Local Government
• Instruments of financial regulation
• Current issues in public sector Accounting: Treasury Single Account (TSA)
• International Public Sector Accounting Standards (IPSAS)
• Integrated Payroll and Personnel Information System (IPPIS)

Candidate objectives

• Differentiate between public and private sector Accounting.
• Identify the sources of government revenue.
• Differentiate between capital and recurrent expenditure.
• Calculate the Consolidated Revenue Fund and determine the values of assets and liabilities.
• Identify the duties of the Accountant General, Auditor General, Minister of Finance and Treasurer of Local Government.
• Distinguish between elements of control in government Accounting procedures, such as warrants, votes, budgets and due process certificates.
• Understand current trends in public sector Accounting.

Contents / notes

• Manual and computerized Accounting processing systems
• Procedures involved in data processing
• Digitization and digital technologies in Accounting
• Machine learning and artificial intelligence (AI)
• Data analytics
• Mobile Accounting
• Special Accounting software
• Blockchain technology in Accounting systems
• Virtual Accounting

Candidate objectives

• Differentiate between manual and computerized Accounting processing systems.
• Identify the procedures involved in data processing.
• Identify the digital technologies used in Accounting processing systems.
• Understand the benefits of blockchain technology in Accounting systems.
• Identify services provided by virtual accountants, such as bookkeeping, payroll processing, tax preparation, bank, credit and loan account reconciliation, and financial statement preparation.
• Identify the advantages and disadvantages of computerized Accounting processing systems.