______Accounts - Principles of
Accounts Syllabus from JAMB____
The aim of this 2016/2017 Unified Tertiary
Matriculation Examination (UTME) syllabus in
Principles of Accounts is to prepare the candidates
for the Board's examination. It is designed to test
their achievement of the course objectives, which
are to:
1. Stimulate and sustain their interest in Principles
of Accounts;
2. Use the basic knowledge of and practical skills
in Accounting;
3. Apply the knowledge and interpretation of
accounting information to decision making;
4. Determine the relevance of accounting
information to business and governments;
5. Use information and communication technology
for present and future challenges.
6. Use current accounting principles in financial
reporting.
TOPICS/CONTENTS/
NOTES
OBJECTIVES
1. Nature and
Significance of
Accounting
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
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.
2. Principles of Double
Entry
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
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.
3. Ethics in Accounting
a. Objectives
b. Qualities of an
Accountant
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.
4. Cashbook
a. Columnar cashbooks
b. Discounts
c. Petty cashbook and
the imprest system
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;
5. Bank Transactions
and Reconciliation
Statements
a. Instrument of bank
transactions
b. e-banking system
c. Courses of
discrepancies between
cashbook and bank
statement
d. Bank reconciliation
statement
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.
6. The Final Accounts of
a Sole Trader
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
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.
7. Stock Valuation
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
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.
8. Control Accounts and
Self-balancing Ledgers
a. Importance of control
accounts
b. Purchases ledger
control account
c. Sales ledger control
account
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
9. Incomplete Records
and Single Entry
a. Conversion of single
entry to double entry
b. Determination of
missing figures
c. Preparation of final
accounts from
incomplete records
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.
10. Manufacturing
Accounts
a. Cost classification
b. Cost apportionment
c. Preparation of
manufacturing account
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.
11. Accounts of Not-
For-Profit-Making
Organizations.
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)
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
12. Departmental
Accounts
a. Objectives
b. Apportionment of
expenses
c. Departmental trading
and profit and loss
account
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.
13. Branch Accounts
a. Objectives
b. Branch accounts in
the head office books
c. Head office account
d. Reconciliation of
branch and head office
books
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.
14. Joint Venture
Accounts
a. Objectives
b. Personal accounts of
venturers
c. Memorandum Joint
venture accounts
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.
15. Partnership
Accounts
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
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
16. Introduction to
Company Accounts
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
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.
17. Public Sector
Accounting
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
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.
18. Information
Technology in
Accounting
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
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
RECOMMENDED TEXTS
Abdullahi D. Z. (2014) Modern Financial
Accounting, Husab Global Press Concept Ltd.
Adeifa O. Ajileye, J. O and Oluwasanna, R. O
(2001) Get your Financial Accounting Right. Book
One:
Oyo, Tenlad Press International.
Ajileye, J. O. and Adetifa O. (2001); Get your
Financial Accounting Right, Book Two: Lagos:
De Hadey Printing Services
Akinduko, A. O (2001) Basic Accounting: Akure:
Spetins
Awoyemi, E. O. (1989) A guide to Government
Accounting and Internal Audit, Ibadan: Onibonje
Press
Dodge, R. (2002) Foundation of Business
Accounting, (Second Edition), Bershire: Chapman
and Hall
Ekwere, A. B. (1997) Contemporary Accounting,
Abuja: Aflon Finance (Control and Management) Act
1959
Ekwue K. C. (2010) Principles of Accounts, Book 1
& 2, Adson Publishing Company, Onitsha
Femi L. (2013) Simplified and Amplified Financial
Accounting
Frankwood and Alan S. (2002) Frankwood's
Business Accounting, Prentice Hall International
Edition
Hassan M. M. (2001), Government Accounting,
Lagos: Malthouse Press Limited
Igben, R. O. (2004) Financial Accounting Made
Simple (Vol. I) Lagos: Roi Publishers
Longe, O. A. and Kazeem, R. A (2006) Essential
Financial Accounting for Senior Secondary
Schools:
Lagos: Tonad Publishers Limited
Millichamp, A. H. (1989) Foundation Accounting:
An Introduction manual for Accounting Students,
London: DP Publications
Okwoli, A. A. (1995) Financial Accounting, Zaria:
Tamaza Publishers
Oshisami, K. (1997) Government Accounting and
Financial Control: Ibadan: Spectrum
Wisdomline Pass at Once JAMB.
