JAMB Principles of Accounts Syllabus
This is the JAMB UTME syllabus for Principles of Accounts, covering 18 topics. Each topic lists what you are expected to study and the objectives — what you should be able to do — based on the official JAMB syllabus.
General Objectives
The Principles of Accounts syllabus is designed to enable candidates to:
- Stimulate and sustain candidates' interest in Principles of Accounts
- Use the basic knowledge of and practical skills in Accounting
- Apply the knowledge and interpretation of accounting information to decision making
- Determine the relevance of accounting information to business and governments
- Use information and communication technology for present and future challenges
- Use current accounting principles in financial reporting
Detailed Principles of Accounts Syllabus
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Nature and Significance of Accounting
Contents
- Development of accounting (including branches of accounting)
- Objectives of bookkeeping and accounting
- Users and characteristics of accounting information
- Principles, concepts and conventions of accounting
- Role of accounting records and information
Objectives — candidates should be able to:
- Differentiate between bookkeeping and accounting
- Apply the historical development of accounting for future advancement
- Use appropriate principles, concepts and conventions in problem-solving
- Examine the role of accounting records in decision-making
- List the branches of accounting (cost, management, auditing, financial, taxation)
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Principles of Double Entry
Contents
- Functions of source documents
- Books of original entry
- Accounting equation
- The ledger and its classifications
- Trial balance
- Types and treatment of errors and uses of suspense account
Objectives — candidates should be able to:
- Relate source documents to their uses
- Connect source documents to the appropriate books of original entry
- Determine the effects of changes in the accounting equation
- Identify the roles of double entry and post transactions to the ledger divisions
- Balance ledger accounts
- Extract trial balances and determine their uses
- Identify types of errors and the necessary corrections
- Create suspense accounts
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Ethics in Accounting
Contents
- Objectives of ethics in accounting
- Qualities of an accountant
Objectives — candidates should be able to:
- Apply ethics when preparing and presenting accounting reports
- List the qualities of an accountant: honesty, integrity, transparency, accountability and fairness
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Cashbook
Contents
- Columnar cashbooks
- Discounts
- Petty cashbook and the imprest system
Objectives — candidates should be able to:
- Determine cash float
- Differentiate between two- and three-columnar cashbooks and their recording procedures
- Distinguish between trade and cash discounts
- Examine the effects of both discount types in the accounting books
- Identify various petty cash expenses
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Bank Transactions and Reconciliation Statements
Contents
- Instruments of bank transactions
- E-banking system
- Causes of discrepancies between cashbook and bank statement
- Bank reconciliation statement
Objectives — candidates should be able to:
- Identify bank documents (cheques, pay-in-slips, cards) and their uses
- Assess the impacts of automated credit systems and transfers on cash balances
- List the factors causing cashbook-to-bank-statement discrepancies
- Prepare adjusted cashbook balances
- Prepare bank reconciliation statements
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The Final Accounts of a Sole Trader
Contents
- Income statement (trading and profit and loss account)
- Statement of financial position (balance sheet)
- Adjustments: provision for bad and doubtful debts
- Provision for discounts
- Provision for depreciation (straight-line and reducing balance methods)
- Accruals and prepayments
Objectives — candidates should be able to:
- Determine cost of sales, gross profit and net profit
- Identify fixed assets, current assets, long-term and current liabilities, and proprietor's capital
- Compute adjustable items related to expenditure and income
- Relate adjustments to statement of financial position disclosures
- Differentiate between bad debts and provisions for bad and doubtful debts
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Stock Valuation
Contents
- Methods of cost determination using FIFO, LIFO and simple average
- Advantages and disadvantages of the methods
- Importance of stock valuation
Objectives — candidates should be able to:
- Determine material costs and goods sold using FIFO, LIFO and simple average
- Calculate closing stock using these three methods
- Compare the advantages and disadvantages of each approach
- Determine the effects of valuation methods on trading, profits and cost of goods sold
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Control Accounts and Self-balancing Ledgers
Contents
- Importance of control accounts
- Purchases ledger control account
- Sales ledger control account
Objectives — candidates should be able to:
- Determine the importance of control accounts in business operations
- Differentiate between sales and purchases ledger control accounts
- Identify the individual elements of a control account
- Prepare control accounts
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Incomplete Records and Single Entry
Contents
- Conversion of single entry to double entry
- Determination of missing figures
- Preparation of final accounts from incomplete records
Objectives — candidates should be able to:
- Determine proprietor's capital using a statement of affairs
- Calculate sales, purchases, cash balances, debtors, creditors and expenses by converting single to double entry
- Use accounting equations and gross profit percentages to determine gross profit or cost of sales
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Manufacturing Accounts
Contents
- Cost classification
- Cost apportionment
- Preparation of manufacturing account
Objectives — candidates should be able to:
- Calculate prime cost, production overhead, production cost and total cost
- Determine the bases of apportionment for production, administration, selling and distribution costs
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Accounts of Not-For-Profit-Making Organisations
Contents
- Objectives of not-for-profit-making organisations
- Receipts and payments account
- Income and expenditure account
- Statement of financial position (balance sheet)
Objectives — candidates should be able to:
- Distinguish the features of not-for-profit organisations
- Determine subscription income, arrears and amounts paid in advance
- Compute cash balances, accumulated funds, surplus and deficit
- Prepare receipts and payments accounts, income and expenditure accounts, and statements of financial position
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Departmental Accounts
Contents
- Objectives of departmental accounts
- Apportionment of expenses
- Departmental trading and profit and loss account
Objectives — candidates should be able to:
- Identify the reasons for departmental accounts
- Determine the expenses associated with individual departments
- Compute departmental profits or losses
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Branch Accounts
Contents
- Objectives of branch accounts
- Branch accounts in the head office books
- Head office account
- Reconciliation of branch and head office books
Objectives — candidates should be able to:
- Determine the reasons for branch accounts
- Calculate branch profits and losses
- Identify the sources of differences and reconcile them
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Joint Venture Accounts
Contents
- Objectives of joint venture accounts
- Personal accounts of venturers
- Memorandum joint venture account
Objectives — candidates should be able to:
- Identify the objectives of a joint venture
- Determine the joint venture profit or loss
- Calculate individual venturer profit or loss
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Partnership Accounts
Contents
- Formation of partnership
- Profit and 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
Objectives — candidates should be able to:
- Determine the instruments of partnership formation
- Categorise all the necessary partnership accounts
- Determine the effects of partner admission and retirement
- Prepare revaluation accounts
- Identify the accounts required for dissolution and company conversion
- Determine partners' shares of profit or loss
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Introduction to Company Accounts
Contents
- Formation and classification of companies
- Issue of shares and debentures
- Final accounts of companies
- Interpretation of accounts using ratios
- Distinction between capital and revenue reserves
Objectives — candidates should be able to:
- Differentiate between types of companies
- Identify the processes and procedures for recording the issue of shares and debentures
- Compute the elements of company final accounts
- Interpret accounts for decision-making using ratios: current, acid test and stock turnover
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Public Sector Accounting
Contents
- Comparison 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 the Accountant General, the Auditor General, the Minister of Finance and the Treasurer of local government
- Instruments of financial regulation
Objectives — candidates should be able to:
- Differentiate between public and private sector accounting
- Identify the sources of government revenue
- Distinguish between capital and recurrent expenditure
- Calculate the consolidated revenue fund and determine asset and liability values
- Analyse the duties of the Accountant General, Auditor General, Minister of Finance and local government Treasurer
- Distinguish between government accounting control elements: virement, warrant, votes, authority to incur expenditure, budget and due process certificate
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Information Technology in Accounting
Contents
- Manual and computerised accounting processing systems
- Processes involved in data processing
- Computer hardware and software
- Advantages and disadvantages of manual and computerised systems
Objectives — candidates should be able to:
- Relate and differentiate between manual and computerised processing systems
- Identify the procedures involved in data processing
- Relate the different components of a computer
- Identify the advantages and disadvantages of both system types
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 (2nd ed.). Berkshire: Chapman and Hall.
- Ekwere, A. B. (1997). Contemporary Accounting. Abuja: Aflon.
- Ekwue, K. C. (2010). Principles of Accounts, Books 1 & 2. Onitsha: Adson Publishing Company.
- 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.
Frequently Asked Questions
- How many topics are in the JAMB Principles of Accounts syllabus?
- The syllabus covers 18 topics, running from the nature and significance of accounting and the principles of double entry through final accounts, partnership and company accounts, public sector accounting, and information technology in accounting.
- What are the main focus areas of the JAMB Principles of Accounts syllabus?
- The heaviest-weighted areas are double entry and the ledger, the final accounts of a sole trader (with adjustments), cashbook and bank reconciliation, control accounts, incomplete records, partnership accounts, and company accounts. These practical, computation-based topics dominate the exam, with theory topics like ethics and IT in accounting tested more lightly.
- Is Principles of Accounts a calculation-heavy subject in JAMB?
- Yes. Most questions require preparing accounts and computing figures — gross and net profit, cost of sales, depreciation, stock valuation by FIFO/LIFO/average, control account balances, missing figures from incomplete records, partnership appropriations, and accounting ratios. Strong arithmetic and double-entry discipline are essential.
- What accounting concepts and conventions should I know for JAMB?
- Candidates should understand the principles, concepts and conventions of accounting (such as accruals, going concern, prudence, consistency and matching), the accounting equation, and the role of accounting records and information in decision making — all covered under the Nature and Significance of Accounting topic.
- Does the JAMB Principles of Accounts syllabus include public sector accounting?
- Yes. Public sector accounting is a full topic covering cash versus accrual basis, sources of government revenue, capital and recurrent expenditure, the consolidated revenue fund, statements of assets and liabilities, and the roles of the Accountant General, Auditor General, Minister of Finance and local government Treasurer, plus financial regulation instruments like virement, warrants and votes.
- What types of final accounts are tested in JAMB Principles of Accounts?
- The syllabus tests final accounts of a sole trader, partnerships, limited companies, not-for-profit organisations (receipts and payments, income and expenditure accounts), manufacturing accounts, departmental accounts, branch accounts and joint venture accounts — making final-account preparation the broadest skill across the syllabus.
- Are stock valuation methods like FIFO and LIFO part of the JAMB syllabus?
- Yes. The Stock Valuation topic requires candidates to determine cost of goods and closing stock using FIFO, LIFO and simple average methods, compare their advantages and disadvantages, and assess how each method affects profit and cost of goods sold.
- What is the best way to prepare for JAMB Principles of Accounts?
- Master double entry first, then work through past questions on final accounts, control accounts, bank reconciliation, incomplete records and partnership/company accounts. Use the recommended texts such as Igben's Financial Accounting Made Simple and Longe & Kazeem's Essential Financial Accounting, and practise full account preparation under timed conditions since the exam rewards accuracy and speed.
Source: the official JAMB UTME syllabus (jamb.gov.ng / IBASS). Always confirm details against the official syllabus.