JAMB Syllabus For Principles of Account PDF Download 2021/2022

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Are you looking for JAMB syllabus for Principles of Account for 2021/2022? If you really want to download Principles of Account JAMB syllabus then am very happy to inform you that we have made available for you in this post a link to download JAMB syllabus specially made for Principles of Account.

This is a notice to all JAMB candidates who will be sitting for the next JAMB examination that JAMB syllabus for Principles of Account for 2021/2022 has been released by the management of the Joint Admission and Matriculation Board.

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About JAMB Syllabus

Let us talk about JAMB syllabus. JAMB syllabus is a book in either printed copy or digital format that contains the list of topics you need to read/study for the selected subject combinations for your proposed course of study. These topics for each of the four subjects you will be writing in JAMB is where questions will come out from for that particular subject during JAMB examination.

Since we are currently talking about Principles of Account, It therefore means that JAMB Syllabus for Principles of Account is an outline that contains all Principles of Account topics that you as a candidate is expected to study in preparation for JAMB.

Other Resources That May Interest You

JAMB Syllabus For Principles of Account 2021/2022

You may also want to check out JAMB Recommended Textbooks for Principles of Account here.

Objective

The very main objective of this 2021/2022 JAMB Accounts Syllabus for Joint Admission and Matriculation Board (JAMB), 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.

 

1. 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

 

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.

 

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

 

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.

 

3. Ethics in Accounting

 

Topics: 

a. Objectives
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.

4. Cashbook

 

Topics: 

a. Columnar cashbooks
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;

 

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

 

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.

 

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

 

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.

 

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

 

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.

8. Control Accounts and Self-balancing Ledgers

 

Topics: 

a. Importance of control accounts
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

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

 

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.

10. Manufacturing Accounts

 

Topics: 

a. Cost classification
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.

 

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)

 

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

 

12. Departmental Accounts

 

Topics: 

a. Objectives
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.

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

 

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.

14. Joint Venture Accounts

 

Topics: 

a. Objectives
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.

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

 

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

16. Introduction to Company Accounts

 

Topics:

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

 

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. Interpret the accounts for decision making using ratios such as current, acid test and stock turnover.

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

 

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.

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

 

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.

JAMB Syllabus For Accounting PDF Download

Earlier on, I mentioned that I am going to provide you a link to download PDF of JAMB Syllabus for Accounting. Click on the link below to download JAMB syllabus for Accounting PDF.

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