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Author Topic: Accounts - Principles of Accounts Syllabus from JAMB  (Read 536 times)

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Offline JEFFREY96

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Accounts - Principles of Accounts Syllabus from JAMB
« on: October 28, 2014, 08:02:43 pm »
The aim of the 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:
· Stimulate and sustain their interest in Principles of
Accounts;
· Use the basic knowledge of and practical skills in
Accounting;
· Apply the knowledge of interpretation of accounting
information to decision making;
· Determine the relevance of accounting to business
and governments;
· Use information and communication technology for
present and future challenges.
1. Nature and Significance
of Accounting
a. Development of
accounting (including
branches of accounting)
b. Objectives of book
keeping and accounting;
c. Principles, concepts and
conventions of accounting
(nature, significance and
application)
d. Role of accounting
records and information
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 use of
suspense account
Candidates should be able
to:
i. differentiate between
book keeping and
accounting;
ii. use the historical
background of book
keeping 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.
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. Cash Book
a. Petty cash book and the
imprest system
b. Columnar cash books
c. Discounts
4. Bank Transactions and
Reconciliation Statements
a. Instrument of bank
transactions
b. e-banking system
c. Courses of
discrepancies between
cash book and bank
statement
d. Bank reconciliation
statement
5. The Final Accounts of a
Sole Trader
a. Trading and profit and
loss account
b. 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
v. drawings
6. 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 cash float;
ii. identify various petty
cash expense;
iii. differentiate between
two and three columnar
cash books and how
transactions are recorded
in them;
iv. differentiate between
trade and cash discounts;
v. examine the effects of
trade and cash discounts in
the books of accounts.
Candidates should be able
to :
i. relate bank documents,
cheques, paying-in
documents, 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. detect errors and
omissions in the bank
statement and cash book;
iv. identify timing
differences;
v. calculate the bank
balance to be recorded in
the final accounts;
vi. determine the bank
statements balances.
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 balance sheet;
v. differentiate between
bad debts and provision
for bad and doubtful debts.
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 limitations of each
method of stock valuation;
iv. determine the effects of
stock valuation on trading,
profits and cost of goods
sold.
7. Control Accounts and
Self-balancing Ledgers
a. Uses of control
accounts
b. Purchases ledger
control account
c. Sales ledger control
account
8. 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
9. Manufacturing
Accounts
a. Cost classification
b. Cost apportionment
c. Preparation of
manufacturing account
10. 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. Balance sheet
11. Departmental
Accounts
a. Objectives
b. Apportionment of
expenses
c. Departmental trading
and profit and loss
account
12. 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 need and
uses 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;
Candidates should be able
to:
i. determine proprietor’s
capital using statement of
affairs;
ii. calculate 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.
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
and distribution.
Candidates should be able
to:
i. distinguish between the
features of not-for- profit-
making organizations;
ii. determine the
subscription income and
subscription in arrears and
in advance;
iii. compute the cash
balances and accumulated
funds, surplus and deficit
for the period from all
sources.
Candidates should be able
to:
i. identify the reasons for
departmental accounts;
ii. determine the expenses
associated with individual
departments;
iii. compute departmental
and total profits or losses.
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.
13. 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
14. Introduction to
Company Accounts
a. Formation and
classification of companies
b. Issue of shares and
debentures
c. Forms of final accounts
of companies
d. Interpretation of
accounts using ratios.
e. Distinction between
capital and revenue
reserves
15. 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. 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. identify the accounts
required for dissolution
and conversion to a
company;
v. compute elements
required for partnership
accounts.
Candidates should be able
to:
i. differentiate between
types of companies;
ii. identify the processes
and procedures of
recording the issues of
shares and debentures;
iii. compute elements of
final accounts of
companies;
iv. lnterprete the accounts
for decision making using
ratios.
Candidates should be able
to:
i. differentiate between
public sector accounting
and commercial
accounting;
ii. identify the sources of
government revenue
including federation
account sharing between
the three tiers of
government;
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.
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
Anao, A. R (1993). An Introduction to Financial
Accounting, Lagos: Longman
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
Frank, W. and Omuya, J. O. (1988). Book keeping and
Accounting for Senior Secondary Schools, Vols. 1 & 2
London: Pitman
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
   
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