JAMB Syllabus for Financial Accounting

by

Do you want to study Accounting? Have you read the JAMB syllabus for Financial Accounting? In case you have not, be kindly informed that you are losing out on lots of information.

If you have chosen financial accounting as your course of study and you really want to level up your level of preparedness for the UTME be duly notified that reading the JAMB syllabus for financial accounting will increase your chances of making an exceptional performance.

If you are adventurous about knowing the JAMB syllabus for financial accounting you need not to worry, below we have provided the JAMB syllabus for Financial Accounting and the recommended textbooks.

This information will widen your understanding and will help you to ace your results. We urge you to kindly explore this succinct information below if you want your academic pursuit to be a realistic one.

JAMB Syllabus for Financial Accounting

1. Nature and Significance of Accounting

  • Development of accounting (including branches of accounting)
  • Objectives of bookkeeping and accounting;
  • Principles, concepts, and conventions of accounting (nature, significance and
  • application)
  • Role of accounting records and information

2.  Principles of Double Entry

  • Functions of source documents
  • Books of original entry
  • Accounting equation
  • The ledger and its classifications
  • Trial balance
  • Types and treatment of errors and use of suspense account

3. Cash Book

  • Petty cash book and the imprest system
  • Columnar cash books
  • Discounts

4. Bank Transactions and Reconciliation Statements

  • Instrument of bank transactions
  • e-banking system
  • Courses of discrepancies between cash book and bank statement
  • Bank reconciliation statement

5. The Final Accounts of a Sole Trader

  • Trading and profit and loss account
  • Balance sheet
  • Adjustments:

i. provision for bad and doubtful debt

ii. provision for discounts

iii. provision for depreciation using the straight line and reducing balance methods

iv. accruals and prepayments

v. drawings

6. Stock Valuation

  • Methods of cost determination using FIFO, LIFO, and simple average
  • The advantages and disadvantages of the methods
  • The importance of stock valuation

7. Control Accounts and Self-balancing Ledgers

  • Uses of control accounts
  • Purchases ledger control account
  • Sales ledger control account

8. Incomplete Records and Single Entry

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

9. Manufacturing Accounts

  • Cost classification
  • Cost apportionment
  • Preparation of manufacturing account

10. Accounts of Not-For-Profit-Making Organizations

  • Objectives of not-for-profit making organizations
  • Receipts and payments account
  • Income and expenditure account
  • Balance sheet

11. Departmental Accounts

  • Objectives
  • Apportionment of expenses
  • Departmental trading and profit and loss account

12. Branch Accounts

  • Objectives
  • Branch accounts in the head office books
  • Head office account
  • Reconciliation of branch and head office books

13. Partnership Accounts

  • 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

14. Introduction to Company Accounts

  • Formation and classification of companies
  • Issue of shares and debentures
  • Forms of final accounts of companies
  • Interpretation of accounts using ratios.
  • The distinction between capital and revenue reserves

15. Public Sector Accounting

  • 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:

i. The Accountant General

ii. The Auditor General

i. The Minister of Finance

ii. The Treasurer of local government

g. Instruments of financial regulation

JAMB Syllabus for Financial Accounting Recommended Textbooks

  1. Adeifa O. Ajileye, J. O and Oluwasanna, R. O (2001). Get your Financial Accounting Right. Book One: Oyo, Tenlad Press International.
  2. Ajileye, J. O. and Adetifa O. (2001). Get your Financial Accounting Right, Book Two: Lagos: De Hadey Printing Services
  3. Akinduko, A. O (2001). Basic Accounting: Akure: Spetins
  4. Anao, A. R (1993). An Introduction to Financial Accounting, Lagos: Longman
  5. Awoyemi, E. O. (1989). A guide to Government Accounting and Internal Audit, Ibadan: Onibonje Press
  6. Dodge, R. (2002). Foundation of Business Accounting, (Second Edition), Berkshire: Chapman and Hall
  7. Ekwere, A. B. (1997). Contemporary Accounting, Abuja: Aflon Finance (Control and Management) Act 1959
  8. Frank, W. and Omuya, J. O. (1988). Bookkeeping and Accounting for Senior Secondary Schools, Vols. 1 & 2 London: Pitman
  9. Hassan M. M. (2001). Government Accounting, Lagos: Malthouse Press Limited
  10. Igben, R. O. (2004). Financial Accounting Made Simple (Vol. I) Lagos: Roi Publishers
  11. Longe, O. A. and Kazeem, R. A (2006). Essential Financial Accounting for Senior Secondary Schools: Lagos: Tonad Publishers Limited
  12. Millichamp, A. H. (1989). Foundation Accounting: An Introduction Manual for Accounting Students, London: DP Publications
  13. Okwoli, A. A. (1995). Financial Accounting, Zaria: Tamaza Publishers
  14. Oshisami, K. (1997). Government Accounting and Financial Control: Ibadan: Spectrum

This is all you need to know about JAMB syllabus for Finacial Accounting. We hope this page was helpful. If you have any questions please kindly drop them in the comment section below and our team of research experts will reach out to you with adequate answers.