FREE JAMB 2019/20 Syllabus for Principles of Account – [UPDATED]

The aim of this 2019/2020 Unified Tertiary Matriculation Examination (UTME) Principles of Account syllabus  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.


Nature and Significance of Accounting

  1. Development of accounting (including branches of accounting)
  2. Objectives of bookkeeping and accounting;
  3. Users and characteristics of Accounting information
  4. Principles, concepts and conventions of accounting (nature, significance and application)
  5. Role of accounting records and information




Candidates should be able to:

differentiate between bookkeeping and accounting;

use the historical background of bookkeeping and accounting for future development;

iii. apply the right principles, concepts and conventions to solving accounting problems;

examine the role of accounting records and information in decision making.



List the branches of Accounting such as Cost Accounting, Management Accounting, Auditing, Financial Accounting and Taxation.


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 uses of suspense account


Candidates should be able to:

relate the various source documents to their uses;

relate source documents to the various books of original entry;

iii. determine the effect of changes in elements of accounting equation;

identify the role of double entry and use it to post transactions into various divisions of the ledger;

balance off ledger accounts;

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.


Ethics in Accounting



Qualities of an Accountant


Candidates should be able to:

use ethics in preparing and presenting Accounting Reports;

list qualities of an Accountant such as honesty, integrity, transparency, accountability and fairness.



Columnar cashbooks


Petty cashbook and the imprest system


Candidates should be able to:

determine the cash float;

differentiate between two and three columnar cashbooks and how transactions are recorded in them;

iii. differentiate between trade and cash discounts;

examine the effects of trade and cash discounts in the books of accounts.

Identify various petty cash expense;


Bank Transactions and Reconciliation Statements

Instrument of bank transactions

e-banking system

Courses of discrepancies between cashbook and bank statement

Bank reconciliation statement


Candidates should be able to :

identify bank documents such as cheques, pay-in-slips, credit and debit cards and their uses;

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

prepare adjusted cashbook balance

prepare bank reconciliation statements.



The Final Accounts of a Sole Trader

Income statement (Trading and profit and loss account)

Statement of financial position (Balance sheet)


provision for bad and doubtful debt

provision for discounts

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

accruals and prepayments


Candidates should be able to:

determine the cost of sales, gross profit and net profit of a sole trader;

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;

relate the adjustable items and their corresponding disclosure in the statement of financial position;

differentiate between bad debts and provision for bad and doubtful debts.



Stock Valuation

Methods of cost determination using FIFO, LIFO and simple average

The advantages and disadvantages of the methods

The importance of stock valuation


Candidates should be able to:

determine the cost of materials issued to production or cost of goods sold using FIFO, LIFO and simple average;

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;

determine the effects of stock valuation on trading, profits and cost of goods sold.



Control Accounts and Self-balancing Ledgers

Importance of control accounts

Purchases ledger control account

Sales ledger control account


Candidates should be able to:

determine the importance of control accounts in a business enterprise;

differentiate between sales ledger control account and purchases ledger control account;

iii. identify the individual elements of control accounts;

prepare the control accounts


Incomplete Records and Single Entry

Conversion of single entry to double entry

Determination of missing figures

Preparation of final accounts from incomplete records


Candidates should be able to:

determine proprietor’s capital using statement of affairs;

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.


Manufacturing Accounts

Cost classification

Cost apportionment

Preparation of manufacturing account


Candidates should be able to:

calculate prime cost, production overhead, production cost and total cost;

determine the basis of apportionment into production, administration, selling and distribution.



Accounts of Not-For-Profit-Making Organizations.

Objectives of Not-For-Profit-Making organizations

Receipts and payments account

Income and expenditure account

Statement of financial position (Balance sheet)


Candidates should be able to:

distinguish between the features of Not-for-profit-making organizations;

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.


receipts and payments account

income and expenditure account

statement of financial position


Departmental Accounts


Apportionment of expenses

Departmental trading and profit and loss account


Candidates should be able to:

identify the reasons for departmental accounts;

determine the expenses associated with individual departments;

iii. compute departmental profits or losses.


Branch Accounts


Branch accounts in the head office books

Head office account

Reconciliation of branch and head office books


Candidates should be able to:

determine the reasons for branch accounts;

calculate profits and losses from branches;

iii.determine the sources of differences and reconcile them.


Joint Venture Accounts


Personal accounts of venturers

Memorandum Joint venture accounts


Candidates should be able to:

identify the objectives of Joint Venture;

determine the profit or loss of the Joint Venture;

iii.determine the profit or loss of each venture.


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


Candidates should be able to:

determine the instruments of partnership formation;

categorize all accounts necessary for partnership;

iii. determine the effects of admission and retirement of a partner;

prepare revaluation account

identify the accounts required for dissolution and conversion to a company;

determine the partners share of profits or losses


Introduction to Company Accounts

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


Candidates should be able to:

differentiate between types of companies;

identify the processes and procedures of recording the issue of shares and debentures;

iii. compute elements of final accounts of companies;

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


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:

The Accountant General

The Auditor General

The Minister of Finance

The Treasurer of local government

Instruments of financial regulation


Candidates should be able to:

differentiate between public sector accounting

and private sector accounting;

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;

analyse the duties of the Accountant General, the Auditor General, the Minister of Finance and the Treasurer of local government;

distinguish between the elements of control in government accounting procedures e.g. virement, warrant, votes, authority to incur expenditure, budget and due process certificate.



Information Technology in Accounting

Manual and computerized accounting processing system

Processes involved in data processing

Computer hardware and software

Advantages and disadvantages of manual and computerized accounting processing system


Candidates should be able to:

relate and differentiate between manual and computerized accounting processing system;

identify the processes involved in data processing;

iii. relate the different components of computer;

identify the advantages and disadvantages of manual and computerized accounting processing system




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.

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