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Questions and lecture notes stay there.Practice this subjectOpen lecture notesOfficial rules, eligibility, and dates stay on the JAMB UTME guide.subject outlineNature and Significance of Book keeping and AccountingDevelopment of Accounting (including branches of accounting)Objectives of Book Keeping and accountingUsers and characteristics of Accounting informationPrinciples, concepts and conventions of Accounting (nature, significance and application)Role of Accounting records and informationDifferentiate between Book Keeping and AccountingUnderstand the historical background of Book Keeping and AccountingApply the right principles, concepts and conventions to solving Accounting problemsUnderstand the role of Accounting information in decision makingIdentify the types/branches of Accounting such as Cost Accounting, Management Accounting, Auditing, Financial Accounting, Forensic Accounting, Social and Environmental Accounting, Government Accounting and TaxationPrinciples of Double EntrySource documentsBooks of original entryAccounting equationLedger and its classificationsTrial balanceTypes and correction of errorsSuspense AccountIdentify various source documents and their usesRelate source documents to the various books of original entryDetermine the effect of changes in elements of Accounting equationUnderstand the role of double entry principles in treating financial transactionsExtract a trial balance from ledger accountsIdentify various types of errors and their correctionsCorrect errors using suspense accountEthics in AccountingObjectivesQualities of an AccountantUnderstand the ethics required in preparing and presenting Accounting informationUnderstand qualities of an Accountant such as honesty, integrity, transparency, accountability and fairnessCash BookColumnar Cash Books - single columnColumnar Cash Books - double columnColumnar Cash Books - three columnDiscountsPetty Cash Book and imprest systemDetermine the cash floatDifferentiate between two and three columnar cash books and how transactions are recorded in themDifferentiate between trade and cash discountsExamine the effects of trade and cash discounts in the books of accountsIdentify various petty cash expensesBank Transactions and Reconciliation StatementsInstrument of bank transactionsE-banking systemCauses of discrepancies between cash book and bank statementBank reconciliation statementIdentify various instruments of bank transactions such as cheques, pay-in-slips, credit cards, debit cards, internet banking and their usesAssess the impact of automated credit system, credit transfers, interbank transfers and direct debit on cash balancesIdentify factors that cause discrepancies between cash book balance and bank statementDetermine adjusted cash book balanceFinal Accounts of a Sole TraderIncome statement (Trading and profit and loss account)Statement of financial position (Balance sheet)Adjustments - provision for bad and doubtful debtAdjustments - provision for discountsAdjustments - provision for depreciation using straight-line and reducing balance methodsAdjustments - accruals and prepaymentDetermine the cost of sales, gross profit and net profit of a sole traderIdentify non-current assets, current assets, long-term liabilities, current liabilities and proprietor's capitalCompute adjustable items on the related expenditure and income in the statement of profit or lossDifferentiate between bad debts and provision for bad and doubtful debtsStock ValuationMethods of stock valuation e.g FIFO, LIFO and simple averageAdvantages and disadvantages of the methodsThe importance of stock valuationDetermine the value of materials issued to production department using FIFO, LIFO and simple averageCalculate the closing stock of materials or finished goods using FIFO, LIFO and simple averageCompare the advantages and disadvantages of each method of stock valuationDetermine the effects of stock valuation on elements of income statementControl Accounts and Self balancing ledgerMeaning and uses of control accountsPurchases ledger control accountSales ledger control accountUnderstand the meaning of control accountsIdentify the uses of control accounts in a business enterpriseDifferentiate between sales ledger control account and purchases ledger control accountIdentify the entries in control accountsIncomplete Records and Single EntryDetermination of missing figuresPreparation of final accounts from incomplete recordsConversion of single entry to double entryDetermine proprietor's capital using statement of affairsDetermine the amount of sales, purchases, cash balances, debtors, creditors and expenses by converting single entry to double entryUse accounting equations, gross and net profit percentages to determine cost of sales, gross and net profitsManufacturing AccountsCost classificationCost apportionmentPreparation of manufacturing accountIdentify the reason for preparing manufacturing accountCalculate prime cost, overhead cost, production cost and total costDetermine the basis of cost apportionment among production, administration, selling and distributionAccounts of Not-For-Profit-Making OrganizationsObjectivesReceipts and payments accountIncome and expenditure accountStatement of financial positionDistinguish between profit oriented and Not-For-Profit-Making OrganizationsDetermine annual subscription, subscription in arrears and in advanceCompute the cash balances, accumulated funds, surplus or deficit for the periodDepartmental AccountsObjectivesApportionment of expensesDepartmental trading and profit and loss accountIdentify the reasons for preparing departmental accountsDetermine the expenses and incomes attributable to departmentsCompute departmental profit or lossBranch AccountsObjectivesBranch account in the head office booksHead office accountReconciliation of branch and head office booksUnderstand the reasons for preparing branch accountsCalculate profit or loss from branchesReconcile the difference between branch and head office accountsJoint Venture AccountsObjectives and featuresPersonnel account of venturersMemorandum joint venture accountsIdentify the objectives and features of joint ventureDetermine the profit or loss of joint ventureDetermine the profit or loss of each venturePartnership AccountsFormation of partnershipProfit or loss accountAppropriation accountPartners current and capital accountsTreatment of goodwillAdmission/retirement of a partnerDissolution of partnershipConversion of a partnership to a companyUnderstand the procedures for the formation of partnershipIdentify the accounts maintained for partnership businessDetermine the effects of admission and retirement of a partnerDetermine profit or loss on revaluation of assetsDetermine the partners' share of profit or loss on dissolutionIntroduction to Company AccountsFormation and classification of companiesIssue of shares and debenturesFinal accounts of companiesAccounting ratiosDistinction between capital and revenue reservesDifferentiate between types of companiesIdentify the procedures of treating the issue of shares and debenturesCompute the elements of final accounts of companiesCompute and interpret Accounting ratios such as current, acid test and stock turnoverPublic Sector AccountingComparison of cash and accrual basis of AccountingSources of government revenueCapital and recurrent expenditureConsolidated Revenue FundStatement of assets and liabilitiesResponsibilities and powers of - The Accountant GeneralResponsibilities and powers of - The Auditor GeneralResponsibilities and powers of - The Minister of FinanceResponsibilities and powers of - The Treasurer of Local GovernmentInstruments of financial regulationDifferentiate between public and private sector accountingIdentify the sources of government revenueDifferentiate between capital and recurrent expenditureCalculate consolidated revenue fund and determine the values of assets and liabilitiesIdentify the duties of the Accountant General, Auditor General, Minister of Finance and Treasurer of Local GovernmentDistinguish between elements of control in government accounting procedures e.g. warrant, votes, budget and due process certificateInformation Technology in AccountingManual and computerized Accounting processing systemProcedures involved in data processingComputer hardware and softwareAdvantages and disadvantages of manual and computerize Accounting processing systemDifferentiate between manual and computerized Accounting processing systemIdentify the procedures involved in data processingRelate the different component of computerIdentify the advantages and disadvantages of manual and computerized Accounting processing system
