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🧾 JAMB Principles of Accounts study notes

23 syllabus topics · 0 notes ready · practise Principles of Accounts by topic ›

1. 1Nature and significance of bookkeeping

   purpose · users of accounting information
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2. 2Principles of double entry

   debits and credits · the accounting equation
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3. 3Source documents

   invoices, receipts, credit notes and others
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4. 4Books of original entry

   sales, purchases, returns day books and journal
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5. 5The ledger

   classification of accounts · posting and balancing
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6. 6Cash book

   two- and three-column cash books · discounts
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7. 7Petty cash book

   imprest system
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8. 8Bank reconciliation statement

   causes of differences · preparing a reconciliation
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9. 9Trial balance and correction of errors

   errors not revealed · suspense account
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10. 10Final accounts of a sole trader

    trading, profit and loss account · balance sheet
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11. 11Adjustments

    accruals, prepayments and provisions
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12. 12Depreciation

    straight-line and reducing-balance methods · disposal of assets
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13. 13Bad debts and provisions for doubtful debts

    treatment in accounts
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14. 14Control accounts

    sales and purchases ledger control accounts
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15. 15Incomplete records

    statement of affairs · deriving profit from incomplete records
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16. 16Stock valuation

    FIFO, LIFO and weighted average
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17. 17Manufacturing accounts

    prime cost · cost of production
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18. 18Partnership accounts

    appropriation account · current and capital accounts · admission and retirement
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19. 19Company accounts

    share capital · reserves · published accounts
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20. 20Not-for-profit organisations

    receipts and payments · income and expenditure account
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21. 21Departmental and branch accounts

    basic principles
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22. 22Public sector accounting

    sources of government revenue · capital and recurrent expenditure
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23. 23Interpretation of accounts

    ratios for profitability, liquidity and efficiency
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ⓘ Practice questions written by Sabipage AI from the JAMB syllabus. Not official JAMB questions.