JAMB Area of Concentration for Principles of Accounts Subject 2027/2028

The JAMB Area of Concentration for Principles of Accounts Subject 2027/2028 covers the main accounting topics and practical skills you need to study for the examination.

Principles of Accounts is not only about knowing accounting terms. You should also be able to record transactions correctly, prepare accounts, correct errors, calculate financial figures and interpret accounting information.

The topics cover areas such as double-entry bookkeeping, cashbook, bank reconciliation, final accounts, stock valuation, control accounts, partnership accounts, company accounts, public sector accounting and information technology in accounting.

As you study each area, pay attention to both the accounting rules and the practical steps used in calculations and account preparation. This will help you understand how accounting information is prepared and how it can be used for decision making.

Read also: Principles of Account JAMB Syllabus 2026/2027 Download PDF

Foundations of Accounting

Accounting begins with understanding what accounting means, why records are kept and how transactions are entered correctly.

This section covers the basic ideas that support the rest of Principles of Accounts.

Nature and Significance of Accounting

Bookkeeping and accounting are closely related, but they are not exactly the same.

Bookkeeping deals mainly with recording financial transactions. Accounting goes further by organizing, summarizing, interpreting and using financial information.

You should understand the development of bookkeeping and accounting and how accounting has grown into different branches.

Important branches include:

• Financial Accounting;
• Cost Accounting;
• Management Accounting;
• Auditing;
• Taxation.

You should also understand the main objectives of bookkeeping and accounting.

Accounting records help a business keep track of its financial activities and provide information that can be used for decision making.

Users of Accounting Information

Accounting information is useful to different people and organizations.

You should understand that users depend on accounting information to assess the activities and financial position of a business.

You should also study the main characteristics of useful accounting information and understand why accounting records must be prepared properly.

Accounting Principles, Concepts and Conventions

Accounting follows accepted principles, concepts and conventions.

You should understand their nature, importance and application.

These ideas guide how transactions are recorded and how accounting information is prepared.

You should be able to apply the correct accounting principles, concepts and conventions when solving accounting problems.

Role of Accounting Records

Accounting records provide information about the financial activities of a business.

They can help users:

• understand business transactions;
• determine financial results;
• assess financial position;
• support decision making.

You should understand how accounting records and information can be used when making business decisions.

Principles of Double Entry

Double entry is one of the main foundations of accounting.

Under double entry, every transaction affects at least two accounts.

You should understand how this idea is used when recording transactions in the ledger.

Source Documents

Source documents provide evidence that a transaction has taken place.

You should be able to identify different source documents and relate each one to its correct use.

You should also know how source documents are connected to the appropriate books of original entry.

Books of Original Entry

Books of original entry are used to record transactions before they are transferred to ledger accounts.

You should understand the relationship between transactions, source documents and the correct books of original entry.

Correct classification at this stage is important because mistakes can affect later accounting records.

Accounting Equation

The accounting equation shows the relationship between the main elements of accounting.

You should understand how changes in transactions affect the accounting equation.

This means you should be able to identify how a transaction changes the different accounting elements while keeping the equation balanced.

Ledger Accounts

The ledger contains the accounts used to record transactions under the double-entry system.

You should understand:

• the purpose of the ledger;
• the different classifications of ledger accounts;
• how transactions are posted;
• how accounts are balanced.

You should be able to post transactions correctly into the appropriate ledger accounts.

Trial Balance

A trial balance is prepared from the balances of ledger accounts.

You should be able to extract a trial balance and understand its uses.

A trial balance helps to arrange account balances and can assist in checking whether debit and credit entries have been recorded in a balanced way.

Accounting Errors

Errors can occur when transactions are recorded or posted.

You should be able to identify different types of errors and understand how they should be corrected.

Some errors may affect the agreement of the trial balance, while others may not.

You should focus on recognizing the type of error and applying the correct treatment.

Suspense Account

A suspense account may be created when the trial balance does not agree and the difference has not yet been fully identified.

You should understand why a suspense account is opened and how it is used while errors are being corrected.

Ethics in Accounting

Accounting also requires proper conduct.

You should understand the importance of ethics when preparing and presenting accounting reports.

Important qualities of an accountant include:

• honesty;
• integrity;
• transparency;
• accountability;
• fairness.

These qualities help support reliable accounting records and responsible financial reporting.

Cashbook, Bank Transactions and Reconciliation

Cashbook and bank reconciliation deal with how cash and bank transactions are recorded and checked.

You should understand how different cashbooks are prepared, how discounts are treated and why the balance in a cashbook may differ from the balance shown on a bank statement.

Cashbook

A cashbook records cash and bank transactions.

You should understand the different forms of columnar cashbooks, especially:

• two-column cashbook;
• three-column cashbook.

You should be able to distinguish between them and know how transactions are entered correctly.

You also need to understand how to determine the cash float, which is the amount of cash made available for certain payments.

Trade Discount and Cash Discount

Trade discount and cash discount are different.

A trade discount is usually deducted from the listed price of goods before the transaction is recorded.

A cash discount is connected with payment and is recorded in the books of accounts.

You should be able to distinguish between the two and understand how each one affects accounting records.

Petty Cashbook and Imprest System

A petty cashbook is used to record small and regular expenses.

You should be able to identify common petty cash expenses and understand how they are recorded.

The imprest system is used to control petty cash by restoring the petty cashier’s balance to an agreed amount after expenses have been accounted for.

You should understand how the imprest system works and how the cash float is determined.

Bank Transactions

Businesses carry out different types of transactions through banks.

You should be able to identify bank documents and instruments such as:

• cheques;
• pay-in-slips;
• credit cards;
• debit cards.

You should know the purpose of each one and how it is used in business transactions.

Electronic Banking

Banking can also take place electronically.

You should understand the effects of:

• automated credit systems;
• credit transfers;
• interbank transfers;
• direct debit.

These methods can change the cash balance of a business even when no physical cash is exchanged.

Differences Between Cashbook and Bank Statement

The balance shown in a cashbook may sometimes differ from the balance shown on a bank statement.

You should be able to identify the factors that can cause these differences.

When differences occur, you may need to adjust the cashbook before preparing the bank reconciliation statement.

You should therefore understand how to prepare an adjusted cashbook balance.

Bank Reconciliation Statement

A bank reconciliation statement is prepared to explain the difference between the adjusted cashbook balance and the bank statement balance.

You should understand the steps involved in preparing it and be able to identify which items should be added or deducted.

The main aim is to reconcile the two records by explaining why their balances are different.

You should practise bank reconciliation carefully because success depends on identifying each difference correctly and treating it in the right way.

Final Accounts, Adjustments and Stock Valuation

This section focuses on preparing the final accounts of a sole trader, making necessary adjustments and determining the value of stock.

You should understand how each figure affects profit and the statement of financial position.

Final Accounts of a Sole Trader

The final accounts of a sole trader include the income statement and the statement of financial position.

The income statement is used to determine the trading result of the business.

You should be able to calculate:

• cost of sales;
• gross profit;
• net profit.

You should also be able to identify the main items shown in the statement of financial position, including:

• fixed assets;
• current assets;
• long-term liabilities;
• current liabilities;
• proprietor’s capital.

You should understand where each item belongs and how it affects the financial position of the business.

Adjustments in Final Accounts

Some items must be adjusted before the final accounts are completed.

You should be able to calculate the adjustment and show it correctly in both the income statement and the statement of financial position where necessary.

Bad Debts and Provision for Bad and Doubtful Debts

A bad debt arises when an amount owed to the business cannot be collected.

You should distinguish between bad debts and provision for bad and doubtful debts.

You should also understand how these items affect profit and debtors in the final accounts.

Provision for Discounts

You should understand how provision for discounts is treated when preparing final accounts.

Pay attention to the amount that affects the income statement and the amount that appears in the statement of financial position.

Depreciation

Depreciation deals with the reduction in the value of certain assets over time.

You should know how to calculate depreciation using:

• straight-line method;
• reducing balance method.

You should also understand how depreciation affects both profit and the value of the related asset.

Accruals and Prepayments

An accrual is an amount relating to the current accounting period that has not yet been paid or received.

A prepayment is an amount paid or received in advance for another accounting period.

You should be able to adjust income and expenses correctly for accruals and prepayments.

These adjustments must also be shown in the correct part of the statement of financial position.

Stock Valuation

Stock valuation is used to determine the value of materials or goods remaining at the end of an accounting period.

The main methods to study are:

• FIFO;
• LIFO;
• simple average.

You should understand how each method is used when determining the cost of materials issued to production or the cost of goods sold.

FIFO

FIFO means First In, First Out.

Under this method, the earliest units of stock are treated as the first units issued or sold.

You should be able to calculate the value of stock issued and the value of closing stock using FIFO.

LIFO

LIFO means Last In, First Out.

Under this method, the most recently acquired units are treated as the first units issued or sold.

You should be able to apply the method correctly when calculating the cost of stock issued and closing stock.

Simple Average

The simple average method uses an average cost when valuing stock.

You should know how to determine the average figure required and apply it to the quantity of stock involved.

Importance of Stock Valuation

The method used to value stock can affect important accounting figures.

You should understand how stock valuation can influence:

• cost of goods sold;
• closing stock;
• trading results;
• profit.

You should also be able to compare the advantages and disadvantages of FIFO, LIFO and simple average.

This area requires regular calculation practice because small mistakes in quantities, prices or stock movement can affect the final answer.

Control Accounts, Incomplete Records and Manufacturing Accounts

This section deals with checking ledger records, rebuilding missing accounting information and preparing accounts for manufacturing activities.

You should be able to identify the figures required, place them in the correct accounts and calculate missing amounts accurately.

Control Accounts

Control accounts are used to summarize information contained in individual ledger accounts.

You should understand why they are important in a business and how they can help with checking accounting records.

The main control accounts to study are:

• sales ledger control account;
• purchases ledger control account.

You should be able to distinguish between the two and identify the individual items that belong in each account.

You should also be able to prepare the accounts correctly from the figures provided.

Sales Ledger Control Account

The sales ledger control account brings together information relating to debtors.

You should understand the items that affect the account and how they are entered.

Correct preparation requires careful treatment of the figures connected with credit customers.

Purchases Ledger Control Account

The purchases ledger control account summarizes information relating to creditors.

You should be able to identify the figures that belong in the account and prepare it correctly.

Pay attention to the difference between figures affecting debtors and those affecting creditors so that items are not placed in the wrong control account.

Incomplete Records and Single Entry

Some businesses may not keep complete double-entry accounting records.

You should understand how incomplete records can be converted into enough accounting information to prepare final accounts.

Important areas include:

• conversion from single entry to double entry;
• determination of missing figures;
• preparation of final accounts from incomplete records.

Statement of Affairs

A statement of affairs can be used to determine the proprietor’s capital.

You should be able to use the available assets and liabilities to find the capital figure required.

This may be necessary when full accounting records are not available.

Finding Missing Figures

Incomplete records may require you to calculate figures that were not recorded directly.

You should be able to determine amounts such as:

• sales;
• purchases;
• cash balances;
• debtors;
• creditors;
• expenses.

You may need to reconstruct the available records before finding these amounts.

Using the Accounting Equation and Gross Profit Percentage

The accounting equation can help when solving incomplete-record problems.

You should also understand how a gross profit percentage may be used to determine gross profit or cost of sales.

This type of question requires careful reading because the missing figure must be found from the information available.

Preparing Final Accounts from Incomplete Records

After determining the missing figures, you should be able to use them to prepare the required final accounts.

The important skill is to connect the reconstructed figures correctly rather than treating each calculation as a separate task.

Manufacturing Accounts

A manufacturing account is used to determine the cost connected with producing goods.

You should understand the different categories of cost and how they are combined.

Cost Classification

You should be able to calculate:

• prime cost;
• production overhead;
• production cost;
• total cost.

You should know which expenses belong in each category.

Cost Apportionment

Some expenses must be shared among different areas of a business.

You should understand the basis for apportioning costs into areas such as:

• production;
• administration;
• selling;
• distribution.

The method used should allow the expenses to be assigned to the appropriate part of the business.

Preparing a Manufacturing Account

You should be able to prepare a manufacturing account by arranging the relevant production costs correctly.

Pay close attention to the classification of each cost because placing an item in the wrong category can affect the production cost and the final result.

Accounts for Different Types of Organizations

Accounting methods can differ depending on the type of organization or business arrangement involved.

You should understand how accounts are prepared for not-for-profit organizations, departments, branches and joint ventures.

Accounts of Not-For-Profit Organizations

Not-for-profit organizations are established mainly to provide services rather than to make profit for owners.

You should understand their main features and how their accounts differ from those of a normal trading business.

The main accounts to study are:

• receipts and payments account;
• income and expenditure account;
• statement of financial position.

Receipts and Payments Account

A receipts and payments account records cash received and cash paid during a period.

You should be able to identify the cash items that belong in this account and determine the resulting cash balance.

Income and Expenditure Account

An income and expenditure account is used to determine whether the organization has a surplus or deficit for the period.

You should be able to calculate:

• income for the period;
• expenses for the period;
• surplus;
• deficit.

Subscriptions

Subscriptions are an important part of not-for-profit accounting.

You should understand:

• subscription income;
• subscription in arrears;
• subscription received in advance.

You should be able to adjust subscriptions correctly so that only the amount relating to the current period is treated as income.

Accumulated Fund

The accumulated fund represents the organization’s accumulated financial interest.

You should be able to determine the accumulated fund and show it correctly in the statement of financial position.

Departmental Accounts

A business may divide its operations into different departments.

Departmental accounts help the business determine how each department is performing.

You should understand the reasons for preparing departmental accounts.

You should also be able to identify expenses that belong directly to a particular department.

Apportionment of Expenses

Some expenses may benefit more than one department.

Such expenses need to be shared among the departments using an appropriate basis.

You should understand how expenses are apportioned and how this affects the results of each department.

Departmental Profit or Loss

You should be able to prepare departmental trading and profit and loss accounts.

This will help you determine the profit or loss made by each department.

The important skill is to place income and expenses in the correct department before calculating the result.

Branch Accounts

A business may operate through branches in different locations.

Branch accounts help the head office keep track of the activities and performance of each branch.

You should understand the main reasons for preparing branch accounts.

Important areas include:

• branch accounts in the head office books;
• head office account;
• branch profit or loss;
• reconciliation of branch and head office records.

Branch and Head Office Reconciliation

The records kept by a branch may sometimes differ from those kept by the head office.

You should be able to identify the causes of these differences and reconcile the records.

You should also be able to determine the profit or loss made by a branch.

Joint Venture Accounts

A joint venture is a business arrangement in which two or more people work together on a particular business activity.

You should understand the objectives of a joint venture and how its accounts are prepared.

Important areas include:

• personal accounts of venturers;
• memorandum joint venture account;
• profit or loss of the joint venture;
• share of profit or loss belonging to each venturer.

You should be able to calculate the total result of the venture and determine how the profit or loss should be shared among the venturers.

Partnership and Company Accounts

Partnership and company accounts deal with businesses owned by more than one person and organizations formed as companies.

You should understand how profits, capital and other financial items are treated when partners join, leave or dissolve a partnership, and how company transactions such as shares and debentures are recorded.

Partnership Accounts

A partnership is formed when two or more people agree to carry on a business together.

You should understand the instruments used in forming a partnership and the main accounts required for partnership accounting.

Important areas include:

• profit and loss account;
• appropriation account;
• partners’ capital accounts;
• partners’ current accounts;
• treatment of goodwill;
• admission of a partner;
• retirement of a partner;
• dissolution of partnership;
• conversion of a partnership to a company.

Profit and Loss Appropriation Account

After the partnership profit or loss has been determined, it may need to be shared among the partners.

The appropriation account is used to show how the partnership result is distributed.

You should be able to determine each partner’s share of profit or loss and place the required items in the correct accounts.

Partners’ Capital and Current Accounts

Partners may have capital accounts and current accounts.

You should understand the purpose of each account and how transactions affecting individual partners are recorded.

You should also be able to distinguish between items that affect a partner’s capital and those that affect the current account.

Goodwill

Goodwill may need to be considered when the structure of a partnership changes.

You should understand how goodwill is treated in the partnership accounts where required.

This becomes especially important when a partner is admitted or retires.

Admission of a Partner

When a new partner joins an existing partnership, changes may be required in the accounts.

You should be able to determine the effects of the admission and prepare the necessary accounts.

Retirement of a Partner

When a partner leaves the business, the partnership accounts may need to be adjusted.

You should understand how the retirement affects the remaining partners and the accounts of the retiring partner.

Revaluation Account

A revaluation account may be prepared when the values of assets and liabilities need to be reconsidered during a change in partnership.

You should be able to prepare the account and determine how the resulting gain or loss affects the partners.

Dissolution of Partnership

Dissolution brings the partnership business to an end.

You should identify the accounts required for dissolution and understand how the remaining assets, liabilities and partners’ interests are dealt with.

You should also understand the accounting treatment involved when a partnership is converted into a company.

Introduction to Company Accounts

A company has a different accounting structure from a sole trader or partnership.

You should understand how companies are formed and be able to distinguish between different types of companies.

Shares and Debentures

Companies may raise finance through the issue of shares and debentures.

You should understand the procedures involved in recording these transactions.

You should also be able to distinguish between shares and debentures and record the issue of each correctly.

Final Accounts of Companies

You should be able to calculate and prepare the required elements of a company’s final accounts.

This requires a clear understanding of how company items are classified and presented.

Capital and Revenue Reserves

You should distinguish between capital reserves and revenue reserves.

These two types of reserves arise from different sources and should not be treated as the same.

Interpretation of Accounts Using Ratios

Accounting ratios can be used to interpret financial information and support decision making.

You should understand how to calculate and use ratios such as:

• current ratio;
• acid-test ratio;
• stock turnover ratio.

The current ratio and acid-test ratio help to assess the ability of a business to meet its short-term obligations.

The stock turnover ratio helps to examine how stock moves through the business.

Do not only calculate the ratios. You should also understand what the figures can show about the financial position or activities of a business.

Public Sector Accounting

Public sector accounting deals with the recording, control and reporting of government financial activities.

You should understand how it differs from private sector accounting and how government revenue, expenditure and financial control are handled.

Public Sector and Private Sector Accounting

You should be able to distinguish between public sector accounting and private sector accounting.

Public sector accounting is concerned with government financial activities, while private sector accounting deals with businesses and other privately owned organizations.

You should also understand the difference between the cash basis and accrual basis of accounting.

Under the cash basis, transactions are recognized when cash is received or paid.

Under the accrual basis, income and expenses are recognized when they are earned or incurred, even if cash has not yet changed hands.

Sources of Government Revenue

Government receives money from different sources.

You should be able to identify the main sources of government revenue and understand how such revenue supports government activities.

You should also understand how government revenue is recorded and controlled.

Capital and Recurrent Expenditure

Government spending can be divided into capital expenditure and recurrent expenditure.

Capital expenditure relates to spending on long-term projects or assets.

Recurrent expenditure covers regular expenses that occur repeatedly in the running of government activities.

You should be able to distinguish between the two and classify expenditure correctly.

Consolidated Revenue Fund

The consolidated revenue fund is an important area in public sector accounting.

You should understand how it is treated and be able to calculate the required figures where necessary.

You should also understand how government assets and liabilities are presented in a statement of assets and liabilities.

Public Accounting Officers

Certain public officers have important responsibilities in government accounting.

You should understand the duties and powers of:

• Accountant General;
• Auditor General;
• Minister of Finance;
• Treasurer of local government.

You should be able to distinguish their roles and explain how each one contributes to the control and management of public funds.

Instruments of Financial Regulation

Government accounting uses different instruments to control spending and ensure that public money is used properly.

Important terms include:

• virement;
• warrant;
• votes;
• authority to incur expenditure;
• budget;
• due process certificate.

You should understand the meaning and purpose of each one.

These controls help regulate how public money is approved, released and spent.

For this topic, pay close attention to the differences between the various terms because many of them deal with authorization and control of government expenditure.

Information Technology in Accounting

Information technology has changed the way accounting information is recorded, processed and stored.

You should understand both manual and computerized accounting systems and be able to compare how they work.

Manual Accounting Processing System

A manual accounting system records and processes financial information without using computerized accounting software.

You should understand how accounting records are handled under a manual system and be able to compare this method with computerized accounting.

Computerized Accounting Processing System

A computerized accounting system uses computers to process accounting information.

You should understand how computerized accounting differs from manual accounting and how technology can support the recording and processing of financial data.

Data Processing

You should understand the main processes involved in data processing.

This means knowing how accounting data moves through different stages before useful information is produced.

You should be able to identify the stages involved and relate them to accounting work.

Computer Hardware and Software

You should understand the difference between computer hardware and software.

Hardware refers to the physical parts of a computer system.

Software refers to the programs and instructions used by the computer.

You should be able to relate these different components to accounting activities.

Advantages and Disadvantages of Manual and Computerized Accounting

You should be able to compare the advantages and disadvantages of both accounting systems.

For manual accounting, consider how records are prepared and handled without computer support.

For computerized accounting, consider how technology changes the way accounting information is processed and managed.

The main skill here is to clearly distinguish between the two systems and explain how each one can affect accounting work.

How to Use the JAMB Principles of Accounts Topics for Revision

Principles of Accounts requires both understanding and regular calculation practice.

You should not only read accounting rules. You also need to practise recording transactions, preparing accounts, correcting errors and interpreting financial information.

Build a Strong Double-Entry Foundation

Double entry supports many other accounting topics.

Make sure you can:

• identify the correct accounts affected by a transaction;
• decide which account should be debited or credited;
• post transactions into ledger accounts;
• balance ledger accounts;
• extract a trial balance.

If your double-entry knowledge is weak, topics such as control accounts, final accounts and partnership accounts may become more difficult.

Practise Cashbook and Bank Reconciliation

Cashbook questions require careful recording.

You should practise:

• two-column cashbooks;
• three-column cashbooks;
• petty cashbooks;
• cash discounts;
• bank transactions.

For bank reconciliation, learn how to identify the reasons the cashbook and bank statement balances differ.

You should also practise preparing an adjusted cashbook before completing the bank reconciliation statement where required.

Give Enough Time to Final Accounts

Final accounts combine several accounting skills.

Practise how to determine:

• cost of sales;
• gross profit;
• net profit;
• assets;
• liabilities;
• proprietor’s capital.

You should also be comfortable preparing the income statement and statement of financial position.

Understand Final Account Adjustments

Adjustments can change both profit and the financial position of a business.

Give attention to:

• bad debts;
• provision for bad and doubtful debts;
• provision for discounts;
• depreciation;
• accruals;
• prepayments.

For depreciation, practise both the straight-line method and reducing balance method.

Do not only calculate the adjustment. Understand where the adjusted figure should appear in the accounts.

Practise Stock Valuation Carefully

You should be able to calculate stock using:

• FIFO;
• LIFO;
• simple average.

Keep track of quantities and unit costs carefully.

You should also understand how the chosen stock valuation method can affect closing stock, cost of goods sold and profit.

Work on Missing-Figure Questions

Incomplete records may require you to reconstruct accounting information.

Practise how to determine missing figures such as:

• sales;
• purchases;
• debtors;
• creditors;
• expenses;
• cash balances;
• proprietor’s capital.

You may need to use the accounting equation, statement of affairs or gross profit percentage.

Practise Different Types of Accounts

Do not focus only on sole trader accounts.

You should also practise accounts for:

• manufacturing businesses;
• not-for-profit organizations;
• departments;
• branches;
• joint ventures;
• partnerships;
• companies.

Each one has its own accounting treatment, so pay attention to the purpose and structure of the accounts involved.

Give Special Attention to Partnership Changes

Partnership questions may involve changes in the business.

Practise how to handle:

• admission of a partner;
• retirement of a partner;
• goodwill;
• revaluation;
• dissolution;
• conversion to a company.

You should also understand partners’ capital accounts, current accounts and appropriation accounts.

Practise Accounting Ratios

Ratios are used to interpret accounting information.

You should be able to calculate and understand:

• current ratio;
• acid-test ratio;
• stock turnover ratio.

Do not stop at the calculation. Understand what each ratio can show about the business.

Learn Public Sector Accounting Terms

Public sector accounting contains several terms that can easily be confused.

Make sure you understand:

• capital expenditure;
• recurrent expenditure;
• consolidated revenue fund;
• virement;
• warrant;
• votes;
• authority to incur expenditure;
• budget;
• due process certificate.

You should also know the roles of the Accountant General, Auditor General, Minister of Finance and Treasurer of local government.

Check Your Calculations

Accounting questions often involve several connected figures.

After completing a calculation, check:

• whether the correct figures were used;
• whether items were placed in the correct account;
• whether debit and credit entries agree where required;
• whether totals and balances are correct.

Regular practice will help you become more confident in both the theory and practical parts of Principles of Accounts.

Recommended Texts for JAMB Principles of Accounts

The following books can support your JAMB Principles of Accounts revision:

• 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, Tenlad Press International.
• Ajileye J. O. and Adetifa O. (2001), Get Your Financial Accounting Right, Book Two, De Hadey Printing Services.
• Akinduko A. O. (2001), Basic Accounting, Spetins.
• Awoyemi E. O. (1989), A Guide to Government Accounting and Internal Audit, Onibonje Press.
• Dodge R. (2002), Foundation of Business Accounting, Second Edition, Chapman and Hall.

Read also: Full List of JAMB Recommended Textbooks for Financial Accounting 2027/2028

You can use these texts to strengthen your understanding of accounting principles, practise calculations and review topics such as financial accounting, partnership accounts, company accounts and government accounting.

Key Points to Remember

• Accounting begins with proper recording of transactions, so understand bookkeeping, double entry, source documents, ledger accounts and trial balance.
• Cashbook and bank reconciliation require careful treatment of cash, bank transactions, discounts and differences between the cashbook and bank statement.
• Final accounts involve cost of sales, gross profit, net profit, assets, liabilities and proprietor’s capital.
• Important adjustments include bad debts, provision for doubtful debts, depreciation, accruals and prepayments.
• Stock can be valued using FIFO, LIFO and simple average, and the method used can affect cost of goods sold and profit.
• Control accounts and incomplete records require you to reconstruct and check accounting information carefully.
• Manufacturing accounts involve prime cost, production overhead, production cost and total cost.
• You should understand how accounts are prepared for not-for-profit organizations, departments, branches and joint ventures.
• Partnership topics include appropriation accounts, capital and current accounts, goodwill, admission, retirement and dissolution.
• Company accounting covers shares, debentures, final accounts and accounting ratios.
• Public sector accounting requires a clear understanding of government revenue, expenditure, financial officers and financial controls.
• Information technology in accounting covers manual and computerized accounting systems, data processing, hardware and software.
• Regular practice is important because many Principles of Accounts topics require calculation, classification, preparation and interpretation of accounts.

Frequently Asked Questions

Conclusion

The JAMB Area of Concentration for Principles of Accounts Subject 2027/2028 covers the main areas you need to understand, from double entry and cashbook to final accounts, stock valuation, partnership accounts, company accounts and public sector accounting.

To prepare well, combine your understanding of accounting rules with regular practice. Pay close attention to calculations, account preparation, classification of items and interpretation of financial information.

Use the topics as a guide when planning your revision, and spend more time on areas where you find calculations or account preparation difficult.

If you have any questions about the JAMB Principles of Accounts topics, you can ask in the comment section. You can also share this guide with other students who may find it useful.