JAMB Financial Accounting Curriculum
72 study units over 9 terms, SS1 to SS3. Work through them in order and tick each one off.
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SS1 Foundation
Recording transactions, cash and bank, errors and the final accounts of a sole trader
First Term 8 units
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1
Unit 01
Meaning, Purpose and Users of Accounting
Accounting identifies, measures, records, classifies and communicates financial transactions for decision-making and accountability. Bookkeeping is the systematic recording component; accounting also includes reporting and interpretation.
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2
Unit 02
The Accounting Equation
The basic accounting equation is Assets = Liabilities + Owner’s Equity. Assets are economic resources controlled by an entity; liabilities are present obligations; equity is the residual interest.
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3
Unit 03
Accounting Concepts and Ethical Practice
The business entity concept treats a business separately from its owner for record-keeping. Going concern assumes continued operation unless evidence indicates otherwise.
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4
Unit 04
Source Documents and Books of Original Entry
A source document provides evidence of a transaction. Examples include invoices, receipts, credit notes, debit notes, payment vouchers and bank statements.
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5
Unit 05
Double Entry and Debit/Credit Rules
Double entry records equal debit and credit effects in the accounting system. For assets and expenses, increases are generally debits; for liabilities, capital and income, increases are generally credits.
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6
Unit 06
Ledgers and Balancing Accounts
The ledger groups transactions by account: cash, purchases, sales, rent, receivables, payables and so forth. A T-account places debits on the left and credits on the right.
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7
Unit 07
The Trial Balance
A trial balance lists ledger balances in debit and credit columns at a stated date. If the double-entry arithmetic is correct, total debits and total credits should agree.
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8
Unit 08
The Cash Book and Bank Transactions
A cash book records cash and bank transactions and may serve as both book of original entry and ledger. A two-column cash book can include cash and bank columns; a three-column form adds discount columns.
Second Term 8 units
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1
Unit 01
Cash book and petty cash
A cash book records cash and bank receipts and payments; it can serve as both a book of original entry and ledger for these accounts. A three-column cash book includes cash, bank and cash-discount columns on each side.
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2
Unit 02
Banking documents
Source documents support the completeness and correctness of cash and bank entries. Deposit slips, cheque counterfoils, debit advices, credit advices and transfer confirmations provide different transaction evidence.
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3
Unit 03
Bank reconciliation
A bank reconciliation explains the differences between the adjusted cash-book bank balance and the bank statement balance at the same date. First correct cash-book omissions such as bank charges, direct deposits, standing orders and dishonoured cheques.
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4
Unit 04
Control accounts introduction
Control accounts summarise transactions from subsidiary ledgers to provide independent checks on balances. The receivables ledger control account starts with opening trade receivables and incorporates credit sales, receipts, discounts, returns and bad debts as applicable.
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5
Unit 05
Suspense accounts
A suspense account is a temporary ledger used when a trial balance does not agree and the difference has not yet been located. It does not fix underlying mistakes and should be cleared once errors are identified.
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6
Unit 06
Accounting errors
Accounting errors arise from incorrect recording, classification, calculation or posting of transactions. Errors of omission, commission, principle, original entry, complete reversal and compensating errors may not disturb trial-balance equality.
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7
Unit 07
Correction of errors
Errors must be corrected through appropriate entries that reflect the intended accounts and amounts. Journal corrections should be dated, narrated and supported by evidence.
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8
Unit 08
Practice sets
A complete accounting practice set links source documents, books of original entry, ledgers, controls and trial balance. Start by checking dates and identifying the accounts affected before choosing debit and credit directions.
Third Term 8 units
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1
Unit 01
Trading account
The trading section of a sole trader’s income statement calculates gross profit from sales and cost of sales. Net sales = sales less sales returns; cost of sales = opening inventory + net purchases + carriage inwards − closing inventory.
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2
Unit 02
Profit and loss account
The profit and loss section deducts operating expenses and adds other appropriate income to determine net profit. Gross profit is brought down from trading; running expenses such as rent, wages and electricity are charged to the period.
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3
Unit 03
Statement of financial position
A statement of financial position summarises assets, liabilities and owner’s equity at a specified reporting date. Current assets are expected to be realised or consumed in the normal operating cycle, while non-current assets support longer-term operations.
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4
Unit 04
Depreciation introduction
Depreciation allocates the depreciable cost of a non-current asset across its useful life; it is not a direct valuation of market price. Straight-line depreciation typically uses (cost − residual value) ÷ useful life.
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5
Unit 05
Accruals and prepayments
Accrual accounting recognises revenues when earned and expenses when incurred, regardless of cash timing. An accrued expense relates to the current period but remains unpaid, creating a liability.
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6
Unit 06
Bad debts and provisions
A bad debt arises when a receivable is judged uncollectible; an allowance anticipates probable credit losses on remaining receivables. Write-offs remove amounts no longer expected to be collected and reduce recorded trade receivables.
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7
Unit 07
Sole trader final accounts
A sole trader’s financial statements combine trading results, period expenses, closing capital and the financial position. Prepare a trial balance, identify year-end adjustments, and calculate cost of sales, gross profit and net profit.
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8
Unit 08
Applied revision
Financial Accounting examinations reward correct entry direction, systematic workings and meaningful presentation. Revise cash books, errors, control accounts and final accounts together using linked transactions.
SS2 Development
Partnerships, manufacturing and non-profit accounts, incomplete records, companies and ratios
First Term 8 units
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1
Unit 01
Partnership fundamentals
Partnership accounting begins with an agreement about capital, profit sharing, drawings, interest and salaries or allowances. Profit is not automatically divided equally; follow the agreed ratio.
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2
Unit 02
Appropriation account
A profit-and-loss appropriation account shows how the partnership’s net profit is shared after items such as partners’ salaries and interest on capital, according to the agreement. These are appropriations of profit rather than normal operating wages to external employees.
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3
Unit 03
Partners’ current accounts
Current accounts record each partner’s share of profit, drawings, interest and other periodic transactions when fixed capital accounts are maintained. Credits usually include profit shares and interest on capital; debits include drawings and interest on drawings.
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4
Unit 04
Admission of partner
Admission of a new partner can change profit-sharing ratios, asset valuations and the treatment of goodwill. Determine the old and new ratios and calculate the sacrifice made by existing partners where required.
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5
Unit 05
Retirement and dissolution
On retirement or dissolution, accounts must establish amounts due to partners after realising assets and settling external liabilities. A realisation account records disposal proceeds and carrying amounts.
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6
Unit 06
Manufacturing accounts
Manufacturing accounts calculate the cost of production. Direct materials consumed plus direct labour and direct expenses form prime cost; factory overheads and adjustments for work in progress then give production cost.
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7
Unit 07
Income and expenditure accounts
Non-profit organisations prepare an income-and-expenditure account to measure surplus or deficit using accrual principles. Revenue items belong to the relevant accounting period even if cash was collected earlier or later.
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8
Unit 08
Revision
Partnership and not-for-profit questions often require a clear working note before journal or account entries. Write the rule, identify the relevant balance and show each adjustment once.
Second Term 8 units
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1
Unit 01
Receipts and payments accounts
A receipts-and-payments account summarises actual cash and bank movements, including capital and revenue items, without accrual adjustments. It begins with opening cash/bank balances and ends with closing balances.
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2
Unit 02
Nonprofit accounts
For clubs and charities, subscription accounting may require adjustments for arrears and amounts collected in advance. The income-and-expenditure account includes relevant period income and expenses, while the statement of financial position presents assets and liabilities.
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3
Unit 03
Single-entry records
Single-entry describes records that do not provide a complete double-entry system. Profit may be estimated by comparing opening and closing capital after adjusting for drawings and additional capital introduced.
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4
Unit 04
Incomplete records
Incomplete-record problems may require rebuilding missing sales, purchases or cash entries using control-account relationships and other evidence. Work systematically from opening balances, receipts/payments and closing balances.
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5
Unit 05
Control accounts advanced
Control accounts summarise receivables and payables ledger balances. A sales-ledger control account uses credit sales, customer receipts, returns, discounts and bad debts to reconcile receivables.
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6
Unit 06
Depreciation methods
Depreciation allocates the depreciable amount of a non-current asset across useful life. Straight-line depreciation is consistent each year; reducing balance applies a rate to the remaining carrying value.
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7
Unit 07
Disposal of non-current assets
When an asset is disposed of, remove both its cost and accumulated depreciation and compare disposal proceeds with carrying value. A gain or loss on disposal is not the same as the whole cash received.
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8
Unit 08
Exam practice
Accounting examination questions reward a correct format as much as a final number. Write dates, headings, ledger sides and balancing lines clearly.
Third Term 8 units
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1
Unit 01
Accounts of clubs and societies
Club accounts may include subscription, bar trading, fundraising and assets donated. Separate revenue receipts from capital receipts and prepare the accumulated fund from net assets at the relevant date.
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2
Unit 02
Company accounts introduction
Company accounts distinguish owners’ equity from liabilities. Ordinary share capital represents ownership, whereas debentures or loans represent obligations according to their terms.
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3
Unit 03
Share capital and reserves
Issued share capital is not the same as authorised or fully paid capital in every legal and educational context. Reserves can arise from retained earnings or other transactions; distinguish capital from accumulated profit.
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4
Unit 04
Final accounts adjustments
Final-account adjustments ensure revenues and costs appear in the period to which they relate. Common adjustments are inventory, accruals, prepayments, depreciation and irrecoverable receivables.
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5
Unit 05
Inventory valuation
Inventory is generally valued at the lower of cost and net realisable value for financial reporting. Cost includes relevant acquisition and conversion costs; selling price alone does not equal net realisable value because selling costs may need deduction.
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6
Unit 06
Financial statement ratios
Ratios help interpret profitability, liquidity and efficiency. Gross profit margin = gross profit / revenue × 100; current ratio = current assets / current liabilities.
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7
Unit 07
Interpretation of accounts
A set of financial statements should be considered together. A profitable business can still have cash-flow problems; a high current ratio may conceal slow-moving inventory.
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8
Unit 08
Case-study revision
An integrated accounting case requires careful reading, correct ledger logic and a sequence of workings. Begin with a trial balance, record adjustments once, calculate profit and prepare the statement of financial position.
SS3 Mastery
Integrated revision, examination practice and final evaluation
First Term 8 units
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1
Unit 01
Source documents and double entry revision
The accounting cycle runs from evidence of a transaction through journal or source book, ledger, trial balance, adjustments and financial statements. Every entry must be supported by an identifiable event.
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2
Unit 02
Ledgers and trial balance
Ledger entries must preserve the equality of debits and credits. A trial balance is a useful check but does not detect every possible error.
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3
Unit 03
Errors and bank reconciliation
A bank reconciliation compares the cash book with the bank statement after identifying unpresented cheques, uncredited lodgements, charges and errors.
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4
Unit 04
Control accounts
Receivables and payables control accounts summarise credit transactions and help reconcile subsidiary ledgers. A difference should be investigated through records.
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5
Unit 05
Final accounts
Final accounts determine financial performance and position. Cost of sales, gross profit and net profit serve different purposes.
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6
Unit 06
Adjustments
Accruals, prepayments, inventory, depreciation and bad debts change reported results. An adjustment often affects two statements.
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7
Unit 07
Timed calculations
Time-pressure accounting requires selecting an efficient sequence of workings, not skipping steps. Set up layouts first and carry a consistent figure through.
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8
Unit 08
Corrections
Correct your errors using an audit trail: original entry, required entry, adjusting journal and updated balance. Record the reason for the correction.
Second Term 8 units
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1
Unit 01
Partnership accounts
Revision of partnership accounts: the agreement, appropriation account, current accounts, admission of a partner and dissolution.
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2
Unit 02
Nonprofit accounting
Revision of not-for-profit accounts: receipts and payments, income and expenditure, subscriptions and the accumulated fund.
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3
Unit 03
Manufacturing accounts
Revision of manufacturing accounts: raw materials consumed, prime cost, factory overheads, work in progress and cost of production.
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4
Unit 04
Company accounts
Revision of company accounts: share capital, debentures, reserves, dividends and the company’s financial statements.
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5
Unit 05
Incomplete records
Revision of incomplete records: statements of affairs, total receivables and payables accounts, mark-up and margin.
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6
Unit 06
Ratios and decisions
Using accounting ratios to judge profitability, liquidity and efficiency and to support decisions, with their limitations.
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7
Unit 07
JAMB accounting drills
Objective (UTME-style) drills across the syllabus, including departmental, branch, joint venture and public sector accounts.
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8
Unit 08
Structured practice
Structured questions linking disposals of non-current assets, partnership appropriation and year-end adjustments.
Third Term 8 units
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1
Unit 01
Comprehensive accounting cycle
The complete accounting cycle: from source documents through books of original entry, ledger and trial balance to final accounts.
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2
Unit 02
SSCE theory and practical
SSCE theory and practical questions, with emphasis on correct layouts for manufacturing and company accounts.
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3
Unit 03
CBT practice
Computer-based objective practice under timed conditions, including inventory valuation questions.
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4
Unit 04
Spreadsheet accounting checks
Using spreadsheets and accounting software to record transactions and check totals, with the controls they need.
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5
Unit 05
Integrated financial statements
Preparing integrated financial statements for sole traders, partnerships and incomplete-records businesses.
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6
Unit 06
Mocks and corrections
Sitting mock papers under examination conditions and correcting errors by topic.
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7
Unit 07
Weak-topic clinic
Finding your weakest topics from your results and practising them until they are secure.
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8
Unit 08
Final evaluation
Final evaluation of examination readiness across the whole Financial Accounting syllabus.