The aim of the Unified Tertiary Matriculation Examination (UTME) syllabus in Principles ofAccounts is to prepare the candidates for the Board’s examination. It is designed to test theirachievement 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.


OBJECTIVES, Candidates should be able to:

1. Nature and Significance of Accounting

a. Development of accounting (includingbranches of accounting);

b. Objectives of bookkeeping andaccounting;

c. Users and characteristics of Accountinginformation;

d. Principles, concepts and conventions ofaccounting (nature, significance andapplication);

e. Role of accounting records andinformation.
i. differentiate between bookkeeping and accounting;

ii. use the historical background of bookkeeping andaccounting for future development;

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

iv. examine the role of accounting records and informationin decision making.

v. list the branches of Accounting such as CostAccounting, Management Accounting, Auditing,Financial Accounting and Taxation.

2. Principles of Double Entry

a. Functions of source documents

b. Books of original entry

c. Accounting equation

d. The ledger and its classificationse. Trial balance

f. Types and treatment of errors and usesof suspense account
i. relate the various source documentsto their uses;

ii. relate source documents to the various books of originalentry;

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

iv. identify the role of double entry and use it to posttransactions into various divisions of the ledger;

v. balance off ledger accounts;

vi. extract a trial balance from balances and determine itsuses;

vii. identify various types of errors and their necessarycorrections;

viii. create a suspense account.

3. Ethics in Accounting

a. Objectives

b. Qualities of an Accountant
i. use ethics in preparing and presenting AccountingReports;

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

4. Cashbook

a. Columnar cashbooks

b. Discounts

c. Petty cashbook and the imprest system
i. determine the cash float;

ii. differentiate between two and three columnarcashbooks and how transactions are recorded inthem;

iii. differentiate between trade and cash discounts;

iv. examine the effects of trade and cash discounts inthe books of accounts.

v. identify various petty cash expense;

5. Bank Transactions and ReconciliationStatements

a. Instrument of bank transactions

b. e-banking system

c. Causes of discrepancies betweencashbook and bank statement

d. Bank reconciliation statement
i. identify bank documents such as cheques, pay-in-slips,credit and debit cards and their uses;

ii. assess the impact of automated credit system, credittransfers, interbank transfers and direct debit on cashbalances;

iii. list factors that cause discrepancies between balancesof cashbook and bank statements

iv. prepare adjusted cashbook balance

v. prepare bank reconciliation statements.

6. The Final Accounts of a Sole Trader

a. Income statement (Trading and profit andloss account)

b. Statement of financial position (Balancesheet)

c. Adjustments:

i. provision for bad and doubtful debt

ii. provision for discounts

iii. provision for depreciation using straightlineand reducing balance methods

iv. accruals and prepayments
i. determine the cost of sales, gross profit and net profitof a sole trader;

ii. identify fixed assets, current assets, long- termliabilities, current liabilities and proprietor’s capital;

iii. compute adjustable items on the related expenditureand income in the profit and loss account;

iv. relate the adjustable items and their correspondingdisclosure in the statement of financial position;

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

7. Stock Valuation

a. Methods of cost determination usingFIFO, LIFO and simple average

b. The advantages and disadvantages of themethods

c. The importance of stock valuation
i. determine the cost of materials issued to production orcost of goods sold using FIFO, LIFO and simpleaverage;

ii. calculate the closing stock of materials or finished goods using FIFO, LIFO and simple average;

iii. compare the advantages and disadvantages of eachmethod of stock valuation;

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

8. Control Accounts and Self-balancingLedgers

a. Importance of control accounts

b. Purchases ledger control account

c. Sales ledger control account
i. determine the importance of control accounts in abusiness enterprise;

ii. differentiate between sales ledger control account andpurchases ledger control account;

iii. identify the individual elements of control accounts;

iv. prepare the control accounts

9. Incomplete Records and Single Entry

a. Conversion of single entry to doubleentry

b. Determination of missing figures

c. Preparation of final accounts fromincomplete records
i. determine proprietor’s capital using statement ofaffairs;

ii. determine the amount of sales, purchases, cashbalances, debtors, creditors and expenses byconverting single entry to double entry;

iii. use accounting equations and gross profit percentageto determine gross profit or cost of sales.

10. Manufacturing Accounts

a. Cost classification

b. Cost apportionment

c. Preparation of manufacturing account
i. calculate prime cost, production overhead, productioncost and total cost;

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

11. Accounts of Not-For-Profit-MakingOrganizations.

a. Objectives of Not-For-Profit-Makingorganizations

b. Receipts and payments account

c. Income and expenditure account

d. Statement of financial position (Balancesheet)
i. distinguish between the features of Not-for-profitmakingorganizations;

ii. determine the subscription income, subscription inarrears and in advance;

iii. compute the cash balances and accumulated funds,surplus and deficit for the period from all sources.

iv. Prepare:
a. receipts and payments account
b. income and expenditure account
c. statement of financial position

12. Departmental Accounts

a. Objectives

b. Apportionment of expenses

c. Departmental trading and profit and lossaccount
i. identify the reasons for departmental accounts;

ii. determine the expenses associated with individualdepartments;

iii. compute departmental profits or losses.

13. Branch Accounts

a. Objectives

b. Branch accounts in the head officebooks

c. Head office account

d. Reconciliation of branch and headoffice books
i. determine the reasons for branch accounts;

ii. calculate profits and losses from branches;

iii. determine the sources of differences and reconcilethem.

14. Joint Venture Accounts

a. Objectives

b. Personal accounts of venturers

c. Memorandum Joint venture accounts
iv. identify the objectives of Joint Venture;

v. determine the profit or loss of the Joint Venture;

vi. determine the profit or loss of each venture.

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15. Partnership Accounts

a. Formation of partnership

b. Profit and loss account

c. Appropriation account

d. Partners current and capital accounts

e. Treatment of goodwill

f. Admission/retirement of a partner

g. Dissolution of partnership

h. Conversion of a partnership to acompany
i. determine the instruments of partnership formation;

ii. categorize all accounts necessary for partnership;

iii. determine the effects of admission and retirement of apartner;

iv. prepare revaluation account

v. identify the accounts required for dissolution andconversion to a company;

vi. determine the partners share of profits or losses

16. Introduction to Company Accounts

a. Formation and classification ofcompanies

b. Issue of shares and debentures

c. Final accounts of companies

d. Interpretation of accounts usingratios.

e. Distinction between capital andrevenue reserves
i. differentiate between types of companies;

ii. identify the processes and procedures of recording theissue of shares and debentures;

iii. compute elements of final accounts of companies;

iv. interpret the accounts for decision making usingratios such as current, acid test and stock turnover.

17. Public Sector Accounting

a. Comparison of cash and accrual basisof accounting

b. Sources of government revenue

c. Capital and recurrent expenditure

d. Consolidated revenue fund

e. Statement of assets and liabilities

f. Responsibilities and powers of:
i. The Accountant General
ii. The Auditor General
iii. The Minister of Finance
iv. The Treasurer of local government

g. Instruments of financial regulation
i. differentiate between public sector accountingand private sector accounting;

ii. identify the sources of government revenue;

iii. differentiate between capital and recurrentexpenditure;

iv. calculate consolidated revenue fund and determinethe values of assets and liabilities;

v. analyse the duties of the Accountant General, theAuditor General, the Minister of Finance and theTreasurer of local government;

vi. distinguish between the elements of control ingovernment accounting procedures e.g. virement,warrant, votes, authority to incur expenditure, budgetand due process certificate.

18. Information Technology in Accounting

a. Manual and computerized accountingprocessing system

b. Processes involved in data processing

c. Computer hardware and software

d. Advantages and disadvantages ofmanual and computerized accountingprocessing system.
i. relate and differentiate between manual andcomputerized accounting processing system;

ii. identify the processes involved in dataprocessing;

iii. relate the different components of computer;

iv. identify the advantages and disadvantages ofmanual and computerized accountingprocessing system

We provide educational resources/materials, curriculum guide, syllabus, scheme of work, lesson note & plan, waec, jamb, O-level & advance level GCE lessons/tutorial classes, on various topics, subjects, career, disciplines & department etc. for all the Class of Learners


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: Onibonoje 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, Onitsha: Adson Publishing Company,

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.

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