Most Expected Topic in 2024 JAMB Principles of Accounting CBT Exam

If you’re a student preparing to take the Principles of Accounting exam in the upcoming JAMB (Joint Admission and Matriculation Board) 2024, it’s crucial to focus on the most expected topics. This guide will help you understand the reasons for knowing these topics and provide a list of the subjects you should concentrate on while studying.

Why You Need This Guide:

The subject of Principles of Accounting is vast, and knowing your areas of concentration is essential for exam success. By using this guide, you can focus on the most relevant topics that are likely to appear in the JAMB exam. Studying these topics will increase your chances of performing well in Principles of Accounting.

Most Expected Topics in Principles of Accounting:

The following topics are the most expected to be covered in the JAMB Principles of Accounting exam. By studying these areas, you can be well-prepared for the upcoming test:

1. Nature and Significance of Accounting
2. Principles of Double Entry
3. Cash Book
4. Bank Transactions and Reconciliation Statements
5. The Final Accounts of a Sole Trader
6. Stock Valuation
7. Control Accounts and Self-Balancing Ledgers
8. Incomplete Records and Single Entry
9. Manufacturing Accounts
10. Accounts of Not-for-Profit-Making Organizations
11. Departmental Accounts
12. Branch Accounts
13. Partnership Accounts
14. Introduction to Company Accounts
15. Public Sector Accounting

Recommended Textbooks:

To enhance your understanding of these topics, using the right textbooks is crucial. Here are some recommended textbooks that you can use for effective study:

1. “Get your Financial Accounting Right” Book One by Adeifa O. Ajileye, J. O and Oluwasanna, R. O.
2. “Get your Financial Accounting Right” Book Two by Ajileye, J. O. and Adetifa O.
3. “Basic Accounting” by Akinduko, A. O
4. “An Introduction to Financial Accounting” by Anao, A. R
5. “A Guide to Government Accounting and Internal Audit” by Awoyemi, E. O.
6. “Foundation of Business Accounting” (Second Edition) by Dodge, R.
7. “Bookkeeping and Accounting for Senior Secondary Schools” Vols. 1 & 2 by Frank, W. and Omuya, J. O.
8. “Government Accounting” by Hassan M. M.
9. “Financial Accounting Made Simple (Vol. I)” by Igben, R. O.
10. “Essential Financial Accounting for Senior Secondary Schools” by Longe, O. A. and Kazeem, R. A
11. “Foundation Accounting: An Introduction Manual for Accounting Students” by Millichamp, A. H.
12. “Financial Accounting” by Okwoli, A. A.
13. “Government Accounting and Financial Control” by Oshisami, K.

Related Article:JAMB Syllabus for 2023 Commerce CBT Exam (Jamb.org.ng) | CHECK NOW

FAQs about Final Accounts of Sole Traders in JAMB Principles of Accounting

What are the key components of a sole trader’s final accounts?

• • The key components are the Trading Account, Profit and Loss Account, and the Balance Sheet. The Trading Account calculates the gross profit, while the Profit and Loss Account determines the net profit. The Balance Sheet shows the financial position of the business.

Why are adjustments necessary to prepare the final accounts?

• • Adjustments ensure that all revenues and expenses are accounted for in the correct accounting period. This includes adjusting for items like accrued expenses, prepaid expenses, depreciation, and bad debts, ensuring the accuracy and completeness of the financial statements.

How is gross profit calculated in the Trading Account?

• • Gross profit is calculated by subtracting the cost of goods sold (COGS) from net sales. The formula is:
    $$\text{Gross Profit}=\text{Net Sales}-\text{Cost of Goods Sold}$$
  • Net sales are total sales minus sales returns, and COGS includes opening stock plus purchases minus closing stock.

What is the purpose of the Balance Sheet for a sole trader?

• • The Balance Sheet provides a snapshot of the business’s financial position at a specific point in time. It lists the assets, liabilities, and owner’s equity, helping the owner understand the business’s worth and financial health.

Can you explain the concept of depreciation and its impact on final accounts?

• • Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It impacts the final accounts by reducing the book value of assets on the Balance Sheet and increasing expenses on the Profit and Loss Account. This affects the net profit and the valuation of assets.

Conclusion:

Studying with a guide highlighting the most expected topics in the JAMB Principles of Accounting 2023 exam will significantly benefit your preparation. Focusing on these crucial areas and using the recommended textbooks can improve your chances of success in the exam.

Remember to study wisely and thoroughly to excel in the Principles of Accounting. Good luck with your studies and the upcoming examination!