Problem-based teaching method (PBTM), which is one of the student-centered teaching methods, has been found by scholars as an effective teaching method that enhances students’ academic performance and knowledge retention in the teaching and learning of several subjects, including accounting. But, no known study has simplified PBTM processes for use in the classrooms in the teaching and learning of accounting. This seems to have made its application in the teaching and learning of accounting at tertiary and basic/postbasic levels difficult. This study, therefore, has simplified the Problem-based teaching method (PBTM) for use in the teaching and learning of accounting at basic/postbasic and tertiary levels in the education sector in Nigeria. This research study was considered because of the environment where the teaching and learning of accounting usually take place in the nation. The study anchors on Social learning theory, which states that, as learners actively participate in the classroom work through problem-solving, advancement in knowledge occurs. The study concludes that accounting could be taught effectively at any education level in Nigeria using this simplified PBTM to enhance students’ academic performance and knowledge retention.