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Purpose: A major thread in accounting literature, which has remained a contentious issue, is how accounting alchemy can be modeled. The paper builds on existing accrual models in proposing an accounting alchemy model and tests if it is still the right medicine for earnings and book value of firms. The accounting alchemy model was based on mechanisms of earnings, book value, earnings before extraordinary items, net profit after tax, cashflow from operations, revenue and total assets. We modified accrual models on the view that accrual models suggest that incomes/expenses are the most manipulated; contrarily, accounting alchemy proposes that assets are alchemized. Originality/value: This paper proposes a new empirical model of accounting alchemy and practically assesses the validity of the model in Sub-Saharan Africa where there are no studies. The proposed accounting alchemy model can be used in Asia, Europe and other parts of the world to see if the study results can be replicated. Design/methodology/approach: Ex post facto design was used and secondary data were obtained for selected quoted firms in sub-Saharan Africa comprising Nigeria, South Africa and Kenya during 2012-2016. A sample of 64 firms was selected in the consumer and industrial goods subsector and data were analysed via descriptive (mean, standard deviation, correlation) and inferential (regression, fixed and random effects) statistics. Findings: Findings indicated that earnings and book value are significantly affected by accounting alchemy. This implies that accounting alchemy is not the right medicine for firm's earnings and book value. The result has practical application for researchers and the regulatory framework of accounting. [ABSTRACT FROM AUTHOR]