If you are are an accounting student or teacher in Nigeria, and you are looking for the scheme of work on financial accounting. Below is a comprehensive scheme of work for SS1 from first term to third term for 2022/2023 academic year.
FINANCIAL ACCOUNTING SCHEME OF WORK FOR SS1 FIRST TERM
1. Introduction to Book keeping and Accounting
- Importance of Accounting
- Meaning of book-keeping
- Meaning of financial accounting
- Differences between book-keeping and financial accounting.
2. History of Accounting in Nigeria and worldwide
- Users of Accounting information and purpose
- Characteristics of accounting information.
3. Advantages and limitations of accounting
- Accounting process cycle
- Identifying and analyzing business transactions and events
- Recording in the journals
- Posting to the ledger
- Extraction of trial balance
- Preparation of financial statements
4. Career opportunities in Book keeping and Accounting
- Accounting professional bodies
- Accounting professional ethics
- Accounting concepts and convention
5. Accounting equation and principles of double entries
- Purpose and functions of source documents
- Introduction to subsidiary books: meaning and types of subsidiary books
6. Subsidiary books: meaning, uses, types- cash book; purchase day book-sales day book, return inwards and return outwards journal, journal proper and principal journal.
7. Mid term break
8. Working exercise on the above subsidiary book
9. Ledger– meaning, purpose, rulings- rules for posting ledger accounts.
- Classifications of accounts
- Cash book: meaning and types
- Single column cash book.
10. Double column cash book– meaning, bank transaction, central entry, posting and balancing of cash book.
11. Discounts: meaning, types, reasons for granting discount
- Calculation of discounts
FINANCIAL ACCOUNTING SCHEME OF WORK FOR SS1 SECOND TERM
1. Revision of last term's work
2. Discounts– types, definition
- Reasons for granting discount
- Calculation of discount
- Discount allowed and received
- Cash, trade, quantity and seasonal discount
3. Three column cash book
- Working with exercise with (accounts exercises book)
Also Read: History Of Accounting In Nigeria
4. Petty cash book
- Terminologies, floats
- Imprest system
- Reimbursement etc.
5. Posting subsidiary books into ledgers-e. cash book, purchase day book- sales day book
- Return inwards and returns outward journal and principal/journal proper
6. Trial balance; meaning, uses
- Rules for extraction
- Extraction of trial balance
- Working exercise
7. Trading account: meaning
- Reasons, format and preparation
- Profit and loss account– meaning
- Reasons, format- preparation
8. Balance sheet-definitions
- Terminologies, format, working exercises
9. Bank reconciliation statement
- Definition, reasons for preparations, terminologies e.g. unpresented cheques
FINANCIAL ACCOUNTING SCHEME OF WORK FOR SS1 THIRD TERM
2. Preparation of bank reconciliation with credit balance
- Preparation of bank reconciliation when there is bank reconciliation. debit balance
- End of year adjustments in profit and loss account – accruals and prepayments accrued income
3. Provision for bad debt, bad debts, provision for discount allowed and received.
- Bad debt recovered, work exercises
4. Depreciation of fixed assets meaning, reasons, methods of provision for depreciation, elements, terminologies, amortisation and depletion
5. Straight line and reducing balance methods, depreciation schedule, advantages and disadvantages of each method- ledger
6. Treatment of depreciation in profit and loss and balance sheet
- Preparation of final accounts with end of year adjustments