Financial Accounting Scheme Of Work For SS2 For 2020/2021 Session



Scheme Of Work For Secondary School Financial Accounting SS2


FINANCIAL ACCOUNTING SCHEME OF WORK FOR SS2 FIRST TERM

1. Revision

2. Accounting errors
  • Correction of errors with journal proper

3. Control account and self-balancing ledger
  • Purchase ledger control account
4. Manufacturing account reasons, terminologies and format

5. Manufacturing account, trading, profit and loss account

6. Manufacturing account treatment of manufacturing account

7. Introduction to partnership account
  • Partnership account, working exercise, appropriation account, current account, capital account and balance sheet
8. Revision

9. Examination

FINANCIAL ACCOUNTING SCHEME OF WORK FOR SS2 SECOND TERM

1. Revision

2. Partnership account– admission of new partners, terminologies Goodwill account, valuation of assets, treatment of goodwill according to profit sharing ratio

3. Dissolution of partnership– reasons for dissolution, entry requirements in closing the firm's books of accounts (settlement account)

4. Accounting ratio– introduction to mark up, margin, rate of stock turnover with working exercises

5. Single entry/ incomplete records– meaning, limitations, statement of affairs, determination of profit and loss from statement of affairs, determination of opening and closing capital

6. Single entry/ incomplete records– determination of profit and loss statement of affairs, preparation of trading, profit and loss accounts and balance sheet from incomplete records.

7. Accounts of non-profit making organisation– meaning, terminologies, features of receipts and payments account and format.

8. Receipt and payment account, income and expenditure account- meaning, rules, similarities and differences between receipts and payments account and income and expenditure account

9. Treatment of subscriptions, other nominal ledgers in arrears and in advance

10. Preparation of income and expenditure account and balance sheet with working exercise

11. Revision

12. Examination

FINANCIAL ACCOUNTING SCHEME OF WORK FOR SS2 THIRD TERM

1. Revision

2. Acquisition/ purchase of business, purchasing consideration, goodwill

3. Meaning, reason for acquisition format and working exercise

4. Purchase of business– format preparation of new business account

5. Company amalgamation– reasons, process and working exercise
  • Companies formation, private, public companies, quoted and unquoted companies
  • Quoted and unquoted companies
6. Nigeria financial system- meaning, component, features, operators, money market and capital market functions.

7. Types of shares, issues of shares, distinction between classes of shares, issues of shares par, discount and premium.

8. Preparation of accounts for issue of shares at par, discount and premium, bonus shares, right issues

9. Loan capital- debenture type
Distinction between shares and debentures, preparation of account relating to issues all classes of shares

10. Capital market- requirement for enlisting in capital market, second- tier security market. Advantages of capital market to
Individuals, investors, government, economy, individual companies

11. Revision

12. Examination

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