Financial Accounting Scheme Of Work For SS3 For 2023/2024 Session
FINANCIAL ACCOUNTING SCHEME OF WORK FOR SS3 FIRST TERM
1. Revision of SS2 WORK
2. Preparation of company income statement
3. Appropriation account of a company- goodwill, preliminary expenses, reserves, dividend, bonuses
4. Company balance sheet- vertical T format
Capital market
5. Meaning, reasons for regulation, types of regulation, condition for enlisting in capital market
6. Security and exchange commission
7. Functions, objectives, protection of investors, tools of regulation, registration, surveillance and monitoring, investigations, enforcement, rule making
8. Nigeria stock exchange
- Definition, functions, operations
- Members (jobbers, brokers etc.)
- Abuja stock/ commodity exchange
9. Hire purchase/instalment payment account
Sellers and hirer ledger
Goods account, finance house
10. Hire purchase account/interest account
11. Consignment account
- Meaning, terminologies
- Consignor and consignee accounts
- Accounting entries in the books of the consignor
- Accounting entries in the book of the consignee
11. Joint venture
- Meaning, differences between joint venture and partnership
- Joint venture (individual account)
- Joint venture memorandum account
12. Revision
13. Examination
FINANCIAL ACCOUNTING SCHEME OF WORK FOR SS3 SECOND TERM
1. Contract account
- Meaning, terminologies- notional profit, retention fee, and work certified
- Work in progress, calculation of percentage of work completed
2. Preparation of contract account
- Interpretation of financial statement- calculation of ratio e.g. liquidity ratio, acid test ratio, work capital etc.
3. Departmental account- meaning
- Reasons for departmental account
- Inter departmental transfer
- Lost apportionment- direct allocation, turnover basis, floor area etc.
- Preparation of departmental account
- Differences between branch and departmental account
4. Branch account
- Meaning, types of branches- local, foreign
- Reason for branch account
- Branch memorandum account
- Branch returns account
- Branch debtor's account
- Branch profit and loss account
- Branch mark up and margin
5. Public sector accounting
- Meaning basis for preparation of account, sources of government revenue
- Capital/ re- current expenditures
- Heads and sub heads
- Capital and revenue account
- Income and expenditure account
- Differences between government accounting and public sector accounting- term in government accounting.
6. Preparation of personal cost budget
7. Revision
8. Mock examination
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