Scheme Of Work For Secondary School Financial Accounting SS1

Introduction to Book keeping and Accounting
Importance and History of Accounting in Nigeria

Users of Accounting information and purpose for which they are needed- advantages and limitations of Accounting

Career opportunities in Book keeping and Accounting
Accounting professional bodies
Accounting professional ethics
Accounting concepts and convention

Principles of double entries
Accounting equations
Legalization and journalisation

Source documents
Meaning, uses, types-importance e.g. debit note, credit note

Subsidiary books: meaning, uses, types- cash book; purchase day book-sales day book, return inwards and return outwards journal, journal proper and principal journal.
Working exercise on the above subsidiary book

Working exercise on ledger
Ledger– meaning, purpose, rulings- rules for posting ledger accounts to e debited, to be credited

Classification of Accounts into personal, inter personal, real and nominal account

One column cash book meaning and uses– working exercises on it with cash book account exercise book.

Double column cash book– meaning, bank transaction, central entry, posting and balancing of cash book.



Revision of last term's work

Discounts– types, definition
Reasons for granting discount
Calculation of discount
Discount allowed and received
Cash, trade, quantity and seasonal discount

Three column cash book
Working with exercise with (accounts exercises book)

Petty cash book
Terminologies, floats
Imprest system
Reimbursement etc.

Posting subsidiary books into ledgers-e. cash book, purchase day book- sales day book
Return inwards and returns outward journal and principal/journal proper

Trial balance; meaning, uses
Rules for extraction
Extraction of trial balance
Working exercise

Trading account: meaning
Reasons, format and preparation
Profit and loss account– meaning
Reasons, format- preparation

Balance sheet-definitions
Terminologies, format, working exercises

Bank reconciliation statement
Definition, reasons for preparations, terminologies e.g. unpresented cheques

Reasons for differences between cash book balance and bank statement balance




Preparation of bank reconciliation with credit balance
Preparation of bank reconciliation when there is bank reconciliatione. debit balance
End of year adjustments in profit and loss account – accruals and prepayments accrued income

Provision for bad debt, bad debts, provision for discount allowed and received.
Bad debt recovered, work exercises

Depreciation of fixed assets meaning, reasons, methods of provision for depreciation, elements, terminologies, amortisation and depletion

Straight line and reducing balance methods, depreciation schedule, advantages and disadvantages of each method- ledger

Treatment of depreciation in profit and loss and balance sheet
Preparation of final accounts with end of year adjustments