Scheme Of Work For Secondary School Financial Accounting SS2

SS2 FIRST TERM

Revision

Accounting errors
Correction of errors with journal proper

Control account and self-balancing ledger
Purchase ledger control account

Manufacturing account reasons, terminologies and format

Manufacturing account, trading, profit and loss account

Manufacturing account treatment of manufacturing account

Introduction to partnership account
Partnership account, working exercise, appropriation account, current account, capital account and balance sheet

Revision

Examination

SECOND TERM

Revision

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

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

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

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

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.

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

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

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

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

Revision

Examination

THIRD TERM

Revision

Acquisition/ purchase of business, purchasing consideration, goodwill

Meaning, reason for acquisition format and working exercise

Purchase of business– format preparation of new business account

Company amalgamation– reasons, process and working exercise
Companies formation, private, public companies, quoted and unquoted companies
Quoted and unquoted companies

Nigeria financial system- meaning, component, features, operators, money market and capital market functions.

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

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

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

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

Revision

Examination