Financial accounting is a fundamental discipline that involves managing and interpreting business finances.
In this article, the SSS 2 scheme of work takes you through three terms of essential topics, including subsidiary books, depreciation, partnership accounts, and departmental accounts.
Each term builds on the previous one, giving you a comprehensive understanding of accounting processes and financial reporting.
The recommended textbooks guide you through these topics, providing detailed explanations and practical examples to ensure you’re well-equipped for the financial world.
SSS 2 FINANCIAL ACCOUNTING First Term Scheme of Work
Week 1: Subsidiary Books
- Overview of the types of subsidiary books: purchases day book, sales day book, returns inwards, and returns outwards
- The importance of keeping subsidiary books in a business
- Recording transactions in subsidiary books
Week 2: Partnership Capital Account
- Introduction to the structure of partnership capital accounts
- Types of capital accounts: fixed and fluctuating
- How to prepare and balance partnership capital accounts
Week 3: Depreciation of Fixed Assets
- Definition and reasons for depreciation
- Methods of depreciation: straight-line, reducing balance, sum of the year’s digits, etc.
- Recording depreciation in accounting books
Week 4: Depreciation of Fixed Assets (Continued)
- Further application of depreciation methods
- Journal entries for depreciation
- Exercises on depreciation
Week 5: Depreciation of Fixed Assets (Continued)
- Accumulated depreciation accounts
- Treatment of disposal of fixed assets
- Comprehensive examples and case studies
Week 6: Manufacturing Accounts
- Introduction to manufacturing accounts: purpose and structure
- Components: raw materials, work-in-progress, finished goods
- How to prepare manufacturing accounts
Week 7: Mid-Term Break
Week 8: Manufacturing Accounts (Continued)
- Practice on preparing complete manufacturing accounts
- Profit or loss in manufacturing businesses
- Real-life applications and case studies
Week 9: Introduction to Accounting Ratios
- Definition and types of accounting ratios: liquidity, profitability, and efficiency ratios
- The purpose and importance of accounting ratios
- How to calculate and interpret key ratios
Week 10: Introduction to Accounting Ratios (Continued)
- Further practice on accounting ratios
- Examples of how ratios are used in financial analysis
- Review of classwork and assignments
Week 11: Revision
Week 12: Examination
Week 13: Closing
SSS 2 FINANCIAL ACCOUNTING Second Term Scheme of Work
Week 1: Single Entry and Incomplete Records
- Definition of single entry and incomplete records
- Differences between double-entry and single-entry systems
- Importance of complete record-keeping for businesses
Week 2: Single Entry and Incomplete Records (Continued)
- Methods of converting single entry to double entry
- Steps to prepare final accounts from incomplete records
Week 3: Accounts of Non-Profit Making Organizations
- Introduction to non-profit organizations and their financial records
- Features of accounts for clubs, charities, and societies
- Receipts and payments accounts, income and expenditure accounts
Week 4: Accounts of Non-Profit Making Organizations (Continued)
- Detailed preparation of income and expenditure accounts
- How to prepare a balance sheet for non-profit organizations
- Real-life case studies of non-profit financial statements
Week 5: Accounts of Non-Profit Making Organizations (Continued)
- Further exercises on non-profit organizations’ accounts
Week 6: Partnership Account
- Introduction to partnership accounts
- The treatment of goodwill, revaluation of assets, and liabilities
- Profit sharing and adjustments for partners’ salaries, interest, and capital
Week 7: Mid-Term Break
Week 8: Goodwill Account
- Definition and types of goodwill: purchased and inherent
- Treatment of goodwill in partnership accounts
- Practical examples and calculations
Week 9: Revaluation Account
- Introduction to revaluation accounts in partnership
- The need for revaluation of assets and liabilities
- How to prepare revaluation accounts
Week 10: Revaluation Account (Continued)
- Detailed study of revaluation account preparation
- Effect of revaluation on partnership capital
Week 11: Revision
Week 12: Examination
Week 13: Closing
SSS 2 FINANCIAL ACCOUNTING Third Term Scheme of Work
Week 1: Dissolution of Partnership Business
- Reasons for dissolving a partnership
- Procedures and documentation required in dissolution
- Accounting treatment of assets and liabilities in dissolution
Week 2: Dissolution of Partnership Business (Continued)
- Distribution of assets and liabilities among partners
- Journal entries for dissolution of partnership
Week 3: Departmental Accounts
- Definition and importance of departmental accounts
- Methods of preparing departmental trading and profit & loss accounts
- How to allocate expenses to various departments
Week 4: Departmental Accounts (Continued)
- Comprehensive examples of departmental accounting
- Practice on preparing departmental accounts
- Case studies from multi-department businesses
Week 5: Formation of Company
- Definition and types of companies: private and public
- Legal processes involved in company formation
- Capital structure: authorized, issued, and paid-up capital
Week 6: Shares
- Definition and types of shares: ordinary, preference, cumulative
- Issuance and redemption of shares
- Journal entries for share transactions
Week 7: Mid-Term Breal
Week 8: Financial System
- Introduction to financial systems: components and functions
- The role of financial institutions in an economy
- Types of financial markets: capital markets, money markets
Week 9: Capital Market
- Definition and significance of capital markets
- Types of instruments traded: shares, bonds, debentures
- Importance of the capital market for long-term investments
Week 10: Capital Market (Continued)
- Continued study of capital market operations
- Role of stock exchanges in the capital market
- Practical examples of capital market investments
Week 11: Revision
Week 12: Examination
Week 13: Closing
SSS 2 FINANCIAL ACCOUNTING Recommended Textbook
- Financial Accounting for Senior Secondary Schools by Longe & Badu
- Comprehensive Financial Accounting for Senior Secondary Schools by O.A. Longe
- Essential Financial Accounting for Senior Secondary Schools by O.A. Longe
RECAP
Following this SSS 2 Financial Accounting Scheme of Work, you begin by learning about subsidiary books and partnership capital accounts, laying the groundwork for understanding how businesses track transactions.
You then dive into the complexities of asset depreciation and manufacturing accounts, ensuring you grasp the financial intricacies.
In the second term, your focus expands to accounts for non-profit organizations, partnership accounts, and the concept of goodwill.
By the final term, you tackle the dissolution of partnerships, departmental accounts, and company formation, rounding off your accounting skills.
DISCLAIMER: Everything on this page is based on our research of what is obtainable for schools in all the states in the country, including government and some private schools. Schemes of work normally undergo a series of reviews and some schools modify them to suit their specific needs.
While we do all our possible best to keep up with the latest and approved schemes of work in the country, check the specific template your school uses. For example, some private secondary schools integrate the British curriculum. If you teach in such schools, expect to see slight changes to what we offer on this page. If you have any questions or require personalised support, kindly feel free to contact us.
