As you embark on the journey of SSS 1 Financial Accounting, this scheme of work serves as your roadmap through the intricate world of financial documentation and analysis.
Designed specifically for your level, it meticulously outlines each week’s focus, from the foundational principles of book-keeping to the complexities of final accounts and depreciation.
This guide does not only assist you in mastering essential accounting concepts but also provide a structured approach to understanding and applying these concepts in practical scenarios.
Whether you’re a teacher guiding your class through these topics or a student eager to grasp the fundamentals of financial accounting, this scheme of work ensures that you are well-equipped to tackle each aspect of the subject with clarity and confidence.
Dive into the details each week and use this scheme as your compass to navigate the core elements of financial accounting.
SSS 1 FINANCIAL ACCOUNTING First Term Scheme of Work
Week 1: Book-Keeping and Accounting
- Introduction to book-keeping and accounting
- Functions of an accountant
- Differences and similarities between book-keeping and accounting
- Importance of accurate book-keeping
Week 2: Book-Keeping and Accounting (Cont’d)
- Basic book-keeping procedures
- Recording financial transactions
- Types of records maintained in book-keeping
- Tools and techniques used in book-keeping
Week 3: Ethics of Accounting
- Overview of accounting ethics
- Key ethical principles in accounting
- Role of professional conduct in accounting
Week 4: Principles and Practice of Double Entry
- Introduction to the double entry system
- Explanation of debits and credits
- Recording transactions using double entry
Week 5: Principles and Practice of Double Entry (Cont’d)
- Detailed examples of double entry transactions
- Balancing accounts using the double entry system
Week 6: Accounting Concepts and Conventions
- Fundamental accounting concepts (e.g., consistency, accrual)
- Key accounting conventions (e.g., prudence, going concern)
- Application of concepts and conventions in financial reporting
Week 7: Mid-Term Break
Week 8: General Journal
- Purpose and format of the general journal
- Steps in recording transactions in the general journal
- Examples of journal entries
- Balancing and closing journal entries
Week 9: Subsidiary Books
- Introduction to subsidiary books (e.g., sales journal, purchases journal)
- Types of subsidiary books
- Balancing subsidiary books
Week 10: Subsidiary Books (Cont’d)
- Uses of subsidiary books
- Advantages and disadvantages
Week 11: Revision
Week 12: Examination
Week 13: Closing
SSS 1 FINANCIAL ACCOUNTING Second Term Scheme of Work
Week 1: Three Column Cash Books
- Structure and format of three-column cash books
- Recording cash receipts and payments
- Balancing the three-column cash book
Week 2: Petty Cash Book System
- Purpose and importance of petty cash book
- Setting up and maintaining a petty cash book
- Recording petty cash transactions
- Reconciliation of petty cash book
Week 3: Trial Balance and Balancing the Ledger Account
- Purpose of a trial balance
- Steps to prepare a trial balance
- Balancing ledger accounts
- Identifying and correcting discrepancies
Week 4: Trial Balance and Balancing the Ledger Account (Cont’d)
- Detailed examples of preparing trial balances
- Exercises on balancing ledger accounts
- Common errors and their correction
Week 5: Correction of Errors
- Types of accounting errors (e.g., omission, commission)
- Methods for correcting errors (e.g., journal entries, correction columns)
- Examples of error correction
- Exercises
Week 6: Suspense Account
- Purpose and use of suspense accounts
- Recording transactions in a suspense account
- Resolving discrepancies in the suspense account
- Practical exercises and examples
Week 7: Mid-Term Break
Week 8: Bank Reconciliation Statements
- Purpose and importance of bank reconciliation
- Format and preparation of bank reconciliation statements
- Identifying and reconciling differences between bank and cash records
Week 9: Bank Reconciliation Statement (Cont’d)
- Detailed steps in preparing reconciliation statements
- Handling common discrepancies (e.g., bank charges, errors)
- Review and practical exercises
- Case studies on bank reconciliation
Week 10: Bank Reconciliation Statement (Cont’d)
- Advanced reconciliation techniques
- Comprehensive review of bank reconciliation
Week 11: Revision
Week 12: Examination
Week 13: Closing
SSS 1 FINANCIAL ACCOUNTING Third Term Scheme of Work
Week 1: Final Accounts
- Purpose and components of final accounts
- Preparing trading, profit and loss accounts, and balance sheets
- Examples of final accounts preparation
Week 2: Balance Sheet
- Structure and components of a balance sheet
- Preparing a balance sheet from trial balance
- Understanding asset, liability, and equity sections
- Examples and exercises
Week 3: Control Accounts
- Purpose of control accounts in accounting
- Preparing control accounts (e.g., debtors, creditors)
- Reconciliation of control accounts with subsidiary ledgers
- Types of control accounts
Week 4: Reserves and Provisions
- Definition and types of reserves (e.g., general, specific)
- Definition and types of provisions (e.g., bad debts, depreciation)
- Recording reserves and provisions in accounts
- Differences between reserves and provisions
Week 5: Reserves and Provisions (Cont’d)
- Adjustments for reserves and provisions
- Detailed examples of financial statements including reserves and provisions
Week 6: Depreciation of Fixed Assets
- Meaning and reasons for depreciation
- Methods of depreciation (e.g., straight-line, reducing balance)
- Recording depreciation in financial accounts
- Calculating depreciation for various fixed assets
Week 7: Mid-Term Break
Week 8: Final Account of a Sole Trader
- Preparing final accounts for a sole trader
- Components and format of sole trader accounts
- Detailed examples
Week 9: Final Account of a Sole Trader (Cont’d)
- Adjustments and corrections in sole trader accounts
- Comprehensive examples of sole trader accounts preparation
Week 10: Final Account of a Sole Trader (Cont’d)
- Total debtors and creditors control
Week 11: Revision
Week 12: Examination
Week 13: Closing
SSS 1 FINANCIAL ACCOUNTING Recommended Textbook
- Financial Accounting for Senior Secondary Schools by S. I. Obi
- Comprehensive Financial Accounting by J. A. Bello
RECAP
This SSS 1 Financial Accounting scheme of work is your detailed guide through the core aspects of financial record-keeping and analysis, tailored to enhance your understanding at this level.
It begins with foundational principles, such as the basics of book-keeping and ethical practices, before moving into the principles of double-entry accounting and various financial statements.
As you progress, you tackle more complex topics including cash book systems, trial balances, and bank reconciliation statements.
The year culminates with an in-depth exploration of final accounts, control accounts, and depreciation, ensuring a robust grasp of financial accounting essentials.
This structured approach is designed to build your knowledge systematically, preparing you to apply these concepts confidently in both academic and real-world scenarios.
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.
