SS3 Financial Accounting Scheme of Work | 1st & 2nd Term
Gain a comprehensive grasp of financial accounting principles with the SS3 scheme of work, carefully structured for student success.
This curriculum offers extensive coverage of essential topics in financial accounting, from joint venture accounts to public sector accounting and the capital market.
By blending theoretical concepts with practical exercises, you gain a solid foundation in accounting principles and their real-world applications.
During the first term, focus on foundational topics such as joint ventures, consignment accounts, and capital market fundamentals.
The second term explores more complex areas, including advanced public sector accounts, partnership accounting, and financial statement analysis.
This scheme ensures that you are well-prepared for further studies in finance, accounting, and business.
SS3 Financial Accounting Scheme of Work for First Term
Week 1: Joint Ventures Account
- Meaning and key characteristics
- Differences and similarities between joint ventures and partnership accounts
- Practical questions on joint venture accounts
Week 2: Public Sector Account
- Overview and importance of government accounting
- Sources of income for local, state, and federal government
- Revenue allocation formula for different government levels
Week 3: Public Sector Account (Continued)
- Statement of revenue and capital expenditure
- Practical exercises on government financial records
Week 4: Branch Account
- Definition, objectives, and divisions of branch accounts
- Pricing methods and profit allocation
Week 5: Miscellaneous Accounts – Joint Venture Accounts
- Introduction to joint venture terminologies
- Simple preparation of joint venture accounts
Week 6: Miscellaneous Accounts (Continued) – Consignment Account
- Definition and key terminologies
- Practical exercises on consignment accounting
Week 7: Miscellaneous Accounts (Continued) – Contracts and Hire Purchase Accounts
- Concepts of contract accounts and terminologies
- Hire purchase accounts: definitions, key terms, and sample exercises
Week 8: Capital Market
- Introduction to the capital market and its types
- Primary market and secondary market
- Benefits of capital markets to individuals and government
- Regulation of capital markets and the importance of oversight
Week 9: Sources of Public Revenue
- Overview and types (taxes, special revenues, subsidies, oil derivations)
- The importance of public revenue for individuals, corporations, and governments
Weeks 10-13: Revision, Examination, Marking, and Recording
SS3 Financial Accounting Scheme of Work for Second Term
Week 1: Advanced Public Sector Accounts
- Detailed statement preparation for government revenue and expenditure
Week 2: Partnership Accounts
- Types of partnership, profit sharing, and capital contributions
- Practical examples of partnership account management
Week 3: Financial Statement Analysis
- Ratio analysis, balance sheet preparation, and profit/loss analysis
Week 4: Bank Reconciliation Statements
- Concepts, significance, and methods of bank reconciliation
Week 5: Depreciation and Disposal of Assets
- Depreciation methods and disposal of fixed assets
Week 6: Accounting for Debtors and Creditors
- Accounts receivable, bad debts, and managing credit risk
Week 7: Financial Reporting Standards
- Introduction to IFRS and GAAP standards in accounting
Week 8: Review of Income Taxation
- Types of taxes, calculations, and importance of tax compliance
Weeks 9-13: Revision, Practical Exercises, Examination, Marking, and Recording
Overview of SS3 Financial Accounting Scheme of Work
This SS3 Financial Accounting Scheme of Work covers vital aspects of accounting to develop strong foundational knowledge in the field.
The first term enables you to practice accounting principles, including joint ventures, public sector accounts, and capital market fundamentals.
This sets the stage for real-world application in various financial scenarios.
In the second term, the focus broadens to advanced topics like financial statement analysis, partnership accounting, and income taxation, further refining analytical skills.
By the end of this program, you are to be ready to navigate advanced accounting concepts and handle complex financial data confidently.
Recommended Textbooks for SS3 Financial Accounting
- Principles of Financial Accounting by Dr. Samuel Adekunle
Comprehensive coverage of accounting fundamentals, ideal for foundational concepts in financial accounting.
- Public Sector Accounting by Foluke Ogunleye
Focuses on government financial management, revenue allocation, and capital budgeting.
- Advanced Accounting Practices by Tunde Ayodele
In-depth exploration of advanced topics like depreciation, reconciliation, and tax accounting.
Recap
Prepare for a successful career in accounting and finance through the SS3 Financial Accounting Scheme of Work.
Build a solid foundation in the first term by mastering topics like joint venture accounts, government income sources, and the capital market.
Advance to in-depth accounting topics in the second term, building robust skills and comprehensive knowledge essential for the field.
Utilize recommended textbooks to reinforce essential concepts, ensuring comprehensive readiness for exams and future financial responsibilities.
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 personalized support, kindly feel free to contact us.
