JSS3 Second Term Business Studies Lesson Note and Scheme of Work
Week 1: Introduction to Accounting
Lesson Note: Define accounting and its significance in business. Introduce basic accounting principles and concepts.
Activities: Practice journal entries, discuss the role of accounting in decision-making.
Week 2: Accounting Equation and Transactions
Lesson Note: Explore the accounting equation and how transactions affect it. Introduce terms like assets, liabilities, and owner’s equity.
Activities: Hands-on exercises balancing the accounting equation, case studies on real-world transactions.
Week 3: Financial Statements
Lesson Note: Teach the preparation and interpretation of financial statements – income statement, balance sheet, and cash flow statement.
Activities: Group projects analyzing financial statements of selected businesses, discussion on financial ratios.
Week 4: Cash and Bank Transactions
Lesson Note: Focus on recording cash and bank transactions, including petty cash management and bank reconciliation.
Activities: Simulation of cash handling scenarios, practical exercises on bank reconciliation.
Week 5: Depreciation and Financial Analysis
Lesson Note: Discuss the concept of depreciation, methods of calculating it, and its impact on financial statements. Introduce financial analysis techniques.
Activities: Group presentations on the effects of depreciation on business profitability, analysis of financial reports.
Week 6: Budgeting and Financial Planning
Lesson Note: Introduce budgeting as a tool for financial planning. Discuss the components of a budget and its importance.
Activities: Group project creating a budget for a fictional business, discussion on the role of budgeting in decision-making.
Week 7: Cost Accounting
Lesson Note: Explore cost concepts, classifications, and accounting for manufacturing and service costs.
Activities: Case studies on cost analysis in different industries, practical exercises on cost calculations.
Week 8: Internal Control and Auditing
Lesson Note: Discuss the importance of internal control measures and the role of auditing in ensuring financial accuracy.
Activities: Role play of an internal audit scenario, class discussion on recent corporate scandals and their implications.
Week 9: Business Organizations and Forms of Ownership
Lesson Note: Cover different forms of business ownership, including sole proprietorship, partnership, and corporation.
Activities: Group research on notable businesses and their ownership structures, class debate on the advantages and disadvantages of each.
Week 10: Business Law and Ethics
Lesson Note: Introduce basic business laws and ethics. Discuss legal implications in business transactions.
Activities: Case studies on business law violations, ethical dilemma scenarios for class discussion.
Week 11: Revision Week
Week 12: Examination Week
Week 13: School Dismissal Week
Lesson Note: Review key accounting concepts from the term, discuss the practical applications of accounting in various professions.
Activities: Q&A session, student reflections on the term, distribution of certificates or recognition.
