Week 1-2: Introduction to Financial Accounting
Lesson Note:
Basics of financial accounting
Importance and objectives of financial accounting
Activities:
Class discussions on real-life examples
Assignments to research the history of financial accounting
Week 3-4: Principles of Double Entry
Lesson Note:
Explanation of double-entry system
Types of accounts: assets, liabilities, equity, revenue, and expenses
Activities:
Practice exercises on double-entry transactions
Group discussions on different types of accounts
Week 5-6: Recording Transactions
Lesson Note:
Journal entries and ledger posting
Trial balance and its importance
Activities:
Practical exercises on recording transactions
Case studies on trial balance errors
Week 7-8: Financial Statements
Lesson Note:
Income statement and balance sheet
Analysis of financial statements
Activities:
Group projects to prepare financial statements
Class discussions on interpreting financial data
Week 9-10: Cash and Bank Transactions
Lesson Note:
Handling cash transactions
Bank reconciliation
Activities:
Simulated cash transactions in class
Practical exercises on bank reconciliation
Week 11: Revision Week
Lesson Note:
Review of key concepts covered in previous weeks
Activities:
Comprehensive revision exercises
Q&A sessions for clarification
Week 12: Examination Week
Lesson Note:
Preparing for the end-of-term examination
Activities:
Mock examination
Revision of challenging topics
Week 13: School Dismissal Week
Lesson Note:
Recap of the term’s lessons
Distribution of graded examination papers
Activities:
Reflective session on the term
Providing feedback on students’ performance.
FAQs
What is the primary objective of teaching Financial Accounting in SS1 first term?
The main objective is to introduce students to the basic concepts of accounting, including understanding the purpose of accounting, recording financial transactions, and developing foundational skills in preparing simple financial statements such as the ledger, journal, and trial balance.
Which topics are covered in the SS1 first term Financial Accounting syllabus?
Students are taught fundamental topics such as the definition and objectives of accounting, types of accounts, double-entry bookkeeping, the accounting equation, source documents, recording transactions in journals, posting to ledgers, and preparing trial balances. These topics form the foundation for more advanced accounting in subsequent terms.
How are students assessed in the first term Financial Accounting course?
Assessment is done through continuous evaluation, which includes class exercises, assignments, practical bookkeeping tasks, and periodic tests. Teachers may also assess students’ ability to accurately record transactions and prepare trial balances, ensuring they understand both theory and practical application.
What teaching methods are recommended for the first term Financial Accounting lessons?
The scheme of work suggests using a combination of lecture, demonstration, and practical exercises. Teachers are encouraged to give real-life examples, engage students in hands-on bookkeeping practice, and provide exercises that reinforce understanding of journals, ledgers, and trial balances. Regular revision and question-and-answer sessions help consolidate learning.
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