SS1 First Term Financial Account Lesson Note and Scheme of Work
SS1 First Term Financial Account Lesson Note and Scheme of Work:
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.
