Week 1-2: Depreciation and Asset Valuation
Lesson Note:
Understanding depreciation methods
Valuation of assets in financial statements
Activities:
Practical examples of different depreciation methods
Class discussions on the impact of asset valuation on financial statements
Week 3-4: Creditors and Debtors
Lesson Note:
Management of accounts payable and accounts receivable
Bad debts and provision for doubtful debts
Activities:
Role-play exercises on creditor and debtor interactions
Case studies on bad debts and provision for doubtful debts
Week 5-6: Partnership Accounts
Lesson Note:
Introduction to partnership accounting
Distribution of profits and losses in a partnership
Activities:
Group projects on partnership accounting
Discussions on the advantages and disadvantages of partnerships
Week 7-8: Manufacturing Accounts
Lesson Note:
Costing of production
Treatment of manufacturing costs in financial statements
Activities:
Calculations of manufacturing costs for various products
Analysis of manufacturing accounts in real-life scenarios
Week 9-10: Cash Flow Statements
Lesson Note:
Importance of cash flow statements
Preparation and interpretation of cash flow statements
Activities:
Practical exercises on creating cash flow statements
Group discussions on the significance of cash flow in decision-making
Week 11: Revision Week
Lesson Note:
Review of key concepts covered in the second term
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 main focus of the SS1 Second Term Financial Accounting lessons?
The main focus is to introduce students to basic accounting principles and practices, including understanding the concept of financial accounting, the accounting equation, recording transactions in journals, and posting to ledgers. It also covers simple trial balances and the preparation of financial statements.
How are students expected to use journals and ledgers during this term?
Students are expected to record business transactions systematically in journals, ensuring dates, particulars, and amounts are properly entered. These transactions are then posted to the respective ledger accounts to track balances, which helps in understanding the flow of financial information within a business.
What are the assessment methods outlined in the scheme of work for this term?
The scheme of work recommends continuous assessment through class exercises, practical bookkeeping tasks, and quizzes. At the end of each topic, students may complete assignments or tests to demonstrate their understanding of journal entries, ledger posting, and preparation of trial balances.
How does this term prepare students for future accounting topics?
By mastering basic accounting skills such as recording transactions, posting to ledgers, and preparing trial balances, students build a foundation for more advanced topics in subsequent terms, including final accounts, reconciliation of statements, and understanding financial statements for decision-making.
Also Read: SS1 First Term Financial Account Lesson Note and Scheme of Work
