Week 1-2: Public Sector Accounting
Lesson Note:
Introduction to public sector accounting
Distinction between public and private sector accounting
Activities:
Case studies on public sector financial reporting
Group discussions on the role of public sector accountants
Week 3-4: Financial Analysis and Interpretation
Lesson Note:
Ratio analysis and its significance
Interpretation of financial ratios
Activities:
Calculation of financial ratios for companies
Analysis and interpretation of financial statements
Week 5-6: Accounting for Non-Profit Organizations
Lesson Note:
Characteristics of non-profit organizations
Fund accounting and financial reporting for non-profits
Activities:
Group projects on accounting for non-profit organizations
Discussions on challenges specific to non-profit accounting
Week 7-8: International Financial Reporting Standards (IFRS)
Lesson Note:
Overview of IFRS
Adoption and implementation of IFRS in financial reporting
Activities:
Case studies on companies adopting IFRS
Comparative analysis of financial statements under different reporting standards
Week 9-10: Ethics in Financial Accounting
Lesson Note:
Importance of ethics in accounting
Professional conduct and ethical dilemmas
Activities:
Role-playing scenarios on ethical decision-making
Discussions on real-life ethical issues in accounting
Week 11: Revision Week
Lesson Note:
Review of key concepts covered in the third 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 topics are covered in SS1 Third Term Financial Account?
The third term focuses on basic accounting concepts including recording transactions in journals, posting to ledgers, trial balance preparation, introduction to simple accounts like cash and bank accounts, and understanding the principles of debit and credit.
How is the scheme of work for SS1 Third Term Financial Account structured?
The scheme of work is organized weekly, starting with simple topics such as introduction to accounting and transactions, then moving to journals, ledgers, trial balances, and finally ending with revision and assessment exercises to consolidate understanding.
What are the learning objectives for this term?
Students are expected to understand basic accounting terminologies, correctly record business transactions in journals, post to ledger accounts, prepare trial balances, and develop the skill to analyze simple financial data for accuracy.
How can teachers assess students’ understanding during the term?
Teachers can use class exercises, practical journal and ledger postings, end-of-week quizzes, and continuous assessment tests. At the end of the term, students can be evaluated with assignments, practical exercises, and formal written exams aligned with the scheme of work.
Also Read: SS3 Second Term Bookkeeping Lesson Note and Scheme of Work
