SS2 First Term Financial Account Lesson Note and Scheme of Work
Senior Secondary School 2 (SS2) Financial Accounting: First Term Lesson Note and Scheme of Work
Week 1-4: Introduction to Financial Accounting
Week 1:
Objective: Introduce students to the basics of financial accounting.
Activities:
Definition of Financial Accounting
Understanding the Accounting Equation
Types of Accounts: Assets, Liabilities, and Equity
Week 2:
Objective: Explore the principles of double-entry accounting.
Activities:
Explanation of Double-entry System
Recording Transactions
Practice Exercises on Double-entry
Week 3:
Objective: Teach the preparation of basic financial statements.
Activities:
Income Statement: Revenue and Expenses
Statement of Financial Position (Balance Sheet)
Class discussions on financial statements
Week 4:
Objective: Introduce students to cash and accrual accounting.
Activities:
Differences between Cash and Accrual Basis
Real-life examples and case studies
Practical exercises on recording transactions in both methods
Week 5-8: Special Journals and Subsidiary Ledgers
Week 5:
Objective: Explain the importance of special journals.
Activities:
Introduction to Sales Journal and Purchases Journal
Examples of transactions suitable for special journals
Group work on recording transactions in special journals
Week 6:
Objective: Teach the concept of subsidiary ledgers.
Activities:
Definition and Purpose of Subsidiary Ledgers
Creating Subsidiary Ledgers for Customers and Suppliers
Hands-on practice on maintaining subsidiary ledgers
Week 7:
Objective: Explore control accounts and their reconciliation.
Activities:
Understanding Control Accounts
Reconciliation of Control Accounts
Class discussions and practical exercises
Week 8:
Objective: Assess students’ understanding of special journals and subsidiary ledgers.
Activities:
Quiz on special journals and subsidiary ledgers
Review and discussion of quiz results
Group projects related to real-life applications
Week 9-11: Partnership Accounts
Week 9:
Objective: Introduce the fundamentals of partnership accounting.
Activities:
Definition of Partnership
Types of Partnerships
Rights and Duties of Partners
Week 10:
Objective: Teach the preparation of partnership financial statements.
Activities:
Income distribution in partnerships
Preparation of Partnership Income Statement
Capital and Current Account adjustments
Week 11:
Objective: Revision and reinforcement of previous concepts.
Activities:
Comprehensive review of topics covered
Group discussions and problem-solving sessions
Practice tests in preparation for examinations
Week 12: Examination Week
Week 12:
Objective: Conduct end-of-term examinations.
Activities:
Written examinations on all topics covered
Practical tests on application of accounting principles
Review of examination guidelines and expectations
Week 13: School Dismissal Week
Week 13:
Objective: Wrap up the term and provide guidance for self-study during the break.
Activities:
Distribution of report cards
Individual feedback sessions with students
Recommendations for further study and improvement.
