Week 1-4: Manufacturing Accounts
Week 1:
Objective: Introduce students to manufacturing accounts.
Activities:
Definition and Components of Manufacturing Accounts
Classification of Manufacturing Costs
Practical exercises on preparing manufacturing accounts
Week 2:
Objective: Explore the concept of cost accounting.
Activities:
Basics of Cost Accounting
Cost Centers and Cost Units
Application of cost accounting principles
Week 3:
Objective: Teach the preparation of financial statements in a manufacturing context.
Activities:
Manufacturing Income Statement
Statement of Comprehensive Income
Class discussions and practical exercises
Week 4:
Objective: Assess students’ understanding of manufacturing accounts.
Activities:
Group projects related to manufacturing scenarios
Review and discussion of project outcomes
Quiz on manufacturing accounts
Week 5-8: Non-Profit Organizations and Partnership Accounts (Continuation)
Week 5:
Objective: Explore accounting for non-profit organizations.
Activities:
Definition and Characteristics of Non-Profit Organizations
Accounting for Income and Expenditure
Case studies on non-profit organizations
Week 6:
Objective: Continue with partnership accounts and introduce adjustments.
Activities:
Adjustments for Interest on Capital
Admission and Retirement of Partners
Practical exercises on partnership adjustments
Week 7:
Objective: Teach dissolution of partnerships.
Activities:
Reasons for Dissolution
Calculation of Gains and Losses on Dissolution
Real-life case studies on partnership dissolution
Week 8:
Objective: Assess students’ understanding of non-profit organizations and partnership adjustments.
Activities:
Quiz on non-profit organization accounting
Review and discussion of quiz results
Practical exercises on partnership adjustments
Week 9-11: Cash Flow Statements and Ratio Analysis
Week 9:
Objective: Introduce students to cash flow statements.
Activities:
Purpose and Importance of Cash Flow Statements
Operating, Investing, and Financing Activities
Preparation of a Cash Flow Statement
Week 10:
Objective: Explore ratio analysis in financial accounting.
Activities:
Significance of Ratio Analysis
Calculation and Interpretation of Ratios
Application of ratios in financial analysis
Week 11:
Objective: Revision and reinforcement of previous concepts.
Activities:
Comprehensive review of topics covered in the term
Group discussions and problem-solving sessions
Practice tests in preparation for examinations
Week 12: Examination Week
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
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
Note: This lesson plan extends the learning journey, building on the foundation laid in the first term. Adjustments can be made based on the pace and needs of the class.
FAQs
What is the main focus of the SS2 Second Term Financial Account lessons?
The lessons primarily focus on partnership accounts, including the preparation of profit and loss appropriation accounts, balance sheets for partnerships, and understanding the distribution of profits among partners. Students also learn about accounting for changes in partnership such as admission, retirement, or dissolution of a partner.
How are the lessons structured in the scheme of work?
The scheme of work is organized by topics and weeks, guiding teachers on what to cover each session. Each topic includes lesson objectives, teaching activities, and exercises for students. This ensures that all key areas of financial accounting for the term are systematically taught and assessed.
What practical skills do students gain from these lessons?
Students develop skills in preparing partnership financial statements, analyzing partnership transactions, adjusting accounts for profit sharing ratios, and understanding the effects of changes in partnerships. They also practice recording transactions accurately, interpreting financial statements, and applying accounting principles to real-life business scenarios.
How can students use the lesson notes effectively for revision?
Students can use the notes by summarizing each topic in their own words, practicing the exercises provided, and reviewing past questions. Referring to the scheme of work helps them track which topics have been covered and ensures they focus on areas with more exam relevance. Regular revision and practice with sample problems reinforce understanding and improve accuracy in financial accounting tasks.
Also Read: SS3 First Term Bookkeeping Lesson Note and Scheme of Work
