SS3 First Term Financial Account Lesson Note and Scheme of Work

 

Scheme of Work: SS3 First Term Financial Accounting

 

Week 1: Introduction to Financial Accounting

 

Overview of financial accounting principles

Explanation of basic accounting concepts

Introduction to financial statements

Week 2: Recording Transactions

 

Understanding the accounting equation

Journalizing transactions

Posting transactions to the ledger

Week 3: Trial Balance and Adjustments

 

Preparation and interpretation of trial balance

Adjusting entries for accruals and deferrals

Correcting errors in trial balance

Week 4: Financial Statements

 

Preparation of income statement

Preparation of statement of financial position (balance sheet)

Analysis and interpretation of financial statements

Week 5: Cash and Receivables

 

Accounting for cash transactions

Recording and managing receivables

Allowance for doubtful accounts

Week 6: Inventory Valuation

 

Methods of inventory valuation

Impact of different valuation methods on financial statements

Cost of goods sold calculation

Week 7: Fixed Assets and Depreciation

 

Recognition and accounting for fixed assets

Different methods of depreciation

Calculation and accounting for depreciation

Week 8: Liabilities and Equity

 

Classification and recording of liabilities

Types of equity and their accounting treatment

Shareholders’ equity analysis

Week 9: Cash Flow Statement

 

Preparation and analysis of cash flow statement

Operating, investing, and financing activities

Importance of cash flow in decision-making

Week 10: Budgeting and Financial Planning

 

Introduction to budgeting

Preparation and interpretation of budgets

Importance of budgeting in financial management

Week 11: Revision Week

 

Review of key concepts and topics covered

Practice exercises and discussions

Week 12: Examination Week

 

Conducting a comprehensive examination covering all topics

Emphasis on understanding and application

Week 13: School Dismissal Week

 

Recap of the term’s learning

Distribution of graded examinations

Guidance on further studies and resources for self-improvement.