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.
FAQs
What is covered in the SS3 First Term Financial Account lesson note and scheme of work?
The SS3 First Term Financial Account lesson note and scheme of work covers advanced accounting topics such as partnership accounts, admission and retirement of partners, dissolution of partnership, company accounts, preparation of final accounts, and interpretation of financial statements. These topics are structured to prepare students for external examinations and to deepen their understanding of real-life financial reporting.
Why is the SS3 First Term Financial Account scheme of work important for students?
The scheme of work provides a clear weekly breakdown of topics to be taught during the term, ensuring that teachers complete the syllabus on time and students are adequately prepared for WAEC and NECO examinations. It also helps students follow a logical learning sequence, building on knowledge acquired in SS1 and SS2.
How does the lesson note support effective teaching and learning of Financial Account in SS3?
The lesson note offers detailed explanations, worked examples, class activities, and evaluation questions that simplify complex accounting concepts. It guides teachers in lesson delivery while enabling students to practice calculations, understand accounting principles, and apply them correctly in examinations.
Who can benefit from the SS3 First Term Financial Account lesson note and scheme of work?
The lesson note and scheme of work are useful to Financial Account teachers, SS3 students, school administrators, and private tutors. Teachers use them for lesson planning, students use them for revision and exam preparation, while tutors and administrators rely on them to ensure syllabus compliance and academic progress.
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