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Secondary School Lesson Notes and Scheme of Work

SS3 Second Term Financial Account Lesson Note and Scheme of Work

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SS3 Second Term Financial Account Lesson Note and Scheme of Work


Scheme of Work: SS3 Second Term Financial Accounting


Week 1: Partnership Accounts


Introduction to partnership accounting

Accounting for formation and dissolution of partnerships

Distribution of profits and losses

Week 2: Company Accounts (Private Limited Company)


Characteristics and formation of a private limited company

Accounting for share capital and reserves

Preparation of company financial statements

Week 3: Company Accounts (Public Limited Company)


Differences between public and private limited companies

Additional disclosures and reporting requirements

Analysis of public company financial statements

Week 4: Cost Accounting


Basics of cost accounting

Classification and analysis of costs

Cost-volume-profit analysis

Week 5: Budgetary Control


Importance of budgetary control

Variance analysis and corrective measures

Monitoring and adjusting budgets

Week 6: Taxation


Introduction to taxation principles

Types of taxes and their impact on financial statements

Basic understanding of tax computations

Week 7: Auditing and Assurance


Fundamentals of auditing

Types of audits and their purposes

Auditor’s report and ethical considerations

Week 8: International Financial Reporting Standards (IFRS)


Overview of IFRS

Adoption and implementation of IFRS in financial reporting

Impact of IFRS on financial statements

Week 9: Emerging Issues in Financial Accounting


Current trends and developments in financial accounting

Technological advancements and their impact on accounting

Ethical considerations in modern accounting practices

Week 10: Revision Week


Comprehensive review of second term topics

Interactive revision sessions and practice exams

Week 11: Examination Week


Comprehensive examination covering all second term topics

Emphasis on application and critical thinking

Week 12: School Dismissal Week


Recap of the term’s learning

Distribution of graded examinations

Guidance on future studies and career paths

Note: Activities include lectures, case studies, discussions, practical exercises, and periodic assessments to reinforce understanding and application of advanced financial accounting concepts.

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