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.
