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.
FAQs
What is the main focus of the SS3 Second Term Financial Account lessons?
The main focus is to equip students with advanced accounting skills, including preparation of final accounts for different types of businesses, analysis of financial statements, and application of accounting principles in real-life business scenarios. Students also learn how to adjust accounts for errors, accruals, and prepayments.
How is the scheme of work structured for this term?
The scheme of work is organized into weekly topics, starting with a revision of basic concepts from the first term. It then progresses to more complex areas such as final accounts preparation, partnership accounts, company accounts, and financial statement analysis. Each week specifies lesson objectives, teaching activities, and assessment methods.
What are the expected learning outcomes for students?
By the end of the term, students should be able to prepare comprehensive financial statements, correct accounting errors, analyze profitability and liquidity, and interpret financial information to make informed business decisions. Students are also expected to demonstrate practical application of theoretical accounting concepts.
Which teaching methods are recommended in the scheme of work?
The scheme recommends a blend of teaching methods, including lectures for concept explanations, group exercises for practical application, case studies to simulate real business scenarios, and continuous assessment through tests, assignments, and class discussions to track student progress.
Also Read: SS3 Third Term Bookkeeping Lesson Note and Scheme of Work
