Education Resource Centre Business Teaching Syllabus. Federal Financial Accounting Scheme of Work for SS 2 – Schemeofwork.com
FINANCIAL ACCOUNTING SS2 SCHEME FIRST TERM
| WEEK | TOPIC/CONTENT | ACTIVITIES |
| 1 | MANUFACTURING ACCOUNT Meaning/definitionPurpose of manufacturing accountTerminologies used.Computation of;Cost of raw materials available for use.Cost of raw materials consumed or used.Prime cost of production. | Teacher discusses the items that make up manufacturing account, uses a flash and demonstrates the different terminologies used in manufacturing account – prepares manufacturing account, trading, profit and loss account and balance sheet format. Students participate in the discussion by listing out the manufacturing items, prepare manufacturing account format. Resources; chart, format of manufacturing account, trading, profit and loss account. |
| 2 | MANUFACTURING ACCOUNT Layout/format of manufacturing account.Preparation of manufacturing and trading account together. | Teacher discusses the items that make up manufacturing account and trading account uses a flash to demonstrate, prepares manufacturing account and trading account together. Students participate in the discussion by listing out the manufacturing items for trading account. Prepares manufacturing trading account. Resources; chart, format of manufacturing and trading account. |
| 3 | MANUFACTURING ACCOUNT Preparation of profit and loss account.Preparation of manufacturing, trading profit and loss account. | Teacher discusses the items that make up manufacturing account, uses a flash to demonstrate the different terminologies used in preparing manufacturing, trading, profit and loss account. Students participate in the discussion by listing out the manufacturing items, prepares manufacturing, trading, profit and loss account. Resources; chart, format of manufacturing account with trading, profit and loss account. |
| 4 | MANUFACTURING ACCOUNT Transfer of goods manufactured from the manufacturing department to the sales department.Balance sheet;LayoutPreparation. | Teacher discusses the items that make up manufacturing account, uses a flash and demonstrates the different terminologies used in manufacturing account, prepares manufacturing account with trading, profit and loss account, balance sheet. Students participate in the discussion by listing out the manufacturing items, prepare from manufacturing account to the balance sheet. Resources; chart, format of manufacturing account, trading, profit and loss account with the balance sheet. |
| 5 | ACCOUNT OF NON-PROFIT MAKING ORGANIZATION IntroductionReceipts and payment account;Features Limitations.Formats of receipts and payments accountPreparation of receipts and payment account. | Teacher explains receipts and payments, income and expenditure items, leads students to identify features and limitation, receipt and payment account, income and expenditure. Displays format to show the preparation of receipt and payment account. Prepare receipt and payment account. Students pay attention to the lesson, participate in the activities i.e. receipts and payment account with income and expenditure account, format preparation. Resources; charts, format of receipts and payment accounts, format of the income and expenditure accounts, a flash card. |
| 6 | ACCOUNT OF NON-PROFIT MAKING ORGANIZATION Income and expenditure account; meaning.Differences between receipts and payment accounts and income and expenditure.Format of income and expenditure account. | Teacher explains income and expenditure items, plays the income and expenditure, format, prepares income and expenditure account. Students pay attention to the lesson, participate in the preparation of the accounts, i.e. income and expenditure account. Resources; charts, format of the income and expenditure accounts, a flash card. |
| 7 | ACCOUNT OF NON-PROFIT MAKING ORGANIZATION Preparation of income and expenditure account.Accumulated fund Preparation of balance sheet | Teacher explains how to derive accumulated fund, prepares the income and expenditure account showing accumulated fund, prepares a balance sheet. Students pay attention to the lesson, participate in the preparation of the accounts, i.e. income and expenditure showing accumulated and a balance sheet. Resources; charts, format of the income and expenditure accounts, a flash card. |
| 8 | REVISIT BANK RECONCILIATION Differences between bank statement and reconciliation statement.Interpretation of bank statementCauses of discrepancies between cash book and bank statement. | Teacher explains the different types of bank document, interprets the bank statement, work some examples like adjustment of cash book, and bank reconciliation statement preparation. Students write short notes on the following; dishonoured cheque, uncredited cheque, unpresented cheque, commission/interest. They also prepares bank reconciliation statement from a given bank statement e.g. standing order, direct payment. They prepare adjusted cash book, and observe the various stages in cash book. Resources; bank documents, charts, resource person. |
| 9 | BANK RECONCILIATION STATEMENT Preparation of adjusted cash book.Preparation of bank reconciliation statement, bank overdraft, preparation of bank reconciliation statement with normal bank statement. | Teacher works some examples; adjustment of cash book, prepares bank reconciliation statement with items from adjusted cash book and overdraft Students write short notes on the following; dishonoured cheque, uncredited cheque, unpresented cheque, commission/interest. They also prepares bank reconciliation statement showing items from adjusted cash book. Also prepare bank reconciliation statement with dishonoured cheques. Resources; bank documents, charts, resource person. |
| 10 | REVISIT ACCOUNT CONTROL Sales ledger control account.Purchases ledger control account. | Teacher guides the students to identify sales ledger item, identify purchases ledger item, prepares sales ledger control account, prepare purchases ledger control account. Students listen and take part in the preparation of: sales ledger control account, purchases ledger control account. Resources; charts, format of both the sales and purchases ledger. |
| 11 | Revisions | Revisions |
| 12 | Examinations | Examinations |
Education Resource Centre Business Teaching Syllabus. Federal Financial Accounting Scheme of Work for SS 2 – Schemeofwork.com
FINANCIAL ACCOUNTING SS2 SCHEME SECOND TERM
| WEEK | TOPIC/CONTENT | ACTIVITIES |
| 1 | PARTNERSHIP ACCOUNT Meaning/definitionTerminologies usedPartners capital accountTypes of capital account. | Teacher explains the meaning of partnership account, guides the students to identify and explain capital accounts and terminologies involved, explains the differences in capital account, prepares the capital account, guides the students to identify current account, identify the different terminologies used in partners’ current account, prepares capital and current account, and discusses the appropriate sharing ratio of partners. Students pay attention, take part in the preparation of capital account and current account. Resources; charts, flashcards of the key words, format. |
| 2 | PARTNERSHIP ACCOUNT Trading accountThe profit and loss account of partnership.Partners profit and loss appropriation account. | Teacher explains the meaning of partners trading account, profit and loss account. Explain the terminologies, displays a format showing trading, profit and loss appropriation account. Students pay attention and take part in the preparation of trading, profit and loss appropriation account. Resources; charts, flashcards of the key words, format. |
| 3 | PARTNERSHIP ACCOUNT -Partnership current account;- format of profit and loss appreciation account. -Balance sheet of partners. -Layout and preparation. | Teacher guides the students to identify current account, different terminologies used in partners’ current account, prepares current account, discusses the appropriate sharing ratio of partners, displays the format and leads students to prepare current account, profit and loss appropriation account. Students pay attention, participates in the preparation of current account, profit and loss appropriation account. Resources; charts, flashcards of the key words, format. |
| 4 | PARTNERSHIP ACCOUNT Admission of new partners.MeaningReasons for admission of new partners.Goodwill;MeaningValuation of goodwill. | Teacher discusses admission of new partners, gives reason for admission of new partners, explains goodwill and discusses valuation of goodwill. Students pay attention, take part in activities involving new partners admission, lists reason for admitting new partners, explain goodwill, prepares goodwill account. Resources; charts, flashcards of the key words, format. |
| 5 | PARTNERSHIP ACCOUNT Revaluation of assets;Meaning and journal entriesPreparation of revaluation account.Preparation of new balance sheet. | Teacher explains the meaning of revaluation of assets, explain how to make journal entries. Displays format for preparation of revaluation account, and a new balance sheet preparation. Students pay attention, as the teacher prepares journal entries, participates in the preparation of revaluation account and a new balance sheet. Resources; charts, flashcards of the key words, format. |
| 6 | PARTNERSHIP ACCOUNT Dissolution of partnership;- meaning/definition Reasons for dissolution of partnershipDissolution procedures.Preparation of realization account. | Teacher explains the meaning of dissolution of partnership account, guides the students to identify reasons for dissolution of partnership, lists the procedures in dissolving a partnership business, guides the students to identify reasons for dissolving partnership business. Lists and discusses procedures for dissolving partnership business, prepares realization account. Students pay attention, take part in giving reasons for dissolution of partnership business, lists reasons for dissolution of a partnership business, mention procedures for dissolving partnership business, preparation of realization account. Resources; charts, flashcards of the key words. |
| 7 | INCOMPLETE RECORDS (SINGLE ENTRY) Meaning/definitionFeatures of single entryDisadvantages/limitations.Computation of profit from two balance sheets showing opening and closing capital. | Teacher explains single entry, I, computes profit from two balance sheet showing opening and closing statement of affairs. Students listen to the teacher and take part in the preparation of Resources; chart, format. |
| 8 | INCOMPLETE RECORDS Preparation of statement of affairs; calculation of profit | Teacher explains, prepares statement of affairs to determine capital and statement of profit. Students listen to the teacher and take part in the preparation of the statement of affairs to determine capital and profit. Resources; chart. |
| 9 | INCOMPLETE RECORDS Conversion of single entry: Prepare statement of affairs.Prepare analysis of a cashbookReconstruct necessary accountsPreparation of trading, profit and loss account.Preparation of balance sheet. | Teacher prepares statement of affairs, analysis of a cash book and reconstructs necessary accounts. Prepares trading, profit and loss account and a balance sheet. Students listen to the teacher and take part in the preparation of the statement of affair, trading, profit and loss account and a balance sheet. Resources; chart. |
| 10 | INTERPRETATION OF ACCOUNTS USING SIMPLE ACCOUNTING RATIOS EQUITY. Capital employedWorking capital.Ratio of working capital to capital employed.Ratio of equity to capital employed. | Teacher explains the different accounting ratio, calculate and show examples, computation and illustration with examples. |
| 11 | FURTHER TREATMENT OF INTERPRETATION OF ACCOUNTS | Teacher defines capital employed working capital. Students list out the different ways by which we can interpret account, explain the following; capital employed, working capital, ratio of working capital to capital employed, ratio of equity to capital employed. Resources; charts, flash cards. |
| 12 | Revisions | Revisions |
| 13 | Examinations | Examinations |
Education Resource Centre Business Teaching Syllabus. Federal Financial Accounting Scheme of Work for SS 2 – Schemeofwork.com
FINANCIAL ACCOUNTING SS2 SCHEME THIRD TERM
| WEEK | TOPIC/CONTENT | ACTIVITIES |
| 1 | COMPANY ACCOUNT; FORMATION OF A COMPANY Companies and allied matters act 1990 relating to formation of companies. Terminologies; Memorandum of associationsArticles of associationProspectus etc.Types of companies; private and public companies;Private company;DefinitionFeatures.Public company;DefinitionFeaturesDistinction between public and private companies. | Teacher states the requirements of companies and allied matters act of 1990, explain relevant terminologies to the formation of company, list the differences between private and public companies, give specific examples of public and private companies within the locality. Students highlight the requirements for companies and allied matters acts of 1990, participate in the discussion on the terminologies relevant to the company. State the features of public and private companies. Resources; chart, daily official list of companies from Corporate Affairs Commission. |
| 2 | QUOTED AND UNQUOTED COMPANIES Quoted companiesDefinitionFeaturesExamples.Unquoted companies;DefinitionFeaturesDistinguish between quoted and unquoted companies. | Teacher explain quoted and unquoted companies, leads the students to state the differences between quoted and unquoted companies, guides students to name the examples of quoted and unquoted companies. Students list the differences between quoted and unquoted companies, prepare a list of quoted and unquoted companies in your locality. Resources; charts, daily official list from NSC, books. |
| 3 | COMPANY ACCOUNT (CONT) Financial system;DefinitionComponents of financial system e.g. banks, insurance, NSE, SEC, CSCS etcMoney market;DefinitionKey functionsMarket institutions.Features of money market (short term).Discuss the key functions of each componentsDescribe the features of each component. | Teacher guides the students to explain the term financial system, ask students to name the components of financial system, illustrates functions and features of each component using charts and reports. Students write short notes on financial system, money market, capital market, insurance. Resources; charts, posters, pictures, short market report. |
| 4 | METHODS OF RAISING FUNDS FROM THE CAPITAL MARKET; Methods; explain offer for sales, offer for subscription, right issues, private placement. | Teacher defines capital market, primary and secondary markets, segments of secondary markets, key functions, market institutions, features of capital market (medium or long term), insurance market; definition, key functions market institutions, features of insurance market. Students define offer for sale, offer for subscription, list out the requirements for accessing the capital market, discuss the different benefits of capital markets. Resources; publication of SEC, NSE, video of activities on the floor of stock exchange, dividend warrant. |
| 5 | BENEFITS OF CAPITAL MARKETS; Benefits to individual investorsBenefits to governmentBenefits to the economyBenefits to individual companies. | Teacher defines capital market, primary and secondary markets, segments of secondary markets, key functions, market institutions, features of capital market (medium or long term), insurance market; definition, key functions market institutions, features of insurance market. Students define offer for sale, offer for subscription, list out the requirements for accessing the capital market, discus the different benefits of capital markets. Resources; publication of SEC, NSE, video of activities or the floor of stock exchange, dividend warrant. |
| 6 | ISSUES OF SHARES TerminologiesShares accounts preparationApplication account.Allotment accountCalls accounts. | Teacher discusses the differences between classes of shares, highlights the differences between authorized issued shares, discuss the differences between issue of shares at par and at a premium, prepare account to issue shares, illustrate by showing share certificate. Students participate in the discussion of issues of shares and share account, draw a share certificate and study, take part in the preparation of account related to issue of shares. Resources; charts, pictures, publications, securities exchange commission, NSE, share certificate. |
| 7 | PREPARATION OF SHARE ACCOUNT (CONT) cash/bank accountshare premium accountshare discount accountshare capital accounts;preference shares accountOrdinary share capital account. | Teacher discusses the differences between classes of shares, highlights the differences between authorized issued shares, discuss the differences between issue of shares at par and at a premium, prepare account to issue shares, illustrate by showing share certificate. Students participate in the discussion of issues of shares and share account, draw a share certificate and study, take part in the preparation of account related to issue of shares. Resources; charts, pictures, publications, securities exchange commission, NSE, share certificate. |
| 8 | LOAN CAPITAL TerminologiesDebenturesMortgageInterestPreparation of debenture accounts. | Teacher explains the loan capital terminologies, illustrate the differences between shares and debenture account. Students listen and take notes, write short notes on the terminologies, excursion/fieldtrip to capital market. Resources; publication, charts. |
| 9 | COMPANY ACCOUNT (FINAL ACCOUNT) Profit and loss appropriation account;- Amount written off.GoodwillPreliminary expensesAmount transferred to reserve;BonusesDividends. | Teacher prepares trading, profit and loss account, appropriation account, shows goodwill written off, preliminary expenses, amount transferred to reserve, bonuses and dividends. Students listen to the teacher, participate in the preparation of trading, profit & loss appropriation account showing goodwill written off, preliminary expenses, transfers etc. Resources; charts, CAMD 1990, SEC & NSC requirement, copies of company’s financial statement. |
| 10 | COMPANY ACCOUNT (FINAL ACCOUNT) The company balance sheet; layout/format, preparation, analyzing/interpretation. | Teacher prepares balance sheet using format, analyze the balance sheet, ratio analysis method. Students listen to the teacher, participate in the preparation of balance sheet, analyze/interpret the balance sheet viz current ratio, rate of stock turnover, gross profit to turnover etc. Resources; charts, CAMD 1990, SEC & NSC requirement, copies of company’s financial statement. |
| 11 | REGULATION OF THE CAPITAL MARKET Meaning and reasons for regulations.Types of regulationsStatutory regulationSelf regulation stock exchanges.Nigeria stock exchangeDefinition, outline.Abuja stock and commodity exchange. | Teacher defines capital market and guides students to appreciate the need for regulating capital market, types of capital market, importance and tools of regulation, and to appreciate the required attributes to capital market operators. Students explain the meaning of regulation, outline the major types of regulation in the capital market, and the required attributes of capital market operators. Resources; publication of; SEC, MSE, CSCS, ASCE. Feature articles from newspapers, video clips, internet. |
| 12 | Revisions | Revisions |
| 13 | Examinations | Examinations |
