Accounts

Scheme of work, Financial Accounting, SS1, First Term

len Alfred Ajibola - Mon, 17th June, 2019 @ 12:17

Topics in Accounts

Characteristics of Double Entry System Examples on the Principle of Double Entry System Advantages and Limitations of the Double System in Accounting Scheme of work, Financial Accounting, SS1, Third Term Scheme of work, Financial Accounting, SS1, Second Term Scheme of work, Financial Accounting, SS1, First Term Differences between Bookkeeping and Accounting Journal - Contents, Format, Characteristics and Advantages of Journal Bank Wire and Wire Transfer Chart of Accounts Meaning, Importance, Processes, Examples and Steps in Balance Sheet Reconciliations

Academic Questions in Accounts

Please check out our Test Your Knowledge page to see all Questions and Answers

Which of the following statement is true concerning bank wire?

  • A. Another name for bank wire is cash transfer

  • B. The term 'wire' in bank wire signifies a computer based programmed message sent to a bank customer in regards to their account information, transaction and other important financial notifications

  • C. The International Bank Account Number (IBAN) must always be involved when carrying out a bank wire process

  • D. The term bank wire has no significant relationship with wire transfer

  • E. Cyber criminals cannot utilize bank wire threats like CSRS, phishing and whaling to achieve their fradulent act

  • F. All the above statements are true

The following are recommendations to follow during the process of balance sheet reconciliation EXCEPT _____.

  • A. All balance sheet accounts should be reconciled periodically, quarterly or annually

  • B. Comparing the trial balance of both the payables and receivables with the respective aging schedule

  • C. Analysis of enteries and relocating them to a sub-ledger if need be

  • D. Comparing the general ledger trial balance of the account to another source; for instance, a bank statement

  • E. Analysis of the differences in both accounts and making appropriate correction to ensure the correctness of entered information

  • F. None of the above

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Scheme of work (Financial Accounting), SS1, 1st Term:

WEEK 1

Topic: BOOK-KEEPING AND ACCOUNTING

  • Meaning of Accounting
  • History/Origin of Accounting
  • Accounting as a Profession
  • Future prospects of Accounting
  • Users of Accounting Information
  • Accounting Equation

 

WEEK 2

Topic: BOOKKEEPING AND ACCOUNTING

  • The need for Bookkeeping and Accounting
  • Keeping of accounting records as a soul of business
  • Valuation of Stock
  • Valuation of Assets
  • Determine Debtors and Creditors
  • Conservation of Assets

Please read on Bookkeeping and Accounting here.

 

WEEK 3

Topic: ETHICS OF ACCOUNTING

  • Explain the term Accounting Ethics
  • Accounting Ethics; honesty, transparency, integrity, accountability, fairness, objectivity and trustworthiness
  • Benefits of Accounting Ethics to the profession and society

 

WEEK 4

Topic: PRINCIPLES AND PRACTICE OF DOUBLE ENTRY

  • Meaning and Definition
  • Principles and Rules of Double Entry
  • Application of the rules with ordinary cash book, format, and preparation

Please read on the Principle of Double Entry here.

 

WEEK 5

Topic: DOUBLE ENTRY/THREE COLUMN

  • Double Column Cash Book with emphasis on Contra-entry
  • The Three Column Cash Book with Discounts well explained

 

WEEK 6

Topic: DOUBLE ENTRY/THREE COLUMN

  • Further treatment of Three Column Cash Book
  • The Ledgers: Meaning and Types
  • Application to Double Entry Bookkeeping from Cash Book
  • Posting of transactions to Ledger

 

WEEK 7

Topic: ANALYTICAL CASH BOOK

  • Meaning / Definition
  • Advantages of Petty Cash Book
  • Analytical Petty Cash Book imprest

Please read on various Academic Questions and Answers here.

 

WEEK 8

Topic: ANALYTICAL CASH BOOK

  • Petty Cash Transactions to the Ledgers
  • Preparations

 

WEEK 9

Topic: SUBSIDIARY BOOKS AND SOURCE DOCUMENTS

  • Meaning of Subsidiary Books and Source Documents
  • Identify and explain Source Documents
  • Match Source Documents to Subsidiary Books

Please read on WAEC Past Questions and Answers for Financial Accounting (2016) here.

 

WEEK 10

Topic: SUBSIDIARY BOOKS AND SOURCE DOCUMENTS

  • Reasons for Subsidiary Books
  • Types of Subsidiary Books
  • Preparation of Subsidiary Books

 

WEEK 11

Topic: TRIAL BALANCE

  • Meaning of Trial Balance
  • Rules of Trial Balance
  • Uses of Trial Balance

 

WEEK 12

Topic: TRIAL BALANCE

  • Formation layout
  • Preparation of Trial balance
  • Extraction of balances from the Ledger Account

 

WEEK 13

  • Revision

 

WEEK 14

  • Examination

 

Financial Accounting scheme of work, SS1, 2nd Term

Financial Accounting scheme of work, SS1, 3rd Term

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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 7 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.

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Amazing facts in Accounts

It is believed that Bookkeeping is the only English word to contain three sets of double letters repeatedly.

please read our article on bookkeeping vs Accounting here

NOTABLE POINTS IN Accounts