Accounts

Scheme of work, Financial Accounting, SS1, Second 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, 2nd Term:

WEEK 1

Topic: GENERAL JOURNAL

  • Meaning and Definition of General Journal
  • Uses of the General Journal
  • Advantages of General Journal
  • Opening and Closing Entries

Please read on Journals here.

 

WEEK 2

Topic: CORRECTION OF ERRORS

  • Errors in Accounting
  • Errors that affect the Trial Balance
  • Errors that do not affect the Trial balance
  • Location of Errors
  • Correction of Errors and Preparation

Please read on Balance Sheet Reconciliations here.

 

WEEK 3

Topic: SUSPENSE ACCOUNT

  • Meaning of Suspense Account
  • Preparation of Suspense account

 

WEEK 4

Topic: CLASSIFICATION / TYPES OF ACCOUNT

  • Personal Account
  • Impersonal Account
  • Real and Nominal (explain and give examples)
  • Reasons and Benefits

 

WEEK 5

Topic: BANK RECONCILIATION STATEMENT

  • Meaning / Definition of Bank Reconciliation Statement
  • Bank Document
  • Terminologies used in Bank Reconciliation Statement

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

 

WEEK 6

Topic: BANK RECONCILIATION STATEMENT

  • Interpretation of Bank Statements
  • Adjustments of Cash Books
  • Preparation of Bank Reconciliation

 

WEEK 7

Topic: ACCOUNTING CONCEPTS

  • Define Accounting Concept
  • Identify and explain the Accounting Concepts; for instance entity concept, going concept, money measurement

Please read on what Every Student is expected to Know here.

 

WEEK 8

Topic: TRADING ACCOUNT

  • Meaning / Definition of Trading Account
  • Terminologies used in Trading Account
  • Preparation of Trading Account

 

WEEK 9

Topic: PROFIT AND LOSS ACCOUNT

  • Meaning and Definition of Profit and Loss Account
  • Identification of Profit and Loss Account items
  • Format or Layout
  • Shape and Vertical method

 

WEEK 10

Topic: TRADING, PROFIT AND LOSS ACCOUNT

  • Preparation of Trading Profit and Loss Account
  • Determination of net Profit and Loss

 

WEEK 11

  • Revision

 

WEEK 12

  • Examination

 

Financial Accounting scheme of work, SS1, 1st Term

Financial Accounting scheme of work, SS1, 3rd Term

Read topics on Financial Accounting

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len

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