Accounts

Scheme of work, Financial Accounting, SS1, Third 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, 3rd Term:

WEEK 1

Topic: TRADING, PROFIT AND LOSS ACCOUNT

  • Preparation of profit and loss account
  • Adjustments in profit and loss account
  • Bad debts and provision for bad debts, meaning, distinction, posting of entries into ledger and final accounts
  • Payment and accruals; meaning, distinctions between pre-payment andaccruals

 

WEEK 2

Topic: TRADING, PROFIT AND LOSS ACCOUNT

  • Adjustments in profit and loss account
  • Posting of pre-payments and accruals into ledger
  • Provision for depreciation on fixed assets; meaning and calculation of depreciation

 

WEEK 3

Topic: BALANCE SHEET

  • Meaning / Definition of balance sheet
  • Distinguish between assets and liabilities
  • Identification of types of assets and liabilities
  • Classification of assets and liabilities

Please read on Balance Sheet Reconciliations here.

 

WEEK 4

Topic: BALANCE SHEET

  • Balance layout / format
  • T-shape/conventional method
  • Vertical method-Preparations

 

WEEK 5

Topic: CONTROL ACCOUNT

  • Definition of control account
  • Features of control account
  • Uses of control account
  • Terminologies of control account
  • Preparation of sales ledger control account

 

WEEK 6

Topic: CONTROL ACCOUNT

  • Preparation of purchases control account
  • More exercises on sale ledger control account and purchases ledger control account

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

 

WEEK 7

Topic: DEPRECIATION ACCOUNT

  • Meaning of depreciation account
  • Reasons for charging depreciation
  • Causes of depreciation
  • Methods of depreciation

 

WEEK 8

Topic: DEPRECIATION ACCOUNT

  • Straight line / fixed installment method
  • Formula for calculating depreciation
  • Preparation of depreciation

Please read on Interesting Facts for Students here.

 

WEEK 9

Topic: DEPRECIATION ACCOUNT

  • Diminishing or Reducing balance method
  • Meaning
  • Formula
  • Preparation

 

WEEK 10

Topic: REVISIT ADJUSTMENT

  • Bad and doubtful debts provision
  • Discount allowed and recurred pre-payment and accruals

 

WEEK 11

  • Revision

 

WEEK 12

  • Examination

 

Financial Accounting scheme of work, SS1, 1st Term

Financial Accounting scheme of work, SS1, 2nd 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