Accounts

Scheme of work, Financial Accounting, SS1, Third Term

Olawunmi Omosanya - Mon, 17th June, 2019 @ 12:17: PM

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

 

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

 

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

 

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

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