Financial Accounting Scheme of Work for SS1 First Term
SCHEME OF WORK
WEEK 1: INTRODUCTION TO BOOKKEEPING AND ACCOUNTING
WEEK 2: ACCOUNTING CONCEPTS AND CONVENTIONS
WEEK 3: PRINCIPLES OF DOUBLE ENTRY
WEEK 4: SOURCE DOCUMENT AND SUBSIDIARY BOOKS
WEEK 5: SUBSIDIARY BOOKS
WEEK 6: WORKING EXERCISES ON SALES DAY BOOK AND RETURN INWARD
WEEK 7: JOURNAL
WEEK 8: LEDGERS
WEEK 9: ONE CASH CASH BOOK
WEEK 10: DOUBLE COLUMN CASH BOOK
Week11: Revision
Week 12: Examination
Below are the 2022 complete SS1 Financial Accounting First Term Lesson Note
Financial Accounting Lesson Note SS3 First Term
WEEK 1
It can be defined as the the system of recording transaction in business on a daily basis in appropriate book,it is an integral part of the account. It can also be defined as the process of recording, selecting, classifying, interpreting and communicating financial data of an organization to enable users to make decision.Accounting involve measurement and reporting of organization profit and loss.
History of Accounting in Nigeria
The institutionalization of Accounting started in Britain, from where Accounting was imported to Nigeria. During the pre-independence period, in Nigeria, especially before the establishment of the Collages of Arts and Sciences (particularly the one in Ibadan), people who wanted to enrol on the accounting profession had to be trained through article ship. This meant that they had to be attached as apprentices to those in the profession already. When the College of Arts and Sciences in Ibadan (now the university of Ibadan) was established, it offered courses in accounting; students were prepared for the intermediate level of ACCA (Chartered Association of Certified Accountants), a British Accounting Body. To learn more, click here
Topic: Accounting concept and convention
Meaning of Accounting concept
Accounting concepts and conventions are different bodies of principles which have been developed over the years to regulate the practice of the accounting profession.So the preparation of financial are guided by content and objective principle. these rules and regulation help the accountant to perform their roles of providing relevant information to people, they have been accepted and issue form of accounting standards. To learn more, click here
WEEK 3
Double entry system of booking is the system of keeping account which takes the advantage of two-fold aspect of every transaction, whereby one account that receives is debited and another account which gives is credited.the system ensures that both parties i.e the giver and the receive are brought into the record.
Rules of Double Entry
- For every credit entry in an account there must be a corresponding debit entry in another account.
- For every debit entry in an account there must be be a corresponding credit entry
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Week 4
Topic: Source Document and Subsidiary Books
All entries that will pass through the subsidiary book must be supported by document providing details of information of the preparation of the books.
The source document provide detail information for the preparation of the books. The documents are:
- Invoice: This sets out the full details of goods sent by the suppliers to the buyer stating the quantity, price, discount given and terms of payment.
- Credit note: This is the document sent by the seller to the customers for reduction in the amount owned by him. It arises because some goods are damaged or not supply as ordered. To avoid confusion, it must be printed in red. It can be viewed from two perspectives. (I) credit note received from suppliers: If the credit note relates to goods returned to the suppliers, it will be entered in the returns outward book and then be debited to the suppliers account. (II) Credit note issued to customers: This will be posted to the returns inwards book and then credited to the customers account
- Debit note: This is the document sent by the seller to the buyer to correct an undercharged or when goods are not charged to the invoice
- Petty cash voucher: This covers payments credited to the petty cash book
- Statement of Account: This is document sent by the seller to the buyer at regular intervals,usually showing credits and debits to the account and the balance due To learn more, click here
WEEK 5
The Subsidiary Books are the books of original or prime entry in which events and transaction are initially recorded before being posted or transferred to the ledgers. The recording of transaction in the books of original entry is not in a double entry system. In other words, Subsidiary Books are those books of original entry in which transactions of similar nature are recorded at one place and in chronological order. In big business establishments, recording of all transactions in one Journal and posting them into various ledger accounts will be very difficult and involve a lot of clerical work. This cumbersome procedure is therefore avoided by sub-dividing the journal into various subsidiary journals or books. The subdivisions of journal into various subsidiary journals for recording transactions of similar nature are called as ‘Subsidiary Books.’ To learn more, click here
WEEK 6
How to work Exercises on Sales Day Book and post it the appropriate Ledger Booklets
Already defined in the previous lesson, a Sales Day Book is a book of original entry in which only credit sales of goods are recorded. Cash sales of goods are recorded in the cash book. Credit sales of other assets are also not recorded in the sales book; they are recorded in the journal proper.
(a) Date: In this column, the date of the transaction, on which goods were sold on credit, shall be recorded.
(b) Invoice Number: The number of invoice (i.e., the source document) showing the sales of goods shall be recorded in this column.
(c) Name of the Customers: In this column, name of the person/customers, to whom the goods were sold on credit, is written along with all details and description of goods viz., quantity, quality, rate, gross amount and trade discount etc.
(d) Ledger Folio (L.F.): Page number of the ledger of the customer, on which the transaction is recorded, shall be recorded in this column.
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WEEK 7
The ledger is the final destination of all transactions in the subsidiary books. It is the most important book of account. The ledger can be defined as a book which contains in a classified and summarized form,a permanent record of all transactions.it is use for double-entry book keeping. It can also be defined as a collection of an entire group of similar accounts in double-entry bookkeeping. Also called book of final entry, a ledger records classified and summarized financial information from journals (the ‘books of first entry’) as debits and credits, and shows their current balances. In manual accounting systems, a ledger is usually a loose-leaf binder with a separate page for each ledger account. In computerized systems, it consists of interlinked digital files, but follows the same accounting principles as the manual system. To learn more, click here
WEEK 8
It is a cash book in which only and only cash transactions are recorded. By single column we mean “one amount column” on each side of the Cash Book. One amount column on the debit side in which inflow of cash (cash received) is recorded and one amount column on the credit side in which outflow of cash (cash paid) is recorded. It is generally maintained by such business concerns which do not have bank accounts. (small business concerns). In other words, a one-column cash book records only cash receipts and payments. It has only one money column on each of the debit and credit sides of the cash book. All the cash receipts are entered on the debit side and the cash payments on the credit side.
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WEEK 9
A Double Column Cash Book typically consists of two separate columns on the debit side as well as credit side for recording cash and discount. In many concerns it is customary for the trader to allow or to receive small allowance off or against the dues. These allowances are made for prompt settlement of accounts. In certain business almost all receipts or payments are accompanied by such discounts and in order to avoid unnecessary postings separate columns in the cash book are introduced to record the discounts received or allowed. These discount columns are memorandum columns only. They do not form the discount account. The discount column on the debit side of the cash book will record discounts allowed and that on the credit side discounts received. To learn more, click here
Week 10: Revision
This week, we would be doing a revision of all that we learned during the term.
Week 11: Examination
Afterwards, you would write an examination, which would test your knowledge of what has
been taught so far.