Financial Accounting Scheme of Work for SS3 Second Term

SCHEME OF WORK

Week One: Contract Accounts

Week Two: Accounting Ratio

Week Three: Departmental Account

Week Four: Branch Account

Week Five: Public Sector Accounting

Week Six: Personal Cost Budget

Week Seven: Revision

Week Eight: Mock Examination

 

 Below are the 2022 complete SS3 Financial Accounting Second Term Lesson Note 

Financial Accounting Lesson Note SS3 Second Term

Week One: Contract Accounts

INTRODUCTION:

Contract Accounts are prepared for every contract even as all costs/expenses relating to such [particular] contract are charged to said account. Also, all indirect expenses such as office and administrative expenses, repairs and storeroom expenses are charged to contract account on an equitable basis. To learn more, click here.

Week Two: Accounting Ratio

INTRODUCTION:

Accounting Ratio by definition expresses the relationship between items in a set of financial statement. Take for instance, a working capital ratio expresses the relationship between the current asset and current liabilities in the same financial statement. In this sense therefore, it can be seen that an accounting ratio compares two aspects of a financial statement, specifically the relationship (or ratio) of current assets to current liabilities. The ratios can then be used to evaluate the financial condition of a company, including the company’s strengths and weaknesses. To learn more, click here.

Week Three: Departmental Account

INTRODUCTION:

An organization may separate the activities of an organization into smaller units. It will therefore want to ascertain the performance of each business unit. Departmental account can therefore be defined as that account that measure the performance of units of a business. Example will be a five star hotel that has a ‘Bar and Kitchen’ department and lodging department. To learn more, click here.

Week Four: Branch Account

INTRODUCTION:

A branch can be defined as a small part of a business enterprise which operates with some degree of independence. In view of this, a branch account takes into consideration the entries of transactions in the books of an organization with different branches. Please note that the system of accounting employed in Branch Account depends on the nature of trade, location and degree of control exercised by the Head Office. However, the Head Office must be duly furnished with the transactions of the business through the presentation of financial result. To learn more, click here.

Week Five: Public Sector Accounting

INTRODUCTION:

Public Sector Accounting can be defined as the process of recording, summarizing and presenting financial transactions of government and its parastatals showing the detailed revenue and expenditure of government. In other words, it is an accounting method used in central and local governments and other nonprofit pursuant public sector entities. To learn more, click here.

Week Six: Personal Cost Budget

INTRODUCTION:

Personnel Costs has to with the total remuneration (albeit in cash or in kind), payable to employees by their employers in return for work done during the reference period. In this light therefore, Personnel Cost Budget refers to the process of computing what a firm expects to pay its staff over a period of time; usually a year. To learn more, click here.

Week Seven: Revision

This week, we would be doing a revision of all that we learned during the term.

Week Eight: Mock Examination

 

Afterwards, we would write an examination, which would test our knowledge of what has been taught so far.