Financial Accounting Scheme of Work for SS3 First Term
SCHEME OF WORK
Week 1 – Preparation of Company Income
Week 2 – Appropriation Account of a Company
Week 3 – Company Balance Sheet
Week 4 – Capital Market: Meaning; Reasons for Regulation; Types of Regulation
Week 5 – Security and Exchange Commission
Week 6 – Nigeria Stock Exchange
Week 7– Hire Purchase/Installment Payment Account
Week 8 – Consignment Account
Week 9 – Joint Venture
Week 10 REVISION
Week 11: Examination
Below are the 2022 complete SS3 Financial Accounting First Term Lesson Note
Financial Accounting Lesson Note SS3 First Term
Week 1: Preparation of Company Income
Overview
A company’s income statement is a financial statement which documents and reports on such a company’s financial performance over a specific accounting period. Said financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating activities. It also shows the net profit or loss incurred over a specific accounting period. Known also as the profit and loss statement or statement of revenue and expense, the income statement is one of three major financial statements in every company’s annual report. In other words, every public company must submit these legal documents to the Securities and Exchange Commission (SEC) and hence the investor public. To learn more, Click here
Week 2 – Appropriation Account of a Company
Overview – Meaning of Appropriation Account
The Appropriation Account is used in accounting to denote how money has been used by a company, where the account gets reduced after spending funds on the already undertaken projects or a particular new task. In other words, it is the part of the income statement (i.e., profit and loss account) which explains how a firm’s profit has been used to pay dividends, and or to increase reserves indicated in the balance sheet. It states what happens to profit, instead of how it was earned, and is usually shown separately from the main statement. To learn more, Click here
Week 3 – Company Balance Sheet
Overview
The Balance Sheet is the third general purpose financial statement prepared during the accounting period. It reports a company’s assets, liabilities, and equity at a single moment in time. You can think of it as a snapshot of what the business looked like on that day in time. It is essentially a picture of a company’s resources, debts, and ownership on a given day.
The balance sheet can also as a statement of financial position that tells about the assets, liabilities, and equity of a business at a specific point in time. It is a snapshot of a business. It is an extended form of the accounting equation. To learn more, Click here
Week 4 – Capital Market: Meaning; Reasons for Regulation; Types of Regulation
Overview –
A Capital market can be defined as a market where buyers and sellers engage in the trade of financial securities like bonds, stocks, etc. The buying/selling is undertaken by participants such as individuals and institutions. In other words, a capital market is any financial market in which long-term debts and equity-backed securities are traded (i.e., bought and sold). These securities are typically Capital markets are defined as markets in which money is provided for periods longer than a year. Capital markets channel the wealth of savers to those who can put such wealth to long-term productive use; such as companies or even governments making long-term investments. The capital is typically overseen by financial regulators or monitors such as the Nigerian Securities and Exchange Commission (SEC).To learn more, Click here
Week 5- Security and Exchange Commission
Overview- The Securities and Exchange Commission (SEC), Nigeria is the apex regulatory institution of the Nigerian capital market supervised by the Federal Ministry of Finance. The Commission originates from the ad hoc, non-statutory Capital Issues Committee established in 1962 as an arm of the Central Bank of Nigeria. SEC has evolved over time, having started with the establishment of the Capital Issues Committee in 1962 by the government as an essential arm of the Central Bank of Nigeria. This was purely an ad-hoc, non-statutory committee, which later metamorphosed into SEC in 1979, following a comprehensive review of the Nigerian financial system, with the promulgation of SEC Decree No. 71 of 1979. Successive reviews of this earlier enactment led to the introduction of new legislation, the Investments and Securities Act (ISA) No 45 of 1999. To learn more, Click here
Week 6 – Nigeria Stock Exchange
Introduction: History of the NSE
Overview –The Nigerian Stock Exchange (NSE) was established in 1960 as the Lagos Stock Exchange. In 1977, its name was changed from the Lagos Stock Exchange to the Nigerian Stock Exchange. The Nigerian Stock Exchange was founded in 1960 as the Lagos Stock Exchange, on September 15, 1960, the stock exchange council was inaugurated. Operations began officially on August 25, 1961, with 19 securities listed for trading but informal operations had commenced earlier in June 1961.
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Week 7 – Hire Purchase/Instalmental Payment Account
Overview- Hire purchase is a method of financing the fixed asset to be purchased on a future date. Under this method of financing, the purchase price is paid in instalments. Ownership of the asset is transferred after the payment of the last instalment.it can also be seen as an agreement between two parties in which one party purchases an asset from another party; albeit on credit. Now because the purchasing party has no money to pay, s/he is given a credit facility whereby payment is subsequently made on a per month hire charge. To learn more, Click here
Week 8 – Consignment Account
Overview- Consignment accounts are concerned with goods sent to an agent who will sell the goods on behalf of his principal. In many cases, the goods are consigned to an agent abroad. It can therefore be generally defined as the act of sending a number of goods by the manufacturers and producers of one country or place to their agents in another at the risk of the principals for the purpose of sale. Goods so sent are known as “consignment”. The sender of the goods is called the consignor. Generally, the manufacturers or producers are consignors. The person to whom goods are forwarded for the purpose of sale is known as the consignee. To learn more, Click here…
Week 9 – Joint Venture
Overview –
A joint venture is simply a venture undertaken jointly by two or more persons with a view to gaining profit. It is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. To learn more, Click here…
Week 10 – Revision
Overview – We shall be examined all we have learned this term.
Week 11 – Examination
Overview – This week, we shall be examined all we have learned this term.
