Senior Secondary School Scheme of work for Financial Accounting –

NERDC Scheme of work Financial Accounting SS1

Lagos State Financial Accounting Scheme of work SS1 Third Term

Week 1: The Bank Account and its operations

Week 2: Bank Reconciliation Statement

Week 3 – 4: Bank Reconciliation Statement

Week 5 – 8: Final Accounts of a Sole Trader

Week 9 : The Balance Sheet

Week 10: Opening Entries and Recording of Subsequent Financial Transactions

Week 11: Revision

Week 12: Examination

Financial Accounting Scheme of work SS1 Third Term – Modified

1. Revision of last term’s work

2. Preparation of bank reconciliation with credit balances

3. Preparation of bank reconciliation when there is bank overdraft i.e debit balance

4. End of year adjustments in profit and loss account –Accruals and Prepayment

5. Provision for bad debts .Provision for discount allowed and received

6. Bad debt recovered, work exercise

7. Depreciation of fixed assets –meaning, reasons, methods of provision for depreciation, elements, terminologies. Amortization and depletion

8. Straight line and reducing balance methods. Depreciation schedule, advantages and disadvantages

Of each method-ledger

9. Treatment of Depreciation in profit and loss and balance sheet.

10. Preparation of final Accounts with end of year adjustment.

11&12 revision and exam.


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