Recent Scheme of Work on Financial Accounting

Syllabus for Senior Secondary




FIRST TERM
SSS 1 SSS 2 SSS 3
WEEK 1: Revision
WEEK 1: Revision
WEEK 1: Revision
WEEK 2

Theme: Introduction And Historical Development Of Booking-Keeping Accounting

Topic: Book Keeping and Accounting

Sub-Topic:
Content:
1. Definition and meaning of Bookkeeping and Accounting.
2. History of Accounting in Nigeria.
- Origin
- Accounting as a profession
- Future prospects.
3. The need for Bookkeeping and Accounting
- Keeping of Accounting records as the soul of the business.
- Valuation of stock
- Valuation of assets.
- Determine debtors and creditors
- Conservation of assets.
WEEK 2

Theme: Depreciation Of Assets

Topic: Straight line method

Sub-Topic:
Content:
1. Terminologies
- cost of the asset
- estimated residual value.
- Number of years
- Cash refund
2. Causes of depreciation
- Economic factors
- Time factors
- Depletion
- Physical factors
WEEK 2

Theme: Company Accounts And The Regulation Of The Nigerian Capital Market

Topic: Final Accounts

Sub-Topic:
Content:
1. Profit and loss Appropriation Account
- Uses
2. Appropriation Items
- Amount written off
- Good will
- Preliminary expenses.
- Amount transferred to reserve.
- Bonuses
- D!vidends
3. Preparation of profit and loss Appropriation Accounts.
4. The company balance sheet.
- Layout
- Preparation
- Analyzing or
- Interpretation
WEEK 3

Theme: Introduction And Historical Development Of Booking-Keeping Accounting

Topic: Ethics of Accountinq

Sub-Topic:
Content:
1. Qualities and Accounting Ethics: Honesty 2. Transparency 3. Integrity 4. Accountability 5. Fairness 6. Objectivity 7. Trustworthiness
WEEK 3

Theme: Depreciation Of Assets

Topic: Reducing balance or written down value method

Sub-Topic:
Content:
Terminologies
- The net residual value.
- Value of the asset
- Rate of depreciation.
WEEK 3

Theme: Company Accounts And The Regulation Of The Nigerian Capital Market

Topic: Regulation of the capital Market

Sub-Topic:
Content:
Regulation of the Capital Market meaning Reasons for regulation
WEEK 4

Theme: Principles And Concepts Of Accounting

Topic: Principles of Double Entry

Sub-Topic:
Content:
1. Concept of the rule of Double Entry.
2. Review of Double Entry with comprehensive illustrations.
WEEK 4

Theme: Manufacturing And Partnership Account

Topic: Manufacturing Account

Sub-Topic:
Content:
1. Manufacturing account
- layout
- preparation
2. Trading and Profit and Loss account.
3. Balance sheet
- Layout
- Preparation.
WEEK 4

Theme: Company Accounts And The Regulation Of The Nigerian Capital Market

Topic: Regulation of the capital Market

Sub-Topic:
Content:
Types of regulation
(a) statutory regulation
(i) The law ISA No. 45, 1999
(ii) Securities and types of regulation I Exchange Commission (the Apex Regulatory body).
(iii) Objectives of Statutory regulation:
- Protect investors
(iv) Develop the market too's of regulation
- Registration
- Surveillance and monitoring
- Investigations
- Enforcement
- Rule makinq,
(b) Self Regulation Stock exchanges
- A Nigerian stock exchange
- Definition
- Outline
- Abuja Stock and Commodity Exchange.
WEEK 5

Theme: Principles And Concepts Of Accounting

Topic: Accountinq Concepts

Sub-Topic:
Content:
1. Extraction of accounting concepts: Entity concept.
2. Going concern
3. Conservation/ prudence concept.
4. Historical cost concept.
WEEK 5

Theme: Manufacturing And Partnership Account

Topic: Profit and Loss Appropriation

Sub-Topic:
Content:
1. Net profit
2. Interest on drawing
3. Salary
4. Share of profit
5. Interest on account Capital
WEEK 5

Theme: Commercial Accounting

Topic: Hire Purchase and Installment Payment Account

Sub-Topic:
Content:
Hire purchase and installmental payment Accounts.
- The sytem
- Preparation of Accounts in the
(a) seller's ledger and hirer's ledger.
(b) Goods Account
(c) Hire purchase Account and interest Account.
WEEK 6

Theme: Principles And Concepts Of Accounting

Topic: Accountinq Concepts

Sub-Topic:
Content:
1. Money measurement.
2. Materiality
3. Realization.
WEEK 6

Theme: Manufacturing And Partnership Account

Topic: Partnership Capital Account

Sub-Topic:
Content:
Terminologies
- Drawing
- Interest on drawing
- Share of profit
- Patners' salary
- Fixed capital
- Calculating capitalbr>
WEEK 6

Theme: Commercial Accounting

Topic: Consignment Account

Sub-Topic:
Content:
Consignment accounts terminologies.
- meaning
- consignment
- consign or
- consignee
- consignment outwards
- consignment inwards
- de-credere commission
WEEK 7

Theme: Journals And Cash Account

Topic: General Journal

Sub-Topic:
Content:
1. General Journal: Uses.
2. Opening and closing entries.
3. Correction of errors.
WEEK 7

Theme: Manufacturing And Partnership Account

Topic: Current Account

Sub-Topic:
Content:
1. Terminologies
- drawing
- interest on drawing
- share of profit
- partner's salary
2. Preparation of partnership current account.
WEEK 7

Theme: Commercial Accounting

Topic: Joint Venture Account

Sub-Topic:
Content:
1. Joint venture account
2. Explanation
- Distinguish from partnership.
- preparation of
(a) Joint venture account (Individual account)
(b) Joint venture memorandum account.
WEEK 8

Theme: Journals And Cash Account

Topic: Analytical Cash Book

Sub-Topic:
Content:
1. Petty cash transactions to the ledger.
2. Single column cash book
3. Double column cash book with emphasis on Contra entries.
4. Three Columnar cash book.
5. Analytical petty cash book with imprest. And Petty cash transactions to the ledger.
WEEK 8

Theme: Manufacturing And Partnership Account

Topic: Admission of a new partner and Goodwill Account.

Sub-Topic:
Content:
Terminologies.
- Cash premium
- Relative profit sharinq ratio
- Revaluation account.
WEEK 8

Theme: Commercial Accounting

Topic: Contract Account

Sub-Topic:
Content:
1. Terminologies
- Nominal Notional
- Retention money
- work certified
- work-in-progress
- percentage of work completed.
2. Preparation of contract account.
WEEK 9

Theme: Journals And Cash Account

Topic: Bank Reconciliation Statement

Sub-Topic:
Content:
1. Differentiate the types of bank documents.
2. Terminologies used in bank reconciliation.
3. Interpretation of bank statement.
4. Adjustment of cash book.
5. Bank Reconciliation.
WEEK 9

Theme: Manufacturing And Partnership Account

Topic: Admission of a new partner and Goodwill Account.

Sub-Topic:
Content:
Terminologies.
- Cash premium
- Relative profit sharinq ratio
- Revaluation account.
WEEK 9

Theme: Commercial Accounting

Topic: Contract Account

Sub-Topic:
Content:
1. Terminologies
- Nominal Notional
- Retention money
- work certified
- work-in-progress
- percentage of work completed.
2. Preparation of contract account. (Cont.)

WEEK 10: REVISION AND EXAMININATION
WEEK 10: REVISION AND EXAMININATION
WEEK 10: REVISION AND EXAMININATION

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SECOND TERM
SSS 1 SSS 2 SSS 3
WEEK 1: Revision
WEEK 1: Revision
WEEK 1: Revision
WEEK 2

Theme: Classes Of Accounts And Final Account Of A Sole Trader (Proprietor)

Topic: Classification of Accounts

Sub-Topic:
Content:
Classification of Accounts:
1. Personal account
2. Impersonal account
- Real
- Nominal
WEEK 2

Theme: Accounts Of Non-Profit Making

Topic: Receipts and payment accounts, income and expenditure Accounts

Sub-Topic:
Content:
Receipts and payment accounts.
WEEK 2

Theme: Department And Branch Account

Topic: Departmental Account

Sub-Topic:
Content:
Departmental account. Need Preparation
WEEK 3

Theme: Classes Of Accounts And Final Account Of A Sole Trader (Proprietor)

Topic: Trial Balance and Correction of Error

Sub-Topic:
Content:
1. The need for Trial balance.
2. Preparation of Trial balance.
3. Correction of Errors.
WEEK 3

Theme: Accounts Of Non-Profit Making

Topic: Receipts and payment accounts, income and expenditure Accounts

Topic:

Sub-Topic:
Content:
Receipts and payment accounts. (Cont.)
WEEK 3

Theme: Department And Branch Account

Topic: Branch Account

Sub-Topic:
Content:
i) Description of Branch organization.
ii) Types of branch: local and foreign.
iii) Importance of Branch Account.
iv) Differentiate between brancn and departmental organizations.
v) Preparation of branch account.
WEEK 4

Theme: Classes Of Accounts And Final Account Of A Sole Trader (Proprietor)

Topic: Trading Account

Sub-Topic:
Content:
Trading Account: Terminologies
- Opening Stock
- Closing Stock
- Purchases
- Cost of goods sold
- Return Inward and Outward.
- Carriage Inward.
- Gross profit/loss
- Cost of goods available for sale.
- Cost of goods sold
WEEK 4

Theme: Accounts Of Non-Profit Making

Topic: Receipts and payment accounts, income and expenditure Accounts

Sub-Topic:
Content:
income and expenditure accounts.
WEEK 4

Theme: Government Accounting

Topic: Public Sector Accounting

Sub-Topic:
Content:
Public sector accounting
WEEK 5

Theme: Classes Of Accounts And Final Account Of A Sole Trader (Proprietor)

Topic: Trading Account

Sub-Topic:
Content:
Trading Account preparation.
WEEK 5

Theme: Accounts Of Non-Profit Making

Topic: Receipts and payment accounts, income and expenditure Accounts

Sub-Topic:
Content:
Balance sheet
- layout
- Preparation.
WEEK 5

Theme: Government Accounting

Topic: Public Sector Accounting

Sub-Topic:
Content:
Source of governmental revenue
WEEK 6

Theme: Classes Of Accounts And Final Account Of A Sole Trader (Proprietor)

Topic: Profit and loss Account

Sub-Topic:
Content:
1. Profit and Loss Account :
- Identification of Profit and Loss Account items.
- format or layout.
2. Profit and Loss Account:
- Preparation
- Determination of Net Profit or Loss.
WEEK 6

Theme: Special Accounts

Topic: Single Entry (incomplete Records)

Sub-Topic:
Content:
Single entry
- Meaning
- limitation
WEEK 6

Theme: Government Accounting

Topic: Public Sector Accounting

Sub-Topic:
Content:
Capital expenditures.
WEEK 7

Theme: Classes Of Accounts And Final Account Of A Sole Trader (Proprietor)

Topic: Adjustments in Profit and Loss Account

Sub-Topic:
Content:
1. Bad Debts and Provision for Bad Debts :
- Distinction
- Posting of entries into Ledger and Final Account.
2. Prepayment and Accruals
- Distinction between prepayment and Accruals.
3. Posting entries into ledger and final account.
WEEK 7

Theme: Special Accounts

Topic: Single Entry (incomplete Records)

Sub-Topic:
Content:
Statement of Affairs
- Preparation
WEEK 7

Theme: Government Accounting

Topic: Public Sector Accounting

Sub-Topic:
Content:
Recurrent expenditures.
WEEK 8

Theme: Classes Of Accounts And Final Account Of A Sole Trader (Proprietor)

Topic: Adjustments in Profit and Loss Account

Sub-Topic:
Content:
1. Provisions for discounts allowable :
- identification
- journalizing
- entries into final accounts.
2. Provisions for depreciation.
- Identification
- Journalizing
- Entries into final accounts.
WEEK 8

Theme: Special Accounts

Topic: Single Entry (incomplete Records)

Sub-Topic:
Content:
Trading and Profit and less Account.
- Preparation.
WEEK 8

Theme: Government Accounting

Topic: Public Sector Accounting

Sub-Topic:
Content:
Head and sub-heads
WEEK 9

Theme: Classes Of Accounts And Final Account Of A Sole Trader (Proprietor)

Topic: Balance Sheet

Sub-Topic:
Content:
1. Assets and liabilities
- Distinction
- identification of types.
- classification
2. The Balance sheet:
- Layout
- Preparation
WEEK 9

Theme: Special Accounts

Topic: Single Entry (incomplete Records)

Sub-Topic:
Content:
Conversion to double entry.
WEEK 9

Theme: Government Accounting

Topic: Public Sector Accounting

Sub-Topic:
Content:
Capital and revenue account

WEEK 10: REVISION AND EXAMININATION
WEEK 10: REVISION AND EXAMININATION
WEEK 10: REVISION AND EXAMININATION

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THIRD TERM
SSS 1 SSS 2 SSS 3
WEEK 1: Revision
WEEK 1: Revision
WEEK 1: Revision
WEEK 2

Theme: Control Account

Topic: Sales Ledger (Total Debtors Control Account)

Sub-Topic:
Content:
Definition and uses of Control Account.
WEEK 2

Theme: Formation Of Company And The Nigerian Financial System.

Topic: Formation of a Company

Sub-Topic:
Content:
1. Companies and Allied matters Act, 1990 relating to formation of a company
2. Terminologies
- memorandum of Association
- Articles of Association
- Prospectus
- Subscription
- Shares
- Shares Capital
- Allotment
- Preliminary Expenses
WEEK 2

Theme:

Topic:

Sub-Topic:
Content:
WEEK 3

Theme: Control Account

Topic: Sales Ledger (Total Debtors Control Account)

Sub-Topic:
Content:
Definition and uses of Control Account. (Cont.)
WEEK 3

Theme: Formation Of Company And The Nigerian Financial System.

Topic: Private and Public Companies

Sub-Topic:
Content:
1. Private company
(a) Definition
(b) Features
2. Public Company
(a) Definition
(b) Features
(c) Distinguish between private and public companies.
WEEK 3

Theme:

Topic:

Sub-Topic:
Content:
WEEK 4

Theme: Control Account

Topic: Sales Ledger (Total Debtors Control Account)

Sub-Topic:
Content:
Terminologies
- Bad debts
- Discount allowed
- Returns inwards
- Cash refund
- Dishonoured cheques
- Credit sales.
WEEK 4

Theme: Formation Of Company And The Nigerian Financial System.

Topic: Quoted and unquoted Companies

Sub-Topic:
Content:
1. Quoted company
(a) definition
(b) Features
(c) Examples
2. Unquoted Company
(a) Definition
(b) Features
- companies not listed on the stock exchange.
3. Distinguish between quoted and unquoted companies.
WEEK 4

Theme:

Topic:

Sub-Topic:
Content:
WEEK 5

Theme: Control Account

Topic: Sales Ledger (Total Debtors Control Account)

Sub-Topic:
Content:
Terminologies
- Bad debts
- Discount allowed
- Returns inwards
- Cash refund
- Dishonoured cheques
- Credit sales. (Cont.)
WEEK 5

Theme: Formation Of Company And The Nigerian Financial System.

Topic: Financial System

Sub-Topic:
Content:
1. Financial System
(a) meaning
(b) components of financial system. E.g. Banks, Insurance, NSE, SEC, CSCS, etc.
2. Money market
- Definition
- Key functions
- Market institution,
- Features of money market (Short term)
3. discuss the key functions of each component.
4. describe the features of each component.
WEEK 5

Theme:

Topic:

Sub-Topic:
Content:
WEEK 6

Theme: Control Account

Topic: Sales Ledger (Total Debtors Control Account)

Sub-Topic:
Content:
Preparation of sales ledger Control account.
WEEK 6

Theme: Formation Of Company And The Nigerian Financial System.

Topic: Issue of Shares

Sub-Topic:
Content:
1. Terminologies
- Authorized capital
- Issued Capital
- Preference Shares
- ordinary Shares
- Shares Issued at par
- Share issued at discount
- Share issued at premium
2. Shares accounts
- preparation
3. Capital Account
4. Application, Allotment and calls Accounts.
5. Share premium Account.
6. Share Discount
7. Accounts Types
- Ordinary Shares
- Preference Shares
- Deferred Shares
- founder's Shares.
WEEK 6

Theme:

Topic:

Sub-Topic:
Content:
WEEK 7

Theme: Control Account

Topic: Sales Ledger (Total Debtors Control Account)

Sub-Topic:
Content:
Preparation of sales ledger Control account. (Cont.)
WEEK 7

Theme: Formation Of Company And The Nigerian Financial System.

Topic: 1. Loan Capital
2. Methods of raising funds from the capital market

Sub-Topic:
Content:
LOAN CAPITAL
1. Technology,
- debentures,
- mortgage,
- Interest,
2. Preparation of Debenture Accounts

METHODS OF RAISING FUNDS FROM THE CAPITAL MARKET
- offer for sale
- offer for subscription
- right issue
- private placement.
WEEK 7

Theme:

Topic:

Sub-Topic:
Content:
WEEK 8

Theme: Control Account

Topic: Purchases ledger (Total Creditors Account)

Sub-Topic:
Content:
Terminologies
- Credit purchases
- Return outward
- Cash/bank payment to creditor.
- Discount received.
WEEK 8

Theme: Formation Of Company And The Nigerian Financial System.

Topic: Requirements for accessing the capital markets

Sub-Topic:
Content:
1. must be public company.
2. must present company audited accounts.
3. must appoint market operators and consultants.
WEEK 8

Theme:

Topic:

Sub-Topic:
Content:
WEEK 9

Theme: Control Account

Topic: Purchases ledger (Total Creditors Account)

Sub-Topic:
Content:
Terminologies
- Credit purchases
- Return outward
- Cash/bank payment to creditor.
- Discount received. (Cont.)
WEEK 9

Theme: Formation Of Company And The Nigerian Financial System.

Topic: Benefits of Capital Market.

Sub-Topic:
Content:
1. Benefits to individual investors
(a) Investment
(b) Dividend
(c) Bonus Shares
(d) Capital appreciation
(e) Collateral
2. Benefits to government
(a) Raising of capital for development projects
(b) provides alternative avenue for deficit financing.
(c) Enhances tax revenue.
3. Benefits to the economy
(a) Industrial growth
(b) Employment generation
(c) Improvement in the standard of living.
4. Benefits to individual companies
(a) Raising capital for expansion
(b) Enhances the popularity of the Company.
(c) Enhanced access to credit.
(d) perpetuity of the company.
WEEK 9

Theme:

Topic:

Sub-Topic:
Content:

WEEK 10: REVISION AND EXAMININATION
WEEK 10: REVISION AND EXAMININATION
WEEK 10: REVISION AND EXAMININATION



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