Financial accounting in Senior Secondary School 1 (SSS1) is a beginner course that teaches students the basics of accounting. It’s part of a larger curriculum that helps students understand how to record, organize, summarize, and report financial information.
The Lagos State Unified Scheme of Work for SS1 financial accounting covers a wide range of topics, starting with the basic principles and ideas that form the foundation of accounting. Students learn about the fundamental accounting equation, the double-entry system, and the purpose of financial statements. These basics are essential as they support more advanced accounting practices.
Studying accounting in SSS1 with the Lagos State Unified Scheme of Work gives students a strong foundation in accounting principles and practices. They gain the knowledge and skills needed to understand different aspects of finance.
At the end of the SSS1 session, students can;
Assessment methods for accounting in SSS1 include written exams to test theoretical understanding, practical exercises to evaluate application skills, and continuous assessments such as quizzes and assignments. Projects and case studies assess problem-solving abilities, while class participation and presentations gauge comprehension and communication skills.
| LAGOS STATE MINISTRY OF EDUCATION: UNIFIED SCHEMES OF WORK FOR SENIOR SECONDARY SCHOOLS | ||
| Financial Accounting Scheme of Work for Senior Secondary Schools 1(SSS1) | ||
| CLASS | S.S.S.1 | |
| SUBJECT | FINANCIAL ACCOUNTING | |
| TERM | First Term | |
| WEEK | TOPICS | Learning Objectives |
| 1 | INTRODUCTION TO ACCOUNTING – Meaning of book keeping – Meaning of financial accounting – Differences between book keeping and financial accounting – Importance of accounting | By the end of the lesson, students should be able to: i. define book keeping and accounting ii. compare and contrast between the two iii. justify the study of financial accounting |
| 2 | HISTORY OF ACCOUNTING WORLDWIDE AND NIGERIA – Users of accounting information – Internal and external users and their needs – Characteristics of accounting information | By the end of the lesson, students should be able to: i. narrate the emergence of Accounting worldwide and Nigeria specifically ii. enumerate the beneficiaries of accounting information iii. identify the needs of both internal and external users |
| 3 | ADVANTAGES AND LIMITATIONS OF ACCOUNTING – Accounting process cycle – Identifying and analyzing business transactions and events – Recording in the journals – Posting to the ledger – Extraction of trial balance – Preparation of financial statement s | By the end of the lesson, students should be able to: i. list the features of accounting information ii. recall the strength and weaknesses of accounting iii. explain the accounting process cycle in correct order iv. justify the order of accounting process cycle |
| 4 | CAREER OPPORTUNITIES IN BOOK KEEPING AND ACCOUNTING – Accounting professional bodies – Accounting professional ethics | By the end of the lesson, students should be able to: i. list out current opportunities in book keeping and accounting ii. mention professional bodies regulating accounting profession in Nigeria |
| 5 | ACCOUNTING EQUATION AND DOUBLE ENTRY PRINCIPLE – Purpose and functions of source documents – Introduction to subsidiary books – Meaning of subsidiary books – Types of subsidiary books | By the end of the lesson, students should be able to: i. state original accounting equation and recognize it ii. identify and apply the double entry principle in posting a business transaction iii. paraphrase the meaning of source documents |
| 6 | SALES AND PURCHASE JOURNALS – Return inwards journal – Return outwards journal – Cashbook | By the end of the lesson, students should be able to: i. outline various source documents ii. prepare sales and purchase day books iii. post transactions into return inward and outward journals iv. |
| 7 | MID-TERM BREAK | |
| 8 | WORKING EXERCISES ON SALES JOURNALS AND RETURN INWARD JOURNAL WORKING EXERCISES ON PURCHASE JOURNAL AND RETURN OUTWARD JOURNAL | By the end of the lesson, students should be able to: i. solve problems on subsidiary books of accounts ii. explain the meaning and types of discounts iii. calculate the trade discount on the journal |
| 9 | THE LEDGER – Classification of accounts – Cash book: meaning and types – Single column cash book | By the end of the lesson, students should be able to: i. use correct mapping to classify ledgers into personal, impersonal, and private ii. define cash book iii. identify the types of cash book iv. explain the use of each column v. prepare single column cash book |
| 10 | DOUBLE COLUMN CASH BOOK | By the end of the lesson, students should be able to: i. define cash book ii. identify format of double column cash book iii. explain the use of each/ column iv. prepare double column cash book |
| 11 | DISCOUNTS – Meaning, types, reasons for giving discounts – Calculation of discounts | By the end of the lesson, students should be able to: i. explain the term discount and identify types of discounts ii. state the features of each type iii. justify reasons for granting discount iv. calculate discounts granted on a transaction |
| 12 | REVISION/EXAMINATION | |
| CLASS | SS1 | |
| SUBJECT | FINANCIAL ACCOUNTING | |
| TERM | SECOND TERM | |
| WEEK | TOPICS | LEARNING OBJECTIVES |
| 1 | THREE COLUMN CASH BOOK – Working exercises on three column cash book | By the end of the lesson, students should be able to: i. post transactions into three column cash book ii. balance up the three column cash book |
| 2 | THREE COLUMN CASH BOOK II – Working exercises on three column cash book | By the end of the lesson, students should be able to: i. post transactions into three column cash book ii. balance up the three column cash book |
| 3 | PETTY CASHBOOK – Meaning – Terminologies – Imprest system – Reimbursement – Working exercises | By the end of the lesson, students should be able to: i. state the meaning of petty cash book and explain terminologies ii. explain the concept of imprest system iii. demonstrate the concept of reimbursement iv. prepare a typical petty cash book |
| 4 | POSTING SUBSIDIARY BOOKS INTO LEDGERS – Cash book, sales day book, purchase day book, return inward and return outward – | By the end of the lesson, students should be able to: i. transfer entries in subsidiary books to ledgers ii. balance up the ledgers iii. configure the format of journal paper |
| 5 | TRIAL BALANCE – Meaning – Rules for extraction – Extraction of trial balance – Working exercises | By the end of the lesson, students should be able to: i. ii. iii. iv. |
| 6 | ACCOUNTING CONCEPTS AND CONVENTIONS – Meaning and types of accounting concepts – Meaning and types of accounting conventions | By the end of the lesson, students should be able to: i. ii. iii. iv. |
| 7 | MID-TERM BREAK | |
| 8 | FINAL ACCOUNTS OF A SOLE TRADER – Trading, profit or loss account, meaning, reasons, format | By the end of the lesson, students should be able to: i. define trading, profit and loss accounts ii. construct a trading, profit or loss account from an illustration iii. interpret the end result in trading, profit or loss account |
| 9 | BALANCE SHEET – Meaning and format – Assets and Liabilities – Working exercises | By the end of the lesson, students should be able to: i. describe balance sheet ii. state the purpose of balance sheet iii. explain assets and liabilities with adequate examples iv. draw a typical balance sheet |
| 10 | SIMPLE ACCOUNTING RATIO – Meaning – Types – Working exercises | By the end of the lesson, students should be able to: i. calculate mark-up, margin, manager ‘s commission, ii. convert mark-up to margin and vice versa iii. solve problems on mark-up and margin |
| 11 | ADJUSTMENTS TO FINAL ACCOUNT – Provisions: doubtful debts, bad debt, discount – Reserves: types – Difference between reserves and provisions – Accurals and prepayments | By the end of the lesson, students should be able to: i. appraise the need for adjustment to final account ii. compare and contrast between types of reserves iii. discriminate between provisions and reserves |
| 12 | REVISION/EXAMINATION | |
| CLASS | SS1 | |
| SUBJECT | FINANCIAL ACCOUNTING | |
| TERM | THIRD TERM | |
| WEEK | TOPICS | LEARNING OBJECTIVES |
| 1 | INTRODUCTION TO DEPRECIATION OF FIXED ASSETS | By the end of the lesson, students should be able to: i. define depreciation of fixed assets ii. mention some fixes assets |
| 2 | DEPRECIATION OF FIXED ASSETS II – Meaning, reason, elements, causes, characteristics of depreciable fixed assets – Types of assets and nomenclature of their depreciation | By the end of the lesson, students should be able to: i. justify the reasons for depreciation ii. explain the causes of depreciation iii. enumerate the characteristics of a depreciable assest iv. compare the nature of types of assets |
| 3 | METHODS OF DEPRECIATION – Straight line and reducing balance – Methods: meaning, merits and demerits of each method | By the end of the lesson, students should be able to: i. graphically represent the methods of depreciation ii. describe in details straight line method and reducing balance method iii. compare and contrast between the two methods |
| 4 | WORKING EXERCISE ON STRAIGHT LINE AND REDUCING BALANCE METHODS | By the end of the lesson, students should be able to: i. prepare depreciation table ii. compute depreciation using SLM and RBM |
| 5 | SUM OF THE YEAR DIGIT – Revaluation and other methods | By the end of the lesson, students should be able to: i. explain the sum of the year digit and revaluation method ii. calculate depreciation using sum of the year digits and revaluation methods |
| 6 | ACCOUNTING FOR PROVISION FOR DEPRECIATION – ie assets accounts, provision for depreciation, profit and loss account, extract and balance sheet extract, disposal of fixed assets account | By the end of the lesson, students should be able to: i. post the accounting entries to ledgers using the modern method of providing for depreciation ii. show the treatment in profit or loss and balance sheet iii. prepare disposal of fixed assets account |
| 7 | MID-TERM BREAK | |
| 8 | PREPARATION OF FINAL ACCOUNTS WITH NECESSARY END OF YEAR ADJUSTMENT | By the end of the lesson, students should be able to: i. list end the year adjustments ii. prepare final account with adjustments iii. show the effects of adjustment in profit or loss accounts and balance sheet |
| 9 | DEPARTMENTAL ACCOUNTS – Meaning, reasons, basis of appointment, and interdepartmental transfer | By the end of the lesson, students should be able to: i. describe departmental accounts ii. determine the basis of common exercises appointment iii. post entries into departmental trading profit or loss account |
| 10 | BANK RECONCILLATION STATEMENT – Definition – Reasons – Terminologies – Methods | By the end of the lesson, students should be able to: i. define bank reconcillation statement and infer the meaning of bank statement ii. identify causes of disagreement between cash and bank statement iii. interpret bank statement |
| 11 | WORKING EXERCISE OF BANK RECONCILLATION STATEMENT | By the end of the lesson, students should be able to: i. adjust cash book ii. reconcile cash book with bank statement using different methods |
| 12 | REVISION/EXAMINATION | |
The recommended Financial Accounting textbooks for SSS1 include but are not limited to the following:
