Accounting is an essential field that forms the foundation of financial decision-making and economic analysis. In Senior Secondary School 2 (SSS2), guided by the Lagos State Unified Scheme of Work, students delve into more advanced accounting concepts, building upon the basic knowledge gained in earlier years. This stage is vital as it prepares students for higher education and practical financial literacy.
The Lagos State Unified Scheme of Work for SSS2 Accounting includes a thorough curriculum that provides the skills to manage financial information effectively. It covers the principles and conventions of accounting, the preparation and interpretation of financial statements, and the application of accounting concepts in various business contexts.
A key goal of the SS2 accounting curriculum is to enhance students’ understanding of the double-entry system, the foundation of modern accounting. Students learn to record financial transactions accurately in journals and ledgers, ensuring that every debit entry has a matching credit entry. This foundational knowledge is essential for maintaining the integrity and accuracy of financial records.
Studying accounting in SSS2, using the Lagos State Unified Scheme of Work, provides a solid foundation in accounting principles and practices. They acquire the knowledge and skills needed to navigate the various aspects of finance.
At the end of the SSS2 session, students can;
Assessment methods for accounting in SS2 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 2(SSS2) | ||
| CLASS | SS2 | |
| SUBJECT | FINANCIAL ACCOUNTING | |
| TERM | First Term | |
| WEEK | TOPICS | Learning Objectives |
| 1 | SUSPENSE ACCOUNT – Meaning and types – Errors the trail balance cannot disclose | By the end of the lesson, students should be able to: i. define errors ii. explain suspense account iii. list errors that trial balance will not disclose |
| 2 | SUSPENSE ACCOUNT II – Correction with journal – Working exercise on correction of errors with journal paper | By the end of the lesson, students should be able to: i. correct errors with the use of journal paper and suspense account ii. list errors that trial balance cannot disclose |
| 3 | EFFECTS OF ERRORS ON REPORTED PROFIT AND WORKING EXERCISES | By the end of the lesson, students should be able to: i. justify the effects of errors on reported profit ii. prepare relevant accounts |
| 4 | MANUFACTURING ACCOUNTS – Meaning – Reason – Terminologies | By the end of the lesson, students should be able to: i. explain manufacturing accounts ii. describe reasons for manufacturing accounts iii. identify and explain the terminologies iv. |
| 5 | MANUFACTURING ACCOUNTS II – Trading profit or loss accounts with balance sheet – Working exercises | By the end of the lesson, students should be able to: i. describe manufacturing accounts ii. prepare manufacturing trading, profit or loss account and balance sheet |
| 6 | MANUFACTURING ACCOUNTS III – Treatment of manufacturing profit (market value) with trading profit or loss account and balance sheet | By the end of the lesson, students should be able to: i. illustrate the meaning of market value ii. calculate the market value iii. deduce profit on manufacturing account |
| 7 | MID-TERM BREAK | |
| 8 | CONTROL ACCOUNT AND SELF-BALANCING LEDGER – Meaning of control accounts – Resources for control accounts – Limitations for control accounts – Types of control accounts – Sales ledger control accounts – Purchases ledger control accounts – Meaning, purpose, uses, terminologies of sales purpose accounts eg control settlement, set off, etc | By the end of the lesson, students should be able to: i. explain control account ii. state the reasons for control accounts iii. outline limitations of control accounts iv. write out types of control accounts v. describe sales ledger control account and purchase ledger control accounts vi. explain set off/contra settlement |
| 9 | SALES LEDGER CONTROL ACCOUNT – Format and working exercises – Purchase ledger and contra accounts – Meaning, uses/purposes, terms, format – Working exercises | By the end of the lesson, students should be able to: i. identify the debt and credit items of sales ledger control account and purchase ledger control account ii. mention items for sales ledger control account as distinct from purchases ledger control account |
| 10 | INTRODUCTION TO SINGLE ENTRY AND INCOMPLETE RECORDS – Meaning, limitations, statement of affairs | By the end of the lesson, students should be able to: i. define single entry ii. explain the meaning of incomplete records iii. write the limitations of single entry |
| 11 | REVISON | |
| 12 | EXAMINATION | |
| CLASS | SS2 | |
| SUBJECT | FINANCIAL ACCOUNTING | |
| TERM | SECOND TERM | |
| WEEK | TOPICS | LEARNING OBJECTIVES |
| 1 | SINGLE ENTRY – Determination of closing and opening capital | By the end of the lesson, students should be able to: i. explain capital ii. determine opening and closing capital iii. deduce profit or loss made |
| 2 | SINGLE ENTRY/INCOMPLETE RECORDS – Determination of profit or loss from statement of affairs – Preparation of trading, profit or loss accounts and balance sheets from incomplete records – Conversion of single entry to double entry – Steps for conversion | By the end of the lesson, students should be able to: i. determine the profit or loss using statement of affairs ii. prepare trading, profit and loss accounts and balance sheet iii. list the steps of conversion from single entry to double entry |
| 3 | ACCOUNTS OF NON-PROFIT MAKING ORGANIZATION – Meaning, terminologies, receipts and payment account – Features and format | By the end of the lesson, students should be able to: i. define accounts of non-profit making organizations ii. give examples of clubs and societies in your school iii. explain receipt and payment account |
| 4 | WORKING EXERCISES ON RECEIPTS AND PAYMENTS – Determination of accumulated fund and treatment of subscriptions and other nominal ledgers in arrears and in advance | By the end of the lesson, students should be able to: i. write out the procedure for determination of accumulated fund ii. explain subscriptions iii. prepare receipts and payment accounts |
| 5 | RECEIPT AND PAYMENT ACCOUNTS – Income and expenditure account – Meaning, uses, similarities and differences between receipts and payment account and income and expenditure accounts | By the end of the lesson, students should be able to: i. recall the meaning of income and expenditure accounts ii. state the rules for receipts and payment accounts and income and expenditure iii. give the similarities between receipts and payment account and income and expenditure iv. distinguish between receipts and payment account and income and expenditure |
| 6 | PREPARATION OF INCOME AND EXPENDITURE ACCOUNTS AND BALANCE SHEETS WITH WORKING EXERCISES | By the end of the lesson, students should be able to: i. identify the procedures involved in the preparation of income and expenditure accounts ii. draw up an income and expenditure account iii. determine the surplus or defect from the account iv. prepare balance sheet |
| 7 | MID-TERM BREAK | |
| 8 | INTRODUCTION TO PARTNERSHIP ACCOUNT – Meaning and types of partnership – Patnership deeds/agreement terminologies | By the end of the lesson, students should be able to: i. prepare partnership accounts ii. differentiate between fixed/current methods and fluctuating method of preparation of preparing partner account |
| 9 | PATNERSHIP ACCOUNTS II – Partners capital account – Partners current account, appropriation account – Format and working exercises | By the end of the lesson, students should be able to: i. prepare partnership accounts ii. differentiate between fixed/current methods and flunctuating method of preparation patner’s account |
| 10 | PATNERSHIP ACCOUNTS III – Admission of new partners – Terminologies – Valuation of assets – Goodwill account: meaning and treatment – Accounting entries for goodwill written off and retained | By the end of the lesson, students should be able to: i. prepare partnership goodwill accounts after the admission of patners ii. interpret the concept of goodwill |
| 11 | REVISON | |
| 12 | EXAMINATION | |
| CLASS | SS2 | |
| SUBJECT | FINANCIAL ACCOUNTING | |
| TERM | THIRD TERM | |
| WEEK | TOPICS | LEARNING OBJECTIVES |
| 1 | DISSOLUTION OF PATNERSHIP – Reasons for dissolution | By the end of the lesson, students should be able to: i. state the reasons for dissolution ii. evaluate the effects of partnership dissolution on the economy |
| 2 | DISSOLUTION OF PATNERSHIP II – Entry requirements in closing the firm’s books of accounts (settlement account) | By the end of the lesson, students should be able to: i. prepare partnership dissolution account ii. close books of accounts of the firms |
| 3 | COMPANY OF ACCOUNTS – Formation of company – Types of company – Quoted and unquoted companies – Terminologies ie memorandum of association, articles of association and prospectus, etc | By the end of the lesson, students should be able to: i. define company in line with CAMD’90 ii. differentiate between quoted and unquoted companies iii. list out essential documents needed for company registration iv. justify reasons for company registration |
| 4 | COMPANY ACCOUNTS II – Preparation of company income statement – Trading, profit and loss, and appropriation account of company | By the end of the lesson, students should be able to: i. prepare income statement of a company ii. pin-point the difference in company income statement and that of a sole trader and patnership business |
| 5 | BALANCE SHEETS – Vertical and ‘T’ Formats | By the end of the lesson, students should be able to: i. recall the format in vertical and ‘T’ formats |
| 6 | ISSUE OF SHARES AND DEBENTURE – Meaning of shares – Types of shares – Issue of shares – Distinction between classes of shares – Issue of shares at par, discount and premium | By the end of the lesson, students should be able to: i. explain shares and debentures ii. compare and contrast between shares and debenture iii. classify shares into different forms iv. identify the right of each type of shareholder in the company v. enumerate the various share pricing |
| 7 | MID-TERM BREAK | |
| 8 | PREPARATION OF ACCOUNTS FOR ISSUE OF SHARES AT PAR, DISCOUNT AND PREMIUM – Bonus shares – Right issues – Issues of shares payable by installment | By the end of the lesson, students should be able to: i. draw out stages involved in installment payment of shares ii. differentiate between and among right issue, bonus shares, forfeited accounts, re-issue shares |
| 9 | PREPARATION OF ACCOUNTS RELATING TO ISSUE OF SHARES | By the end of the lesson, students should be able to: i. prepare issue of shares account when: a) payment on application b) installment payment |
| 10 | INTERPRETATION OF FINANCIAL STATEMENT USING SIMPLE RATIO – Meaning of ratios – Uses of ratios – Disadvantages of ratios – Types of ratios – Profitability and efficiency ratio – Liquidity and investment ratios | By the end of the lesson, students should be able to: i. define accounting ratios ii. state the uses of accounting ratios iii. identify the formulae of profitability, liquidity and investment ratios of a typical organization iv. interpret the results v. state limitations of the use of accounting ratios |
| 11 | WORKING EXERCISE ON THE TYPES OF RATIOS | By the end of the lesson, students should be able to: i. deduce the financial health status of an organization using the various ratios |
| 12 | REVISION/ EXAMINATION | |
The recommended Financial Accounting textbooks for SSS2 include but are not limited to the following:
