About SSS3 Financial Accounting Scheme of Work
Financial accounting in SSS3 (Senior Secondary School 3) is a critical subject that prepares students for the West African Senior School Certificate Examination (WASSCE). This course provides an in-depth understanding of financial transactions, bookkeeping, and the preparation of financial statements. It equips students with the necessary skills to analyze financial data, understand business operations, and make informed financial decisions.
Mastery of financial accounting concepts in SSS3 can be achieved by studying the subject using the Lagos state unified scheme of work. It is essential for excelling in the WASSCE, as it lays the foundation for further studies in accounting, finance, and related fields. Through rigorous practice and application of accounting principles, students develop the analytical abilities and technical proficiency needed to achieve academic success and pursue professional careers in the financial sector.
Assessment Guide
Assessing Financial Accounting in SSS3 involves different methods. Students are tested through WASSCE exams that include multiple-choice questions, short-answer questions, and essays. They might also be asked to solve case studies where they analyze real-life business problems and propose solutions. Practical assessments could involve creating business plans or analyzing financial statements of actual companies.
These assessments help teachers and assessors see how well students understand commerce concepts and how they apply them in different situations.
SSS3 First Term Scheme of Work for Financial Accounting
| Financial Accounting Scheme of Work for Senior Secondary Schools 3 (SSS3) | ||
| CLASS | S.S.S.3 | |
| SUBJECT | FINANCIAL ACCOUNTING | |
| TERM | First Term | |
| WEEK | TOPICS | Learning Objectives |
| 1 | NIGERIAN FINANCIAL SYSTEM – Meaning and concept of money market – Characteristics of the operators of the money market – Capital market functions | By the end of the lesson, students should be able to: i. describe the Nigerian financial system ii. identify the component of Nigerian financial system iii. write out the usefulness of money and capital markets iv. discriminate between money and capital market |
| 2 | CAPITAL MARKET – Meaning, types and functions – Meaning and reasons for regulation – Types of regulations – Conditions for enlisting in capital markets | By the end of the lesson, students should be able to: i. write short note on capital market ii. distinguish between types of markets iii. narrate the reasons for regulation of capital market iv. criticize the conditions for enlistment in the capital market |
| 3 | CAPITAL MARKET II – Advantages of capital markets to: a) individuals b) investors c) economy d) government e) individual companies | By the end of the lesson, students should be able to: i. appraise the importance of the capital market to the parties involved ii. evaluate the importance of capital market to Nigerian economy |
| 4 | LOAN CAPITAL – Debenture types – Distinction between shares and debentures | By the end of the lesson, students should be able to: i. describe the meaning of loan capital ii. classify debenture into various types iii. differentiate between shares and dentures |
| 5 | SECURITIES AND EXCHANGE COMMISSIONS (SEC) – Meaning and objectives – Functions and tools of regulation – Registration, surveillance and monitoring – Investigation and enforcement | By the end of the lesson, students should be able to: i. narrate the background of SEC ii. enumerate SEC functions iii. list out the registration process in SEC iv. paraphrase the monitoring, investigation, and enforcement process of SEC |
| 6 | NIGERIAN STOCK EXCHANGE – Definition, functions and operations – Members (jobbers, brokers, etc) – Abuja stock/commodity exchange | By the end of the lesson, students should be able to: i. recall the meaning of NSE ii. list it’s functions iii. identify major players in NSE iv. narrate the background of Abuja Stock/Commodity exchange |
| 7 | MID-TERM BREAK | |
| 8 | ACQUISITION/PURCHASE OF BUSINESS – Meaning and reasons for acquisition – Terminologies – Format | By the end of the lesson, students should be able to: i. state the essence of business acquisition ii. identify the terminologies associated with the purchase of business |
| 9 | PURCHASE OF BUSINESS ACCOUNT – Format and preparation of purchase of business account | By the end of the lesson, students should be able to: i. define purchase of business ii. draw up the format iii. prepare purchase business account |
| 10 | PUBLIC SECTOR ACCOUNTING – Meaning and terminologies – Sources of government revenue – Capital and recurrent expenditure | By the end of the lesson, students should be able to: i. state the meaning of public sector accounting ii. categorize the sources of government revenue iii. state the meaning of capital and recurrent expenditure |
| 11 | PREPARATION OF PUBLIC SECTOR ACCOUNTING – Terms of funds, heads and sub-heads – Capital and revenue account – Difference between public sector accounting and private sector accounting | By the end of the lesson, students should be able to: i. list the basis for the preparation of public sector accounting ii. list the types of funds iii. distinguish between public sector and private sector accounting |
| 12 | REVISION/EXAMINATION | |
SSS3 Second Term Scheme of Work for Financial Accounting
| CLASS | SS3 | |
| SUBJECT | FINANCIAL ACCOUNTING | |
| TERM | SECOND TERM | |
| WEEK | TOPICS | LEARNING OBJECTIVES |
| 1 | PREPARATION OF PERSONAL COST BUDGET | By the end of the lesson, students should be able to: i. explain personal cost budget ii. prepare personal cost budget |
| 2 | BRANCH ACCOUNT – Meaning and types – Reasons for branch account – Prepare: a) branch memorandum account b) branch returns account c) branch debtors account d) branch profit/loss account e) branch markup and margin f) differences between branch and department account | By the end of the lesson, students should be able to: i. define branch account ii. state the types of branch account iii. outline the reasons for branch account iv. breakdown the accounts involved in branch account v. prepare branch account |
| 3 | JOINT VENTURE ACCOUNTS – Meaning and differences between joint ventures and patnership – Prepare joint venture memorandum account | By the end of the lesson, students should be able to: i. explain joint venture ii. discriminate joint venture and patnership iii. prepare joint venture memorandum account and joint venture individual account |
| 4 | CONSIGNMENT ACCOUNT – Meaning and terminologies used – Consignor and consignee accounts | By the end of the lesson, students should be able to: i. deduce the meaning of consignment ii. enumerate terms associated with consignment iii. differentiate between consignor and consignee iv. prepare both consignor and consignee accounts |
| 5 | HIRE PURCHASE ACCOUNTS – Meaning, features and terminologies – Vendors and hirers ledger – Preparation of hire purchase – Account interest account | By the end of the lesson, students should be able to: i. explain the meaning of hire purchase ii. state items purchaseable on hire purchase iii. prepare hire purchase account in the books of the seller and buyer |
| 6 | CONTRACT ACCOUNT – Meaning, features and terminologies – Format and preparation of contract account – Profit recognition method | By the end of the lesson, students should be able to: i. define the term contract ii. give examples of a contract project iii. identify the contractor and contractee in an indirect question iv. deduce the formula for profit recognition in a contract account |
Achievement Standards
At the end of the SSS3 session, students can;
- Analyze the Nigerian financial system to bring out its strengths, weaknesses, opportunities, and threats;
- Analyse and interpret the public sector accounts of Nigeria and its effects on individual corporate organizations and the economy as a whole;
- Highlight the differences and similarities between joint venture and partnership accounts and also prepare their necessary accounts;
- Prepare financial statements for either long or short-term contracts and ascertain profit and loss;
- Highlight and evaluate any financial statement using appropriate accounting ratios to determine its strengths.
Recommended Financial Accounting Textbooks for Senior Secondary School 3
The recommended Financial Accounting textbooks for SSS3 include but are not limited to the following:
- Simplified and Amplified Financial Accounting Bk 1 – 3 by Femi. Longe
- Hidden Facts in SSCE Financial Accounting (Past Questions) by Peters Robinson – Otumudia Publishers Ltd.
- New Age Financial Accounting by Agbasiere E.A et al – New Age Press Ltd SS 1&2
- MPL Principle and Practice of Bookkeeping and Accounts by Ngaka Paul – Metropolitan Publishers Ltd SS 1-3
- UBE Edition Fundamental Financial Accounting by Thaddeus Adeyemi – Noble Graphic Press SS 1-3
