Jss1 Third Term Business Studies Lesson Note and Scheme of Work

Week 1: Introduction to Accounting

Lesson Note: Commence the third term with an introduction to Accounting. Discuss the basic principles and objectives of accounting.

Scheme of Work: Cover topics like the accounting equation, types of accounts, and the accounting cycle. Activities include practicing journal entries and creating simple financial statements.

Week 2: Financial Statements

Lesson Note: Dive into the preparation and interpretation of financial statements, including income statements and balance sheets. Discuss the importance of these statements for decision-making.

Scheme of Work: Topics include income statements, balance sheets, and the interpretation of financial statements. Activities involve analyzing real-world financial statements and preparing mock financial reports.

Week 3: Budgeting

Lesson Note: Explore the significance of budgeting in business. Discuss the budgeting process and its role in planning and controlling financial activities.

Scheme of Work: Cover budgeting, types of budgets, and the budgeting process. Activities include creating a personal budget and a group project on preparing a budget for a small business.

Week 4: Cost and Management Accounting

Lesson Note: Introduce basic concepts of cost accounting and its relevance in decision-making. Discuss how businesses analyze and control costs.

Scheme of Work: Topics include cost classification, cost behavior, and cost-volume-profit analysis. Activities involve analyzing cost structures for different products and proposing cost-saving measures for a hypothetical business.

Week 5: Business Ethics in Accounting

Lesson Note: Discuss the importance of ethical behavior in accounting. Explore common ethical dilemmas and principles in the accounting profession.

Scheme of Work: Cover business ethics in accounting, including confidentiality and honesty. Activities involve case studies on ethical issues in accounting and a class discussion on the importance of ethical conduct.

Week 6: Taxation

Lesson Note: Introduce the concept of taxation and its impact on businesses and individuals. Discuss different types of taxes and their purposes.

Scheme of Work: Topics include types of taxes, tax systems, and the impact of taxes on business decisions. Activities involve a role-playing activity on calculating taxes for a business and a class debate on taxation policies.

Week 7: Internal Control

Lesson Note: Explore the importance of internal control systems in businesses. Discuss how organizations safeguard their assets and maintain accurate financial records.

Scheme of Work: Cover internal control, control procedures, and the role of internal auditors. Activities involve analyzing case studies on internal control failures and proposing improvements for better control.

Week 8: Review of Accounting Principles

Lesson Note: Conduct a comprehensive review of accounting principles covered in the third term. Address any remaining questions or concerns.

Scheme of Work: Facilitate review sessions, practice exercises, and group discussions to reinforce accounting concepts. Prepare students for the upcoming examination.

Week 9: Culminating Project – Business Simulation

Lesson Note: Conclude the term with a hands-on business simulation project. Apply accounting principles in a practical setting.

Scheme of Work: Organize a business simulation where students create and manage their businesses. Activities involve recording transactions, preparing financial statements, and presenting the overall performance of their simulated businesses.

Week 10: Final Review and Examination Preparation

Lesson Note: Engage in a final review of the entire year’s curriculum. Focus on key concepts and skills required for the upcoming examination.

Scheme of Work: Conduct a thorough revision, mock examinations, and targeted practice sessions. Ensure students are well-prepared for the end-of-year examinations.