SS3 First Term Financial Account Lesson Note and Scheme of Work
SS3 First Term Financial Account Lesson Note and Scheme of Work
SS3 First Term Financial Accounting Lesson Note and Scheme of Work
Week 1: Introduction to Financial Accounting
Overview of financial accounting principles
Importance of financial accounting in business
Basic accounting terms and concepts
Classroom discussion on real-world applications
Week 2: Double Entry System and Journal Entries
Understanding the double-entry accounting system
Creating journal entries for various transactions
Practical exercises for students to practice journal entry skills
Week 3: Ledger and Trial Balance
Introduction to ledgers and their importance
Constructing a ledger for different accounts
Preparing and balancing a trial balance
Group activity: Ledger creation for a mock business scenario
Week 4: Subsidiary Books
Explanation of subsidiary books (Purchases, Sales, Returns Inwards/Outwards)
Practical examples of maintaining subsidiary books
Analyzing the impact on financial statements
Week 5: Bank Reconciliation Statement
Understanding the need for bank reconciliation
Step-by-step guide to preparing a bank reconciliation statement
Class exercise: Analyzing bank statements and reconciling differences
Week 6: Depreciation and Provision
Explanation of depreciation and its types
Provision for doubtful debts and bad debts
Calculation of depreciation and provisions
Case study: Calculating depreciation for a company’s assets
Week 7: Final Accounts – Trading and Profit & Loss Accounts
Preparing trading and profit & loss accounts
Understanding revenue and expense recognition
Group project: Students prepare final accounts for a given business
Week 8: Final Accounts – Balance Sheet
Introduction to the balance sheet
Components of the balance sheet (Assets, Liabilities, Equity)
Practical session: Creating a balance sheet for a fictional company
Week 9: Cash Flow Statements
Importance of cash flow statements
Operating, investing, and financing activities
Preparing a cash flow statement
Classroom discussion: Analyzing cash flow statements of real companies
Week 10: Financial Ratios
Overview of financial ratios and their significance
Calculation and interpretation of key ratios (e.g., liquidity, profitability)
Individual and group exercises: Analyzing financial statements using ratios
Week 11: Revision Week
Comprehensive review of topics covered in the term
Q&A sessions to address any doubts or concerns
Practice tests and quizzes to reinforce learning
Week 12: Examination Week
Conducting final examinations based on the term’s curriculum
Ensuring proper exam conditions and monitoring
Collecting and grading exam papers
Week 13: School Dismissal Week
Summarizing the term’s achievements and challenges
Providing feedback to students on their performance
Announcing any additional resources for self-study during the break.