SS3 Second Term Financial Account Lesson Note and Scheme of Work

Second Term: Financial Accounting Lesson Note and Scheme of Work

Week 1: Review of First Term Concepts

Brief recap of key concepts from the previous term

Addressing any lingering questions or doubts

Diagnostic assessment to gauge retention

Week 2: Partnership Accounts

Introduction to partnership accounting

Accounting for the formation of a partnership

Allocation of profits and losses

Practical exercises: Creating partnership accounts for various scenarios

Week 3: Company Accounts – Formation and Share Capital

Understanding the formation of a company

Issuing and accounting for share capital

Different types of shares and their characteristics

Group project: Creating company accounts for a startup

Week 4: Company Accounts – Final Accounts

Preparing final accounts for a company

Dividends and their accounting treatment

Case study: Analyzing financial statements of a public company

Week 5: Analysis and Interpretation of Financial Statements

Techniques for financial statement analysis

Evaluating the financial health of a business

Comparative analysis and trend analysis

Class discussion: Interpreting financial statements of well-known companies

Week 6: Budgeting and Budgetary Control

Importance of budgeting in financial management

Creating and monitoring budgets

Variance analysis and corrective actions

Practical exercise: Developing a budget for a fictional company

Week 7: Cash Budgets

Significance of cash budgets in financial planning

Preparing a cash budget

Managing cash flows and liquidity

Classroom activity: Creating a cash budget for a business

Week 8: Cost Accounting – Introduction

Basics of cost accounting

Types of costs (variable, fixed, direct, indirect)

Cost classification and allocation

Case study: Calculating and analyzing costs for a manufacturing company

Week 9: Cost Accounting – Costing Methods

Different costing methods (job costing, process costing)

Application of costing methods in various industries

Practical session: Implementing costing methods for a given business

Week 10: Standard Costing and Variance Analysis

Introduction to standard costing

Variance analysis and its importance

Calculating and interpreting variances

Group project: Analyzing variances for a company

Week 11: Revision Week

Reviewing concepts covered in the second term

Addressing any outstanding questions or concerns

Mock exams and quizzes to reinforce learning

Week 12: Examination Week

Conducting final examinations for the term

Strict adherence to exam conditions and monitoring

Collecting and grading exam papers

Week 13: School Dismissal Week

Reflection on the second term’s achievements

Providing constructive feedback to students

Recommending additional resources for continued learning during the break.