Financial Accounting Scheme of Work Lagos NAPPS (SS1 – SS3)
Scheme of work for Financial Accounting First Second and Third Term – Edudelight.com
FINANCIAL ACCOUNTING
First Term SS1 Financial Accounting Scheme of work Lagos NAPPS
| WEEKS | TOPICS |
| 1 | Introduction to book-keeping and Accounting Importance and history of Accounting in Nigeria Users of Accounting information and purpose for which they are needed Advantages and limitations of Accounting Career opportunities in Book-keeping and Accounting Accounting professional bodies Accounting professional ethnics |
| 2 | Accounting concepts and conventions |
| 3 | Principles of double entries Accounting equations Leagalization and journalization |
| 4 | Source Documents Meaning, uses, types – importance, e.g. debit note, credit note |
| 5 | Subsidiary books: meaning, uses, types – cash book, purchase day ledger, sales day book, returns inwards journal and returns outwards journal Journal proper |
| 6 | Working exercises on sales day book and return inwards journal and posting them into ledger |
| 7 | Working exercises on ledger entry on purchases day book and return outward journal |
| 8 | Ledger – meaning, purposes, rules for posting ledger accounts to be debited and accounts to be credited |
| 9. | One column cash book – meaning and uses, working exercises on it with cash book account. Exercise book |
| 10 | Double column cash book – meaning, bank transactions, central entry, posting and balancing of cash book |
| 11 | REVISION |
| 12 | EXAMINATION |
First Term SS2 Financial Accounting Scheme of work Lagos NAPPS
| WEEKS | TOPICS |
| 1 | REVISION |
| 2 | Accounting Errors Definition, types of errors (Book-keeping errors and extraction errors) Errors the trial balance cannot disclose Errors the trial balance can disclose Suspense Account |
| 3 | Corrections of errors with journal proper, working exercises on corrections of errors with journal proper Effects of errors on profit declared |
| 4 | Control Account and sel-balance ledger Reasons for control account Limitations of control account Sales ledger of control account Meaning, uses/purpose, definitions of terminologies of contra settlement Format and working exercises |
| 5 | Purchases ledger control account Meaning, uses/purpose, definition of terms format and working exercise |
| 6 | Manufacturing account – reasons, terminologies, format and working exercise |
| 7 | Manufacturing account – trading, profit and loss account and balance sheet with working exercises |
| 8 | Manufacturing account – treatment of manufacturing profit (market value) with trading, profit and loss account and balance sheet |
| 9. | Introduction to partnership accounts – meaning, types of partners and partnership, format, partnership deeds/agreement and types of account and terminologies |
| 10 | Partnership accounts – working exercises on appropriation account, current account, capital account and balance sheet |
| 11 | REVISION |
| 12 | EXAMINATION |
First Term SS3 Financial Accounting Scheme of work Lagos NAPPS
| WEEKS | TOPICS |
| 1 | REVISION |
| 2 | Preparation of company income statement |
| 3 | Appropriation account of a company – Goodwill preliminary expenses, reserves, dividend, bonuses |
| 4 | Company balance sheet – vertical and ‘T’ formats |
| 5 | Capital markets Meaning, reasons for regulation, types of regulation, condition of enlisting in capital market |
| 6 | Security and exchange commission Functions, objectives, protection of investors, tools of regulation, registration, surveillance and monitoring, investigations, enforcement, rule making |
| 7 | Nigeria Stock Exchange Definition, functions, operations Members (jobbers, brokers etc)Abuja stock/commodity exchange |
| 8 | Hire purchase/installment payment account Sellers and hirers ledger Goods account, finance house Hire purchase account/interest account |
| 9. | Consignment Account Meaning, terminologies (Decredere commission) Consignor and consignee accounts Accounting entries in the books of the consignee |
| 10 | Joint Venture Meaning, differences between joint venture and partnership Joint venture (individual account)Joint venture memorandum account |
| 11 | REVISION |
| 12 | EXAMINATION |
Second Term SS1 Financial Accounting Scheme of work NAPPS
| SSS 1 |
| WEEK 1; Revision of last term’s works WEEK 2; DISCOUNT – TYPES, DEFINITION – Reasons for granting discount – Calculations of discount – Discount allowed and discount received cash, trade, quality and seasonal discounts. WEEK 3; THREE COLUMN CASH BOOK: – Working exercise with (account exercises book) WEEK 4; petty cash book: – Meanings – Terminologies, floats, – Imprest system – Reimbursement etc. WEEK 5; POSTING SUBSIDIARY BOOKS INTO LEDGERS – I. E. CASH BOOK, Purchase Day Book – sales day book – return inward and return outward journal and principal/journal proper. WEEK 6; TRIAL BALANCE: Meaning, uses, – Rules for extraction – Extraction of trial balance – Working exercise WEEK 7; TRADING ACCOUNT: Meaning – Reasons, format and preparation WEEK 8; PROFIT AND LOSS ACCOUNT – MEANING: – Reasons, format – preparation WEEK 9; BALANCE SHEET – DEFINITION – Terminologies, format, working exercise WEEK 10; BANK RECONCILIATION STATEMENT: – Definition, reasons for preparations, terminologies e. g. unrepresented cheques – Reasons for differences between cash book balance and bank statement balance. WEEK 11; REVISION WEEK 12; EXAMINATION |
Second Term SS2 Financial Accounting Scheme of work
| SSS 2 |
| WEEK 1; Revision of 1st term’s work and goodwill. WEEK 2; Partnership accounts – admission of new partners, terminologies goodwill account, valuation of assets, treatment of goodwill according to profit sharing ratio. WEEK 3; Dissolution of partnership – reasons for dissolution, entry requirements in closing the firm’s books of account (settlement account). WEEK 4; ACCOUNTING RADIO: Introduction to radio, types – mark up, margin, rate of stock turnover with working exercise. WEEK 5; Single entry/incomplete records – meaning, limitations, statement of affairs, determination of opening and closing capital. WEEK 6; Single entry/incomplete records – determination of profit and loss from statement of affairs, preparation of tracing, profit and loss accounts and balance sheet from incomplete records. WEEK 7; Accounts of non-profit making organization – meaning, terminologies, features of receipts and payments account and format. WEEK 8; Receipt and payments account, income and expenditure account – meaning, rules, similarities and differences between receipts and payments account and income and expenditure account. WEEK 9; Treatment of subscriptions, other nominal ledgers in arrears and in advance. WEEK 10; Preparation of income and expenditure account and balance sheet with working exercise. WEEK 11; Revision WEEK 12; EXAMINATION |
Second Term SS3 Financial Accounting Scheme of work
| SSS 3 |
| WEEK 1; CONTRACT ACCOUNT: – Meaning terminologies – national profit retention free, work certified. – Work – in – progress, calculation of percentage of work completed. – Preparation of contract account. WEEK 2; INTERPRETATION OF FINANCIAL STATEMENT: calculation of ratios, e. g. liquidity ratio, acid test ratio, working capital. WEEK 3; DEPARTMENTAL ACCOUNT: – Meaning – Reasons for departmental account – Inter departmental transfer – Lost apportionment direct allocation turnover basis, floor area etc. – Preparation of departmental account – Differences between branch and departmental accounts. WEEK 4; BRANCH ACCOUNT: – Meaning, types of branches – local foreign – Reasons for branch account – Branch memorandum account – Branch returns account – Branch debtors’ account – Branch profit and loss account – Branch mark up and margin WEEK 5; PUBLIC SECTOR ACCOUNTING: – Meaning, basis for preparation of account, sources of government revenue. – Capital /re-current expenditure – Heads and sub-heads – Types of funds – Capital and revenue account – Income and expenditure and account – Differences between government accounting and public sector accounting term in government accounting. WEEK 6; Preparation of personnel cost budget WEEK 7; Revision. WEEK 8 MOCK AND EXAMINATION |
Third Term SS1 Financial Accounting Scheme of work
| 019 | FINANCIAL ACCOUNTING |
| 1 | Revision of last term’s work |
| 2 | Preparation of bank reconciliation with credit balances |
| 3 | Preparation of bank reconciliation when there is bank overdraft i.e. debit balance |
| 4 | End of year adjustments in profit and loss account-accruals and prepayments accrued income |
| 5 | Provision for bad debt, bad debts, provision for discount allowed and received |
| 6 | Bad debt recovered, work exercises |
| 7 | Depreciation of fixed assets – meaning, reasons, methods of provision for depreciation, elements, terminologies, amortization and depletion etc |
| 8 | Straight line and reducing balance methods. Depreciation schedule, advantages and disadvantages of each method – ledgers |
| 9 | Treatment of depreciation in profit and loss and balance sheet |
| 10 | Preparation of final accounts with end of year adjustments |
| 11 | Revision |
| 12 | Examination |
Third Term SS2 Financial Accounting Scheme of work
| 019 | FINANCIAL ACCOUNTING |
| 1 | Revision of 2nd term’s work |
| 2 | Acquisition/Purchase of business – Meaning, Reasons for Acquisition format and working exercises. |
| 3 | Purchase of Business – Format Preparation of new Business Account. |
| 4 | Company Amalgamation – Reasons process and working exercises |
| 5 | Companies Formation, Private, Public Companies Quoted and Unquoted Companies |
| 6 | Nigeria Financial System – Meaning. Component, features, operators, Money market and capital market functions. |
| 7 | Types of shares, issue of shares, distinction between classes of shares, issue of shares at par, discount and premium |
| 8 | Preparation of accounts for issue of shares at par, discount and premium, bonus shares, right issues |
| 9 | Loan capital – debenture types. Distinction between shares and debentures, preparation of accounts relating your issue all classes of shares |
| 10 | Capital market – requirement for enlisting in capital market, second-tier security market. Advantages of capital market to: (a) individuals (b) Investors (c) Government (d) Economy (e) individual companies |
| 11 | Revision |
| 12 | Examination |
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