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Financial Accounting – SS1, SS2 & SS3 Curriculum; Scheme of Work; Assessment Tests

Hello and welcome!

ASSURE Educational Services has put-together the scheme of work on Financial Accounting  – SS1, SS2 and SS3 based on the National Curriculum and the syllabus of WAEC and NECO. All the topics highlighted in the National Curriculum and the syllabus of WAEC and NECO have been accommodated in our Scheme of Work.

End of term Assessment Tests in SS1, SS2 and SS3 alongside Overall Assessment Tests are available. Schools may adopt our scheme of work because of its simplicity and ease of monitoring of academic activities.

The Scheme of Work stated below is inexhaustible. Schools are encouraged to input weeks and periods of completion of topics in accordance with the academic calendar, number of students and available classes.

SS1 Financial Accounting – 1st Term Scheme of Work

Class Term Main Topic Sub-Topics Contents
SS1 1st Term Introduction to Financial Accounting 1 History, nature and functions of Accounting.
2 Users of Accounting information.
3 Stages in the Accounting process.
4 Characteristics of Accounting information.
The Accounting Equation and  Double Entry Principles 1 Accounting Equation.
2 Purpose and functions of source documents.
3 Subsidiary books.
4 The ledger: classification of Accounts.
5 Cash Book: analytical cash book, including petty cash book.
6 Preparation of Trial Balance.
7 Bank Reconciliation Statements.
8 Correction of errors and Suspense Account.

SS1 1st Term Assessment Test – Financial Accounting (Set 1) – FREE Access

SS1 Financial Accounting – 2nd Term Scheme of Work

Class Term Main Topic Contents
SS1 2nd Term Accounting Concepts 1 Meaning.
2 Types.
3 Significance.
4 Limitations.
The Final Accounts of a Sole Trader/proprietorship 1 Trading, profit and loss accounts/Income statement.
2 Balance sheet/statement of financial position.
3 Adjustments to final accounts.
Provisions and Reserves 1 Provision for doubtful debts/Allowance for doubtful debts.
2 Provision for discounts.
3 Depreciation – concepts, reasons for recording and methods:
(i) straight line;
(ii) reducing balance;
(iii) sum of the years digits;
(iv) revaluation.
4 Accounting for depreciation.
5 Reserves – revenue and capital reserves.


SS1 Financial Accounting – 3rd Term Scheme of Work

Class Term Main Topic Contents
SS1 3rd Term Manufacturing Accounts 1 Purpose of Manufacturing Accounts.
2 Cost classification in Manufacturing Accounts.
3 Preparation of final Accounts of Manufacturing concern.
Control Accounts and Self-balancing Ledgers 1 Meaning and uses of control accounts
2 Types:
(i) sales ledger control
(ii) purchases ledger control
3 Preparation of Control Accounts
4 Reconciliation of Control Accounts

SS2 Financial Accounting – 1st Term Scheme of Work

Class Term Main Topic Contents
SS2 1st Term Single Entry and Incomplete Records 1 Meaning and limitations
2 Computation of profit or loss from opening and closing balance sheets.
3 Conversion of singe entry to double entry.
4 Preparation of final accounts from a set of incomplete records.
5 Mark up and Margin
Accounts of Not-for-Profit Making Organizations 1 Meaning and terminologies.
2 Receipts and payments accounts.
3 Subscriptions Account
4. Income and expenditure accounts.
5 Accumulated fund.
6 Balance sheet.
7 Profit or loss from income generating activities.

SS2 Financial Accounting – 2nd Term Scheme of Work

Class Term Main Topic Contents
SS2 2nd Term Partnership Accounts 1 Nature and formation of partnership.
2 Partnership agreements/Deed.
3 Profit and loss appropriation accounts.
4 Partners capital account and balance sheet
5 Admission of a new partner.
6 Treatment of goodwill and revaluation of assets
7 Dissolution of partnership (Questions will not be set on Garner V. Murray and piecemeal realization)
Company Accounts 1 Nature and formation of a company.
2 Types of companies and shares.
3 Issue of shares.
4 Loan capital, debentures/loan notes and mortgages.
5 Final accounts of company for internal use only. 6 Interpretation of accounts using simple ratios.
7 Purchase of business account.
8 Statement of Cash Flow (using direct and indirect methods).
Departmental and Branch Accounts 1 Meaning and importance
2 Differences between a department and branch.
3 Preparation of departmental account.
4 Preparation of Branch Account excluding foreign branches.
5 Inter branch transactions.
Public Sector Accounting 1 Meaning and difference between Public Sector and Private Sector Accounts.
2 Sources of public revenue.
3 Capital and recurrent expenditures.
4 Preparation of simple government accounts.

SS2 Financial Accounting – 3rd Term Scheme of Work

Class Term Main Topic Contents
SS2 3rd Term Miscellaneous Accounts 1 Meaning, introduction, terminologies and preparation of simple:
(i) Joint Venture Accounts
(ii) Consignment Accounts
(iii) Contract Accounts
(iv) Hire Purchase Accounts
Financial system 1 Meaning and components.
2 Meaning, functions and features of:
(i) money market;
(ii) capital market;
(iii) insurance market.
3 Methods of raising funds from the capital market:
(i) offer for sale;
(ii) offer for subscription;
(iii) rights issue;
(iv) private placement;
4 Requirements for accessing the capital market.
5 Benefits of capital market to:
(i) investors;
(ii) government;
(iii) economy;
(iv) individual company;
6 Types, features and reasons for regulation.


SS3 Financial Accounting – 1st & 2nd Term Scheme of Work – Revision

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