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Sunday, July 17, 2016

Scheme of work for secondary Accounting Ss1



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 ethics

Accounting concepts and convention
Principles of double entries
Accounting equations

Legalization and journalisation

Source documents
Meaning, uses, types-importance e.g. debit note, credit note

Subsidiary books: meaning, uses, types- cash book; purchase day book-sales day book, return inwards and return outwards journal, journal proper and principal journal.
Working exercise on the above subsidiary book
Working exercise on ledger
Ledger– meaning, purpose, rulings- rules for posting ledger accounts to e debited, to be credited
Classification of Accounts into personal, inter personal, real and nominal account

One column cash book meaning and uses– working exercises on it with cash book account exercise book.
Double column cash book– meaning, bank transaction, central entry, posting and balancing of cash book.

Revision of last term's work
Discounts– types, definition
Reasons for granting discount

Calculation of discount

Discount allowed and received

Cash, trade, quantity and seasonal discount

Three column cash book
Working with exercise with (accounts exercises book)

Petty cash book

Terminologies, floats

Imprest system

Reimbursement etc.

Posting subsidiary books into ledgers-e. cash book, purchase day book- sales day book
Return inwards and returns outward journal and principal/journal proper

Trial balance; meaning, uses
Rules for extraction

Extraction of trial balance

Working exercise

Trading account: meaning
Reasons, format and preparation

Profit and loss account– meaning
Reasons, format- preparation

Balance sheet-definitions
Terminologies, format, working exercises

Bank reconciliation statement
Definition, reasons for preparations, terminologies e.g. unpresented cheques

Reasons for differences between cash book balance and bank statement balance


Preparation of bank reconciliation with credit balance
Preparation of bank reconciliation when there is bank reconciliatione. debit balance
End of year adjustments in profit and loss account – accruals and prepayments accrued income
Provision for bad debt, bad debts, provision for discount allowed and received.
Bad debt recovered, work exercises
Depreciation of fixed assets meaning, reasons, methods of provision for depreciation, elements, terminologies, amortisation and depletion
Straight line and reducing balance methods, depreciation schedule, advantages and disadvantages of each method- ledger
Treatment of depreciation in profit and loss and balance sheet
Preparation of final accounts with end of year adjustments

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