SS3 Financial Account Scheme of Work for Second Term: This lesson note covers the following topics.
1. Contract Accounts
– Meaning, terminologies – National profit, retention fee, work certified.
– Work-in-progress, calculation of percentage of work completed.
– Preparation of contract Account.
2. Interpretation of Financial statement – calculation of ratios e.g liquidity ratio, acid test ratio, working capital etc.
3. Departmental Account – Meaning
– Reason for departmental Account
– Inter Departmental transfer.
– Lost Apportionment.
– Preparation of departmental Account.
– Differences between branch and departmental Account.
4. Branch Account
– Meaning, types of branches – Local, foreign.
– Reasons for the branch Account.
– Branch memorandum Account.
– Branch returns Account
– Branch debtors Account.
– Branch Profit and loss Account.
– Branch mark-up and margin.
5. Public Sector Accounting.
– Meaning, basis for preparation of Account, sources of government revenue.
– Capital/Re-current expenditure.
– Heads and sub-heads.
– Types of fund.
– Capital and revenue Account.
– Income and expenditure Account.
– Differences between government Accounting and public sector Accounting – Term in government Accounting.
6. Preparation of personnel cost Budget.
8. Mock Examination.