THE NEED FOR BOOKING AND ACCOUNTING  

Subject: 

ACCOUNTING

Term:

FIRST TERM

Week:

WEEK 2

Class:

SS 1

Topic:

THE NEED FOR BOOKING AND ACCOUNTING

Behavioural objectives:

At the end of the lesson, the learners will be able to

• state the importance of booking and accounting
• identify various accounting bodies in Nigeria

 

Previous lesson: 

The pupils have previous knowledge of

BOOK KEEPING AND ACCOUNTING

that was taught as a topic in the previous lesson

 

 

Instructional Materials:

• Wall charts
• Pictures
• Related Online Video
• Flash Cards

 

 

Methods of Teaching:

• Class Discussion
• Group Discussion
• Asking Questions
• Explanation
• Role Modelling
• Role Delegation

 

Reference Materials:

• Scheme of Work
• Online Information
• Textbooks
• Workbooks

 

 

CONTENT 

The Need for Booking keeping and Accounting.

1. Helps in maintaining financial records: Bookkeeping and accounting helps businesses to keep track of their financial transactions and records. This, in turn, helps them make informed decisions about their finances.

2. Aids in decision making: Financial records provide insights that can help business owners make sound decisions about their business. This information can help them make informed decisions about where to allocate their resources and how to grow their business.

3. Helps in identifying financial trends: Financial statements prepared through bookkeeping and accounting can help businesses identify trends in their financial performance. This information can be used to make necessary changes in business operations to improve profitability.

4. Facilitates financial planning: Having accurate financial records can help businesses plan their finances effectively. This includes preparing budgets and forecasting future income and expenses.

5. Helps in reducing business risks: By keeping track of all financial transactions, businesses can identify potential risks and take measures to mitigate them. This can help reduce the chances of suffering financial losses.

6. Ensures compliance with financial regulations: Bookkeeping and accounting helps businesses comply with all relevant financial regulations. This includes filing accurate tax returns and keeping track of employee expenses.

7. Helps in generating invoices: Accurate bookkeeping and accounting can help businesses generate accurate invoices for their customers. This, in

6. Ensures compliance with financial regulations: Bookkeeping and accounting helps businesses comply with all relevant financial regulations. This includes filing accurate tax returns and keeping track of employee expenses.

7. Helps in generating invoices: Accurate bookkeeping and accounting can help businesses generate accurate invoices for their customers. This, in turn, can help them get timely payments from their customers.

8. Aids in debt recovery: Businesses can use financial records to track down customers who have not paid their dues. This information can be used to initiate debt recovery proceedings.

9. Provides insights for business expansion: Bookkeeping and accounting can provide valuable insights about a business’s financial health. This information can be used to make informed decisions about expanding the business.

10. Helps in attracting investors: Businesses with sound financial records can attract potential investors. This is because investors are more likely to invest in businesses that have a good track record of financial management.

Thus, bookkeeping and accounting play a vital role in the smooth functioning of businesses. It is important for businesses to maintain accurate financial records to ensure their long-term viability.

Evaluation 

1. What is the primary purpose of bookkeeping and accounting?
a. To keep track of financial transactions and records
b. To provide insights for business expansion
c. To ensure compliance with financial regulations
d. To help businesses generate accurate invoices

2. How can bookkeeping and accounting help businesses reduce risks?
a. By keeping track of all financial transactions
b. By providing insights for business expansion
c. By ensuring compliance with financial regulations
d. By attracting potential investors

3. What is one way in which bookkeeping and accounting can help businesses attract investors?
a. By keeping track of all financial transactions
b. By providing insights for business expansion
c. By ensuring compliance with financial regulations
d. By maintaining sound financial records

4. What is one benefit of bookkeeping and accounting for businesses?
a. It can help businesses reduce risks
b. It can help businesses improve their profitability
c. It can help businesses make better financial decisions
d. It can help businesses monitor their performance

5. What is the significance of bookkeeping and accounting for businesses?
a. It helps businesses keep track of their financial transactions and records
b. It provides insights for business expansion
c. It ensures compliance with financial regulations
d. It helps businesses generate accurate invoices

Marking Guide 

1. c.To ensure compliance with financial regulations

2. a.By keeping track of all financial transactions

3. d.By maintaining sound financial records

4. c.It can help businesses make better financial decisions

5. b. It provides insights for business expansion

 

Various Accounting Bodies in Nigeria

There are several accounting bodies in Nigeria, including the Association of Certified Chartered Accountants (ACCA), the Institute of Chartered Accountants of Nigeria (ICAN), and the Nigerian Association of Certified Public Accountants (NACPA). Each of these organizations has its own set of standards and requirements for membership. In order to become a certified accountant in Nigeria, you must first meet the requirements of one of these accounting bodies.

Association of Certified Chartered Accountants (ACCA).

The Association of Certified Chartered Accountants (ACCA) is a professional body for accountants. It was founded in 1904 and has its headquarters in London, United Kingdom. The ACCA provides education and training for accountants around the world. It also sets ethical and technical standards for the accounting profession. In order to become a member of the ACCA, you must have a bachelor’s degree in accounting or a related field, and pass the ACCA’s professional examinations.

Institute of Chartered Accountants of Nigeria (ICAN).

The Institute of Chartered Accountants of Nigeria (ICAN) is a professional body for accountants. It was founded in 1965 and has its headquarters in Lagos, Nigeria. ICAN provides education and training for accountants in Nigeria. It also sets ethical and technical standards for the accounting profession. In order to become a member of ICAN, you must have a bachelor’s degree in accounting or a related field, and pass ICAN’s professional examinations.

Nigerian Association of Certified Public Accountants (NACPA).

The Nigerian Association of Certified Public Accountants (NACPA) is a professional body for accountants. It was founded in 1973 and has its headquarters in Abuja, Nigeria. NACPA provides education and training for accountants in Nigeria. It also sets ethical and technical standards for the accounting profession. In order to become a member of NACPA, you must have a bachelor’s degree in accounting or a related field, and pass NACPA’s professional examinations.

Evaluation

1. What are the different accounting bodies in Nigeria?

2. What are the requirements for becoming a member of each accounting body in Nigeria?

3. What is the history of each accounting body in Nigeria?

4. What are the functions of each accounting body in Nigeria?

5. What are the benefits of being a member of an accounting body in Nigeria?

6. What are the ethical and technical standards set by each accounting body in Nigeria?

7. How do the accounting bodies in Nigeria differ from each other?

8. What is the global reach of each accounting body in Nigeria?

9. How does membership in an accounting body in Nigeria benefit professionals?

10. Are there any negative aspects of being a member of an accounting body in Nigeria?

Marking Guide 

1. The different accounting bodies in Nigeria are the Association of Certified Chartered Accountants (ACCA), the Institute of Chartered Accountants of Nigeria (ICAN), and the Nigerian Association of Certified Public Accountants (NACPA).

2. The requirements for becoming a member of each accounting body in Nigeria vary, but generally include having a bachelor’s degree in accounting or a related field, and passing the organization’s professional examinations.

3. The history of each accounting body in Nigeria varies, but all three organizations were founded in the mid-20th century.

4. The functions of each accounting body in Nigeria include providing education and training for accountants, setting ethical and technical standards for the profession, and regulating the accounting profession.

5. The benefits of being a member of an accounting body in Nigeria include access to education and training resources, membership in a professional organization, and the ability to use the organization’s credentials after meeting all requirements.

6. The ethical and technical standards set by each accounting body in Nigeria vary, but all three organizations have standards that members must meet in order to maintain their membership.

7. The accounting bodies in Nigeria differ from each other in terms of history, membership requirements, and functions.

8. The global reach of each accounting body in Nigeria varies, but all three organizations have a presence in Nigeria and other countries.

9. Membership in an accounting body in Nigeria benefits professionals by providing access to resources, networking opportunities, and credentials that can be used to further their career.

10. The negative aspects of being a member of an accounting body in Nigeria include the cost of membership and the time commitment required to meet all requirements for membership.

Conclusion

The subject teacher wraps up or concludes the lesson by giving out short notes to summarize the topic that he or she has just taught.

The class teacher also goes round to make sure that the notes are well copied or well written by the pupils.

He or she makes the necessary corrections when and where the needs arise.