Financial Accounting SS1 First Term Lesson Notes

Weekly Brief List of Topics for SS1 Financial Accounting (First Term)

1. Week 1:
   • Introduction to Accounting
     • Meaning of Bookkeeping
     • Meaning of Financial Accounting
     • Differences between Bookkeeping and Financial Accounting
     • Importance of Accounting
2. Week 2:
   • History of Accounting Worldwide and Nigeria
     • Users of Accounting Information
     • Internal and External Users and Their Needs
     • Characteristics of Accounting Information
3. Week 3:
   • Advantages and Limitations of Accounting
     • Accounting Process Cycle
     • Identifying and Analyzing Business Transactions and Events
     • Recording in the Journals
     • Posting to the Ledger
     • Extraction of Trial Balance
     • Preparation of Financial Statements
4. Week 4:
   • Career Opportunities in Bookkeeping and Accounting
     • Accounting Professional Bodies
     • Accounting Professional Ethics
5. Week 5:
   • Accounting Equation and Double Entry Principle
     • Purpose and Functions of Source Documents
     • Introduction to Subsidiary Books
     • Meaning of Subsidiary Books
     • Types of Subsidiary Books
6. Week 6:
   • Sales and Purchase Journals
     • Return Inwards Journal
     • Return Outwards Journal
     • Cashbook
7. Week 7:
   • Financial Accounting SS 1 First Mid-term Break Test
8. Week 8:
   • Working Exercises on Sales Journals and Return Inward Journal
   • Working Exercises on Purchase Journal and Return Outward Journal
9. Week 9:
   • The Ledger
     • Classification of Accounts
     • Cash Book: Meaning and Types
     • Single Column Cash Book
10. Week 10:
    • Double Column Cash Book
11. Week 11:
    • Discounts
      • Meaning, Types, Reasons for Giving Discounts
      • Calculation of Discounts
12. Week 12:
    • Revision and Review Test Questions Financial Accounting SS 1
13. Week 13:
    • Examination Questions Financial Accounting SS 1 First Term Lesson Notes

This weekly breakdown covers all the topics from the first term of SS1 Financial Accounting

Accounting Senior Secondary School SS1 First Term