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SCHEME OF WORK
WEEK:
1. Revision of last term/ Final accounts with adjustment Revisited.
2. Manufacturing- Trading, Profit and Loss Account and balance sheet- Introduction, definition of terminologies and format.
3. Manufacturing Account- trading, Profit and Loss Account and Balance sheet- working exercise.
4. Manufacturing accounts with Market value, introduction and working exercise.
5. Departmental Accounts- Introduction, purpose, treatment of adjustment, Allocation of expenses and format.
6. Departmental Accounts-Trading, profit and loss account and Balance sheet- working exercise.
7. Accounting Ratios Introduction and types (Mark up, Margin, Rates of Turnover) with working exercise.
8. Control Accounts- debtors/ sales ledger control account-meaning, purpose and working exercise.
9. Control Accounts- creditors/ purchase ledger control account- meaning, purpose and working exercise.
10. Single Entry/ Incomplete Records- Meaning, Features, Limitation of single entries Opening Statement of Affairs, Determination of Capital.
11. Revision

TOPIC: Revision of first term
BEHAVIOURAL OBJECTIVES: At the end of the lessons, student should be able to provide solutions to all the questions.

CONTENT
Solution to objectives and theory questions.
a. Depreciation can be defined as the fall or decrease in the economic service potential of a fixed assets as a result of wear, tear, usage, obsolescence and inadequacy.

Cause of depreciation
1. Physical factors
a. Wear and tear
b. Passage of time
c. Obsolenscene
d. Inadequacy

2. Method of depreciation:
a. Straight line method
b. Reducing balance method
c. Depletion method
d. Revaluation method
e. Annuity method
f. Sum of the year digit method
g. Sinking fund method

3. Errors that will affect trial balance
a. One sided omission
b. Mis-posting of figures to the account
c. Errors in transfer of totals from subsidiary book.
d. Two entries on the same side
e. Trial balance errors
f. Under casting or overcasting of balances

EVALUATION:
http://www.accountingcoach.com/online-a ... Dpg01.html

http://www.accountingcoach.com/online-a ... rills.html

http://www.glencoe.com/qe/qe124altproce ... hp?qi=3324

http://highered.mcgraw-hill.com/sites/0 ... _quiz.html

http://flashcarddb.com/cardset/quiz/75820

http://wps.prenhall.com/ecs_park_fee_2/ ... index.html

http://www.glencoe.com/qe/qe124altproce ... hp?qi=3284


PLAY GAME
http://www.dineshbakshi.com/igcse-gcse- ... hoice-quiz

http://www.dineshbakshi.com/igcse-gcse- ... t-out-quiz

http://www.dineshbakshi.com/igcse-gcse- ... t-out-quiz

http://www.slideshare.net/cmallan/chapter-2-quiz

TOPIC: Accruals and prepayments
REFERENCE BOOK
a. Essential Book Keeping for S.S.S by O.A. Longe
b. Simplified Book keeping Accounting for S.S.S. by F.C. Olatunji
c. Book keeping and account for S.S.S. students in West Africa by Lanre Akinpelu


SUBTOPIC: Accruals
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
a. Define accruals
b. State the types of accruals.

CONTENT
Accruals concepts states that revenue and expenditure are recognized as they are earned or incurred and dealt with in the profit and loss account for the profit to which they relate and not the period they are paid and received.

Types of Accruals
It can be divided into two: (a) accrued expenses (b) accrued income

Accrued expenses: This is an expense for benefit received before the cash payment is made.

Accrued income: These are income which are due in respect of the current trading period but such income have not been received at the close of final accounts preparation.

EVALUATION: What is Accrual? , State the types of accruals.

ASSIGNMENT: Explain Accrued expenses and accrued income.




BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to prepare relevant ledger accounts on accruals.

CONTENT: Accrued expenses
Treatment in the final a/c
a. The amount accrued will be desired to profit and loss a/c
b. The amount is treated as current liability in the balance sheet

LEDGER ENTRIES.
Dr Expenses a/c Cr
Cash paid x
Owing during x
The period x
xx Amount owing from
Last year x
Profit & loss x
xx
view proper ledger entries below
https://docs.google.com/leaf?id=0Bz3Mh6 ... 2&hl=en_US

EVALUATION: State the format of accrued expenses.

ASSIGNMENT: Exercise 20:1 simplified, book keeping accounting page 179.

TOPIC: Accruals and prepayments
REFERENCE BOOK
a. Essential Book Keeping for S.S.S by O.A. Longe
b. Simplified Book keeping Accounting for S.S.S. by F.C. Olatunji
c. Book keeping and account for S.S.S. students in West Africa by Lanre Akinpelu


SUBTOPIC: Prepayment
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
a. Define prepayment
b. State the types of prepayments.

CONTENT: Prepayments represents amount paid in current period for a subsequent period. Expenses can be paid in advances and income can also be received in advance. It is also called prepaid or paid in advance.
Types of prepayments.
a. Expenses in advance and (b) income in advance

EVALUATION
a. Define prepayment
b. State the types of prepayment

ASSIGNMENT: Explain prepaid income and prepaid expenses.




SUBTOPIC: Ledger entries of prepayment
BEHAVIOURAL OBJECTIVES: At the end of the lesson students should be able to post the items to the ledger.

view content below
https://docs.google.com/leaf?id=0Bz3Mh6 ... 5&hl=en_US

EVALUATION: State the procedures for preparing prepayment account.

ASSIGNMENT: Exercise 20.2 simplified book keeping accounting page 180.

SUBTOPIC: Adjustments in the final account
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
a. Identify adjustment in the final account
b. Prepare final accounts with adjustment

CONTENT: Questions are given to students that involve adjustments in the final accounts.

EVALUATION: State the adjustments that are to be adjusted for in the final account.

ASSIGNMENT: Exercise 14.6 page 165 financial accounting by O.A. Longe




SUBTOPIC: Practical exercises on final account (adjustments)
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to solve exercise involving adjustments in the final accounts.

CONTENT: The following is the trial balance of a trader on 31st Dec. 2004
................Dr Cr
Cash at bank 350
Stock 1st Jan. 2004 1,500
Office supplies 40
Petrol and oil 120
Motor van 960
Premises 4,000
Machinery 3,000
Debtors and creditors 130 450
Purchases and sales 6000 7,500
Capital 8,150
16,100 16,100
view proper arrangement below
https://docs.google.com/leaf?id=0Bz3Mh6 ... l&hl=en_US

Additional information:
a. N25 of office supplies have been consumed
b. Petrol and oil in stock is valued at N20.
c. The value of M/vans is to be reduced by 25% premises by 5% and machinery by 20%.
You are required to prepare trading, profit and loss account for the year ended 31st December, 2004.

EVALUATION: State the treatments of discounts allowed and discount received in the final accounts.

ASSIGNMENT:
Financial essential accounting for SSS by O.A Longe page 166 exercise 14.7

TOPIC: Manufacturing Account
REFERENCE BOOK
a. Essential Book Keeping for S.S.S by O.A. Longe
b. Simplified Book keeping Accounting for S.S.S. by F.C. Olatunji
c. Book keeping and account for S.S.S. students in West Africa by Lanre Akinpelu



SUBTOPIC: Introduction to manufacturing accounts
BEHAVIOURAL OBJECTIVE: At the end of the lesson, students should be able to:
a. Define manufacturing accounts
b. State the purpose for preparing manufacturing accounts.

CONTENT: Definition
This is the preparation of accounts for a manufacturing organization. Some firms manufacture their products before they are sold to the public whereas some merely sell products which are acquired in a finished firm.

Purposes
a. To ascertain the cost of goods manufacturing
b. To ascertain the amount of any profit on the manufacturing process.

EVALUATION:
a. Define manufacturing accounts
b. State the purposes of manufacturing account.

ASSIGNMENT: Exercise 26.1 essential accounts page 247




SUBTOPIC: Analysis of cost
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
a. Define cost
b. State the types of cost.

CONTENT: Definition.
The cost of an article is the amount of expenditure which has been incurred on the article. The three (3) principal elements are:
a. Materials
b. Labour
c. Expenses

Factory overhead: Cost that do not relate to a specific quantity of physical units
Non-manufacturing cost: These are period cost which are treated as expenses and deducted from the revenue of the period which the are incurred. These include.
a. Selling expenses
b. Distribution expenses
c. Administration expenses

EVALUATION
Define the following: (a) prime cost (b) factory overhead (c) non-manufacturing cost

ASSIGNMENT: Explain the following:
a. Direct materials
b. Direct labour
c. Direct expenses

TOPIC: Manufacturing accounts
REFERENCE BOOK
a. Essential Book Keeping for S.S.S by O.A. Longe
b. Simplified Book keeping Accounting for S.S.S. by F.C. Olatunji
c. Book keeping and account for S.S.S. students in West Africa by Lanre Akinpelu


SUBTOPIC: Manufacturing Account with markets value
BEHAVIOURAL OBJECTIVE: At the end of the lesson students should be able to prepare manufacturing account with a transfer pricing.

CONTENT
Transfer Pricing:
This is the market value of goods manufactured. The usual practice is to the usual practice is to transfer the goods produced to the trading account at cost price. But the firm may decide to transfer to the trading account at current market price irrespective of cost. This is called transfer pricing. It may also be transferred to trading account at cost plus a fixed percentage.

EVALUATION
a. Explain the term transfer pricing.
b. When can a manufacturer make use of transfer price.

ASSIGNMENT: Explain the treatment of transfer pricing in profit and loss account





SUBTOPIC: Transfer pricing
BEHAVIOURAL OBJECTIVES: At the end of the lesson students should be able to prepare account of a manufacturing firm with the transfer pricing.

CONTENT
Practical exercises on transfer pricing will be worked on.

EVALUATION: Explain the treatment of opening and closing work-in-progress in a manufacturing account.

ASSIGNMENT: Exercise 26.3 of simplified book keeping and accounts page 248 by F.C Olatunji.

TOPIC: Departmental account
REFERENCE BOOK
a. Essential Book Keeping for S.S.S by O.A. Longe
b. Simplified Book keeping Accounting for S.S.S. by F.C. Olatunji
c. Book keeping and account for S.S.S. students in West Africa by Lanre Akinpelu



SUBTOPIC: Meaning of Departmental accounts
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
a. Define departmental accounts
b. State the advantages of departmental a/c.

CONTENT: Meaning of departmental accounts.
Departmental accounts are accounts relating to the depts. or divisions of a business to ascertain the trading result of each department separately.

Advantages
1. Comparison of result of different depts. can be done easily.
2. Errors can be easily detected
3. Provides information for remunerating depts. manager on the basis of result
4. Helps in monitoring the progress of each dept
5. Helps to determines the gross profit of each dept.

EVALUATION
Define departmental accounts
State the objectives of departmental a/c.

ASSIGNMENT: State five(5) advantages of departmental a/c





SUBTOPIC: Basis of appointment.
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to state the basis of appointment in a departmental organization.

CONTENT: Basis of appointment.
The following basis of allocation are used
Expenses Basis of appointment
Rent Floor area
Heating & lighting Floors area
Power Floor area
Insurance of premises Floor area
Printing & stationery Direct analysis
Salaries & wages No of staff employed
Selling expenses Turnover

EVALUATION: State the basis of appointment for discount received and bad debts.

ASSIGNMENT: Exercise 37.1 of simplified accounting

TOPIC: Departmental account
REFERENCE BOOK
a. Essential Book Keeping for S.S.S by O.A. Longe
b. Simplified Book keeping Accounting for S.S.S. by F.C. Olatunji
c. Book keeping and account for S.S.S. students in West Africa by Lanre Akinpelu


SUBTOPIC: Practical exercises on departmental accounts.

view content below
https://docs.google.com/leaf?id=0Bz3Mh6 ... z&hl=en_US

EVALUATION: Explain the term C.O.G.S and gross profit on departmental account

ASSIGNMENT: Draw the format of a departmental account




SUBTOPIC: Practical Exercise dept a/c
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to solve exercises in a given departmental account.

CONTENT
A given exercise will be solved with the students and thereafter a practice exercise will be given to them.

EVALAUTION: Explain later departmental transfer between a department.

ASSIGNMENT: Exercise 37.2 page 396 simplified book-keeping accounting for SSS by F.C Olatunji

TOPIC: Accounting ratio
REFERENCE BOOK
a. Essential Book Keeping for S.S.S by O.A. Longe
b. Simplified Book keeping Accounting for S.S.S. by F.C. Olatunji
c. Book keeping and account for S.S.S. students in West Africa by Lanre Akinpelu


SUBTOPIC: Mark - Up & Margin.
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
a. Define mark-up
b. Define margin
c. Define rate of stock turnover

view content below
https://docs.google.com/leaf?id=0Bz3Mh6 ... 1&hl=en_US

EVALUATION
Define the followings
a. Margin
b. Mark-up

ASSIGNMENT
State the formula for calculating the following (a) margin (b) mark-up (c)rate of stock turnover




SUBTOPIC: Accounting ratio
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to prepare final accounts with a given question using accounting ratio.

CONTENT
Mr Okenla gives you the following information as at 31/7/1998
Opening stock 7000
Closing stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 331/3 % calculate:
a. Mark up
b. Profit
c. Sales
d. Stock turnover
e. Average stock

view solution below
https://docs.google.com/leaf?id=0Bz3Mh6 ... w&hl=en_US

EVALUATION: Calculate the following
a. Net profit percentage
b. Gross profit percentage
c. Cost of goods sold

ASSIGNMENT: Exercise 22.2 page 205 of simplified book keeping and accounting