The SS 1 Scheme of Work for the second term in accounting is designed to guide students through fundamental concepts that will help them build a strong foundation in financial accounting. These topics provide an essential understanding of how financial records are maintained and organized, giving students the necessary skills for practical applications in real-world accounting. This guide aims to provide clear and comprehensive explanations of each topic, making it accessible to both novice and experienced learners. Below is the detailed breakdown of the second-term scheme of work for SS 1 students, focusing on cash books, ledgers, trial balances, errors, and more.
Scheme of Work Overview
| Week(s) | Topic(s) | Content |
|---|---|---|
| Week 1 | Cash Book – Single Column Cash Book / Double Column Cash Book | Introduction to cash books, including how transactions involving cash receipts and payments are recorded using single and double-column formats. |
| Week 2 | Three Column Cash Book | Study of the three-column cash book, which records cash, bank transactions, and discounts, focusing on its structure and usage in accounting. |
| Week 3 | Petty Cash Book | Understanding the petty cash book and its role in recording small, routine transactions in businesses, as well as how it is maintained. |
| Week 4 | Account: Meaning and Classification / The Ledger: Meaning and Classification | Explanation of accounts and their classification, including types of accounts (real, personal, and nominal), as well as the ledger’s role in organizing accounting entries. |
| Week 5 | The Trial Balance – Preparation, Uses, etc. / Errors Not Disclosed by the Trial Balance | Overview of how to prepare a trial balance, its uses, and the types of errors that do not affect the trial balance agreement. |
| Week 6 | Errors that Will Affect the Agreement of the Trial Balance | Explanation of errors that will lead to the trial balance not agreeing, including omission errors, duplication, and incorrect postings. |
| Week 7 | Correction of Errors | Methods for correcting errors in accounting records, including journal entries for rectifying mistakes in previous accounts. |
| Week 8 | Revision | Review of all topics covered throughout the term to reinforce key concepts and prepare for exams. |
| Week 9 | Exams | Final exams to assess the students’ understanding of all the topics covered during the second term. |
Detailed Explanation of Each Topic
Week 1: Cash Book – Single Column Cash Book / Double Column Cash Book
Content: In this week, students are introduced to the concept of cash books, which are used to record all cash transactions in businesses. The single-column cash book records only cash transactions (receipts and payments), while the double-column cash book also includes bank transactions in addition to cash.
- Example 1: A single-column cash book entry for receiving cash from a customer.
- Example 2: A double-column cash book entry for receiving a cheque payment from a customer.
- Example 3: Cash payment to a supplier recorded in a single-column cash book.
- Example 4: Bank payment to a supplier recorded in a double-column cash book.
- Example 5: Recording a cash receipt for a loan in the single-column cash book.
- Example 6: Recording bank charges in the double-column cash book. By the end of this week, students will be familiar with how to record and balance cash transactions in both single and double-column formats.
Week 2: Three Column Cash Book
Content: This week focuses on the three-column cash book, which is an advanced version of the double-column cash book. It includes three columns: Cash, Bank, and Discounts (both received and allowed).
- Example 1: Cash received from a customer recorded in the cash column.
- Example 2: A cheque payment recorded in the bank column.
- Example 3: Discount allowed to a customer recorded in the discount allowed column.
- Example 4: Bank receipt from a customer recorded in the bank column.
- Example 5: A bank payment for utility bills recorded in the bank column.
- Example 6: Cash discount received recorded in the discount received column. Students will learn how to properly use this book for complex transactions involving cash, bank, and discounts.
Week 3: Petty Cash Book
Content: The petty cash book is used to record small, routine payments that are too minor to be recorded in the main cash book. It is typically maintained by a petty cashier and used for office supplies, postage, and minor expenses.
- Example 1: Payment for office supplies recorded in the petty cash book.
- Example 2: Payment for transportation costs recorded in the petty cash book.
- Example 3: Replenishing the petty cash fund after running low.
- Example 4: Payment for staff refreshments recorded in the petty cash book.
- Example 5: Small payment for printing services.
- Example 6: Payment for postage and courier services. Students will learn how to handle petty cash and ensure that transactions are properly recorded and tracked.
Week 4: Account: Meaning and Classification / The Ledger: Meaning and Classification
Content: In this week, students will learn about accounts and their classification. An account is a record of all transactions related to a particular asset, liability, income, or expense. The ledger is a collection of all accounts, and transactions are posted to the appropriate accounts in the ledger.
- Example 1: A cash account (asset account).
- Example 2: A bank account (asset account).
- Example 3: A sales account (income account).
- Example 4: A wages account (expense account).
- Example 5: A capital account (owner’s equity account).
- Example 6: A loan account (liability account). Students will learn how to classify accounts into real, personal, and nominal types, and understand the function of the ledger in organizing financial transactions.
Week 5: The Trial Balance – Preparation, Uses, etc. / Errors Not Disclosed by the Trial Balance
Content: A trial balance is a statement that lists all the general ledger balances to check the equality of debits and credits. Students will learn how to prepare the trial balance and understand its importance in identifying errors. This week also covers errors that do not affect the trial balance, such as errors of omission and compensating errors.
- Example 1: Preparing a trial balance for a business at the end of the accounting period.
- Example 2: Identifying errors not disclosed by the trial balance, such as recording the same amount in both the debit and credit columns.
- Example 3: Detecting errors in the trial balance caused by posting to the wrong account.
- Example 4: Understanding errors of omission that don’t show up in the trial balance.
- Example 5: Errors of duplication that won’t affect the trial balance’s agreement.
- Example 6: Compensating errors and their impact on the trial balance. Students will practice preparing trial balances and identifying errors that are not revealed by them.
Week 6: Errors that Will Affect the Agreement of the Trial Balance
Content: This week explains errors that will lead to an imbalance in the trial balance, including transposition errors (swapping digits), posting errors (incorrect amounts or wrong accounts), and wrong balancing of accounts.
- Example 1: A transposition error where 540 is recorded as 450.
- Example 2: Posting an expense in the wrong account, like recording a rent payment as a utility expense.
- Example 3: Incorrectly balancing an account, leading to an imbalance.
- Example 4: An incorrect journal entry affecting both sides of the trial balance.
- Example 5: Recording transactions in the wrong side (debit vs. credit).
- Example 6: Overstating or understating an amount in the cash book. Students will understand how to detect and correct these types of errors that affect the trial balance agreement.
Week 7: Correction of Errors
Content: This lesson focuses on how to correct errors in accounting records. Students will learn various methods, including using journal entries to make corrections.
- Example 1: Correcting a wrong entry in the cash book by creating a journal entry.
- Example 2: Rectifying a transposition error by adjusting the ledger account.
- Example 3: Correcting the misposting of an expense in the wrong account.
- Example 4: Correcting an error in the trial balance by passing a correction entry.
- Example 5: Correcting errors found in bank reconciliations.
- Example 6: Handling errors discovered during audits. Students will practice correcting different types of errors and rechecking accounts for accuracy.
Week 8: Revision
Content: A week dedicated to revising all the topics covered throughout the term. This will allow students to revisit key concepts and clarify any uncertainties before the final exams.
Week 9: Exams
Content: Final exams to assess the students’ understanding of the topics covered during the term. The exams will test both theoretical knowledge and practical accounting skills.
Conclusion
The SS 1 Scheme of Work for the second term in accounting covers essential concepts such as cash books, petty cash, ledgers, trial balances, and error correction. Each topic is carefully designed to build on the previous one, helping students develop a deep understanding of how accounting works. By the end of