Financial Accounting Scheme of Work

Weekly Lesson Breakdown

1. W2

   Consignment Account - expenses; valuation of unsold stock; treatment of abnormal Accounting loss; preparation of consignment account, consignee's Treatment account, and goods sent on consignment account.

   Ledger entries for goods sent on consignmentrecording
2. W3

   Joint Venture Account joint venture and partnership; accounting procedures: (i)

   Meaning and features of joint venturesdifferences betweenSeparate set of books method (ii) Memorandum jointventure account methodpreparation of accounts for eachmethod
3. W4

   Contract Account

   Meaning and featuresdifference between contract and jobcostingimportant terms (retention money, progresspayment, work-in-progress, notional profit)accounting
4. W5

   Midterm Test

   Assessment of topics covered in Weeks 1-4
5. W6

   Departmental Account apportionment and allocation of expenses; preparation of

   Meaning and purposereasons for departmental accountsdepartmental trading, profit, and loss account
6. W7

   Midterm break

7. W8

   Branch Account

   Meaning, types of branches (dependent, independent)systems of branch accounting (debtors system, stock &debtors system, final accounts system)preparation ofbranch accounts under the debtors system
8. W9

   Public Sector Accounting expenditure; differences between public sector and private 10. Revision & General revision and final examination. Examination

   Meaning and objectivessources of revenue and types ofsector accountingstructure of government accountingpreparation of simple public sector accounts