Scheme of work – account
GRADE - 8
SEMESTER - 1
Week
1-2
3
4-6
Specific Objectives
Content – sub topics
At the end of this week students should be
able to:
- Define some of the accounting key terms
and explain the difference between book
keeping and accounting.
- Explain role of accounting in providing
information for decision making.
- Explain and apply accounting equation with
examples and calculate missing figures of
assets, liabilities or capital using accounting
equation.
Accounting and Key terms and
meanings
Book keeping and accounting
Role of accounting in providing
information for decision making
Accounting equation
At the end of this weeks students should be
able to:
- Define some balance sheet items and draw
up a simple balance sheet from the given
information.
- Describe how transactions affect the items
in the accounting equation.
- Understand the relation between assets,
liabilities and capital and its change
according to transactions.
At the end of this weeks students should be
able to:
- Outline the double entry system of book
keeping
- Process accounting data using the double
entry system.
- Explain how double entry follows the rule
of accounting equation.
- Explain purchases, sales, return inward,
Balance sheet (simple)
Effect upon the assets, liabilities
and capital in relation to
accounting equation
Introduction to double entry Assets, liabilities and capital
Double entry – cash and bank
transactions and credit
transactions.
Double entry – income and
expenses and drawings
Methodology
Introducing the subject
Definition of assets, liabilities and
capital
Classification of assets liabilities and
capital (explanation and exercise)
Difference b/w book keeping and
accounting
Role of accounting in providing info.
for decision making
Accounting equation – theories and
formulae (explanation and exercise)
Individual practical work
Format of simple balance sheet
Effect upon - theories and formulae
(explanation and exercise)
Individual practical work
Group work & Group discussion
Identify debit and credit entry for each
transaction.
Enter the transaction in T accounts.
(explanation and exercise)
Individual practical work
Group work & Group discussion
Suggested
evaluation
Oral questions
Class
assignments
Oral questions
Class
assignments
Home
assignments
Weekend
assignments
Unit Test
Oral questions
Class
assignments
Home
assignments
Weekend
assignments
7-8
9-10
11
12-14
return outward and enter the transaction
into T accounts.
- Enter cash, bank and credit transactions in
T accounts and income, expenses and
drawing in T accounts
At the end of this weeks students should be
able to:
- Explain the subdivision of the ledgers
- Prepare ledger account using T format and
post transactions to the ledgers
- Close accounts, balance off the account and
bring down the opening balance.
Ledger (T- accounts) and types
of ledgers
Balancing off the T- accounts
Enter the transaction in T accounts
and running balance method.
(explanation and exercise)
Balancing off T accounts(explanation
and exercise)
Individual practical work
Group work & Group discussion
Oral questions
Class
assignments
Home
assignments
Weekend
assignments
At the end of this week students should be
able to:
- Close accounts, balance off the account and
bring down the opening balance.
- Out line uses and limitations of trial
balance
- Prepare trial balance from set of accounts
Balancing off the T- accounts
Trial balance – uses, limitation
and format.
Oral questions
Class
assignments
Home
assignments
Weekend
assignments
At the end of this week students should be
able to:
- Calculate cost of sales, gross and net profit.
- Explain relationship between trading
account and profit and loss account.
- Identify income and expenses and prepare
profit and loss account and calculate net
profit.
- Prepare income statement from the given
information.
Income statement – sole trader
Trading Accounts (Formats –
vertical and horizontal)
Key terms and meanings
At the end of this week students should be
Balance sheet (detailed)
Balancing off T accounts(explanation
and exercise)
Definition of trial balance and uses of
trial balance.
Format of trial balance.
Enter the balances in trial balance and
balance off trial balance.
Individual practical work
Definition and uses of financial
statement and Key terms of income
statement.
Format of trading account. (horizontal
and vertical)
Enter the items in the trading account
and calculate gross profit. (explanation
and exercise) (horizontal and vertical)
Format of profit and loss account
(horizontal and vertical)
Enter the items in the profit and loss
account and calculate net profit.
Preparation of income statement.
Individual practical work
Format of Balance sheet- horizontal
Income statement – sole trader
Trading Accounts
Profit and loss account(Formats
– vertical and horizontal)
Oral questions
Class
assignments
Home
assignments
Oral questions
15
15-16
17
able to:
- Explain fixed and current assets and current
and long term liabilities and sequence in
which they appear in the balance sheet
- Draw up balance sheet from information
given in a trial balance
- Prepare final accounts (income statement
and balance sheet) from the given trial
balance
At the end of this week students should be
able to:
- Describe and state the benefits of using
computerized accounting system
Format – horizontal and vertical
Key terms and meanings
At the end of this week students should be
able to:
- Explain the use of running balance method
and advantages of the method
- Distinguish between running balance
format and T account
- Prepare accounts in three column format
(Running balance method)
and vertical
Key terms of balance sheet Individual
practical work
Class
assignments
Home
assignments
Information Communication
Technology in book keeping advantages
Advantages of ICT
Individual practical work
Group work & Group discussion
Running balance method
Explain the alternative method of T
account (use and advantages) and the
differences between them
Enter the transaction in running
balance method. (explanation and
exercise)
Balancing off the
accounts(explanation and exercise)
Oral questions
Class
assignments
Home
assignments
Unit Test
Oral questions
Class
assignments
Home
assignments
Combined (final accounts)
REVISION