First Term

SCRIPTED
LESSONS
2024/2025 ACADEMIC SESSION

FINANCIAL
ACCOUNTING
SS 1 WEEK 5
 FINANCIAL ACCOUNTING SS 1
1ST TERM WEEK 5

WEEK: 5 PERIOD:1

Subject Financial Class level: SS1 Duration: 40minutes

Accountin
g
Theme Accounting Concepts

Topic Meaning and types of Accounting concepts

Instructional By the end of the lesson, students should be able to:

objective/learni 1. Explain the term ``Accounting concepts”
ng outcomes 2. Mention the accounting concepts
Instructional White board, textbooks, learners note, ruler and marker
resources/mate
rials
Teacher This lesson requires the teacher adequate lesson that will enable the students
preparation for to achieve the lesson objectives/learning outcomes.
the lesson
Teaching Participatory and Interactive
method Class discussion
Lesson Time Teacher activity Students activity Core skills
procedure
Step 1: 5mins Ask the student: Provide varied Critical thinking
identification 1. If they know responses
of prior ideas the meaning of
concepts
2. Explain
concept from
their own
understanding
and using the
definition of
 Wikipedia.
3. Relate the
meaning to
accounting
Step 2: Main 10mins 1. Explain to the Listen attentively - Critical
Lesson students thinking
``Accounting - Imagination
concepts” Ask questions - communicatio
2. List or mention n
the accounting
concepts

Step 3: 15mins 1. Ask the Explain the term

Application in- students to concept from
class exercises explain the their own
word understanding
``concepts”
from their own
understanding
2. Ask for the
Wikipedia
meaning of Copy note
concept, if the
student can’t
provide the
right answer,
provide it for
them.
3. Link the
meaning to the
field of
accounting.
4. Explain
accounting
 concepts and
list the types.
5. Copy note
summary on
the board.
Step 4: 7mins Ask students: Respond to Critical thinking
Evaluation 1. To explain questions
accounting
concept.
2. List the types
of accounting
concepts
Step 5:
Assignment: Ask students:
1. To read up and explain the first 3 accounting concept
mentioned in the lesson

BOARD SUMMARY
ACCOUNTING CONCEPTS
Accounting concepts is defined as or refers to the basic assumption,
rules and principles which guide as the basic of recording of business
transactions and preparing accounts.
It can also be defined as the principles that must be taken into
consideration or observe when preparing the accounting statement of a
business entity. They are rules regulating the manner in which
transactions are recorded.
This concepts assumes that, for accounting purposes, the business
enterprises and its owners are two separate independence entities. The
concepts are:
1. Accruals concept
2. Conservation concept or prudence concept
3. Going concern concept
4. Matching concept
5. Materiality concept
6. Entity concept
7. Historical cost concept
8. Realization concept
9. Money measurement concept
10.Periodicity concept
11.Consistency concept
12.Dual aspect concept

Take home assignment

1. Study and explain the first three accounting concepts listed above.
 WEEK 5 PERIOD 2
Subject Financial Class level: SS1 Duration: 40minutes
Accountin
g
Theme Accounting concepts

Topic Explanation on accounting concept

Instructional By the end of the lesson, students should be able to:

objective/learni 1. Explain the following accounting concepts
ng outcomes a. Accrual concepts
b. Conservation/prudence concepts
c. Matching concepts
d. Materiality concepts
Instructional Whiteboard, marker, ruler, learners note and textbooks
resources/mate
rials
Teacher This lesson requires that the teacher prepares adequate lesson that will enable
preparation for the children to achieve the learning outcomes stated above.
the lesson
Teaching Participatory and Interactive
method Class discussion
Lesson Time Teacher activity Students activity Core skills
procedure
Step 1: 5mins Ask students: Provide varied Critical thinking
identification 1. To explain responses Communication
of prior ideas accounting
concept
2. To mention the
accounting
concepts listed
in the previous
class.
 3. Explain the
first two
accounting
concept
Step 2: Main 10mins 1. Explain to the Listen attentively Critical thinking
Lesson students, the Communication
meaning of: Imagination
a. Accrual Ask questions.
concepts
b. Conservatio
n/prudence
concept
c. Matching
concepts
d. Materiality
concept.
Step 3: 15mins 1. Ask the Define Critical thinking
Application in- students to accounting Communication
class exercises define concepts Imagination
accounting
concepts
2. Ask them to Mention all the
mention all the accounting
accounting concept
concepts listed
in the previous
lesson. Copy note
3. Explain the
first four
accounting
concepts from
the ones listed
in the previous
lesson.
 4. Copy note
summary on
the board.
5. Collect
students note
for marking at
the end of the
lesson.
Step 4: 7mins Briefly explain the Respond to Critical thinking
Evaluation following accounting questions Communication
concepts: Imagination
a. Accrual
concepts
b. Conservation
or prudence
concept
c. Matching
concept
d. Materiality
concept
Step 5: Ask the students to briefly explain the following accounting
Assignment: concept
a. Going concern concept
b. Entity concept.

BOARDS SUMMARY
Explanation on Accounting concept
1. Accrual concept: this concept states that income should be
recognized in profit and loss account when they are earned and
not when they are received while expenses should be recognized
when they are incurred and not when they are paid. This is what
gave rise to accruals and prepayment treated in profit and loss
account and balance sheet of a business.
2. Conservation or prudence concept: This concept requires that an
accountant should not recognize income until the income has
been earned and losses should be fully written off. The essence of
this concept is that, profits are not overstated in any accounting
period.
3. Matching concept: this is related to accrual concepts. It states that
for any accounting period, the earned revenue should be matched
with the cost incurred to determine the net income.
4. Materiality concept: this concepts states or hold that, in preparing
accounts; only amount of material value should be recognized.
Accountants should not repeat certain economic event when the
result of do so is insignificant to affect the financial statement e.g.
depreciation of stapler.
TAKE HOME ASSIGNMENT
1. Briefly explain the following accounting concept.
a. Entity concept
b. Going concern concept.
 WEEK 5 PERIOD 3

Subject Financial Class level: SS1 Duration: 4ominutes

Accountin
g
Theme Accounting concepts

Topic Explanation an accounting concepts.

Instructional By the end of the lesson, students should be able to explain the following
objective/learni accounting concepts:
ng outcomes a. Going concern concept
b. Entity concept
c. Historical concept or cost concept
d. Realization concept
Instructional Whiteboards, textbooks, leaners note, ruler and marker.
resources/mate
rials
Teacher This lesson requires the teacher to prepare adequate lesson that will enable
preparation for the learners to achieve the learning outcomes
the lesson
Teaching Participatory and Interactive
method Class discussion
Lesson Time Teacher activity Students activity Core skills
procedure
Step 1: 5mins Ask students to: Provide varied Critical thinking
identification 1. Mention all the responses Communication
of prior ideas accounting Imagination
concepts
2. Explain the
accounting
concept that
the teacher
explained in
 the previous
lesson.
Step 2: Main 10mins 1. Explain to the 1. Listen Critical thinking
Lesson students the attentively Communication
following 2. Ask Imagination
accounting question
concepts
a. Going
concern
concepts
b. Entity
concept
c. Historical
concepts
d. Realization
concept
Step 3: 15mins Ask the students to: 1. List all the
Application in- 1. Mention all the accounting
class exercises accounting concept
concepts 2. Explain the
2. Explain the previously
previously explained
explained accounting
accounting concept
concept 3. Copy note
3. Make 4. Submit
correction note for
where marking.
necessary
4. Introduce the
next
accounting
concepts to be
explained and
 explain them
5. Copy note
summary on
the board.
6. Collect note
for marking at
the end of the
lesson.
Step 4: 7mins 1. Briefly explain Respond to their Critical thinking
Evaluation the following question Communication
accounting
concept:
a. Going concern
concept
b. Entity concept
c. Historical
concept
d. Realization
concept.
Step 5: 3mins 1. Briefly explain the following accounting concepts
Assignment: a. Money measurement concept
b. Periodicity concept.

BOARDS SUMMARY
Explanation on Accounting concepts
5. Going concern concept: This concepts states that, accounting
statement are prepared with the understanding that, the business
will continue to operate for a foreseeable period of time. This
means that the business will last for an indefinite future period of
time.
6. Entity concept: this concept also known as business entity concept
states that in the preparation of accounting statement. The
owners and the business are treated as separate entity. This
 means that only the things that affect the business should be
recorded.
7. Historical or cost concept: this concept states that the value of
asset should be shown at the cost of acquisition and not future
cost.
8. Realization concept: this concept also relates to accrual concept. It
states that, revenue can only be recognized one the underlying
goods or services have been delivered or rendered.
TAKE HOME ASSIGNMENT
1. Briefly explain the following accounting concepts
a. Money measurement concept
b. Periodicity concept.