Financial Accounting lesson notes for SS1–SS3

What students learn

By the end of SS3, a student who has worked through these notes should be able to:

• Explain the accounting equation and apply the double entry principle in the ledger and cash books
• Prepare a trial balance, the final accounts of a sole trader and a balance sheet
• Calculate depreciation of fixed assets using the common methods
• Prepare a bank reconciliation statement and correct errors using a suspense account
• Prepare accounts for partnerships, companies and non profit organisations
• Interpret financial statements using simple ratios
• Describe the Nigerian financial system, the capital market and the role of the Nigerian Stock Exchange
• Prepare branch, joint venture, consignment, hire purchase and contract accounts

What each class covers

Every topic is a separate lesson note, listed here in teaching order. Open any topic, or the term, to read it.

SS1 Financial Accounting 17 notes

First Term 7 notes

• Introduction to Accounting and its History
• Advantages and Limitations of Accounting
• Career Opportunities in Bookkeeping and Accounting
• Accounting Equation and Double Entry Principle
• The Ledger
• The Cash Book
• Discounts

Second Term 6 notes

• Three Column Cash Book
• PETTY CASH BOOK
• Trial Balance
• Accounting Concepts and Convention
• Final Account of a Sole Trader
• Balance Sheet

Third Term 4 notes

• Introduction to Depreciation of Fixed Assets
• Methods of Depreciation
• Departmental Accounts
• Bank Reconciliation Statement

SS2 Financial Accounting 15 notes

First Term 5 notes

• Suspense Account
• Suspense Account II: Correction of Errors
• Manufacturing Accounts
• Control Account and Self-Balancing Ledger
• Introduction to Single Entry and Incomplete Records

Second Term 5 notes

• Single Entry and Incomplete Records
• Accounts of Non Profit Making Organisations
• Partnership Accounts
• Partnership Accounts II: Partnership Capital Accounts & How to Calculate It
• Receipts and Payment Accounts

Third Term 5 notes

• Dissolution of Partnership
• Company Accounts
• Balance Sheet
• Issues & Classes of Shares
• Interpretation of Financial Statement Using Simple Ratio

SS3 Financial Accounting 17 notes

First Term 11 notes

• Nigeria Financial System
• Capital Market I
• Capital Market II
• Loan Capital
• Securities and Exchange Commissions (SEC)
• Nigerian Stock Exchange
• Acquisition/Purchase of Business
• Purchase of Business Account
• Public Sector Accounting
• Preparation of Public Sector Accounting
• Hadith 23, 25, & 26 of Imam Nawawi

Second Term 6 notes

• Preparation of Personal Cost Budget
• Branch Account
• Joint Venture Account
• Consignment Account
• Hire Purchase Account
• Contract Account

How we prepare our lesson notes

Each note covers one topic for one class and one term, and the notes follow teaching order. Every note has behavioural objectives, the lesson content in short sections, evaluation questions and an assignment drawn from the same note.

Notes are edited for accuracy, plain language and the right level for the class before they are published.

Every note is free to read online. A PDF or Word copy of one subject costs ₦1,000 for one term, or ₦2,000 for all three terms. If you find a mistake, tell us and we will correct it.

Recommended Financial Accounting textbooks

Books are grouped by class. The line under each title shows which list recommends it.

SS1 Financial Accounting textbooks 4 books

Name	Author	Publisher
Essential Financial Accounting for Senior Secondary SchoolsAnambra State Govt (Ministry of Education)Edition: Latest edition (per Konga)	R.A. Ibrahim & R.A. Kazeem	Not stated in source
Simplified and Amplified Financial Accounting Book 1School booklist – International School, University of Ibadan (UI-owned)	Femi Longe	Tonad Publishers
Book-keeping and Accounting Vol. 1 & 2School booklist – Whitesands School, Lagos (private)	Frank Wood	Longman
Hidden Facts in Financial AccountingSchool booklist – International School, University of Ibadan (UI-owned)		Otumudia Publishers Ltd

SS2 Financial Accounting textbooks 4 books

Name	Author	Publisher
Essential Financial Accounting for Senior Secondary SchoolsAnambra State Govt (Ministry of Education)Edition: Latest edition (per Konga)	R.A. Ibrahim & R.A. Kazeem	Not stated in source
Simplified and Amplified Financial Accounting Book 2School booklist – International School, University of Ibadan (UI-owned)	Femi Longe	Tonad Publishers
Book-keeping and Accounting Vol. 1 & 2School booklist – Whitesands School, Lagos (private)	Frank Wood	Longman
Hidden Facts in Financial AccountingSchool booklist – International School, University of Ibadan (UI-owned)		Otumudia Publishers Ltd

SS3 Financial Accounting textbooks 4 books

Name	Author	Publisher
Essential Financial Accounting for Senior Secondary SchoolsAnambra State Govt (Ministry of Education)Edition: Latest edition (per Konga)	R.A. Ibrahim & R.A. Kazeem	Not stated in source
Simplified and Amplified Financial Accounting Book 3School booklist – International School, University of Ibadan (UI-owned)	Femi Longe	Tonad Publishers
Book-keeping and Accounting Vol. 1 & 2School booklist – Whitesands School, Lagos (private)	Frank Wood	Longman
Hidden Facts in Financial AccountingSchool booklist – International School, University of Ibadan (UI-owned)		Otumudia Publishers Ltd

Based on the 2026/27 recommended lists. Editions change, so confirm the current edition with your school or bookseller.