Accounting focuses on measuring performance, and processing and communicating financial information about economic sectors. This discipline ensures that principles such as ethical behaviour, transparency and accountability are adhered to. It deals with the logical, systematic and accurate selection and recording of financial information and transactions, as well as the compilation, analysis, interpretation and communication of financial statements and managerial reports for use by interested parties.
The subject encompasses accounting knowledge, skills and values that focus on the financial accounting, managerial accounting and auditing fields. These fields cover a broad spectrum of accounting concepts and skills to prepare learners for a variety of career opportunities.
Accounting learners will be able to:
Record, analyse and interpret financial and other relevant data in order to make informed decisions
Present and/or communicate financial information effectively by using generally accepted accounting practice in line with current developments and legislation
Develop and demonstrate an understanding of fundamental accounting concepts
Relate skills, knowledge and values to real-world situations in order to ensure the balance between theory and practice, to enter the world of work and/or to move to higher education, and to encourage self-development
Organise and manage own finances and activities responsibly and effectively
Apply principles to solve problems in a judicious and systematic manner in familiar and unfamiliar situations, thus developing the ability to identify and solve problems in the context of the various fields of Accounting
Develop critical, logical, and analytical abilities and thought processes to enable learners to apply skills to current and new situations
Develop the following characteristics:
ethical behaviour
sound judgement
thoroughness
orderliness
accuracy
neatness
Deal confidently with the demands of an accounting occupation manually and/or electronically
Term 1:
Indigenous bookkeeping
Ethics (introduction)
GAAP principles
Internal control (introduction) Bookkeeping of sole trader: recording of cash transactions (CRJ, CPJ, PCJ); General Ledger, Trial Balance; Accounting equation
Bookkeeping of sole trader: recording of credit: transactions (DJ, DAJ, CJ, CAJ, GJ); Ledgers, Debtors’ and Creditors’ lists, Trial Balance; Accounting equation
Bookkeeping of sole trader: recording of cash and credit transactions (combined)
Term 2:
VAT
Salaries and wages
Final Accounts - sole trader: year-end adjustments, General Ledger including Final Accounts Section, Trial Balances
Term 3:
Financial statements - sole trader
Adjustments, closing transfers, General Ledger, Income Statement, Balance Sheet, Notes to financial statements
Analysis and interpretation of financial statements and notes
Term 4:
Cost accounting: manufacturing concepts
Budgeting
Term 1:
Reconciliations
Fixed assets
Partnerships: adjustments, General Ledger, Accounting equation, final accounts, financial statements
Term 2:
Partnerships: analysis and interpretation
Clubs: concepts, Ledger, Statement of Receipts and Payments
Term 3:
Cost Accounting: calculations, General Ledger
Budgeting: Projected Income Statement, debtors’ collection, creditors’ payments, Cash Budget
Inventory systems
Term 4:
Value Added Tax (VAT)
Term 1:
Companies: unique transactions
Companies - final accounts, financial statements and notes (Income Statement, Balance Sheet, Cash Flow Statement)
Companies - analysis and interpretation
Companies - analysis of published financial statements and audit reports
Term 2:
Ethics
Fixed assets
Close corporations
Internal control
Inventory systems
Reconciliations
Value Added Tax (VAT)
Term 3:
Cost Accounting: Production Cost Statement with notes
Trading and Profit and Loss Statement, unit costs, break-even
Budgeting
Term 4:
Revision