What is accounting?
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 concepts
Final accounts and financial statements
Salaries and wages
- Cost Accounting
- Indigenous bookkeeping systems
The purpose of accounting
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
- Lectures 16
- Quizzes 1
- Duration 50 hours
- Skill level All levels
- Language English
- Students 3
- Assessments Yes
- WEEK 1-2 Financial accounting of companies – Comparison of Public and Private Companies
- WEEK 3-7 Financial accounting of companies – Ledger Accounts.
- WEEK 8-9 Financial accounting of companies – Income Statement, Balance Sheet and Notes.
- WEEK 10 Financial accounting of companies – Cash Flow Statements and interpretation of Financial Statements.
Financial accounting of companies - concepts and unique ledger accounts
- WEEK 1.1 Ethics – Understanding the role of professional bodies
- WEEK 1.2 Tangible/fixed Assets – Interpretation and reporting on the movements of fixed and Tangible assets
- WEEK 2.1 Financial Accounting of Close Corporations – Definition and explanation of accounting concepts unique to close corporations:
- WEEK 2.2 Internal Control – Application of internal control and internal audit processes in a business environment
- WEEK 3-4 Inventory systems -Validation, valuation and calculation of inventories of businesses using the perpetual and periodic inventory systems:
- WEEK 5-6 Reconciliations -Analysis and interpretation of bank, debtors’ and creditors’ reconciliations:
- WEEK 7 Value Added Tax (VAT) – Calculate the amount payable to or receivable from the South African Revenue Services (SARS)
2017 National Senior Certificate Examination Papers, Adendums and Memorandum