YEAR ONE - SEMESTER TWO OLD COURSE/MODULE
SAICA ACCREDITATION SELF-EVALUATION REPORT 2011
Subject Information
96
PROPOSED COURSE/MODULE
Subject Name: Introduction to Accounting
Degree: B.Compt
Semester: Two
Subject Name: Introduction to Accounting
Degree: BAccSc
Semester: Two
Subject Code: IACC 152
NQF Level: 5
NQF Credit: 10.9
Subject Code: ACCA 172
NQF Level: 5
NQF Credit: 12
Prerequisite
National Senior Certificate with a pass in mathematics or commercial subjects
ACCA 171
Objectives
N/A
Following from 1st semester knowledge, preparing adjusting journal entries, closing journal entries, VAT, and preparation of basic financial statements. Introduction to different formats of business entities, companies, close corporations and partnerships. Introduction to GAAP and the IFRS Framework.
Content
Bridging the difference between students with no accounting background and those students with an accounting background from school. Historical background, accounting principles, accounting systems and the double entry, accounting data and ancillary books, ledgers and controls as bank reconciliations, debtors and creditors, financial statements.
Adjusting journal entries, closing journal entries, trial balance, preparation of basic financial statements (companies, close corporations and partnerships); Framework: qualitative characteristics of financial information, definition and recognition criteria of asset, liability, income & expense; measurement bases – cost. Analysis of financial statements.
Learning Outcomes
N/A
Students should be able to:
• Understand and be able to identify the users of financial statements;
• Prepare basic financial statements (companies, close corporations and partnerships) • Understand the definition and recognition criteria of assets, liabilities, income and expenses, and be able to apply these to practical situations and specific transactions (by answering theory questions).