University of the Free State

Bachelor of Commerce Honours in Accounting

Business, Commerce and Management Studies - Finance Economics and Accounting

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Purpose and Rationale

Applying Educational Knowledge and Skills

As a general accountant with specialized knowledge in accounting, management accounting, taxation, and auditing, I will utilize my expertise to effectively handle financial matters for individuals and businesses. I will apply the principles and methods learned during my educational journey to ensure accuracy, compliance, and efficiency in financial processes.

Addressing Community and Industry Needs

I am committed to responding to the needs of the community by providing accessible and reliable accounting services. By staying updated on industry trends and regulations, I will cater to the specific requirements of businesses and individuals, contributing to their financial well-being and growth.

Lifelong Learning and Societal Value

Recognizing the value of education and its impact on society, I am dedicated to continuous learning and improvement in the field of accounting. By pursuing further qualifications such as becoming an Associate General Accountant (AGA), Commercial and Financial Accountant (CFA), or progressing towards the CA (SA) designation, I aim to enhance my skills and knowledge to better serve my clients and contribute meaningfully to society.

Demonstrating Knowledge, Skills, and Competence

Through the application of my knowledge, skills, and applied competence, I will create opportunities for personal growth, economic activity, and societal contributions. By striving for excellence in my work and maintaining high ethical standards, I aim to make a positive impact in the accounting profession and beyond.

Outcomes

Assessment Criteria

To demonstrate learning competency in financial management, a learner should be able to perform the following tasks:

  1. Financial Statements: Prepare financial statements such as income statement, balance sheet, and cash flow statement in accordance with relevant accounting standards like IFRS or GAAP.

  2. Audit Programme: Develop an audit program outlining the procedures to be followed during a statutory audit to ensure compliance with regulations and standards.

  3. Management Report on Internal Control Improvements: Prepare a management report identifying weaknesses in internal controls and recommending improvements to mitigate risks and enhance efficiency.

  4. Tax Calculation: Calculate tax liabilities for individuals, corporations, and entities including personal tax, corporate tax, VAT, estate duty, donations tax, stamp duty, and other applicable taxes.

  5. Estate Planning and Tax Planning: Develop strategies for estate planning and tax planning to minimize tax liabilities and maximize wealth preservation for individuals and businesses.

  6. Management Accounts: Prepare management accounts including income statements, balance sheets, and cash flow statements to provide insights into the financial performance and position of an organization.

  7. Cost Reports and Cost-Volume Analysis: Analyze cost reports and perform cost-volume analysis to understand cost behavior and its impact on profitability and decision-making.

  8. Budgeting: Develop budgets for businesses to plan and control financial activities, monitor performance, and achieve strategic goals.

  9. Investment and Finance Decisions: Evaluate investment opportunities, assess financing options, and make informed decisions to optimize returns and manage risks.

  10. Business Valuations: Conduct business valuations using various methods such as discounted cash flow, market multiples, and asset-based approaches to determine the fair value of a business.

  11. Financial Statement Analysis: Analyze financial statements using tools like ratio analysis, trend analysis, and common-size analysis to assess performance, identify trends, and make informed decisions.

By successfully completing these tasks and demonstrating proficiency in each area, a learner can showcase their knowledge, skills, and attitude in financial management.

Qualification Details

Type
Honours Degree
NQF Level
08
Min. Credits
120
SAQA Source
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University of the Free State
University of the Free State
Description
The University of the Free State (UFS) is a public research university located in Bloemfontein, South Africa. It was established in 1904 and is one of the oldest institutions of higher education in the country. The university offers a wide range of undergraduate and postgraduate programs across various disciplines, including humanities, natural and agricultural sciences, law, health sciences, education, and economic and management sciences. UFS is known for its commitment to inclusivity and diversity, and it strives to provide quality education and promote social justice. The university has a strong research focus and collaborates with national and international partners to address societal challenges and contribute to knowledge creation. UFS also has a vibrant campus life with numerous student organizations, sports facilities, and cultural activities.
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This page includes information from the South African Qualifications Authority (SAQA) . Builtneat Pty Ltd trading as Study Start, has modified all or some of this information. SAQA has not approved, endorsed, or tested these modifications.