Bachelor of Accounting Honours

Business, Commerce and Management Studies - Finance Economics and Accounting

Purpose and Rationale

Applying Educational Knowledge and Skills

As a general accountant with specialized knowledge in financial accounting, taxation, business finance, management accounting, auditing, and enrolling for the Chartered Accountancy qualifying examination, I will apply my educational knowledge and skills to practice. By utilizing the principles and methods learned during my education, I will effectively analyze financial statements, prepare tax returns, provide financial advice to businesses, manage accounting systems, conduct audits, and prepare for the rigorous Chartered Accountancy examination.

Responding to Community Needs

I will respond to the needs of the community by offering my accounting services to small businesses, non-profit organizations, and individuals who may not have access to professional accounting assistance. By assisting them with their financial needs, I will contribute to the economic growth and success of the community.

Responding to Business and Industry Needs

I will respond to the needs of businesses and industries by staying updated with the latest financial regulations, tax laws, and accounting standards. By providing accurate and timely financial information, I will help businesses make informed decisions, comply with regulatory requirements, and achieve their financial goals.

Embracing Lifelong Learning

I value lifelong learning and understand the importance of continuously improving my knowledge and skills in the field of accounting. By pursuing further education, attending professional development seminars, and staying informed about industry trends, I will enhance my expertise and stay competitive in the ever-evolving business environment.

Contributing to Society

As a qualified accountant, I will make rewarding contributions to society by offering my expertise to help individuals and businesses thrive financially. By providing sound financial advice, ensuring compliance with regulations, and promoting ethical business practices, I will uphold the values of education and society while delivering tangible benefits to the community.

Outcomes

Preparing detailed corporate reports in compliance with General Accepted Accounting Practice (GAAP).
Demonstrating and applying theoretical and practical knowledge of auditing.
Demonstrating knowledge of the Income Tax Act, Estate Duty Act and VAT Act in order to calculate tax liability.
Demonstrating knowledge of cost methods and corporate financial management and to interpret cost and management information. The learner will be able to analyse and apply the basic principles relevant to the following:
Prepare financial statements in accordance with GAAP and applicable legislation.
Prepare group statements by incorporating holding companies, subsidiaries, associates and joint ventures.
Interpret General Accepted Auditing Practice.
Demonstrate knowledge of corporate law and ethical code of accountants and auditors.
Apply knowledge to facilitate the audit process including the audit of EDP systems.
Calculate personal income tax and estate duty.
Calculate corporate income tax and secondary tax.
Interpret and calculate Value Added Tax.
Interpretation of tax laws and court cases.
Apply and interpret different cost methods and management techniques.
Calculate cost of capital and to analyse investing and financing decisions.
Analyse financial statements and determine business valuations including amalgamations, take-overs and reconstructions.
Communicate financial and control information.

Assessment Criteria

Evidence of Learning Competency

Financial Statements: Learner should be able to prepare financial statements according to set standards (e.g. IFRS or GAAP).
Audit Programme: Learner should be able to compile an audit programme for statutory audits, ensuring compliance with auditing standards.
Management Report: Learner should write a management report on improvements in internal control systems based on audit findings.
Audit Report: Learner should be able to produce an audit report summarizing the findings and conclusions of the audit.
Risk Analysis: Learner should demonstrate the ability to conduct a risk analysis for a given organization or scenario.
Tax Calculations: Learner should be able to calculate tax liabilities for personal tax, corporate tax, VAT, estate duty, donations tax, and other relevant taxes.
Estate Planning: Learner should show understanding of estate planning strategies and their implications.
Tax Planning: Learner should be able to develop tax planning strategies for individuals or businesses.
Management Accounts: Learner should be able to prepare management accounts for decision-making purposes.
Cost Reports: Learner should demonstrate the ability to prepare cost reports for monitoring and control purposes.
Cost Volume Analysis: Learner should be able to perform cost-volume analysis to support business decision-making.
Budgets: Learner should be able to develop budgets for a department or organization.
Investment Decisions: Learner should be able to evaluate investment opportunities and make informed decisions.
Finance Decisions: Learner should demonstrate the ability to make sound financial decisions based on analysis and evaluation.
Business Valuations: Learner should be able to conduct business valuations using appropriate methods.
Financial Statement Analysis: Learner should be able to analyze financial statements to assess the financial health and performance of an organization.

Integrated Assessment

Competence is continuously assessed through various methods such as tests, examinations, discussion groups, and written assignments.
Assessment documents are moderated to ensure alignment with the qualification's scope and context.
Assessments should focus on critical outcomes and include confirmation of embedded knowledge.
Internal verifiers should verify assessments to ensure validity and credibility of results.

By successfully completing the assessments and demonstrating proficiency in the above areas, the learner can show evidence of learning competency in financial management.

Qualification Details

Type: Honours Degree
NQF Level: 08
Min. Credits: 120
SAQA Source: More Information

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University of the Free State

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.