Bachelor of Commerce in Accounting

Preparation of Financial Statements and Accounting Entries

1. Objective of Financial Statements: The preparation of financial statements should reflect the true and fair view of the financial position and performance of an entity. This involves recording all transactions accurately and presenting them in a clear and understandable manner for users of the financial statements.

2. Compliance with Generally Accepted Accounting Practice (GAAP): Financial statements should be prepared in accordance with relevant accounting standards such as International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles (GAAP) to ensure consistency and comparability.

3. Compliance with the Companies Act: Financial statements must also comply with the requirements of the Companies Act, which may include specific disclosure requirements for companies operating in a particular jurisdiction.

4. Preparation of Group Financial Statements: In cases where an entity has subsidiaries or associates, group financial statements must be prepared to consolidate the financial position and performance of the entire group.

5. Analysis and Interpretation: It is essential to analyze and interpret the financial statements to assess the financial health, performance, and potential risks of an entity. This involves calculating financial ratios, trend analysis, and making informed decisions based on the financial information presented.

Integrated Assessment

1. Reformation of Assessment Strategies: The University of Natal is updating its assessment strategies to include the assessment of applied competence for each qualification. This aims to ensure that students can apply their knowledge and skills in real-world scenarios.

2. Combination of Assessment Methods: Currently, a combination of continuous assessment and traditional written examinations are used to assess the integration of learning outcomes for each module in a qualification. This helps evaluate students' understanding and ability to apply concepts in different contexts.

Bachelor of Commerce Specialization

1. Written Assignments as Integrated Assessments: Each field of specialization within the Bachelor of Commerce program includes written assignments designed as integrated assessments. These assignments aim to develop students' ability to integrate themes across core disciplines and apply their knowledge effectively in the workplace.

By focusing on the preparation of financial statements, understanding accounting entries, complying with regulations, and enhancing analytical skills through integrated assessments, students in the Bachelor of Commerce program at the University of Natal can develop a strong foundation for a successful career in the field of finance and accounting.