Bachelor of Commerce in Accounting

Purpose

The purpose of the Bachelor of Commerce in Accounting is to equip learners with in-depth theoretical and practical knowledge of essential Accounting concepts, theoretical principles applied to practical issues and problems. The qualification allows learners to learn about a wide range of topics and discover the ways in which organisations do their financial reporting. The qualification will require learners to write the board exam to qualify as Chartered Accountants.

Qualifying learners will be able to

• Identify, analyse, evaluate, critically reflect on and address complex problems, applying evidence-based solutions and theory-driven arguments.
• Select and apply a range of methods to resolve problems or introduce change within an accounting practice.
• Conduct research in the accounting and management field.
• Develop and communicate ideas and opinions in well-formed arguments, using appropriate academic, professional, or occupational discourse.
• Manage processes in unfamiliar and variable contexts, recognising that problem solving is context and system bound, and does not occur in isolation.
• Make decisions and act ethically and professionally, and justify those decisions and actions drawing on appropriate ethical values and approaches within a supported environment.

In addition, the Accounting qualification prepares the successful learners to enter a range of careers in that field, including:

• Cost and Management Accountant.
• Financial Accountant.
• Financial Manager.
• Chartered Accountant.
• Auditor or Investment Manager.
• Company Secretary.
• External Auditor,
• Forensic Accountant or Stockbroker.
• Business Manager or Entrepreneur.

Rationale

Rapidly increasing global competition, the emergence of new markets, and technological advancements make today's marketplace a highly dynamic and challenging environment for companies. Accounting is a wide field with many functions, but its final objective is to achieve satisfactory recordkeeping of business transactions between buyer and seller and to report on organisations' financials. Effective accounting practices is therefore crucial for organizations to survive and prosper in any environment. Accounting is thus central to the success of companies and organizations.

The qualification covers a wide spectrum of accounting topics such as

• Accounting.
• Auditing.
• Taxation.
• Financial reporting.
• Management accounting.
• Governance.
• Risk.
• Financial Mathematics.
• Law.
• Business management.
• Economics.
• Communication.

South Africa experiences a shortage of Accountants the focus of the qualification is to develop highly skilled Accountants that are responsive to business and community needs. Learners will be equipped with a thorough grounding in the knowledge, theory, principles and skills of Accounting, Taxation, Managerial Finance and Auditing as well as the ability to apply this in the professional accountancy and business context.

The Bachelor of Commerce in Accounting is the first qualification in the learning and career pathway for persons wishing to become Chartered Accountants South Africa (CASA). The qualification leads to an Honours Degree and/ or Postgraduate Diploma in Accounting which allows the learner to apply to do his practical workplace learning (articles) and on completion write the Board Examination which leads to the awarding by the South African Institute of Chartered Accountants (SAICA) awarding the designation (CASA).

Recognition of Prior Learning (RPL)

Learning that has been acquired through formal, informal and non-formal means is recognised for the fulfilment of the requirements of this qualification or part of the qualification. It is required that through assessment practices, the learner should demonstrate competence in the knowledge, skills, values and attitudes implicit in this qualification.

The institution will facilitate the Recognition of Prior Learning per the Policy and Procedures for Recognition of Prior Learning (RPL). RPL is one of the critical mechanisms for achieving redress and equity and accelerating access in the institution. Recognition of Prior Learning (RPL) is an integral part of the qualification and as an initiative to support the transformation of the education and training system in South Africa.

This Recognition of Prior Learning may allow for accelerated access to further learning. The purpose of RPL is to recognise all forms of prior learning in order to:

• Grant access to the qualification for learners who do not meet the admission requirements. This widens access to higher education.
• Grant advanced placement.
• Award credits.

RPL for access

• The institution's RPL policy is applied in instances where applicants do not meet the minimum admission requirements for entry into the qualification.
• RPL can provide learners with advanced standing in cases where the learners demonstrate sufficient mastery of the content and skills to gain admission to the qualification.
• Advanced standing may be granted.

RPL for exemption of modules

• Learners may apply for RPL to be exempted for modules that form part of the qualification. For a learner to be exempted from a module, the learner needs to provide sufficient evidence in the form of a portfolio that demonstrates that competency was achieved for the learning outcomes that are equivalent to the learning outcomes of the module.

RPL for credits

• RPL can enable exemption from modules or components of modules in cases where learners have gained sufficient mastery of the content and skills of those areas of the curriculum.
• Learners who can demonstrate experiential or work-based learning at an equivalent level may be through RPL granted credits towards the qualification.

Entry Requirements

The minimum entry requirement for this qualification is

• National Senior Certificate, NQF Level 4, granting access to Bachelor's studies.

Or

• Senior Certificate, NQF Level 4, with matriculation exemption

Or

• National Certificate (Vocational), NQF Level 4, granting access to Bachelor's studies.

Or

• Higher Certificate in a cognate field of study, NQF Level 5,

Or

• Advanced Certificate in a cognate field of study, NQF Level 6.

Or

• Diploma, in a cognate field of study, NQF Level 6.

This qualification consists of the following compulsory and/or elective modules at National Qualifications Framework Levels 5, 6 and 7 totalling 360 Credits.

Compulsory Modules, Level 5,120 Credits

• Introduction to Accounting 1, 10 Credits.
• Economics 1, 20 Credits
• Business Management 1, 25 Credits.
• Financial Mathematics 1, 30 Credits.
• Commercial Law, 10 Credits.
• Business Finance, 10 Credits.
• Business Communication and presentation, 15 Credits.

Compulsory Modules, Level 6,120 Credits

• Accounting, 30 credits.
• Auditing, 20 credits.
• Taxation, 30 credits.
• Management Accounting, 10 credits.
• Financial Governance and Ethics, 20 credits.
• Strategy and Risk Management, 10 Credits.

Compulsory Modules, Level 7,120 Credits

• Auditing, 30, Credits.
• Taxation, 30 Credits.
• Financial reporting, 30, Credits.
• Management Accounting Techniques, 15, Credits.
• Financial Management Techniques, 15, Credits.

1. Demonstrate detailed knowledge and application of the different procedural and numerical aspects of the subject matter.
2. Plan and execute research in accounting and management related topics by gathering, analysing, synthesising and interpreting the relevant information correctly and reflecting on research undertaken.
3. Demonstrate effective communication competence with the different role players in the business and accounting field and apply the theoretical principles of communication.
4. Analyse and critically evaluate a statement, report, business, or management scenario; develop meaningful suggestions and advice to design and write a full report.
5. Organise and co-ordinate resources and opportunities in the field of accounting and business or management by applying the relevant theoretical aspects and reflecting on the application.
6. Utilise appropriate accounting technologies in expanding reporting, business opportunities and management strategies.
7. Promote responsible local and global citizenship through their approach towards the holistic application of accounting and reporting principles.

Associated Assessment Criteria for Exit Level Outcome 1

• Analyse and apply basic theoretical principles of accounting, in business operations, opportunity identification and problem-solving.
• Analyse identified accounting or financial problems.
• Differentiate between potential solutions.
• Investigate appropriate course of action to resolve identified problems.
• Compute income tax/VAT liability or asset for company or business operation.
• Identify different sources of finance and apply appropriate sources for given scenarios.

Associated Assessment Criteria for Exit Level Outcome 2

• Apply multi-disciplinary approaches to conceptual thinking.
• Solve problems by undertaking research studies.
• Apply research methodologies to collect data.
• Manage innovative concepts and ideas to add value.
• Design and evaluate costing systems for different organisations.

Associated Assessment Criteria for Exit Level Outcome 3

• Formulate and propose business and professional problems.
• Implement problem-solving techniques.
• Demonstrate leadership and innovation.
• Present and interpret financial statements.
• Prepare a report to management, outlining issues and principles of cost control centres.

Associated Assessment Criteria for Exit Level Outcome 4

• Examine and apply key ideas and principles within the required technical areas.
• Demonstrate an understanding of how content relates to the different disciplines.
• Apply knowledge and insight to different circumstances to solve problems.
• Display ethical values and professional practice in the acquisition, dissemination and application of knowledge in Accounting.
• Prepare a set of annual financial statements from source documents.
• Select an appropriate financial model for a situation and test the assumptions.

Associated Assessment Criteria for Exit Level Outcome 5

• Evaluate and set budgets for organisations.
• Evaluate product performance.
• Comprehend the specific concepts relating to entities not having profit as their main objective, account for transactions and prepare different types of financial statements relevant to such non-profit entities.
• Make decisions in relation to an organisation's objectives.
• Demonstrate an understanding of the ethical and social implications of accounting and auditing actions on the organisation, community and society at large by analysing existing societal structures; and Identify own learning needs and support the learning needs of others.
• Utilise different methods of capital investment and account for effects on taxation, inflation, risk and uncertainty.
• Prepare an audit programme for an organisation.

Associated Assessment Criteria for Exit Level Outcome 6

• Interpret and analyse business and accounting reports
• Evaluate and differentiate between business opportunities and their potential.
• Formulate, analyse and interpret different business strategies.
• Prepare corporate reports in accordance with general accounting practice.
• Identify strengths and weaknesses in a financial information system with simple business operations.

Associated Assessment Criteria for Exit Level Outcome 7

• Demonstrate an understanding of the national and international environment.
• Promote ethical and professional conduct.
• Complete given tasks successfully.
• Discuss appropriate legal and professional behaviour for accountants/ auditors and advisors.