Bachelor of Commerce in Accounting

Purpose

The purpose of the Bachelor of Commerce in Accounting is to afford undergraduate learners quality education and skills that they can implement within the Accounting and Financial related sectors. The graduate will have the appropriate knowledge and skill set to successfully bridge the gap of a quality workforce in the Accounting and Financial sector. The qualification is developed to produce quality professionals who are inducted into the workplace. This objective can be achieved with a qualification design that maintains a balance between theoretical and practical components.

Upon completion of the qualification, learners will be equipped with skills and knowledge to handle the activities in an accounting environment and manage functional areas related to financial and business management. Apart from the core, functional knowledge the learner also demonstrates an understanding of various techniques of accountability and responsibility. The qualification will also provide the learner with the tools necessary to make relevant, verifiable, and timely financial decisions. Learners will be able to possess competencies and capabilities through checking, articulating, and sourcing the root cause of the strengths and weaknesses of a business. These underlying insights gained from this qualification will open a new world of design, and numeric thinking and will underpin the business operations of an enterprise through skilful meandering and finding innovative solutions to gain more industry market share.

The qualification is intended to develop learners for the workplace as employees, as well as job creators. The qualification provides greater career opportunities in management positions of different functional roles in the Accounting and Financial sector namely - Accounts Manager, Business Client Account Manager, Accountant, Senior Bookkeeper, Debtors and Creditors Clerk, Accountants Administrator, and Junior Auditor in a commercial environment.

On obtaining the qualification, learners should be able to obtain profitable employment throughout South Africa and consequently contribute positively towards the economic and socio-cultural aspects of the economy.

On completion of the qualification, qualifying learners will be able to

• Analyse and communicate financial information about an organization to a variety of concerned parties and stakeholders.
• Accumulate, develop, and design reports on financial information about the financial position, performance, and cash flows of an entity.
• Make appropriate decisions on how to manage a business, not limited to but inclusive of investing and borrowing of funds.
• Prepare and develop accounting records and journals for standardised business transactions.
• Generate financial statements by implementing the relevant accounting frameworks and principles such as International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
• Generate certain special purpose reports such as budgeted profits or revenues from the sale of certain products.
• Compile necessary financial information that businesses require to evaluate their key performance indicators and benchmarking criteria.
• Provide management of an entity with the independent reviews and financial advice required to make informed business decisions.
• Display the necessary knowledge and skills, attitudes, and applied competence to enable them to demonstrate administrative proficiency.
• Display knowledge of management in general.

Rationale

The Human Sciences Research Council reveals that only 15% of South Africa's university learners graduate. This puts South Africa's graduation rates among the lowest in the world which is an area of concern if the government's goal of transforming professions and addressing the critical shortage of high-level skills in labour markets such as Chartered Accountancy, Accounting Technicians and Bookkeepers is considered. The demographics of the new entrants aspiring to enter the accounting proficiency and the percentage of South African Professionals are low, even after considering the focused approach from the Finance and Accounting Services Sector Education and Training Authority (FASSET) and Professional Bodies, to bring awareness and to provide academic support.

The qualification will provide access to learners who could not be absorbed in the public higher institutions of learning. The qualification will equip learners with the skills and competencies necessary to function in both the private and public sector environments and thus increasing job opportunities in the accounting, taxation, and auditing sectors. The qualification will provide improved opportunities for graduates in a sector that has a high demand for qualified and competent employees. Graduates of the qualification will, with the necessary work experience, be able to move upward into middle and senior management positions. This qualification will provide graduates with vital skills for both the public and private sectors to enable entities to effectively account for all relevant stakeholders. Qualifying learners will be able to make meaningful contributions to a business because they will be equipped with knowledge, skills, values, and attitudes that will enable them to be confident and independent in a business environment and to contribute responsibly to economic reconstruction, development, and growth.

Riley Carpenter and Tracy Kraus (December 2020) maintain that in recent years there has been growing awareness in South Africa of the need for racial transformation of the accounting profession. Consequently, efforts have been made in the higher education sphere to assist promising learners from a diverse range of ethnicities to pursue a professional accounting career. While established residential universities have made considerable headway in this regard, private education providers also need to make a concerted effort in this field.

The qualification is intended to address this need by attracting qualified matriculants, who were denied access to public institutions because of limited available seats and to provide an articulation route to the Diploma in Accounting learners in continuing their lifelong learning journey. Providing quality education which upholds high standards of research and academic excellence as international standards concerning Financial Reporting and Auditing will form an integral part of the curriculum. The qualification is career-focused, providing scarce skills relevant to national imperatives. In general learners from poor and disadvantaged backgrounds will be nurtured into graduates that will meet the needs of society by offering the hybrid mode of delivery and distance learning.

As highlighted in FASSET annual report (2018/2019), the top 10 hard-to-fill vacancies or scarce skills, Accounting and Auditors tops the list followed at number four by financial markets professionals and respectively at number seven by Bookkeepers, Accounting Technicians and Clerks. The qualification aims to bridge the scarce skills in the Accounting and Financial profession. The qualification provides learners who have a passion for managing money, budgeting, financial planning, auditing, and taxation then a career in accounting or an accounting degree with the skills necessary to begin a rewarding financial career. Certified accountants and analysts are some of the more common job functions for someone with an accounting degree, however, the analytical and critical thinking skills that can be gained from completing a degree in accounting can give the learner opportunity to explore more careers.

The qualification provides the learner with the ability to understand, analyse and apply financial rules and regulations, generate financial reports, and communicate these reports with all stakeholders. The learner will also gain valuable experience in business strategy, risk management, information systems, quantitative analysis, and business ethics. Learners will be able to further explore the current business landscape and develop analytical, critical thinking and strong communication skills to prepare them for a variety of jobs with accounting majors, from financial planning and consulting to budget management and data analysis.

The curriculum is designed to provide learners with a sound understanding of the core learning areas of accounting as well as the core management functions. The qualification will equip learners with the skills and competencies necessary to function in both the private and public sector environments.

Recognition of Prior Learning (RPL)

The institution has an approved Recognition of Prior Learning (RPL) policy which applies to equivalent qualifications for admission into the qualification. RPL will be applied to accommodate applicants who qualify. RPL thus provides alternative access and admission to qualifications, as well as advanced standing within qualifications. RPL may be applied for access, credits from modules and credits for or towards the qualification.

RPL for access

• Learners who do not meet the minimum entrance requirements or the required qualification at the same NQF level as the qualification required for admission may be considered for admission through RPL.
• To be considered for admission in the qualification based on RPL, applicants should provide evidence in the form of a portfolio that demonstrates that they have acquired the relevant knowledge, skills, and competencies through formal, non-formal and/or informal learning to cope with the qualification expectations should they be allowed entrance into the qualification.

RPL for exemption of modules

• Learners may apply for RPL to be exempted from 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 credit

• Learners may also apply for RPL for credit for or towards the qualification, in which they must provide evidence in the form of a portfolio that demonstrates prior learning through formal, non-formal and/or informal learning to obtain credits towards the qualification.
• Credit shall be appropriate to the context in which it is awarded and accepted.

Entry Requirements

The minimum entry requirements for this qualification are

• National Senior Certificate, NQF Level 04, granting access to Bachelor's degree studies.

Or

• National Certificate (Vocational), NQF Level 04, granting access to Bachelor's degree studies.

Or

• Senior Certificate with endorsement, NQF Level 04.

Or

• Further Education and Training Certificate: Accounting Technician, NQF Level 04.

Or

• Higher Certificate in Accounting, NQF Level 05.

Or

• Occupational Certificate: Management Accounting Officer, NQF Level 05.

This qualification consists of the following compulsory modules at National Qualifications Framework Level 07 totalling 360 Credits.

Compulsory Modules, Level 5, 120 Credits

• Financial Accounting IA, 15 Credits.
• Financial Accounting IB, 15 Credits.
• Microeconomics I, 10 Credits.
• Macro Economics I, 10 Credits.
• Business Statistics IA, 10 Credits.
• Business Statistics IB, 10 Credits.
• Business Management IA, 15 Credits.
• Business Management IB, 15 Credits.
• Business Communication, 10 Credits.
• Information Systems in Accounting I,10 Credits.

Compulsory Modules, Level 6, 120 Credits

• Financial Accounting IIA, 15 Credits.
• Financial Accounting IIB, 15 Credits.
• Auditing IIA, 10 Credits.
• Auditing IIB, 10 Credits.
• Management Accounting IIA, 15 Credits.
• Management Accounting IIB, 15 Credits.
• Taxation IIA, 10 Credits.
• Taxation IIB, 10 Credits.
• Business Law II, 10 Credits.
• Business Ethics II, 10 Credits.

Compulsory Modules, Level 7, 120 Credits

• Financial accounting IIIA, 15 Credits.
• Financial accounting IIIB, 15 Credits.
• Auditing IIIA, 15 Credits.
• Auditing IIIB, 15 Credits.
• Management Accounting IIIA, 15 Credits.
• Management Accounting IIIB, 15 Credits.
• Taxation IIIA, 15 Credits.
• Taxation IIIB, 15 Credits.

1. Demonstrate the ability to measure, process, analyse and communicate financial information about an organization to a variety of concerned parties and stakeholders.
2. Demonstrate the ability to accumulate, develop, and design reports on financial information about the financial position, performance, and cash flows of an entity.
3. Demonstrate the ability to make appropriate decisions on how to manage a business, not limited to but inclusive of investing and borrowing of funds.
4. Demonstrate the ability to prepare and develop accounting records and journals for standardised business transactions.
5. Demonstrate the ability to generate financial statements by implementing the relevant accounting frameworks and principles such as IFRS and GAAP.
6. Demonstrate the ability to generate certain special purpose reports such as budgeted profits or revenues from the sale of certain products.
7. Demonstrate the ability to compile necessary financial information that businesses require to evaluate their key performance indicators and benchmarking criteria.
8. Provide management of an entity with the independent reviews and financial advice required to make informed business decisions.
9. Display the necessary knowledge and skills, attitudes, and applied competence to enable them to demonstrate administrative proficiency.
10. Display knowledge of management in general.

Associated Assessment Criteria for Exit Level Outcome 1

• Communicate financial information to relevant stakeholders by analysing and measuring the accounting and business processes of an organisation.
• Evaluate and analyse the financial information to provide stakeholders with the relevant information required for decision-making.

Associated Assessment Criteria for Exit Level Outcome 2

• Cumulate and develop reports on financial information about the financial position.
• Design reports on financial information regarding the financial position, performance, and cash flows of an entity.

Associated Assessment Criteria for Exit Level Outcome 3

• Evaluate the decision about the management of a business's funds and financial position by scrutinising the cash inflow and outflow of the entity.
• Manage and control the borrowing and lending of funds by examining the financial position of an entity.

Associated Assessment Criteria for Exit Level Outcome 4

• Develop and prepare accounting journals and records by evaluating the relevant accounting transactions which occur daily in a business.
• Evaluate and record the standardise business transactions in the relevant journal and ledger accounting by identifying the type, class, and element of the transaction.

Associated Assessment Criteria for Exit Level Outcome 5

• Appropriately implement the accounting principles by making use of IFRS and GAAP when generating and recording financial information and transactions.
• Generate and produce the accounting ledgers and statements by implementing IFRS and GAAP principles that standardise the reporting of accounting information in a business.

Associated Assessment Criteria for Exit Level Outcome 6

• Generate special purpose reports based on the requirements from management which enable them to make decisions based on the profits or revenues of the possible sale of certain products.
• Compile and generate the information required for determining and forecasting budgeted information into special purpose reports as requested.

Associated Assessment Criteria for Exit Level Outcome 7

• Monitor and evaluate the key performance indicators of a business by making use of the relevant financial information available.
• Evaluate and examine the benchmarking criteria by comparing the financial information of a business to the industry norm.

Associated Assessment Criteria for Exit Level Outcome 8

• Provide relevant financial advice to management by evaluating financial information required for making informed business decisions.
• Conduct and report on the independent reviews of a company's financial information to assist in making financially comprehensive decisions.

Associated Assessment Criteria for Exit Level Outcome 9

• Apply fundamental and specialist knowledge in an organisational context to identify and analyse appropriate policies to achieve administrative efficiency.
• Select and implement appropriate processes to resolve administrative deficiencies.
• Identify, analyse, and evaluate complex administrative problems to apply appropriate problem-solving solutions to enhance administrative proficiency.

Associated Assessment Criteria for Exit Level Outcome 10

• Explain the knowledge of key management terms and concepts and demonstrate knowledge of disciplines or practices of management.
• Evaluate the components of fundamental and specialised effective management knowledge and apply them to the various operational management levels.
• Recognise the context and systems in general management and apply them to organisational processes in unfamiliar and variable contexts.