Bachelor of Commerce in Accounting Science

Purpose

The Bachelor of Commerce in Accounting Science is designed for learners who plan a career as Chartered Accountants (CAs). The qualification will prepare learners for Postgraduate Accounting studies. The qualification was developed in line with the South African Institute of Chartered Accountants (SAICA) Competency Framework which prescribes the discipline specific knowledge and skills. Skills will be inculcated by exposing learners to the professional skills and personal attributes required by aspirant Accountants. Professional ethics will not only be part of the curriculum but also be entrenched by encouraging responsible behavioural patterns. Ultimately, specialising in each of the areas of Financial Accounting, Auditing, Financial Management and Taxation will enable articulation with a Postgraduate qualification.

Upon completion of the qualification, the learner will be able to

• Prepare financial statements and tax returns.
• Demonstrate foundational knowledge in a range of related disciplines including Business Management, Commercial Law, Economics, English, and Business Mathematics.
• Apply effectively and responsibly, language and literacy practices and conventions in academic contexts.
• Demonstrate knowledge of the key concepts of business and professional ethics and the use of ethical decision making strategies.

Rationale

South Africa currently has 37 923 registered Chartered Accountants (CAs). Of this number, 3349 (approximately 9%) are Africans. Considering that the qualification will be offered to learners in a rural area where the majority are Africans, the University has an opportunity to contribute to the redress of the current challenge regarding the demographics of South African CAs.

The Department of Higher Education and Training identified accountancy among the top 100 scarce skills in South Africa. In addition, statistics from the South African Institute of Chartered Accountants (SAICA) show that over 5 000 CAs and 17 000 General Accountants are required to meet the financial skills shortage in South Africa. This confirms the need for this qualification.

Recognition of Prior Learning (RPL)

Recognition of Prior Learning (RPL) may be applied to enable applicants who do not qualify for admission in terms of the University's normal admissions process to gain access to the qualification. Knowledge and experience gained through prior formal and informal learning may be assessed through the University's RPL process.

The qualification can be obtained in part through RPL.

Entry Requirements

The minimum entry requirement for admission to this qualification is a

• Senior Certificate (SC) with endorsement.

Or

• National Senior Certificate (NSC) passed with Bachelor's Degree admission.

Or

• National Certificate Vocational (NCV), Level 4 passed with Bachelor's Degree admission.

The qualification consists of compulsory modules at Levels 5, 6 and 7 totalling 504 Credits.

Modules at Level 5, 264 Credits

• Accounting S1, 24 Credits.
• Business English S1A and S1B, 24 Credits.
• Business Management S1A and S1B, 24 Credits.
• Business Mathematics S1A and S1B, 24 Credits.
• Economics S1A and S1B, 24 Credits.
• Commercial Law S1A and S1B, 24 Credits.
• Accounting S2, 24 Credits.
• Managerial Accounting and Finance S2, 24 Credits.
• Taxation S2, 24 Credits.
• Business Ethics S2A, 24 Credits.
• Business Information Systems S2A, 24 Credits.

Modules at Level 6, 120 Credits

• Accounting S3, 30 Credits.
• Managerial Accounting and Finance S3, 30 Credits.
• Auditing S3, 30 Credits.
• Taxation S3, 30 Credits.

Modules at Level 7, 120 Credits

• Accounting S4, 30 Credits.
• Auditing S4, 30 Credits.
• Managerial Accounting and Finance S4, 30 Credits.
• Taxation S4, 30 Credits.

1. Prepare financial statements for business entities, including companies.
2. Demonstrate an integrated understanding of strategic business management.
3. Demonstrate competence in management information techniques used in the corporate world.
4. Communicate effectively and professionally in a business environment, using academic and professional business conventions and formats.
5. Evaluate Commercial Law within a South African context.
6. Demonstrate theoretical and practical knowledge of the fundamentals of the different areas of Business Mathematics.
7. Make informed ethical business decisions, drawing on appropriate ethical values and approaches, within a business environment.
8. Apply accounting systems and processes in the business environment.
9. Demonstrate understanding of the theories and practices pertaining to Auditing.
10. Formulate, implement and evaluate business strategies based on discipline-specific concepts, principles and business analysis.
11. Apply Tax knowledge appropriately to the practice of Taxation and Tax Administration (tax returns with the South African Revenue Service).

Associated Assessment Criteria for Exit Level Outcome 1

• An understanding of transactions and events is demonstrated by accounting for these transactions and events in line with the requirements of International Financial Reporting Standards (IFRS).
• Financial statements are prepared to account for the following transactions and events:

> The conceptual framework for financial reporting.

> Presentation of financial statements.

> The investing activities, financing activities and the operating activities of a sole trader.

> The review and adjustments process.

> The closing-off process.

> Value Added Tax.

> Payables and Receivables.

> Cash and cash equivalents.

• Knowledge and understanding to be able to execute tasks (practical applications) at a basic level relating to the following non-routine events and transactions are demonstrated:

> Business combinations.

> Individual non-current assets held for sale.

> Accounting policies, changes in estimates and errors.

> Employee benefits.

> Foreign exchange transactions.

> Events after the reporting period.

Associated Assessment Criteria for Exit Level Outcome 2

• The role of business in society, considering the needs and resources of the community, the main economic systems and the nature of Business Management are explained.
• The internal and external business environment and the interaction between an organisation and its environment are identified and explained.
• The entrepreneurial process, the characteristics of an entrepreneur, the difference between an entrepreneurial venture and a small business and the phases of growth in a business are defined and explained.
• The origin of management theory and modern business management approaches are identified and explained.
• Skills, roles and characteristics of managers as important role players in establishing effective and efficient business practice are analysed.
• All the relevant aspects, processes, characteristics, theories, models and techniques relevant to the four primary management functions (i.e. planning, organising, leading and controlling) are identified and explained.

Associated Assessment Criteria for Exit Level Outcome 3

• Concepts and terms associated with Information and Communications Technology (ICT) are explained.
• Common functions of a computer and its operating system are used.
• Word processing, power point presentation and Microsoft Access as a database management tool are used.
• An understanding of the different types of software used in current computer systems appropriate for specific business problems is demonstrated.

Associated Assessment Criteria for Exit Level Outcome 4

• The importance of effective communication in the workplace is discussed.
• The different approaches to conflict are identified.
• The role culture plays in effective communication is appreciated.
• The role of non-verbal communication in the workplace is discussed.
• Language and literacy practices and conventions are applied in academic contexts.

Associated Assessment Criteria for Exit Level Outcome 5

• A broad understanding of the structure of the South African legal system is demonstrated.
• The broad principles relating to the interpretation of statutes are understood.
• The general principles of the law of obligations are understood.
• A clear understanding of contractual capacity and consensus as requirements for a valid contract is shown.
• An understanding of standard contractual terms and the parties involved in the conclusion of a valid contract is demonstrated.
• The various forms of breach of contract and related matters are identified and discussed.
• Basic legal advice regarding the choice of business form is provided.
• The rights and duties of the different role players in the partnership, the company, the closed corporation and the business trust are explained.

Associated Assessment Criteria for Exit Level Outcome 6

• Fundamental concepts of algebra are defined and applied.
• Fundamental concepts of domains and functions are determined and applied.
• Relevant skills in the areas of graphs and systems are displayed.
• Exponential and logarithmic equations are solved.
• Problems around basic linear programming and linear equations are solved.
• Various probability and statistical techniques are discussed and determined.
• Fundamental concepts of calculus are applied.

Associated Assessment Criteria for Exit Level Outcome 7

• A basic understanding of selected ethical theories and their relevance to business and professional ethical issues is shown.
• The ability to link case material with ethical knowledge and theory is demonstrated.
• An introductory understanding of selected, large-scale, socio-economic ethical issues relevant to the business world and professional practice is displayed.
• Selected issues and approaches in relation to business ethics in South Africa and internationally are understood.
• The purpose, structures and contents of selected codes of ethics from business and the professions are analysed.

Associated Assessment Criteria for Exit Level Outcome 8

• The appropriate sources of long-term corporate capital are identified and evaluated and management decisions made.
• An understanding of the capital structure of an entity and the implications of changing the capital structure are demonstrated.
• Long-term capital investment decisions are made by using different capital budgeting techniques.
• The value of business operations is determined by applying different valuation methods.
• The role of the treasury function to manage financial risk is explained and different techniques are evaluated to hedge against financial risks.
• A basic understanding of the impact of sustainability on business decision-making is demonstrated.

Associated Assessment Criteria for Exit Level Outcome 9

• The risk management process is understood.
• Audit controls necessary in each of the business cycles are identified.
• Audit control weaknesses are identified in a given scenario for each of the business cycles and recommendations for improvements are provided.
• Substantive procedures relevant to accounting in each of the business cycles are described and applied to practical situations.
• An understanding of how to complete the audit process including the going- concern concept and events after the reporting period is demonstrated.
• The different types of audit reports as well as the situations and events that will lead to the issuing of each type of audit report are identified.
• The implications of the use of computers for data processing on the internal controls of an organisation are explained.
• The methods used by the auditor in a computerised audit process are described and applied to practical situations.
• The principles of and compliance with the Auditing Profession Act, the Code of Professional Conduct as prescribed by the South African Institute of Chartered Accountants (SAICA), as well as the disciplinary rules of the Independent Regulatory Board for Auditors (IRBA) are explained and understood.
• An awareness of the International Standards on Auditing (ISA) and their effect on the auditing environment is demonstrated.

Associated Assessment Criteria for Exit Level Outcome 10

• Business cycles and their macro-economic implications are discussed and analysed.
• The role of money and interest rates in the economy are defined, discussed and evaluated.
• International economics and international finance are comprehensively discussed and assessed.
• The total expenditure model is developed and explained.
• The aggregate demand and aggregate supply model are discussed and applied.
• The impact of HIV/AIDS on economic growth and development of a nation, especially for South Africa is discussed.

Associated Assessment Criteria for Exit Level Outcome 11

• Amounts to be included in gross income are identified by applying the definition of "gross income" in the Income Tax Act in respect of residents and non-residents.
• Amounts exempt from taxable income are identified.
• Allowable deductions for income tax purposes are identified and calculated by applying the general deduction formula and special deductions.
• Various capital allowances, including recoupment and scrapping allowances are calculated.
• Taxable capital gains are calculated.
• The taxable income and income tax payable by a taxpayer are calculated.

Integrated Assessment

The Integrated Assessment leading to a Bachelor of Accounting Science is aimed at achieving the Exit-Level Outcomes through cumulative application of learners' performance from first level to final level of study. To achieve this purpose, learners are tested on materials covered from the beginning of each semester to the end (normally in a three/four hour's exam) for each semester/year course. The integrated assessment examines candidates' application of previous knowledge in lower level courses to new courses that emerge as learners progress to upper level; hence learners are examined to demonstrate mastery of the chain link and continuity in accounting education and profession - with the ability to situate current knowledge on previous studies. Toward this goal, a Bachelor of Accounting Science candidate is accessed on practical and qualitative capability; such as in critical reading and thinking, assessment and finding solution to complex financial problems suitable at the level of candidate's study.

Learning and assessment should be integrated. Continual formative assessment will be required so that learners are given feedback on their progress in the achievement of specific learning outcomes. Summative assessment is concerned with the judgement of the learning in relation to the Exit-Level Outcomes of the qualification. Such judgement will include integrated assessment(s) which test the learners' ability to integrate the larger body of knowledge, skills and attitudes that are represented by the Exit-Level Outcomes as a whole.

ty to integrate the larger body of knowledge, skills and attitudes that are represented by the Exit-Level Outcomes as a whole.