Diploma: Accountancy

Purpose

The qualification is designed to equip learners with the essential knowledge and specific skills required to proficiently deliver accounting related services and act as accountants. The qualification will enhance learners' opportunities to attain employment within the accounting profession or for further learning in this field.

A learner who successfully completes the qualification will

• Have a coherent and critical understanding of the accounting profession.
• Demonstrate basic competency in the field of accountancy.

The qualification aims to enable the learner to

• Apply basic accounting and auditing principles and processes.
• Apply the basic principles of cost and management accounting.
• Apply basic legal principles within the accountancy and/or corporate environment.
• Use basic computer software.
• Minimise tax liability through effective tax planning on behalf of various clients.
• Apply relevant codes and legislation (Companies Act, Close Corporations Act, King Report on Corporate Governance).

Rationale

This qualification is designed to

• Increase the supply of skilled accounting personnel.
• Provide learners with a thorough grounding in the principles of accounting and auditing.
• Equip learners with the necessary skills and knowledge needed to competently perform both manual and computerised accounting tasks.

The qualification also seeks to

• Satisfy the national demand for public and private sector accountants.
• Equip learners with management accounting skills and knowledge.

It is assumed that learners who register for this qualification have

• Competency in Mathematics at NQF Level 4.
• Competency in English (read, write and speak) at NQF Level 4.
• Computer Literacy.

Recognition of Prior Learning

Learners who do not meet the entry requirements may gain admission through Recognition of Prior Learning. In addition, candidates may apply for exemption from certain modules on grounds of prior qualifications and/or study completed. In all cases, recognition will be considered under the conditions of NMMU policies and approval by faculty structures.

Access to the Qualification

Learners will require the following to enrol

• A National Senior Certificate with a pass in English and Mathematics at NQF Level 4 granting access to Diploma studies.

The qualification consists of 30 compulsory modules of 12 Credits each, worth 360 Credits.

Modules at NQF Level 5

• Financial Accounting 1 - Accounting Fundamentals.
• Cost and Management Accounting 1.
• Communication 1 - Professional Business Communication.
• Communication 1 - Professional Communication Practices.
• Business Calculations 1.
• Accountant in Business 1.
• Economics 1 - Micro.
• Economics 1 - Macro.
• Business Information Systems 1 - Introductory Computing Concepts.
• Commercial Law: Business Entities.

Total credits at NQF Level 5 = 120.

Modules at NQF Level 6

• Financial Accounting 1 - Accounting for business entities.
• Financial Accounting 2 - Accounting for incomplete records, partnerships, branches and Close Corporations.
• Computerised Accounting Applications 1.
• Financial Accounting 2 - Accounting for companies.
• Cost and Management Accounting 2 - Budgeting and integrated accounting systems.
• Cost and Management Accounting 2 - Process, joint and marginal costing.
• Commercial Law: General Principles of Contract.
• Commercial Law: Specific Contracts.
• Business Information Systems 1- Intermediate Computing Concepts.
• Taxation 1 - Individuals.
• Taxation 1 - Prepaid taxes, retirement benefits and farming.
• Taxation 2 - Value added and Capital Gains Tax.
• Taxation 2 - Companies.
• Audit and Corporate Governance 1 (A).
• Audit and Corporate Governance 1 (B).

Total credits at NQF Level 6 = 180.

Modules at NQF Level 7

• Financial Accounting 3.
• Cost and Management Accounting 3 - Resource optimisation models.
• Cost and Management Accounting 3 - Operations research techniques.
• Audit and assurance 2 (A).
• Audit and assurance 2 (B).

Total credits at NQF Level 7= 60.

1. Explain and apply basic accounting and auditing principles.
2. Implement and operate the basic principles of cost and management accounting.
3. Acquire and apply basic legal principles within the accountancy and/or corporate environment.
4. Use basic computer software.
5. Calculate and minimise tax liability through effective tax planning on behalf of various stakeholders.
6. Apply relevant codes and legislation (Companies Act, Close Corporations Act, King Report on Corporate Governance) in an accounting and/or auditing environment.

Critical Cross-Field Outcomes

All the Critical Cross-Field Outcomes are addressed in the qualification.

Associated Assessment Criteria for Exit Level Outcome 1

• Prepare financial source documents correctly for data capturing.
• Record the sorted documents in the relevant books of prime-entry.
• Prepare financial statements for the different business entities and sectors according to statutory requirements.
• Compile basic consolidated financial statements for companies.
• Analyse and correctly valuate business interest.
• Analyse and interpret financial statements.
• Evaluate basic systems of internal control.
• Apply basic auditing principles and procedures.

Associated assessment criteria for Exit Level Outcome 2

• Administer inventory systems.
• Determine costs of manufactured products.
• Operate basic costing systems.
• Account for joint and by-products.
• Compile accurate operating, financial and master budgets.
• Apply quantitative techniques for investment appraisal.

Associated Assessment Criteria for Exit Level Outcome 3

• Apply basic legal principles.
• Apply legal principles in the right context.
• Identify and interpret agreements.
• Apply the principles of negotiable instruments.
• Compare and discuss different forms of enterprises.
• Interpret and apply legal principles pertaining to companies and close corporations in practical case studies.
• Analyse, discuss and evaluate legal ways of starting own business.

Associated assessment criteria for Exit Level Outcome 4

• Write reports in the appropriate format using Word, PowerPoint, and Excel.
• Prepare a set of accounts using Pastel accounting.

Associated Assessment Criteria for Exit Level Outcome 5

• Process taxation for individuals (including farmers), small businesses and companies ensuring that applicable values are used in the various categories.
• Explain and apply value added taxation.
• Explain and correctly apply capital gains tax.

Associated Assessment Criteria for Exit Level Outcome 6

• The requirements of the Companies Act and Close Corporations Act are adhered to in the preparation of financial statements and audit reports.
• The principles laid out in the King Report on Corporate Governance are interpreted and applied to practical case studies.

Integrated Assessment

Regular assessments of generic skills of learners are carried out. The essence of the assessment is that of both formative and summative assessments, which will incorporate written assignments and class tests. Written assignments are directly linked to theory and will incorporate the theory and skills related to the Exit Level Outcomes.