Diploma in Accounting

Purpose

To apply, evaluate, conclude and report on all the fields of accounting order to comply with the powers, duties and/or requirements of the law at the Registered General Accountant level.

Recognition of Prior Learning

The qualification shall also be awarded through a combination of technikon learning and the recognition of relevant experience.

Entry Requirements

• Diploma: Accounting; Level 5 or equivalent.
• Level 5 language proficiency in English.

The qualification shall be awarded to a learner who has completed the required credits either through formal education at the Technikon, or through a combination of Technikon learning and the recognition of relevant experience and/or other learning at appropriate levels which comply with the capabilities defined for this qualification.

1. Examine the implications of the provisions of the Income Tax Act on companies, individuals and partnerships.
2. Apply advanced Financial Accounting principles to companies and other business entities.
3. Understand and apply relevant rules and procedures of corporate law.

Specified Level 1

• Examine the practical implications of the Income Tax Act on companies.
• Examine the practical implications of the Income Tax Act on individual and partnerships.
• Examine the practical implications of the Income Tax Act on taxpayers.

Specified Level 2

• Prepare, analyse and interpret financial statements for groups of companies and other business entities.

Specified Level 3

• Examine the applications of the general principles of law and procedure of meetings.
• Examine the application of close corporation law.
• Examine the application of general procedures of company.

Critical Level

• Communicate effectively by means of oral, written and mathematical persuasions.
• Work effectively with others in a team.
• Identifying and solving of basic problems.
• Demonstrating and understanding of the dynamics between the micro-and intermediate environments as a set of related systems by recognising that basic problem solving does not exist in isolation.
• Collecting, analysing, organising and critical evaluation of information.
• Using science and technology effectively.
• Contribute to the personal development of the learner and the social and economic development of society.

Associated Assessment Criteria for Exit Level Outcome 1

The following knowledge and skills relating to the application of the Income Tax Act on companies will be demonstrated

• Calculation of taxable income or assessed loss for normal taxation as well as for the undistributed profit tax liability.
• Detail knowledge of special allowances, exemptions from tax and deductions.

The following knowledge and skills relating to the application of the Income Tax Act on individuals and partnerships will be demonstrated:

• Calculation of taxable income or assessed loss for normal calculation.
• Detail knowledge of allowances, exemptions from tax, deductions and rebates.

The following knowledge and skills relating to the application of the Income Tax Act on taxpayers will be demonstrated

• General sales tax.
• Non-residence tax on dividends, royalties, interest, etc.
• Using "tax formula" for lump sums received.
• Provisions of the Act relating to tax avoidance and objection procedures.
• Payment of tax, Pay-As-You-Earn (PAYE) and provisional tax.

Associated Assessment Criteria for Exit Level Outcome 2

The learner will demonstrate knowledge and skills in the application of advanced financial accounting principles

• Advanced accounting principles.
• Group statements.
• Valuation of business and other securities.
• Investment accounts.
• Containers and coupons.
• Liquidation, amalgamation and reconstructions.
• Management information.
• Lease accounts in the books of the lessee and lesser.
• Instalment sales in the books of the buyer and seller.

Associated Assessment Criteria for Exit Level Outcome 3

The learner will demonstrate the application of the following knowledge and skills

• General principles of law and the procedure of meetings such as the distinction between public and private meetings; the various types of company meetings including board and board committee meetings; the meetings of a close corporation; the rights and restrictions with regard to the holding of meetings; maintenance of order at meetings, essential of a valid meeting; the appointment, duties and powers of the chairman; procedural rules governing adjournment, postponement, agenda, notice, minutes and reports; rules of debates, motions, resolutions, points of order, amendments, voting, proxies, formal motions and resolutions in writing; the law of defamation relating to meetings.

The learner will demonstrate the application of the following knowledge and skills

• Formation of a close corporation, name, membership, association agreement, conversion and deregistration.
• Loans, payments to members and liability of members.
• Internal and external relationships and report to members.
• Responsibilities, duties and powers of the accounting officer.
• Accounting and disclosure requirements.
• Documents and records.
• Changes to matters refereed to in a founding statement.
• Use and changes of a corporation's name.
• Legal proceedings.
• Annual duty and other duties.

The learner will demonstrate the application of the following knowledge and skills

• Duties, powers and responsibilities of the company secretary.
• The formation of a secretary.
• The main classes of share capital/sources and methods of raising capital, alteration of share capital.
• Changes to memorandum and articles of association.
• New share issue procedures, application and allotments.
• Share registration and transfer procedures, renunciations, transmissions, rights 'offers' options, capitalization issues.
• Payment of dividends and interest.
• Borrowing powers, loans, securities for loans and debentures, powers of trustees, redemption's.
• Directors, executive and non-executive, qualifications, appointment, tenure and vacation of office, retirement, legal position, duties, responsibilities, disclosure of interests, the secretarial work relative to directors.
• Secretarial work relating to auditors and the audit.
• Stock exchange.
• Liquidation and winding up and judicial management.

Integrated Assessment

• A range of formative and summative methods and techniques in the form of written tests, practical exercises and case studies, projects and written examinations.
• Official registration for articles at the professional bodies. The professional bodies will control and manage the process as they have done in the past. This includes the assessment of prior formal, informal and non-formal learning that may contribute to the achievement of the qualification.