Higher Certificate in Accounting

Purpose

The purpose of the Higher Certificate in Accounting, Level 5 is to provide the learner with knowledge, skills and attitudes to develop a theoretical and practical understanding of the context and strategies relevant to basic financial and cost accounting processes. This includes the legal aspects of accounting, auditing, reporting procedures, basic statement analysis and other associated functions. The completion of this qualification will aid the learner to understand the importance of the correct and accurate application of appropriate accounting principles and theory.

The qualification will support those learners with no accounting knowledge to progress to a cognate Diploma and thus progress along a financial management learning and career pathway. The accounting field offers a wide range of career opportunities to suit all interests including auditing and assurance work, financial management, bank and insurance management, multinational fund management, investment analysis, financial research, portfolio management, investment analysis, corporate advising, management consulting, corporate finance, IT consulting, tax planning and advising and Human Resources (HR) and insolvency advising.

This qualification will enable the learner to

• Evaluate, select and apply appropriate accounting techniques and skills.
• Communicate information coherently and reliably using appropriate format.
• Explain and apply the main areas of accounting and associated practice.
• Apply general principles and behaviour of working ethically in an accounting environment.
• Explain and operate business information systems to carry out accounting practices.

Rationale

Due to the recession that our economy is going through, many industries are cutting down on jobs. One area of business that is still thriving is accounting. Various businesses are realising how important it is to cut down on costs to make their business more profitable during this time of economic crisis. They also realise how important it is to have and to apply a strict set of internal financial controls and practices to make their business more efficient. The only way to ensure that both of these can happen is through stringent accounting practices.

The area of accounting and finance is an integral and important part of any business of any size. Many directors and senior managers of successful organisations started their careers in the accounting field. The Higher Certificate in Accounting, Level 5 will assist learners to begin their careers in financial management.

It is assumed that the learner is competent in

• Mathematical Literacy at NQF Level 4
• Communication at NQF Level 4
• The theoretical, practical, and academic knowledge and understanding required at NQF Level 4.

Recognition of Prior Learning

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. Recognition of Prior Learning is performed by means of institutional assessment criteria.

This Recognition of Prior Learning may

• Grant admission to learners who do not meet the minimum requirements for admission.
• Grant learners credits towards modules contained in this qualification.
• Grant learners credits towards the achievement of the qualification.

Access to the Qualification

To gain access to this qualification learners require one of the following

• A National Senior Certificate (NSC) as certified by Umalusi with a minimum of 30% in the language of learning and teaching of the higher education institution.
• A Senior Certificate issued prior to 2008.
• A Qualification at NQF Level 4 or equivalent.

All eight modules are at NQF Level 5 and are compulsory.

Modules at NQF Level 5

• Financial Accounting; 20 Credits.
• Cost Accounting; 20 Credits.
• Economics; 20 Credits.
• Business Information Systems; 15 Credits.
• Taxation; 15 Credits.
• Auditing; 15 Credits.
• Client Service and Ethics; 15 Credits.
• Business Calculations; 10 Credits.

Total: 130 credits

1. Evaluate, select and apply appropriate accounting procedures and processes to solve clearly defined problems in an accounting environment.
2. Communicate information coherently and reliably using the appropriate format and language.

> Range: May include but is not limited to basic writing conventions, information and communication technologies, business information systems and reporting procedures.

1. Explain and apply the main areas of accounting and associated practice.

> Range: May include but is not limited to key terms, concepts, laws, principles, rules and theories of accounting.

1. Apply general principles and behaviour of working ethically in an accounting environment.
2. Explain and operate business information systems to carry out accounting practices.

Critical Cross-Field Outcomes

This qualification aims to address all the Critical Cross-Field Outcomes.

Associated Assessment Criteria for Exit Level Outcome 1

• Identify problems that can occur in the financial management of businesses.
• Distinguish between the types of accounting practices available.
• Identify appropriate accounting applications and procedures to solve the problems.
• Explain and apply the legal requirements of financial accounting in general.
• Explain the consequences of non-compliance with financial and accounting legislation and regulations.

Associated Assessment Criteria for Exit Level Outcome 2

• Describe information reporting procedures for decision making purposes.
• Apply quality control measures to business financial information systems.
• Report on the basic financial position of an organisation.
• Prepare and disseminate financial and accounting information.

Associated Assessment Criteria for Exit Level Outcome 3

• Apply internal financial accounting policy and practices.
• Explain the practices associated with financial and cost accounting.
• Perform basic financial accounting practices.
• Analyse basic financial statements.
• Analyse the basic cost accounting system.
• Monitor the implementation of financial policy.
• Analyse budgeting procedures for an organisation.
• Apply the basic framework for the preparation and presentation of financial statements.
• Sketch the business cycle as it applies to accounting practices.

Associated Assessment Criteria for Exit Level Outcome 4

• Identify, explain and employ the fundamental principles of ethical behaviour in an accounting environment.
• Analyse the components of ethical behaviour and explain their importance.
• Explain and distinguish between the types of unethical behaviour.

> (Range: Ethical behaviour includes self, employees and clients).

• Explain the process of dealing with unethical behaviour.

Associated Assessment Criteria for Exit Level Outcome 5

• Explain and apply information management security practices for an organisation.
• Describe operational and managerial roles of an information system in an accounting environment.
• Explain how an information system is used to support end-user accounting applications.
• Utilise computer hardware and software for processing accounting transactions and communication information.
• Analyse an organisation's internal financial reporting requirements.

Integrated Assessment

Assessment practices must be open, transparent, fair, valid, and reliable and ensure that no learner is disadvantaged. Learning, teaching and assessment are in line with each other.

The term 'Integrated assessment' implies that theoretical and practical components are assessed together. During integrated assessments the assessor makes use of formative and summative assessment methods and assesses combinations of practical, applied, foundational and reflective competencies.

A variety of methods are therefore be used in assessment. Tools and activities are appropriate to the context in which the learner is working. Where it is not possible to assess the learner in the workplace or on-the-job, simulations, case studies and other similar techniques are used to provide a context appropriate to the assessment.

Assessment methods include

• Self-assessment activities.
• Knowledge tests.
• Case studies.
• Report writing.
• Research and project based assignments.
• Written examinations.