SA NCS:Accounting
Introducing the Subject
DEFINITION
Accounting focuses on measuring performance, and processing and communicating financial information about
economic sectors. This discipline ensures that ethical behaviour, transparency and accountability are adhered to.
It deals with the logical, systematic and accurate selection and recording of financial information and
transactions, as well as the compilation, analysis and interpretation of financial statements and managerial
reports for use by interested parties.
PURPOSE
The subject Accounting develops learners' knowledge, skills, values, attitudes and ability to make meaningful
and informed personal and collaborative financial decisions in economic and social environments.
By engaging in Accounting, learners will be able to:
- Collect, select, record and/or capture, analyse and interpret financial and other relevant data in order to make informed decisions.
- Develop general and specific skills in accounting to integrate theory and practice and which could be used for compliance with generally accepted accounting practice.
- Present and/or communicate financial information effectively by using generally accepted accounting practice, developments and legislation.
- Develop and demonstrate an understanding of fundamental accounting concepts.
- Acquire skills, knowledge, attitudes and values that can contribute directly or indirectly to the improvement
- of standard of living, human development and productivity, and create opportunities for all.
- Relate skills, knowledge and values to real-world situations in order to ensure the balance between theory and practice, to enter the world of work and/or move to higher education, and to encourage self-development.
- Organise and manage own finances and activities responsibly and effectively.
- Apply principles to solve problems in a judicious and systematic manner in familiar and unfamiliar
situations, thus developing the ability to identify and solve problems.
- Develop critical, logical, and analytical abilities and thought processes to enable them to apply these skills
to current and new situations.
- Develop the necessary characteristics including:
- ethics;
- sound judgment;
- thoroughness;
- orderliness;
- accuracy; and
- neatness and presentability.
- Deal confidently with the basic demands of an accounting occupation manually and/or electronically.
SCOPE
This subject encompasses accounting knowledge, skills and values focusing on the financial, managerial and
auditing fields. These knowledge, skills and values must address and underpin the constitutional goals of South
Africa (e.g. legitimacy, accountability, accessibility, transparency and ethical behaviour). To meet the
requirements of a multicultural and democratic environment financial accounting, cost and managerial
accounting and auditing serve as a framework to capture the essence of Accounting and should be seen as
progression for further development within this subject.
This scope embraces the following features:
Financial accounting
Financial accounting includes the logical, systematic and accurate recording of financial transactions as well as
the analysis, interpretation and communication of financial statements by understanding the fundamental
concepts regarding basic accounting principles and practice.
Managerial accounting
Managerial accounting includes concepts such as costing and budgeting. It puts emphasis on the analysis,
interpretation and communication of financial and managerial information for decision-making purposes.
Tools in managing resources
Tools in managing resources include basic internal controls and internal audit processes and code of ethics.
This features puts the emphasis on the knowledge, understanding and adherence to ethics in pursuit of human
dignity, acknowledging human rights, values and equity, in financial and managerial activities.
EDUCATIONAL AND CAREER LINKS
The principles, concepts, skills, attitudes and values in Accounting articulate with business, economic,
management, administration and financial outcomes in the General Education and Training band. These
principles, concepts, skills, attitudes and values are recognised and broadened in the Further Education and
Training band.
The Learning Outcomes in the Further Education and Training band correspond directly with current learning in
Higher Education and Training institutions, and form a base for learning in the Higher Education and Training
band. Learning in this subject enables learners to continue with their studies in further and/or higher educational
institutions and professional bodies, inter alia in the fields of financial, cost, managerial accounting and auditing.
It also enables them to develop skills, knowledge, values and attitudes to pursue different career pathways.
LEARNING OUTCOMES
Learning Outcome 1: Financial Information
The learner is able to demonstrate knowledge, understanding and the application of financial information according to generally accepted accounting practice and concepts.
This Learning Outcome will equip learners with the necessary knowledge and skills to collect, analyse,
organise, record and critically evaluate financial information from source documents up to final accounts and
financial statements. Learners will be able to organise, apply and manage financial activities and data in a
responsible and effective manner in their lives, community and economic environments.
Learning Outcome 2: Managerial Accounting
The learner is able to demonstrate knowledge and understanding of managerial accounting, as well as the application thereof.
The focus of this Learning Outcome is to equip learners with the ability to manage and report on activities by
using specific management, organising and leadership skills. This Learning Outcome focuses on developing
managerial, financial and communication skills to enable learners to manage themselves and their business
activities responsibly and effectively. Learners will be able to interpret financial and managerial information so
as to make informed decisions and communicate these decisions to the relevant stakeholders.
Learning Outcome 3: Managing Resources
The learner is able to demonstrate knowledge and understanding of the use of different financial and managerial control tools and strategies to manage resources in a responsible manner.
Learners will be equipped with the skills to use financial and managerial tools and strategies to determine the
financial impact on the management of resources. The focus of this Learning Outcome is to inculcate ethical
behaviour with regard to the management of resources.
ACRONYMS
AIDS - Acquired Immune Deficiency Syndrome
CASS - Continuous Assessment
DO - Developmental Outcome
FET - Further Education and Training
FIFO - First-In First-Out
GAAP - General Accepted Accounting Practice
GET - General Education and Training
HET - Higher Education and Training
HIV - Human Immunodeficiency Virus
IKS - Indigenous Knowledge Systems
NCS - National Curriculum Statement
NQF - National Qualifications Framework
OBE - Outcomes-Based Education
VAT - Value Added Tax
SAQA - South African Qualifications Authority
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