AboutAccounting
Accounting focuses on measuring performance, and processing and communicating financial information abou economic sectors. This discipline ensures that principles such as 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, interpretation and communication of financial statements and managerial reports for use by interested parties.
The subject encompasses accounting knowledge, skills and values that focus on the financial accounting, managerial accounting and auditing fields. These fields cover a broad spectrum of accounting concepts and skills to prepare learners for a variety of career opportunities
Topics in Accounting curriculum
- Accounting concepts
- GAAP principles
- Bookkeeping
- Accounting equation
- Final accounts and financial statements
- Salaries and wages
- Value-Added Tax
- Reconciliations
- Cost accounting
- Budgeting
- Indigenous bookkeeping systems
- Fixed assets
- Inventory
- Ethics
- Internal control
The purpose of Accounting
- record, analyse and interpret financial and other relevant data in order to make informed decisions;
- present and/or communicate financial information effectively by using generally accepted accounting practice in line with current developments and legislation;
- develop and demonstrate an understanding of fundamental accounting concepts;
- 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 to 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 in the context of the various fields of Accounting;
- develop critical, logical, and analytical abilities and thought processes to enable learners to apply skills to current and new situations;
- develop the following characteristics:
- ethical behaviour
- sound judgement
- thoroughness
- orderliness
- accuracy
- neatness;
- deal confidently with the demands of an accounting occupation manually and/or electronically
Time allocation for Accounting in the curriculum
The teaching time for Accounting is 4 hours per week, per grade on the timetable, that is, for Grades 10, 11 and 12.
Requirements to offer Accounting as a subject
It is the responsibility of the school to provide the resources to offer Accounting as a subject.
Each learner should have:
- a textbook
- Accounting stationery or workbook
- a calculator.
The teacher should have:
- a variety of textbooks for reference
- policies, e.g. summary of King Code III
- partnership agreement
- legislation, e.g. Companies Act 71 of 2008
- codes of professional bodies, e.g. SAICA and SAIPA Codes
- SARS brochures
- bank brochures
- access to a computer and the internet.
Overview of topics
Grade 10
| term | topic |
| 1 | Indigenous bookkeeping Ethics (introduction) GAAP principles Internal control (introduction) Bookkeeping of sole trader: recording of cash transactions (CRJ, CPJ, PCJ); General Ledger, Trial Balance; Accounting equation Bookkeeping of sole trader: recording of credit: transactions (DJ, DAJ, CJ, CAJ, GJ); Ledgers, Debtors’ and Creditors’ lists, Trial Balance; Accounting equation Bookkeeping of sole trader: recording of cash and credit transactions (combined) |
| 2 | VAT Salaries and wages Final Accounts – sole trader: year-end adjustments, General Ledger including Final Accounts Section, Trial Balances |
| 3 | Financial statements – sole trader Adjustments, closing transfers, General Ledger, Income Statement, Balance Sheet, Notes to financial statements Analysis and interpretation of financial statements and notes |
| 4 | Cost accounting: manufacturing concepts Budgeting |
Grade 11
| term | topic |
| 1. | Reconciliations Fixed assets Partnerships: adjustments, General Ledger, Accounting equation, final accounts, financial statements |
| 2. | Partnerships: analysis and interpretation Clubs: concepts, Ledger, Statement of Receipts and Payments |
| 3. | Cost Accounting: calculations, General Ledger Budgeting: Projected Income Statement, debtors’ collection, creditors’ payments, Cash Budget Inventory systems |
| 4. | Value Added Tax (VAT) |
Grade 12
| term | topic |
| 1. | Companies: unique transactions Companies – final accounts, financial statements and notes (Income Statement, Balance Sheet, Cash Flow Statement) Companies – analysis and interpretation Companies – analysis of published financial statements and audit reports |
| 2. | Ethics Fixed assets Close corporations Internal control Inventory systems Reconciliations Value Added Tax (VAT) |
| 3. | Cost Accounting: Production Cost Statement with notes Trading and Profit and Loss Statement, unit costs, break-even Budgeting |
| 4. | Revision and examination preparation |
