Accounting

Accounting develops each learner’s knowledge, skills, values, attitudes and ability to make meaningful and informed personal and collaborative financial decisions in economic and social environments.

Accounting focuses on measuring performance, and on processing and communicating financial information about economic sectors. The 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.

By engaging in Accounting as a subject, learners will be able to:

  • 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 accepting 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, and to encourage self-development;
  • Organise and manage one’s 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 sound characteristics including:
  1. ethical behaviour
  2. sound judgement
  3. thoroughness
  4. orderliness
  5. accuracy
  6. neatness

Subject Scope

This subject encompasses accounting knowledge, skills and values focusing on the financial, managerial and auditing fields. These skills, values and knowledge must address and underpin the constitutional goals of South Africa (e.g. legitimacy, accountability, accessibility, transparency and ethical behaviour).

This scope embraces the following features:

  • Financial Accounting – includes the logical, systematic and accurate recording of financial transactions as well as analysis, interpretation and communication of financial statements by understanding the fundamental concepts regarding basic accounting principles and practice.
  • 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 processes.
  • Tools in managing resources – includes basic internal controls, audit processes and code of ethics. These features put 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.

Skills required for a learner to choose Accounting as a subject:

  • Should have achieved a mark of at least 50 % in the November examination for EMS in Grade 9
  • Should be competent in Mathematics
  • Comprehension skills in English is very important

How is the subject relevant to the learners?

Accounting 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 the learners for a variety of career opportunities.

Annual excursion:

The Grade 11 Accounting learners are taken on an excursion to Deloittes in Umhlanga Rocks. This opens the boys’ eyes to the kinds of opportunities there are for them in the accounting world and also helps them to make contacts for bursary applications as well as contracts for when they have to do their Articles after their tertiary studies.

Accounting Olympiads

Our Senior boys participated in the SAIPA and SAICA Olympiads during the year. Muhamed Charfaray was 2nd Runner-Up in the SAICA Olympiad with 93%. Maritzburg College had the 2nd highest average of 82% in the SAICA Olympiad.

Broad outline of the Accounting curriculum

GRADE 10

  • Indigenous bookkeeping
  • Ethics (Introduction)
  • GAAP principles
  • Internal Control (Introduction)
  • Bookkeeping of Sole Trader
  • Accounting Equation
  • Journals, Ledgers Trial Balance
  • VAT
  • Salaries and Wages
  • Year-end adjustments, final accounts
  • Financial Statements – Sole Trader
  • Analysis and interpretation
  • Cost Accounting (Manufacturing)
  • Budgeting

GRADE 11

  • Reconciliations
  • Tangible Assets
  • Bookkeeping – Partnerships
  • Accounting Equation
  • Journals, Ledgers Trial Balance
  • Year-end adjustments, final accounts
  • Financial Statements – Partnerships
  • Analysis and interpretation
  • Clubs concepts
  • Cost Accounting – calculations
  • Budgeting
  • Inventory Systems
  • VAT

GRADE 12

  • Companies – unique transactions
  • Final accounts, financial statements
  • Cash Flow Statement
  • Analysis and interpretation
  • Audit reports
  • Ethics
  • Tangible Assets
  • Close Corporations
  • Internal Control
  • Inventory Systems
  • Reconciliations
  • VAT
  • Cost Accounting
  • Production Cost Statement
  • Trading and Profit and Loss
  • Unit costs, break-even
  • Budgeting

Assessment

GRADE 10

  • Presentation (50 convert to 10)
  • Class and Structured Tests – Term 1 (100 convert to 20)
  • Project (50 convert to 20)
  • June Exam (200 convert to20)
  • Case Study (50 convert to 10)
  • Class and Structured Tests – Term 3 (100 convert to 20)
  • Year mark = 100
  • November Examination (300)
  • Total: 400

GRADE 11

  • Written Report (50 convert to 10)
  • Class and Structured Tests – Term 1 (100 convert to 20)
  • Project (50 convert to 20)
  • June Exam (300 convert to20)
  • Presentation (50 convert to 10)
  • Class and Structured Tests – Term 3 (100 convert to 20)
  • Year mark = 100
  • November Examination (300)
  • Total: 400

GRADE 12

  • Written Report (50 convert to 10)
  • Class and Structured Tests – Term 1 (100 convert to 20)
  • Project (50 convert to 20)
  • June Exam (300 convert to 20)
  • Case Study (50 converted to 10)
  • Trial examination (300 converted to 20)
  • Year mark = 100
  • November Examination (300)
  • Total: 400

Extension of top achievers:

We encourage our top achievers to get involved with the Khanyisa Program as well as Peer Tutoring.

Assistance to under-achievers:

Extra lessons are offered or the boys are encouraged to ask a Peer Tutor to assist them.

Staffing for 2017:

Accounting:

  • Mrs CA Tedder (Subject Head)
  • Mrs C Randall
  • Mr W David
  • Miss C Townsend

Economic Management Science:

  • Mrs C Randall
  • Miss C Townsend
  • Mr R Chirengende
  • Mrs L Akerman
  • Mr J Heyns
  • Mr R Jones