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.

Introduction

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

What is Accounting?

Accounting focuses on measuring performance, and 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, 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 t 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:
    • ethical behaviour;
    • sound judgement;
    • thoroughness
    • orderliness
    • accuracy
    • neatness

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 12 Accounting learners are taken on an excursion to Deloittes in Umhlanga Rocks. This opens the boys’ eyes on what 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 participate in the SAIPA Olympiad during the year.
Broad outline of the Accounting curriculum:

GRADE 10  GRADE 11  GRADE 12
Indigenous bookkeeping Reconciliations Companies – unique transactions
Ethics (Introduction) Tangible Assets Final accounts, financial statements
GAAP principles Bookkeeping – Partnerships Cash Flow Statement
Internal Control (Introduction) Accounting Equation Analysis and interpretation
Bookkeeping of Sole Trader Journals, Ledgers, Trial Balance Audit reports
Accounting Equation Year-end adjustments, final accounts Ethics
Journals, Ledgers Trial Balance Financial Statements – Partnerships Tangible Assets
VAT Analysis and interpretation Close Corporations
Salaries and Wages Clubs concepts Internal Control
Year-end adjustments, final accounts Cost Accounting – calculations Inventory Systems
Financial Statements – Sole Trader Budgeting Reconciliations
Analysis and interpretation Inventory Systems VAT
Cost Accounting (Manufacturing) VAT Cost Accounting
Budgeting Production Cost Statement
Trading and Profit and Loss
Unit costs, break-even
Budgeting

Assessments:

GRADE 10 GRADE 11 GRADE 12
Presentation/Case Study (50 convert to 10) Written Report (50 convert to 10)

Written Report (50 convert to 10)

Class and Structured Tests –
Term 1 (100 convert to 20)
Class and Structured Tests –
Term 1 (100 convert to 20)
Class and Structured Tests –
Term 1 (100 convert to 20)
Project (50 convert to 20) Project (50 convert to 20) Project (50 convert to 20)
June Exam (200 convert to 20) June Exam (300 convert to 20) June Exam (300 convert to 20)
Case Study/Presentation (50 covert to 10) Presentation (50 convert to 10) Case Study (50 converted to 10)
Class and Structured Tests – Term 3
(100 convert to 20)
Class and Structured Tests – Term 3
(100 convert to 20)
Trial examination (300 converted to 20)
Year mark = 100 Year mark = 100 Year mark = 100
November Examination Paper 1
(150 Marks)
Paper 2 (150 Marks)
Total = 300
November Examination Paper 1
(150 Marks)
Paper 2 (150 Marks)
Total = 300
November Examination (300)
Total: 400 Total: 400 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 2018:
Accounting:
Mrs CA Tedder (Subject Head)
Mrs C Randall
Mr S Zuma
Miss C Townsend