Accs111pvmec2024 1

ACCS / ACFS 111 / 121 EC
FINANCIAL ACCOUNTING (SPECIAL)

Faculty of Economic and Management Sciences
MOD compiled by: Mrs L Cornelius

Copyright © 2023 edition. Review date 2023.
North-West University
No part of this MOD may be reproduced in any form or in any way without the written permission of the publishers.
It all starts here
Ranked in the top 5% of universities globally by the QS-rankings
Contribute the second largest number of graduates annually to the labour market
Dit begin alles hier

As even van die top 5% universiteite wêreldwyd deur die QS-ranglys aangewys
Lewer jaarliks die tweede meeste graduandi aan die arbeidsmark
Gotlhe go simolola fano

Re belie mo gare ga diyunibesiti tse 5% tse di kwa godimo go ya ka peo ya maemo ya
QS
Ngwaga le ngwaga go abelwa palo ya bobedi ka bogolo ya badiri mo maketeng ya
badiri
NORTH-WEST UNIVERSITY
Module information
Module code ACCS/ACFS 111/121
Module name Financial accounting (Special)
16 credits
Module credits This implies that you must spend a total of 160 hours to master the
outcomes of this module successfully. For total study hours per study
unit, refer to electronic study material.
NQF level
Prerequisites ACCS/ACFS 111 (40%) for ACCS /ACFS 121
Additional resources or Internet access for eFundi

requirements to complete
Class attendance
module successfully
Lecturer and contact information for every campus

Mafikeng Potchefstroom Vaal Triangle
Name of
Refer to each campus’s eFundi site for lecturer information.
lecturer(s)
Office
telephone
E-mail
address
Building
and office
number
Consulting
Will be announced on eFundi.
hours
Additional
support
1
Introduction
Purpose of the module:
Accounting is the recording of transactions and events in monetary terms. As you gain more
knowledge about the subject, you will realise that it involves far more than just that. Accounting
supplies information required by the management of the enterprise and a number of users outside
the enterprise that may need this information for economic decisions.
Because this information is of such importance, it became necessary to lay down rules and
develop principles to govern the recording of the transactions and events in such a manner that
useful information is made available to the various users.
Teaching and learning in this module

The study guide is developed in such a way that it guides the learning process. The module is
divided into STUDY UNITS which are divided into STUDY SECTIONS. Use the study guide to
guide you through the study material in the textbook (as well as that which is presented in the
study guide itself). Use the exposition of each section as criteria for measuring your progress with
the study material.
Ensure that you know all the outcomes you ought to achieve by studying it before you start with
each STUDY UNIT AND STUDY SECTION. This will give you an indication of what the key
elements of the section are.
During the contact session, regular reference will be made to the study guide. You will also
complete class examples in the study guide from time to time.
After you have completed a study unit, ensure that you have achieved the outcomes presented to
you. You should understand the work and be able to apply it. You can do this by answering the
self-evaluation questions and comparing your answers to the proposed solutions. The assignments
should only be completed when you are sure that you understand the work and that you are able
to apply it. You are required to complete all the assignments in legible handwriting.
It is very important that you make notes of any problems you might encounter and of any part of
the work that you do not clearly understand. Discuss these aspects with your facilitator during the
contact sessions.
Module plan
The module plan will be made available on eFundi.
Module outcomes:
At the end of this module, you should be able to demonstrate:
* basic knowledge of the elementary transactions of the accounting cycle;
* an ability to gather information from source documents and communicate financial information
reliably, accurately and coherently when preparing a set of basic financial statements; and
* acceptable behaviour within the academic environment, including adherence to rules on
plagiarism and copyright principles.
2
Assessments
Assessment plan:
A) Formative assessments:
* Formal tests
* Compulsory assignments/E-assignments
* Quizzes/E-quizzes
* Semester test
B) Informal assessments:
* Impromptu class tests
* Class assignments
Requirements for successful completion of the module

• The module follows a continuous assessment model, so there is not a specific exam opportunity.
• You need a final module mark of at least 50% to pass the module and a minimum of 40% to
continue with ACCS 121.
Action verbs
Students often answer a question incorrectly because they do not understand the meaning of
certain key words used in the question’s instructions. The following key words are used in the
instructions of questions. Study them carefully and ensure that you understand the meaning of
each:
Allocate: Divide among groups (e.g., cost to departments)
Analyse: Investigate and discuss thoroughly
Calculate/determine: Determine the value of
Classify: Classify into a group or class
Complete: Add information to data given
Define: Give a complete definition of
Describe: Give a thorough description of exact detail
Develop/Create: Create a document/system from the information provided
Differentiate/Distinguish: List the differences between
Discuss: Give your meaning on
Critically discuss: Give your own critical meaning of
Value: Determine the value of
Explain: Clarify or interpret in a fair manner
Identify: Choose the correct description of an item
Journal: Write a transaction into journals
List: List one by one or in order of importance
Name: Only give the names of
Postulate: Carry over information from the journals to the ledgers
Prepare: Provide a statement or account in the correct format
Journal/note/write up: Note the information on the source documents in the journals
3
Study material
Compulsory study material:
Throughout the study guide, reference is made to the following textbooks:
• CORNELIUS & WEYERS. ACCOUNTING ALL-IN-1 (Newest edition). LexisNexis.
* Information on where to purchase textbooks will be given during the first contact session.
• You will also need a financial non-programmable pocket calculator. The following calculators
are the ones most commonly used by the students at the school:
* SHARP EL 738
Warning against plagiarism

Copying of text from other learners or from other sources (for instance the study guide, prescribed
material or directly from the internet) is not allowed – only brief quotations are allowed and then
only if indicated as such.
You should reformulate existing text and use your own words to explain what you have read. It is
not acceptable to retype existing text and just acknowledge the source in a footnote – you should
be able to relate the idea or concept, without repeating the original author to the letter.
The aim of the assignments is not the reproduction of existing material, but to ascertain whether
you have the ability to integrate existing texts, add your own interpretation and/or critique of the
texts and offer a creative solution to existing problems.
Be warned: students who submit copied text will obtain a mark of zero for the assignment
and disciplinary steps may be taken by the Faculty and/or University. It is also unacceptable
to do somebody else’s work, to lend your work to them or to make your work available to
them to copy – be careful and do not make your work available to anyone!
Plagiarism is a serious offence and you should familiarise yourself with the plagiarism policy of the
NWU. http://library.nwu.ac.za/copyright-and-plagiarism
Please refer to the Policy on Academic Integrity which is found on the following website:
http://www.nwu.ac.za/sites/www.nwu.ac.za/files/files/i-governance-management/policy/2P-
2.4.3.2_Academic%20integrity_e.pdf
4
Study units
This is only an overview of the themes/topics with their outcomes, activities/assessments and
study material.
1 Introduction and Conceptual Framework

Recommended time to master this study unit:
Refer to the semester programme for the time that you would need to devote to this study unit.
Learning outcomes:
On completion of this study unit, you should be able to:
• define accounting;
• define and discuss the following:
– the purpose of accounting,
– financial results, and
– the financial period;
• define and discuss the users of financial statements;
• name and discuss the domains of accounting;
• name and discuss the different types of entities;
• name the reports that comprise the financial statements;
• name the five elements of financial statements;
• explain the accrual concept of accounting; and
• name and discuss the following:
– the underlying assumption of accounting, and
– the qualitative characteristics of financial statements.
Study material:
* All-in-1 – Chapter 1
2 The Account
Learning outcomes:
• explain the concepts account, debit, credit, debiting and crediting;
• understand how an account is used in the accounting process;
• explain the composition of accounts in their main groups;
• explain the format of an account;
• explain the duality concept/double entry principle; and
5
• indicate the flow of the accounting process.
Study material:
* All-in-1 – Chapter 2
3 The General Journal

Learning outcomes:
• explain what a book of prime entry is;
• define the term “journal”;
• name the different types of transactions;
• name and describe the different types of journals; and
• record different transactions in the general journal.
Study material:
All-in-1 – Chapter 3
4 The General Ledger

Learning outcomes:
• explain what the general ledger is;
• explain why and how ledger accounts must be balanced;
• post different transactions from the general journal to the general ledger and balance the
accounts;
• record transactions when the periodic inventory system is in use;
• prepare a pre-adjustment trial balance; and
• identify errors in a trial balance and prepare a corrected trial balance.
Study material:
5 Owner’s Interest/Equity
6
Learning outcomes:
• define and discuss the following concepts:
– duality concept (E = A – L)
– capital (equity), and
– drawings;
• identify the source documents;
• record the relevant transactions in the general journal;
• post the journal entries to the general ledger;
• prepare the abbreviated trial balance; and
• identify the relevant accounts in the financial statements.
Study material:
6 Non-current assets
Learning outcomes:
– assets,
– non-current assets,
– investments, and
– depreciation;
• name two depreciation methods;
• calculate depreciation using these two methods;
• identify and discuss the steps to be followed when alienating non-current assets;
• identify the relevant source documents;
Study material:
7
7 Current assets
Learning outcomes:
• identify and discuss the following concepts:
– current assets;
– inventory;
– debtors;
– credit losses;
– allowance for credit losses;
– bank (cash); and
– petty cash;
• identify and calculate the different types of discount allowed;
• calculate/adjust the allowance for credit losses;
Study material:
8 Liabilities
Learning outcomes:
– non-current liabilities;
– current liabilities;
– creditors; and
– bank overdraft;
8
Study material:
9 Income and Expenses

Learning outcomes:
– sales,
– cost of sales,
– income, and
– expenses;
Study material:
10 Completion of the Accounting Process

Learning outcomes:
• understand why adjustments are necessary;
• calculate and record the adjustment amounts in the general journal;
• post the adjusting journal entries to the general ledger;
• prepare the post-adjustment trial balance;
• close off the nominal accounts by means of journal entries and post them to the relevant
accounts in the general ledger; and
• prepare the post-closing trial balance.
9
Study material:
11 The Accounting Equation

Learning outcomes:
• explain the duality concept; and
• record transactions in the accounting equation.
Study material:
10

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ACCS / ACFS 111 / 121 EC

FINANCIAL ACCOUNTING (SPECIAL)

MOD compiled by: Mrs L Cornelius

Dit begin alles hier

Gotlhe go simolola fano

Module name Financial accounting (Special)

Prerequisites ACCS/ACFS 111 (40%) for ACCS /ACFS 121

Additional resources or Internet access for eFundi

Lecturer and contact information for every campus

Teaching and learning in this module

Requirements for successful completion of the module

Warning against plagiarism

1 Introduction and Conceptual Framework

3 The General Journal

4 The General Ledger

9 Income and Expenses

10 Completion of the Accounting Process

11 The Accounting Equation

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