Financial Accounting
ABOUT THE SHORT LEARNING PROGRAMMES
This short learning programme offers bookkeepers with the ability to keep and maintain a set of accounts up to Trial Balance, an opportunity to extend their expertise to the drawing up of the Statement of Comprehensive Income (Income Statement) and Statement of Financial Position (Balance Sheet) and the drafting of the Cash Flow Statement. In addition, the programme provide for an understanding of the key elements of Financial Statements.
The preparation of the Statement of Comprehensive Income and Statement of Financial Position from the Trial Balance is a critical part of the accounting function. It paves the way for sound financial management in any business.
WHO SHOULD ENROL FOR THE PROGRAMME
- Those already familiar with the rules and procedures of bookkeeping up to Trial balance but who wish to extend their expertise to the Statement of Comprehensive Income and Statement of Financial Position.
- Those who wish to acquire a greater depth of knowledge of the bookkeeping process especially with regard to more unusual transactions
- Those who in their capacity of bookkeeper, may be required to administer or supervise statutory personnel returns (PAYE, UIF, etc)
- Those who wish to carry out or administer the accounting function in their own business.
CERTIFICATION
The Financial Accounting (Advanced Bookkeeping) Diploma is a short learning programme (SLP) that is certified by The Independent Institute of Education and endorsed by the Chartered Institute of Business Management (CIBM).
SHORT LEARNING PROGRAMMES
All programmes that are available through College Campus’s School of Business and Technology are short learning programmes (SLP’s) that have been specifically designed for working adults. These SLP’s differ from the full qualifications that are also available through College Campus and which are registered on the National Qualifications Framework. Before you register you must ensure that the programme that you select best suits your individual learning and workplace objectives.
PROGRAMME OUTLINE
Introduction
- The accounting process (cycle) revisited - from transactions (source documents) to pre-adjustment Trial Balance
- Different methods of recording, valuing and reporting inventory.
- Value-added tax (VAT)
Preparation of the end of period Final Accounts such as Trading and Profit and Loss Accounts
- The transfer of summarized closing balances on income and expense general ledger accounts (nominal accounts) to the trading and profit and loss account
- Determination of the net profit or loss for the period under review after taking into account end of period adjustment
- Preparation of an Post-closing Trial Balance
Preparation of the Statement of comprehensive Income and Statement of Financial Position and correction of errors
- Correction of errors and suspense accounts
- Preparation of the Statement of Comprehensive Income (Income Statement) from the final accounts such as trading account and profit and loss accounts
- Preparation of a Statement of Financial Position (Balance Sheet) from the post closing trial balance.
- The concept of value added tax (VAT) (revisited).
- Determination of personal income tax such as Pay As You Earn (PAYE) and Standard Income Tax on Employees (SITE) as prescribed by the Income Tax Act
- The methods of payment of tax for companies and close corporations
- Provisional tax payment
- Unemployment Insurance Fund (UIF).
- Pension or Provident Funds
- Medical Aid Funds
Personal, Company and Close Corporation Tax
Other Statutory Deductions
Different forms of entities (ownership)
- An introduction to Partnership, Non-trading concerns and Close Corporations
- Preparation of the Statement of Comprehensive Income and Statement of Financial Position for the above
- Introduction to Companies: formation and characteristics
- Share capital: Authorised share capital and issued share capital
- Share premium
Preparation of Annual Financial Statement (AFS) of Companies
- Mandatory disclosure requirements in the preparation of Companies’ Statement of Comprehensive Income, Statement of Financial Position and Statement of Changes in Equity
- Introduction to Cash Flow Statements
Preparation of Cash Flow Statements and the related notes
DURATION AND COMMENCEMENT DATES OF PROGRAMMES
Classes are held on Saturday mornings over 12 weeks. Next programme start: Please see programme start dates.
PROGRAMME MATERIAL
The programme fee includes all programme material which becomes the property of the student. This material constitutes a valuable source of on-going reference.
PROGRAMME EVALUATION
The programme assessment includes a group assignment, test and formal written examination at the end of the programme. Should a student fail to achieve the required mark, he/she may repeat the programme at no additional charge within 18 months of first registration (subject to certain conditions).
