COMMERCE, LAW AND MANAGEMENT - 2017 …

1 Wits Plus 2017 Curriculum Extract from R&S Page 1 COMMERCE, LAW AND MANAGEMENT - 2017 rules and syllabuses extract Course Code: ACCN1005 (PT) Course Description: Business Accounting Wits points: 36 Full year Wednesday Accounting I is the first course in the accounting discipline for the BCom degree. It is a full year course and is a prerequisite for Accounting II. The course has a strong conceptual emphasis that develops a student in understanding the principles of an accounting framework for SMEs and then treating transactions accordingly.

2 Using this framework students are expected to record basic income, expense, asset, and liability and equity transactions in the various different types of accounting records. Finally, students are expected to present a set of financial statements from these transactions, for the different business forms. The course also introduces a practical element by enabling the student to understand how accounting information is processed electronically; students are introduced to the Pastel Accounting Software Program as well as basic Microsoft Excel skills.

3 Course Code: ACCN2009 (PT) Course Description: Accounting II Wits points: 48 Full year Wednesday The focus of the course is on the preparation and presentation of general purpose financial statements in accordance with International Financial Reporting Standards for small and medium-sized entities. The course starts by examining the financial reporting environment, conceptual framework and presentation of financial statements. This is followed by an introduction to the accounting for taxation.

4 From then the focus will be on the recognition, measurement and disclosure of assets, liabilities, incomes and expenses. It covers the following sections: inventory, property, plant and equipment, investment properties, intangible assets, provisions and contingencies, revenue, deferred tax, borrowing costs and government grants. The year concludes with looking at group financial statements. The course also covers the smaller sections like change in estimates, events after reporting date, related parties as well as analysis of financial statements.

5 Course Code: ACCN2011 (PT) Course Description: MANAGEMENT Accounting and Finance II Wits points: 24 - Second semester Monday The overall aim of the course is to provide an introduction to MANAGEMENT accounting and finance. The course focuses on using cost accounting and managerial finance concepts to generate and interpret information required for optimal business decision-making, planning, costing and control. The main topics covered are: cost terms and cost classifications, assignment of direct and indirect costs, understanding the factors that influence the choice of an optimal cost accounting system, calculation and treatment of under/over recovery of overheads, cost MANAGEMENT principles, variable and absorption costing, activity-based costing, budgeting, standard costing, introduction to financial markets, risk and return, time value of money and ratio analysis.

6 Course Code: ACCN2014 (PT) Course Description: Taxation II Wits points: 24 Second semester Tuesday The overall objective of the course is to enable students to interpret and apply legislation and procedures relating to taxes levied in terms of the following statutes, namely the Value-Added Tax Act No. 89 of 1991, the Income Tax Act No. 58 of 1962and the Tax Administration Act No. 28 of 2011. Content covered in the course includes, but is not limited to, the following: Introduction to taxation; Gross Income; Income and Capital; Residence based tax and Non-residents; Gross Income including Special Inclusions; Exempt Income; General Deductions; Special Deductions; Allowances and Recoupments; Introduction to Value Added Tax and Capital Gains Tax.

7 Wits Plus 2017 Curriculum Extract from R&S Page 2 Course Code: ACCN2016 (PT) Course Description: Auditing II Wits points: 24 First semester Tuesday The course focuses on the ethical values of business imperative to the fundamental business acumen of the professional. In addition to this ethical fundamental, the course also introduces the basic concepts of Auditing with specific focus on the Companies Act, King III, Controls, Risks and Assertions within a business and audit.

8 Course Code: ACCN3008 (PT) Course Description: Financial Accounting III NOT ON OFFER FROM 2018 Wits points: 72 Full year Monday The following standards are lectured in detail: IAS 12, IFRS 3, IFRS 10, IFRS 11, IFRS 12, IAS 36, IAS 28, IFRS 11, IFRS 5, IAS17, IFRS 9 The focus is on the application of all the above standards at an advanced level, integrating across the standards and being able to explain, account for and prepare the required disclosures. Course Code: ACCN3010 (PT) Course Description: Accounting III Wits points: 72 Full year Monday The main learning objective of Accounting III is to provide a student with an in-depth interpretation and application of International Financial Reporting Standards (IFRS) for Small and Medium Enterprises in an integrated manner.

9 The course focuses on concepts relating to group financial statements such as accounting for consolidations, joint ventures and associates. In addition the course ventures beyond those topics by covers other accounting areas such as: leases, impairments, FOREX, financial instruments, share based payments, analysis of financial statements and taxation. We have identified learning objectives that are to be achieved throughout the Accounting III course. These form part of the major themes/key areas that will be addressed in the delivery of the course.

10 These objectives are that students should be able to: identify, define and rank problem areas and issues; analyse information, apply the knowledge specified in the prescribed syllabus; address problems in an integrative manner; exercise professional judgement; evaluate alternatives and propose practical solutions that respond to users needs and communicate clearly and effectively. Course Code: ACCN3023 (PT) Course Description: MANAGEMENT Accounting and Finance III Wits points: 72 Full year Tuesday MANAGEMENT Accounting and Finance III consists of two sections, MANAGEMENT Accounting and Corporate Finance.