Bachelor of Commerce in Accounting (MGI)

(3 years full-time)

The BCom in Accounting degree is designed to enable graduates to proceed into the accounting and finance-related fields. The degree is of a very high standard and requires dedication and hard work as students are required to write numerous tests and exams during the year.

Once qualified, the degree provides the opportunity to proceed with a postgraduate qualification, including the Certificate in Theory of Accounting (CTA) and then an honours degree in Accounting. The Chartered Institute of Management Accountants (CIMA) recognises the BCom Accounting Degree and has accredited many of the subjects.

In addition, ACCA UK (Association of Chartered Certified Accountants) fully accredits the BCom in Accounting degree. Students may proceed onto ACCA postgraduate courses and become certified chartered accountants.

 

 

The syllabus comprises of 3 levels:

Level 1

ALBL 111 is aimed at providing the student with an overview of the legal position in South Africa with reference to the sources, classification and structure of the South African legal system. Furthermore, it is aimed at giving the student an insightful approach to and detailed knowledge of the law of contract in South Africa. The different requirements for a valid contract as well as aspects relating to general contractual terms, breach of contract and termination of a contract will be highlighted. Specific reference will be made to the contract of buying and selling, and contract of lease. The course is not intended to make a legal specialist out of the student, but students will gain valuable insight into the impact of the law of contract on their business and marketing activities.

After students have completed this module they should have a good understanding of the elements that relate to the business environment. They should also have a good understanding of the terms: planning, organising, leading and controlling. After students have completed Business Management 1B they should have a good understanding of marketing and public relation strategy. Students should be able to analyse the financial environment and make financial decisions. Students will also study areas of operations and purchasing management. Lastly, students will understand the current challenges in the management environment.

After students have completed Economics 1A they should have a good understanding of the economy from the microeconomic perspective. The students should have a good understanding of the economic problem; price system; market structures and the labour market. After students have completed Economics 1B they should have a good understanding of the economy from the macroeconomic perspective.

This module presents an introduction to statistical techniques and experimental design as applied to commercial problems. Emphasis is placed on the selection and interpretation of tests. Descriptive methods, tests of significance, linear regression, correlation, and analysis of variance are included.

The module introduces the student to the concepts, principles and procedures of accounting. It covers the recording of accounting entries in the subsidiary journals; posting to the general ledger; compiling a post-adjustment trial balance; the financial statements of a sole trader and non-profit organisations; the accounting procedures needed for reconciliation of the bank account, debtors’ and creditors’ control; the calculation as well as the accounting entries for the realisation of an asset and the approach in dealing with incomplete records. The module covers the specific treatment of the equity of a partnership and the changes brought about by the admission of a new partner and the retirement of an existing partner; the statutory requirements pertaining to the financial statements of a close corporation; the accounting procedures needed for the issue of shares and the issue and redemption of debentures; the preparation of a cash flow statement; the calculation of the cost of production of finished goods in a manufacturing concern; the different approach in dealing with the transactions of a dependent branch of a business and forward planning for production and cash by means of budgeting.

Business communication skills are essential to every successful business enterprise, as succeeding in any business venture requires a great deal more than creating a product or offering a service. This course introduces students to effective communication skills in the workplace, involving an overview of the most common forms of written and oral communication situations that they are likely to encounter. Although there is an element of theory in the course, the main focus of the module falls on the practical abilities that students will be able to utilise in the business environment.

This module is designed to enable the student to use the personal computer and peripherals functionally and to apply selected application programs, on an introductory level, independently and with confidence.

 

Level 2

Corporate law covers the various forms of business enterprise existing in South Africa, focusing on the partnership, company and close corporation. The different requirements in terms of membership and the manner in which the entity is constituted, as well as the specific consequences attached to each business form will be highlighted. Students will gain valuable insight into the advantages and disadvantages of the various forms mentioned in order to decide which one best suits the commercial needs of a specific business.

On completion of this course, the student should be able to understand and apply the basic calculation of Income tax applicable to the individual and farmers. The student’s ability to calculate the taxable portion of retirement benefits and the calculation of pre-paid taxes and capital gains tax will also be tested. On completion of this course, the student should be able to understand and apply the basic calculation of Income tax applicable to the individual and farmers. The student’s ability to calculate the taxable portion of retirement benefits and the calculation of pre-paid taxes and capital gains tax will also be tested.

Auditing deals with the underlying principles of independent audit practice. These principles are applied to the acquisition of audit evidence by means of logical and organised procedures and the objective assessment and evaluation of audit evidence that has been collected in order to express an opinion on the extent to which the representation of economic activities in financial reports corresponds to actual events. Auditing deals with the underlying principles of an independent auditing practice. Auditing takes the practical form of obtaining audit evidence by means of logical and methodical procedures and objectively rating and evaluating the collected audit evidence in order to express an opinion regarding the degree of correspondence between the way economic activities are represented in financial reports and actual events.

The purpose of this module is to provide students with knowledge and skills to enable them to draw up the annual financial statements of companies in accordance with the requirements of the Companies Act, 1973 and certain statements of generally accepted accounting practice. This module provides students with the theoretical knowledge and practical skills to enable them to draft annual financial statements for the consolidation of simple groups of companies in accordance with the requirements of the Companies Act, 1973 and generally accepted accounting practice. This module covers the theory and specific treatment of financial instruments, inventory and deferred taxation. Students will also learn about Partnerships and Close Corporations and will be able to draft the annual financial statements of both in accordance with the relevant legislation.

The module introduces the student to the concepts, principles and procedures of managerial and cost accounting. It covers the cost elements, cost behaviour and then calculating the cost of a unique job; contract costing; process costing; joint costing; compiling financial statements according to the absorption and direct methods; designing of a decision and to compile a financial budget. Management accounting deals with various cost calculations in order to assist management in their decision-making process. This module provides the student with the necessary skills and knowledge to perform these calculations.

The course teaches students the basics of computerised accounting. The Pastel Accounting package is used to illustrate the basics of a computerised accounting product.

 

Level 3

On completion of this module, students should be able to display the following capabilities:

 

  • Prepare annual financial statements of companies, in accordance with International accounting standards and IFRS.

 

The fundamental principle of financial management is to maximise the wealth of the owners of any business. This module provides the student with the necessary skills and knowledge to make good investment and financing decisions.

On completion of this module, students should be able to display the following capabilities:

 

  • An understanding of the laws and regulations governing the auditing profession in South Africa
  • The ability to audit, design, and develop an internal control system that complies with generally accepted auditing practice (GAAP).
  • The ability to identify potential weaknesses in an internal control system and provide recommendations.

 

Taxes are levied to enable Government to provide services to the people. Another view is that taxes are contributions to the state for the ultimate benefit of all who enjoy the privileges and protection offered by the state. In South Africa we pay a variety of taxes of which the main types are income tax, capital gains tax, value-added tax, exercise and customs duties and a whole range of other taxes such as stamp duty. South Africans also pay donations tax and estate duty, which are taxes on capital, as well as transfer duty on property, marketable securities tax on shares and other marketable securities, and local property rates.

Corporate governance is one of the most important challenges for organisations in South Africa. The course will highlight real-life events, cover legislation and recommendations, and culminate in a discussion on ethics in the workplace.

 

Entrance requirements

  • Applicants with a South African National Senior Certificate for degree purposes or a CTI/MGI approved equivalent and a minimum of 25 points may be admitted to the 3-year degree programme.
  • Applicants must have achieved at least 50% for Mathematics and English.

OR

  • Applicants with a South African National Senior Certificate or a CTI/MGI approved equivalent and between 17 and 24 points may be admitted to the Pre-degree programme.
  • For further entrance requirement queries, please contact a Student Advisor.

 

Career options

  • Cost and Management Accountant
  • Financial Accountant
  • Financial Manager
  • Chartered Accountant
  • Auditor
  • Accountant
  • Tax Consultant
  • Financial Accountant

 Download the 2013 Registration Form

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