Fundamental accounting

(NQF Level 5 – 46 credits)

Objectives:

This course is targeted at any manager or professional needing to understand the accounting process and read and interpret financial statements. It also provides a good foundation for individuals who wish to continue studies in the accounting field.

Learning Outcomes:

Upon completion of the course, the candidate will know how to:

  • Explain the accounting equation, the chart of accounts, and the role of debits and credits
  • Explain the role of the books of prime entry and the primary and subsidiary ledgers
  • Prepare and file source documents
  • Conduct double entry bookkeeping using both manual and computerised accounting systems
  • Process, balance, and control cashbooks, including petty cash, credit cards, and bank accounts
  • Process sales journals and maintain the debtors ledger
  • Process purchases journals and maintain the creditors ledger
  • Prepare depreciation journals and maintain records relating to fixed asset acquisition and disposal
  • Prepare journals for the accrual of expenses
  • Prepare general ledger balances and compile an initial trial balance

Unit Standards awarded on successful completion of this course:

  • SAQA ID: 12988 (10 credits); 12989 (8 credits); 12990 (10 credits); 12991 (6 credits); 12995 (12 credits)

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