UNIVERSITY OF THE WESTERN CAPE

Faculty of Economic & Management Sciences

DEPARTMENT OF ACCOUNTING

Financial Accounting 141

Course Outline & Information Guide

B. Com /B. Admin
Co-requisite QSC 131 or MAM 126
B.Com 4 year (Extended Programme)
Pre-requisite ACC 130/131/133 and co-requisite
QSC131 or MAM 126

Financial Accounting 141 – 1st Semester 2023 Page 1

CONTENTS

1. ORGANISATIONAL MATTERS (Page 3)

Welcome statement
Course content including weekly programme
Contact details of staff
Consultation hours (If available)
Office location

2. RULES AND RESPONSIBILITIES (Page 4)

Attendance & Punctuality
Homework Assignments (Due dates and submission instructions)
Late submission requirements
Mark queries
Exclusion policy

3. COMPLAINTS PROCEDURE (Page 8)

Harassment Policy
Class representative

4. TEACHING AND LEARNING (Page 8)

Outcomes
Main & critical cross-field outcomes
Notional hours & module time allocation
Teaching methodology
Assessment
Recommended reading
Prescribed text(s); Supplementary reading
Newspaper & other websites; Electronic journals & databases
Avoiding plagiarism

5. GENERAL (Page 12)

APPENDIX “A”

APPENDIX “B”

Financial Accounting 141 – 1st Semester 2023 Page 2

1. ORGANISATIONAL MATTERS

Welcome statement.

The Department of Accounting would like to welcome you to Financial Accounting 141.
May the module be of value in your university environment, as well as your future career.

Module content including weekly programme

PROVISIONAL LECTURE PROGRAMME AND MODULE CONTENT

TOPIC
Week 1 ACCOUNTING AS AN INFORMATION SYSTEM
Week 2 CONCEPTUAL FRAMEWORK
Week 3 ACCOUNTING EQUATION AND ANALYSIS OF TRANSACTIONS
Week 4 ACCOUNTING EQUATION AND ANALYSIS OF TRANSACTIONS/ RECORDING EXTERNAL
TRANSACTIONS
Week 5 RECORDING EXTERNAL TRANSACTIONS
Week 6 RECORDING INTERNAL TRANSACTIONS
Term break
Week 7 RECORDING INTERNAL TRANSACTIONS INCLUDING DEPRECIATION AND DOUBTFUL DEBTS
Week 8 CLOSING ENTRIES/PURCHASES AND SALES TRANSACTIONS
Week 9 RECORDING PURCHASES AND SALES TRANSACTIONS
Week 10 RECORDING PURCHASES AND SALES TRANSACTIONS/VALUE ADDED TAX
Week 11 INVENTORY
Week 12 INVENTORY
Week 13 BANK RECONCILIATION

The above program is subject to change at the discretion of the lecturer depending upon
the progress of the students

Financial Accounting 141 – 1st Semester 2023 Page 3

 Contact details of staff

Lecturers: Mrs. AB Khan

EMS Room 4.23
Tel: (021) 959-3256
Email: [email protected]

Mr. F. Singh
EMS Room 4.27
Tel: (021) 959-3256
Email: [email protected]

Administrator: Ms. G Rudolph

EMS Room 4.08
Tel: 021 959 3011
[email protected]

Consultation hours

We are here to assist you in whatever way we can and more particularly, to make your study
of Financial Accounting 141 as interesting and successful as possible. Feel free to contact
your lecturer. Your lecturer will be available for consulting and to help you with your
problems during specific times which will be communicated via Ikamva.

Please note: consultation will be on a first-come-first-serve basis and depending on the

demand, limited to 15 mins per student.

Also, provided that there is significant interest, additional videos will be uploaded to Ikamva,
which will aid in explaining any topics or examples which you may need assistance with.

Financial Accounting 141 – 1st Semester 2023 Page 4

2. RULES AND RESPONSIBILITIES

Attendance & Punctuality

Lecture Attendance is very important, and students are required to attend all
lectures. Attendance Registers will be taken on a random basis to check
attendance.

Upon registration you have been allocated to a specific lecture group. Each
Group has been allocated 4, 45-minute, large group lectures throughout the
week. And these lectures per group are as follows:

Lecture Group 1

Day Period Venue

Monday 1 SC3
Tuesday 7 SC3
Wednesday 5 N7
Thursday N/a N/a
Friday 3 C2

Lecture Group 2

Day Period Venue

Monday 3 SC1
Tuesday 6 SC1
Wednesday N/a N/a
Thursday 2 B2
Friday 1 SC5

Lecture Group 3

Day Period Venue

Monday 5 SC3
Tuesday 4 SC3
Wednesday 3 LS Aud
Thursday 7 SC6
Friday N/a N/a

Term Tests

Students are required to write two term tests. The dates for these tests are as
follows:

Term test 1: 24 March 2023, at 2.30 pm. Venues to be confirmed.

Financial Accounting 141 – 1st Semester 2023 Page 5

 Term test 2: 5 May 2023, at 2.30 pm. Venues to be confirmed.

The marks obtained from the two term tests will count towards the final pass
mark.

Class Tests

There will be 5 class tests conducted through the semester. The top 4 out of 5 Class tests
will count toward the final mark. The class tests may be a combination of online or sit-
down assessments.

Dates, topics and venues to be announced later

Homework

During the semester you will be required to complete 8 homework tasks. These homework
tasks will be communicated to you via an Ikamva notification. The tasks will be mainly
selected from the Exercise Textbook which you are required to obtain.

Homework is due for submission, every Monday before 9 am, in the relevant tutorial boxes
located in the EMS building. No late submissions nor submissions emailed to your
lecturers will be accepted. It is your responsibility to ensure that your tutor receives the
necessary task in a timely manner. There will be no “make-up” tasks.

Homework will count toward your continual assessment mark and with your top 6
homework task marks will be utilised in determining your CAM.

Please note that each homework task submitted must have a cover page which has
the following details:

Name:
Surname:
Student number:
Module:
Project number:
Date due:
Tutor name:
Tutorial group number:
Tutorial day and period:
Tutorial venue:

Financial Accounting 141 – 1st Semester 2023 Page 6

Mark query procedure

1. Mark Query Process

2. Your contact person if you are not happy with the query feedback:

Tutorials (Tuts)

At registration you have been allocated to a specific tutorial group. These tutorials are
presented by senior students and will cover a range of topics.

Financial Accounting 141 – 1st Semester 2023 Page 7

3. COMPLAINTS PROCEDURE

Harassment Policy

(For details please see www.uwc.ac.za/academicdevelopment)

Class representative

(For details please see www.uwc.ac.za/academicdevelopment)

4. TEACHING AND LEARNING

Outcomes of FIA 141

Students should be able to:

• Define and apply the accounting concepts relating to the elements of the
accounting equation.
• Record transactions using the double entry system.
• Distinguish between cash and accrual accounting.
• Apply accrual accounting and other adjustments to the pre-adjustment trial
balance.
• Distinguish between two methods of recording inventory and be able to apply
both.
• Prepare various control accounts and their reconciliation.
• Prepare the financial statements of a service and trading business.
• Analyse and do a basic interpretation of the financial statements of a sole
proprietor.

Notional hours & module time allocation

The course is planned to occupy about 11.5 hours per week for 12 weeks.
The 11.5 hours comprise:

Hours per
week
Pre-requisite reading for lectures 1.5
2 Large group lectures 3
1 Small group tutorial 1
Preparation for class tests and quizzes 3
Revision of work covered during lectures 3
11.5

(This is only an indication. It will be expected from students to put in more effort where
necessary)

Financial Accounting 141 – 1st Semester 2023 Page 8

Teaching methodology and assessments

See Appendix A

COMPOSITION OF FINAL MARK

A final mark of 50% is required to pass the module. The final mark is computed
as follows:

Course work mark 50%

Final Examination 50%
100%

4.1. METHOD OF ASSESSMENT

4.1.1 Continuous Evaluation

The effect of this method of examining is that all the work done during the semester
will contribute towards your final mark. The final mark will be calculated as follows:

%of % of
CA mark Final Mark
Term test 1 30% 15%
Term test 2 35% 17.5%
Class tests 20% 10%
Homework 15% 7.5%
Total Continuous Assessment Mark 100% 50%
Final Examination 50%
Final Mark 100%

The dates for homework submissions:

SEE ASSESSMENT SCHEDULE

The dates for the various assessments are:

TBC

Financial Accounting 141 – 1st Semester 2023 Page 9

 Pass Mark

The pass mark for the course is at least a final mark of 50%, in respect of the
final mark.

From the above structure it is evident that it is important that you should work
consistently through the semester as any test and tutorial missed will mean that its
contribution towards your final mark is lost forever.

Supplementary examination (Second chance examination)

A student shall be granted a re-evaluation of the final examination if s/he meets

the requirements noted below. That is a student needs to first achieve:

a) a final combined mark of 45% or

b) a semester mark of 50% or more and at least 30% in the final examination or

c) a final mark of 50% or more but obtained less than 40% in the final
examination.

4.1.2 Term test dates

The projects are to be handed in on or before the following dates:

Term test 1: 24 March 2023, at 2.30 pm. Venues to be confirmed.

Term test 2: 5 May 2023, at 2.30 pm. Venues to be confirmed.

The sick test will be written two weeks after the respective term test. The sick
tests will cover the examinable scope of both Term test 1 and 2. Please see
medical test form to be completed by the practitioner on Ikamva. The medical
test forms together with a valid medical certificate must be emailed to Mrs
Rudolph 5 days after the writing of each term test. No late applications will
be allowed.

EXAMINATION To be announced
SUPPLEMENTARY EXAMINATION To be announced

For a glossary of “task words”, please see “Annexure B”

Financial Accounting 141 – 1st Semester 2023 Page 10

 4.1.3 Teaching/learning material

The permanent written records which you will use in learning accounting are:

- Prescribed Textbooks (available from Juta - Parow)

a. A concepts-based introduction to Financial Accounting, by DL Kolitz, AB

Quinn & GA McAllister. Sixth Edition, Juta ISBN: 9780702197857

b. Questions, Exercises and Problems in Financial Accounting, by DL Kolitz.

Sixth Edition, Juta ISBN: 9781485102359

It is compulsory for students to have copies of both the above textbooks

and bring them to lectures as the contents will be referred to in lectures for
lecture examples

- Notes taken during the lectures

- Your own written answers to tutorials
- Suggested solutions to the tutorials, class tests and tests

4.1.4 Recommended additional reading

− X-Kit Undergraduate Financial Accounting, Pearson Education South Africa

Revised edition
− Financial Accounting – An Introduction, Jacqui Kew, Alex Watson, Oxford 3rd
Edition

If you have difficulty in following a topic in this module try looking up the same topic
in several other texts in the library until you find a style of presentation or
explanation which you understand most clearly and easily. Most of the accounting
textbooks are available on the Reserve Shelves in the Main Library. Should you
require assistants in locating any of these texts contact your subject librarian on
level 6 in the Main Library.

− Newspaper & other websites; Electronic journals & databases

It will be expected from the student to keep himself informed regarding current
happenings, news, developments that may have an influence on this subject.

Financial Accounting 141 – 1st Semester 2023 Page 11

 Avoiding plagiarism

− Plagiarism declaration

(Please see www.uwc.ac.za/academicdevelopment)

− Turnitin plagiarism-detection tool

Will/may be applied and used if and where applicable.

− Referencing details

APA system to be used in undergraduate modules

5. GENERAL

− No eating in lecture halls accepted.

− See university policy regarding sick (medical) certificates.
− You are warned that if you speak in a lecture without being asked to do so by your
lecturer you may be asked to leave the lecture hall as you will be interrupting the
lecture and disturbing your fellow students.

Financial Accounting 141 – 1st Semester 2023 Page 12

 APPENDIX A

CRITICAL CROSS-FIELD OUTCOMES

The National Qualifications Framework (NQF) requires that certain critical cross-field
outcomes should be embedded in the teaching and delivery of the subject content. The
student should be able to:
1. Identify and solve problems using critical and creative thinking;
2. Work effectively with others as a member of a team;
3. Organise and manage oneself and one's activities;
4. Collect, analyse, organise and critically evaluate information;
5. Communicate effectively using visual, mathematical and/or language skills in oral
and/or written presentation;
6. Use science and technology effectively and critically;
7. Demonstrate an understanding of the world as a set of related systems by
recognising that problem-solving contexts do not exist in isolation;
8. Demonstrate knowledge of and understanding of the subject.

Table showing the critical cross-field outcomes (CCFO) embedded in delivery of

content

CCF CCF CCF CCF CCF CCF CCF CCF

O O O O O O O O
1 2 3 4 5 6 7 8

Class participation √ √ √ √ √ √ √ √

Tutorials √ √ √ √ √ √

Case studies √ √ √ √ √ √ √ √

Term tests √ √ √ √ √ √

Assignments √ √ √ √ √ √ √ √

Final exam √ √ √ √ √ √

Financial Accounting 141 – 1st Semester 2023 Page 13

 APPENDIX B
UWC Graduate Learning outcomes Teaching/Learning
Attributes activities Assessment tasks and criteria
1. Inquiry focused; 1. The student should Pre-read text and Homework Unseen tutorials Term Tests Examinations
2. Critically and demonstrate the other material tutorials
relevantly literate; ability to define
3. Autonomous and identify, classify Contribute
collaborative; and process constructively to
4. Ethically, business class discussions in
environmentally transactions in class and tutorial
and socially aware order to recognize sessions
and active; them in the
5. Skilled accounting records Make own notes and
communicators; in compliance with summaries during
and the International lectures
6. Interpersonal Financial Reporting Ability to work Demonstrate the ability to define, classify and process
flexibility and Standards (IFRS independently simulated business transactions as required by IFRS.
confidence to 7. and as a group to
engage across 2. define, identify
difference. classify and
process simulated
business
transactions

Financial Accounting 141 – 1st Semester 2023 Page 1

 3. The student should Pre-read text and Homework Unseen tutorials Term Tests Examinations
demonstrate the other material tutorials
competencies to Contribute
measure business constructively to
transactions in the class discussions in
accounting records class and tutorial
and subsequent to sessions
the initial Make own notes and
recognition in summaries during
compliance with lectures
the IFRS Ability to work Demonstrate the ability to define, classify and process
independently simulated business transactions as required by IFRS
and as a group to
4. define, identify
classify and
process simulated
business
transactions
5. The student should Pre-read text and Ability to work Demonstrate the ability to define, classify and process
demonstrate the other material independently simulated business transactions as required by IFRS a
competencies to Contribute and as a group to
disclose business constructively to define, identify
transactions in the class discussions in classify and
financial statements class and tutorial process simulated
as well as the IFRS. sessions business
Make own notes and transactions
summaries during
lectures

Financial Accounting 141 – 1st Semester 2023 Page 2

 APPENDIX C

Answering assignment questions: List of Instruction or Task/Action Words

An assignment usually includes task or action words. You need to understand the
meaning of such words because task words
● Let you know exactly what is being asked of you;
● Direct you and tell you how to go about answering a question; and
● Help you to narrow down the material.
In short, understanding the meaning of task words will assist you to complete the
assignment properly. Here are some common words used in assignment topics, and
their explanation.

Words Meaning
Account for Explain the reasons for how and why something occurred;
consider the cause (reason) and effect (outcome)
Apply To use methods, concepts and theories in new situations.
To solve problems using required skills or knowledge.
Analyse Look at something (such as an argument, idea, topic) in detail;
Examine/ break it down into smaller or key parts or features; show how the
Explore parts or features relate to each other in order to build the ‘whole’
argument, idea, or subject
Argue Present a systematic case either supporting or rejecting an idea
or theory, by stating reasons and evidence for your decision;
acknowledge that there are two sides to the argument, but
provide reasons and evidence for opposing one side
Assess / Make a judgment of the importance or usefulness of something,
Evaluate by considering its strengths and weaknesses. Research, explain,
and expand on a range of perspectives or opinions, and use as
evidence to support your final judgment
Comment on Identify the main issues or ideas, then express an opinion or
viewpoint based upon evidence from readings, lectures,
seminars, and tutorials
Compare Show the similarities between two or more items, theories etc.
and, based on your research, explain why these similarities are
important and any effects they may have (Please see ‘Contrast’
below).

(It is often necessary to both compare and contrast, even if the

assignment topic simply directs you to ‘compare.’ Check
assignment expectations with your tutor or lecturer.)
Consider To pay attention to the pros and cons of an argument
Contrast/ Identify the main differences between two or more items, and
Differentiate/ explain their significance and consequences based on evidence
gained through research (Please see ‘Compare’ above).

Financial Accounting 141 – 1st Semester 2023 Page 1

 (It is often necessary to both compare and contrast, even if the
assignment topic simply directs you to ‘compare.’ Check
assignment expectations with your tutor or lecturer.)
Critically evaluate Make a judgement of an issue, statement, or theory, based upon
careful assessment of and reference to academic resources.
How? Build a systematic argument to support your final
judgement, making sure to include all sides of the issue.
Construct a set of criteria in order to assess the arguments,
theories, or opinions outlined in the academic resources, in order
to decide which ones are strongest or most appropriate.
Criticise Discuss both the merits (positives) and faults (negatives) of a
theory, statement, or article, based on academic reading and
evidence, to reach a final judgment of its overall worth.
Define a) Give the precise meaning of a word or phrase in a specific
context, and explain the necessity for this definition and any
problems that may arise from this definition.
b) Determine and distinctly set the boundaries of a particular
word, phrase, theory or situation in the context of the assignment
Describe Provide details of the main features or characteristics of an
object, theory, or event.
Differentiate Please see ‘Contrast’ above.
Discuss Consider all sides of an issue, providing arguments and evidence
for and against. Reach a conclusion based on the points
presented.
Distinguish To point out the differences between objects, different ideas, or
points of view. Usually requires you to use your own words.
Elaborate To explain something more fully (see explain).
Evaluate (Please see ‘Assess’ above.)
Explain Tell how things work or how they came to be the way they are,
including perhaps some need to 'describe' and to 'analyse'
(Please see above).
Hypothesize A proposed explanation made on the basis of limited evidence as
a starting point for further investigation (proposition made as a
basis for reasoning).
Illustrate Make something clear and easily understood through the use of
examples and evidence; may also include diagrams and figures
in addition to written explanations
Interpret Clarify something or 'explain' (see above) the importance and
meaning of data, figures, or other information, perhaps indicating
how the thing relates to some other thing or perspective.
Investigate Research, inquire into and examine all aspects of the topic; may
involve collecting your own original research data
Justify Express valid reasons for accepting a particular interpretation or
conclusion, probably including the need to 'argue' (see above) a
case.
List Give only main points in order or sequence.

Financial Accounting 141 – 1st Semester 2023 Page 2

Outline Give only the main points of a theory, situation, or topic in a
logical order (e.g. time, importance etc), possibly setting them
within a clear structure or framework to show how they
interrelate.
Relate Clearly show the relations or connections between theories,
ideas, events etc, considering their similarities and differences,
and their effect upon each other. (See also ‘Explain’, ‘Compare’
and ‘Contrast, above.)
Review Identify the main theories, issues, or events in a subject area,
briefly summarise and explain their importance or relationship to
the current situation. The emphasis on 'assess' rather than
'describe' (Please see above).
State Express the main points of an idea or topic, perhaps in the
manner of 'describe' or 'enumerate' (Please see above).
Summarise Provide only the main points or information, without including
examples, superfluous detail and side-issues.
To relate information and knowledge found in different sources.
Synthesise One needs to combine information from different parts of a book,
study guide or sources, and ‘create’ your own answer and draw
conclusions.
Trace Identify and describe the stages, events or development of an
idea, subject, or process; either in a developmental sense over a
period of time, or else in a cause-and-effect sense. May imply
both 'describe' and 'explain' (Please see above).

References:

Adey, D, Orr, M & Swemmer, D. 1999 New Word Power. Jeppestown: AD Donker
Publishers.

Bloom, B.S. (Ed.) (1996). Taxonomy of educational objective: The classification of

educational goals. Handbook 1, cognitive domain. New York: Longmans, Green.

Langan, J (2000). College Writing Skills. USA: McGraw Hill Companies, Inc.

Murray, S. & Johanson, L. 1990. Write To Learn. Hodder & Stoughton.

Pearsall, J. (Ed). 1999. The Concise Oxford Dictionary. New York: Oxford Univ. Press.

http://www.unisanet.unisa.edu.au/learningconnection/student/learningAdvisors/essays.a
sp Accessed 10 August 2008.

www.international.mq.edu.au/pdfs/ISS/TaskWords.pdf. Accessed 11 August 2008

Financial Accounting 141 – 1st Semester 2023 Page 3