COLLEGE OF BUSINESS

AND ECONOMICS

DEPARTMENT OF
COMMERCIAL ACCOUNTING

Financial Accounting 2B

FAC22B2

LEARNING GUIDE

SEMESTER 2 2024
ACKNOWLEDGEMENT
Authors: FAC2 TEAM

Copyright © University of Johannesburg, South Africa

Printed and published by the University of Johannesburg

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 Table of Contents

1. Module NQF level ............................................................................................................................. 4

2. Duration of module .......................................................................................................................... 4

3. Lecturers’ information ..................................................................................................................... 5

4. Suggested workflow ........................................................................................................................ 6

5. Prescribed textbooks ....................................................................................................................... 7

6. Recommended reading ................................................................................................................... 7

7. Purpose of the module .................................................................................................................... 8

8. Composition of module (brief outline) ........................................................................................... 8

9. Lecturing timetable and venue per group ..................................................................................... 9

10. Lecture / work schedule ................................................................................................................ 11

11. FAC22B2 Calendar ............................................................................... Error! Bookmark not defined.

12. Module learning outcomes............................................................................................................ 12

13. Assessment schedule/opportunities ........................................................................................... 12

14. Assessment mark allocation ........................................................................................................ 14

15. Assessment rules and regulations ................................................................................................ 1

16. Library services and resources ...................................................................................................... 3

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 INTRODUCTION

Where to start:

• You should have the following material:

o This Financial Accounting 2B (FAC2B) learning guide.

o A Moodle content area for each learning unit, providing lecture slides and practical questions and
tutorial activities for the unit.

o Additional support material will also be uploaded that will assist you in your learning process. This
may consist of YouTube videos, additional notes and lecture examples explained etc.

• You will be required to access ULink/Moodle every day to check for class announcements, any
additional study material and tutorial and test solutions.

o To log onto the student portal go to http://student.uj.ac.za, https://ulink.uj.ac.za/Default or email

your lecturer for assistance.
o Explore these different tools for important information:
- Class calendar and announcements,

- Lecture/ work schedule,

- Additional study material,

- Solutions to tests and tutorials,

- Staff contact details (email address); and

- Assignment and assessment details.

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 Module-specific Information

1. Module NQF level

HEQF and NQF level 5

Credits (calculated according to notional hours) 12

2. Duration of module
Semester 2, 2024

Sessions per week:

• Lectures: One compulsory double period lecture - Face to face unless otherwise stated
• Practicals: One compulsory double period practical every Friday – Face to face unless otherwise
stated
• Tutorials/Xero: One compulsory double period tutorial - Face to face
• Consultation: One hour consultation session per week with your preferred /available lecturer - Face
to face or online – check announcements every week

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3. Lecturers’ information
Name Campus and Office Email

SWC
Mr Mpho Tshiololi [email protected]
Robert Sobukwe building.
Office number: GNA 254

Ms Lonah Mbhalati SWC [email protected]

Robert Sobukwe building.
Office number: GNA 271

SWC
Ms. Lethabo Kosene Robert Sobukwe building. [email protected]
Office number: GNA 266

NB:

• You may also make an appointment to have a session with your lecturer on MS Teams if you cannot
make the consultation times.
• Lecturers will be available throughout the semester – please do not leave your queries for the day
before the assessments.

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4. Suggested workflow
The following is a suggested guideline of how you should approach your work for the remainder of the
semester:

Action When?

1. Read the slides for the topic to be covered. In the week prior to when the topic will
be covered.

If there is a video provided, watch it, or read

any additional material provided.

2. You will receive a practical question every After you have been through the
week to help with some concepts covered in theory.
the lecture/slides

Attempt the question for the topic.

Attempt the question under exam conditions

to test whether you have understood the
material or not.

After completing the question, look at the

solution and, if you still have questions, you
can consult with a lecturer.

3. Attempt the tutorial question for the topic Before you attend the tutorial.

4. Face to face /one on one Consultation You can schedule a different

appointment with the lecturer;
however, this must be arranged per
request and is pending the lecturer’s
availability.

6. Quiz as per lecture schedule. • There will be three quizzes

during the semester.
• Each quiz will test whether you’ve • A quiz will open on a Friday and
understood the principles in the topic. close on Sunday at midnight
• These quizzes will also help you unless otherwise stated
prepare for the upcoming online test (announcement will be released
and exam. on Moodle)

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5. Prescribed textbooks
NB: Y OU DO NOT NEED TO BUY THE P RESCRIBED T EXTBOOK : G RIPPING GAAP AS IT IS A FREE
DOWNLOAD .

1. Prescribed Textbook:

Gripping GAAP 2024/25 Edition

CL Service

Softcover ISBN: 978 1 776 17758 5

E-book ISBN: 978 1 776 17765 3

Lexis Nexis

2. Recommended Textbook:

Fundamentals of Financial Accounting 4th /5thEdition

A Mohammadali Haji, T Mohohlo, T Mutshutshu and B Sibiya

Lexis Nexis

6. Recommended reading
International Accounting Standards/ International Financial Reporting Standards

Learning Unit Standard # Name of Standard

Learning unit 1 IAS 16 Property, plant and equipment (PPE): the cost model

Learning unit 2 IAS 36 Impairment of assets and PPE disclosure

Learning unit 3 IAS 23 Borrowing cost

Learning unit 4 IAS 37 Provisions and contingencies

Learning unit 5 IAS 10 Events after the reporting period

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7. Purpose of the module
The purpose of this module is to expand the knowledge gained by students from Financial Accounting 1A
and 1B by providing students with knowledge on how to account for accounting transactions and events in
entities based on International Accounting Standards and International Financial Reporting Standards, with
the aid of accounting software, where applicable.

The module will provide students with the knowledge:

• identify, recognise, measure, present and disclose Property plant and equipment in terms of International
Financial Reporting Standards,
• identify, recognise, measure and present Borrowing cost in terms of International Financial Reporting
Standards,
• identify, recognise, measure, present and disclose Impairment of assets in terms of International
Financial Reporting Standards,
• identify, recognise, measure, present and disclose Provisions, contingent liabilities and contingent assets
in terms of International Financial Reporting Standards,
• identify, recognise, measure, present and disclose Events After the Reporting Period in terms of
International Financial Reporting Standards,
• apply various Value Added Taxation (VAT) principles to all accounting transactions where applicable;
and
• apply foreign exchange principles to all accounting transactions where applicable in terms International
Financial Reporting Standards

8. Composition of module (brief outline)

PLEASE NOTE: Conceptual Framework is assumed knowledge in this semester
and will be tested!!!
Learning unit 1 Property, plant and equipment (PPE): the cost model

Learning unit 2 Impairment of assets and PPE disclosure

Learning unit 3 Borrowing cost

Learning unit 4 Provisions and contingencies

Learning unit 5 Events after the reporting period

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9. Lecturing timetable and venue per group
Group A

Lecture/Practical/Tutorial Day Time Venue

Lecture Tuesday 11:20 – 12:55 GNA LAB B01

Practial Tuesday 15:30 – 17:05 GNA LAB B03

Tutorial/Xero Thursday 12:10 – 13:45 GNB 103

Online Lecture Tuesday 08:00 – 09:35 MS Teams

Group B

Lecture/Practical/Tutorial Day Time Venue

Lecture Tuesday 13:00 – 14:35 GNA LAB B01

Practical Wednesday 11:20 – 12:55 GNA LAB B01

Tutorial/Xero Friday 08:00 – 09:35 A1

Online Lecture Tuesday 08:00 – 09:35 MS Teams

Group C

Lecture/Practical/Tutorial Day Time Venue

Lecture Tuesday 14:40 – 16:15 B1

Practical Thursday 11:20 – 12:55 GNA LAB B01

Tutorial/Xero Friday 09:40 – 11:15 GNA LAB B01

Online Lecture Tuesday 08:00 – 09:35 MS Teams

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Group D

Lecture/Practical/Tutorial Day Time Venue

Lecture Monday 10:30 – 12:05 GNB 102

Practical Thursday 09:40 – 11:15 GNA LAB B01

Tutorial/Xero Thursday 11:20 – 12:55 GNB 101

Online Lecture Tuesday 08:00 – 09:35 MS Teams

Group E/FSO Group

Lecture/Practical/Tutorial Day Time Venue

Lecture Wednesday 08:00 – 09:35 GNB 105

Practical Thursday 13:00 – 14:35 GNA LAB B01

Tutorial/Xero Thursday 14:40 – 16:15 GNA LAB B01

Online Lecture Tuesday 08:00 – 09:35 MS Teams

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10. Lecture / work schedule
Learning
Sessions Topic
Unit

15/07 – 19/07 1 Property, plant and equipment

Property, plant and equipment
22/07 – 26/07 1

29/07 – 02/08 1 Property, plant and equipment

Impairments and PPE note

05/08 – 09/08 2
(Friday is a holiday – Women’s Day) TBC
Impairments and PPE note
Quiz 1 (LU 1 &2)
12/08 – 16/08 2
Open: 16 August 2024
Close: 19 August 2024

19/08 – 23/08 1-2 Revision

Assessment opportunity 1
Day: Friday
Scope Date: 23 August 2024
23/08
Unit 1 - 2 Time: 14:00 – 15:30
Method: Written on campus
Venue: TBC

26/08 – 30/08 3 Borrowing Cost

31/08 – 08/09 Spring recess
Provisions and contingencies
Quiz 2 (LU 3)
09/09 – 13/09 4
Open: 13 September 2024
Close: 16 September 2024

16/09 – 20/09 4 Provisions and contingencies

23/09 – 27/09 Xero

Revision
30/09 – 04/10 3–5
(Timetable Switch – 2 October 2024, Wednesday)

Assessment opportunity 2
Scope
04/10 Day: Friday
Unit 2 - 5
Date: 4 October 2024

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 Time: 14:00 – 15:30
Method: Written on campus
Venue: TBC
Events after reporting period
Tuesday, 08 October (Online Lecture)
07/10 – 11/10 5 Quiz 3 (LU 4 & 5)
Open: 11 October 2024
Close: 14 October 2024

Scope Sick Assessment Opportunity 1

Unit 1 - 2 Wednesday 09 October
09/10
Scope Sick Assessment Opportunity 2
Unit 2 - 5 Wednesday 09 October

14/10 – 18/10 1-5 Revision

19/10 – 23/10 Study break

25 October 2024
ALL UNITS FINAL ASSESSMENT
(Friday)

11. Module learning outcomes

Please refer to specific learning unit for outcomes.

12. Assessment schedule/opportunities

Assessment Learning outcomes Assessment
Assessment date
that are covered method

Assessment opportunity 1 Learning Units 1 - 2 23 August 2024 Face to Face

Assessment opportunity 2 Learning Units 1 - 5 4 October 2024 Face to Face

Sick Assessment Opportunity 1 Learning Units 1 - 2 09 October 2024 Face to Face

Sick Assessment opportunity 2 Learning Units 2 - 5 09 October 2024 Face to Face

Last Assessment Opportunity All outcomes 25 October 2024 Face to Face

Quizzes + (possible Xero Online quizzes –

All outcomes Continuous assessment
accounting assignment TBC) various durations

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13. Assessment mark allocation
Assessment opportunity 1 20%

Assessment opportunity 2 20%

Online Quizzes + possible Xero Accounting assignment - TBC 10%

Final Assessment 50%

Final Mark 100%

NB!!! Please note the following:

• You need a 40% semester mark to qualify to write the final
examination/assessment.
• You need a 40% examination or final assessment mark to qualify
for a supplementary exam.
• All the assessments that you complete throughout the semester
count towards your final mark.

14.1. Semester Mark calculation

Semester mark is calculated using the following assessment weighting:

Test 1 Test 2 Quiz marks Semester Mark

(average)
40% 40% 20% 100%

Example of scenario on how a student can calculate their semester mark:

• A student obtains 66% in Test 1.
• A student obtains 46% in Test 2.
• A student obtains an average quiz mark of 60%.
• The semester mark calculation is as follows:

Test 1 Test 2 Quiz marks Semester mark

(66*40%) (46*40%) (60*20%) (26.4+18.4+12)

26.4 18.4 12 56.8%

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Note:
• The 56.8% is the semester mark and thus, the student qualifies to write the final assessment. This
is because the semester mark is greater than 40%.
• If, for instance, the student obtained a semester mark of 37% (which is less than 40%), the student
WILL NOT QUALIFY to write the final assessment.

14.2 Final mark calculation

The final mark will be calculated as follows:

Semester mark (SM/FPM) Exam mark (EM) Final mark (FM)

50% 50% 100%

Example of a scenario on how a student can calculate their final mark:

• A student obtained a semester mark of 56.8%
• A student obtains an exam mark of 60%
• The final mark is calculated as follows:

Semester mark (SM/FPM) Exam mark (EM) Final mark (FM)

(56.8 * 50%) (60 * 50%) (28.4 + 30)
28.4 30 58.4

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14. Assessment rules and regulations
• To pass an average of at least 50% is required for the final mark.

• To obtain a distinction a final mark of 75% is required.

• Financial accounting 2A and 2B are couplet modules. The rules are included below but at the
present time we use the 40% - 49 %.

• The following is an extract with an interpretation of the rule from the faculty office

A student needs to have a subminimum of 40% exam mark and a minimum of 40% final mark to
retain credit on module A and to be able to continue with module B.

The Regulation:

“Couplet module” is a first-semester module followed by the second-semester module where the
content of the second-semester module is dependent on the content of the first-semester module,
subject to a minimum of 40% obtained for the first-semester module to progress to the second-
semester module. Couplet modules is two modules in a specified year, whereby the second module
builds upon the first module. The passing mark of each module is usually 50%, but a student who
did not obtain the required 50% in the first module but obtained for this module a minimum mark of
40% in the last assessment opportunity (exam) and a final mark of at least 40%, will be granted entry
to the second module

To obtain credit for both modules, the second module must be passed and an average of 50% for
both modules has to be obtained by the student. Credit can be obtained for the second module if a
final mark of 50% is obtained for this module, and not an average of 50% for both modules. If the
first module is repeated while a credit has already been obtained for the second module, the first
module must be passed on its own. A student who qualifies for a supplementary assessment on a
couplet module and obtained a last assessment opportunity mark (EM) of at least 40% can choose
if he/she want to write the supplementary assessment or retain credit on the original final mark.
Should he/she choose to write the supplementary assessment but fail the module; the highest mark
between the original and supplementary assessment mark will be used to retain the credit.

Couplet modules and supplementary exams

A student who qualifies for a supplementary assessment on the first module of a couplet module
(Final mark between 40% and 49%) and obtained a last assessment opportunity mark (exam mark)
of at least 40% can choose if he/she wants to write the supplementary or retain credit on the original
final mark.

Therefore students can retain credit with a final mark between 40 and 49 provided that a subminimum
of 40% was obtained in the exam.
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Students who qualify for a supplementary assessment, but who did not obtain the subminimum of
40 in the last assessment opportunity (exam) do not have a choice but have to write the
supplementary exam.

If a student qualifies for a supplementary assessment, but choses not to write it, the student forfeits
the chance to write a supplementary at a later stage. For example, if the student choses not to write
the supplementary and the module is the last module outstanding to graduate the student will not
qualify for a special assessment session. AR 10.5.2 c.

Should he/she choose to write the supplementary assessment, but fail the module; the highest mark
between the original and supplementary assessment mark will be used to retain the credit.

Interpretation

The second semester module can therefore ‘pull’ the module from semester 1 through, but not the
other way round.

Students have to be registered for both modules in the same year to take advantage of the couplet
module rule.

If the first module is repeated while a credit has already been obtained for the second module, the
first module must be passed on its own.

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15. Library services and resources
The UJ Library offers a range of information services and resources contained in subject specific
guides, for detailed Library information, go to https://www.uj.ac.za/library/

These guides include various important topics that will make your academic journey easier, some of
the topics covered in the course include:

• Assignment help
• How to search for books and journal articles
• How to avoid plagiarism
• Learn to evaluate information on the internet to avoid misinformation.

To get in touch or contact your friendly Information Specialists (Librarians) get our full details and
relevant departments here: https://uj.ac.za.libguides.com/c.php?g=581172&p=9507910

Below are some of the highly recommended guides:

Highly Recommended guides:

• The College generic guide

https://uj.ac.za.libguides.com/?group_id=12172

• Prescribed and Recommended Books:

https://uj.ac.za.libguides.com/c.php?g=1217108

• Past Exam Papers (Online)

https://uj.ac.za.libguides.com/c.php?g=1222441

• Online Information Literacy Module

https://uj.ac.za.libguides.com/c.php?g=581225

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