IMPORTANT INFORMATION: READ NOW
SCHOOL OF ACCOUNTING SCIENCES
DEPARTMENT OF FINANCIAL ACCOUNTING
ACCOUNTING 1
MODULE 1 (FAC1502)
ACCOUNTING CONCEPTS,
PRINCIPLES AND PROCEDURES
TUTORIAL LETTER 101/3/2022
(FIRST AND SECOND SEMESTERS)
SCHEME OF WORK, STUDY RESOURCES AND ASSIGNMENTS
Contents
1. A word of welcome
2. Purpose and outcomes of this module
3. Communication with your lecturers
4. Student support system
5. Study material
6. How the assignment system works
7. How the examination system works
8. Assignments and assessment criteria
ANNEXURES
A: Assumed knowledge
B: Study programme for 2011
C: Assignment 01 for FIRST SEMESTER (compulsory)
D: Assignment 01 for SECOND SEMESTER (compulsory)
E: Assignment 02 for FIRST SEMESTER (compulsory)
F: Assignment 02 for SECOND SEMESTER (compulsory)
G: Comprehensive exercise (questions with suggested solutions)
, 2
1. A WORD OF WELCOME
1.1 Introduction
It is a pleasure to welcome you as a student to Module 1 (FAC1502) of the Accounting 1
(first year accounting) course. We hope that you will find your studies particularly
stimulating this semester and that you will achieve success.
The semester that you register for will be indicated on your registration papers when you
register. If this is the first time that you are registered for FAC1502, you may not be
registered for FAC1601 in the same semester. Ensure that you are registered for the
correct semester as you are obliged to write the examination for that semester. The
examination for the first semester will be during May and the examination for the second
semester will be during October.
Should you be faced with specific subject content problems in your studies, please do not
hesitate to consult us by letter, E-mail, telephone or personally (by appointment).
In this tutorial letter we would like to draw your attention to a number of very important
matters and we request you to study them very carefully.
We shall do our best to make your study of this module successful. You will be well on
your way to success if you start studying early in the semester/ year and resolve to do the
assignment(s) properly.
You will receive a number of tutorial letters during the year. A tutorial letter is our way of
communicating with you about teaching, learning and assessment.
Tutorial Letter 101 contains important information about the scheme of work, resources
and assignments for this module. We urge you to read it carefully and to keep it at hand
when working through the study material, preparing the assignment(s), preparing for the
examination and addressing questions to your lecturers.
Please read Tutorial Letter 301 in combination with Tutorial Letter 101 as it gives you an
idea of generally important information when studying at a distance and within a particular
College.
In Tutorial Letter 101, you will find the assignments and assessment criteria as well as
instructions on the preparation and submission of the assignments. This tutorial letter also
provides all the information you need with regard to the prescribed study material and
other resources and how to obtain it. Please study this information carefully and make sure
that you obtain the prescribed material as soon as possible.
We have also included certain general and administrative information about this module.
Please study this section of the tutorial letter carefully.
Right from the start we would like to point out that you must read all the tutorial letters
you receive during the semester immediately and carefully, as they always contain
important and, sometimes, urgent information.
We hope that you will enjoy this module and wish you all the best!
, 3
1.2 Compilation of the accounting I course
This first year accountancy course for all B.Compt. and B.Comm. students (including
B.Comm.-Law) consists of two separate semester modules, namely:
FAC1502 (Accounting concepts, principles and procedures), followed by FAC1601
(Accounting reporting)
The first year (Accounting 1) is concluded when both FAC1502 and FAC1601 are passed.
Please note that the simultaneous registration for FAC1502 and FAC1601 is not allowed,
as FAC1502 is an absolute prerequisite for FAC1601.
LLB.-Students
Register for FAC1503 (Accounting principles for law practitioners)
Please note: The module ACN103P (Accounting for law practitioners) is no longer
presented at UNISA.
2. PURPOSE AND OUTCOMES OF THIS MODULE
2.1 Purpose
The purpose of this module is to:
apply the basic principles of accounting;
gather, process and record relevant information and compile basic statements of
comprehensive income, statements of changes in equity and statements of financial
position;
keep proper record of and be accountable for assets;
keep proper record of and be accountable for liabilities;
keep proper record to ascertain the financial performance and financial position of
sole proprietors and non-profit entities.
prepare proper books from incomplete records
2.2 Outcomes
Learning Outcome 1
Know and understand the nature and function of accounting.
Learning Outcome 2
Ability to explain what is meant by the nature of accounting theory, principles, accounting
policy, practice and procedures.
Learning Outcome 3
Describe what the primary purpose of accounting is and what is understood by the double
entry system including the ability to calculate the financial position of an entity and the
elements of the basic accounting equation.
Learning Outcome 4
Apply the concepts of income and expenditure to determine the gross and net profits (or
losses) and the effect thereof on owner’s equity.
, 4
Learning Outcome 5
Analyse and record transactions in the books of an entity and prepare a statement of
financial position from the basic accounting equation.
Learning Outcome 6
Prepare all the journals, posting to ledger accounts and to prepare a trial balance.
Learning Outcome 7
Process year-end adjustments in the books of an entity.
Learning Outcome 8
Complete the closing-off procedure, determine the profit or loss of an entity and prepare
more advances financial statements.
Learning Outcome 9
Treatment of transactions related to cash and cash equivalents, apart from cash receipts
and payments.
Learning Outcome 10
Treatment of all aspects of debtors in the books of an entity.
Learning Outcome 11
Understand the importance of inventory and how entries related to inventory is recorded in
the books of an entity.
Learning Outcome 12
Record transactions related to property, plant and equipment.
Learning Outcome 13
Record transactions related to other non-current assets such as investments.
Learning Outcome 14
Know the treatment of current liabilities in the books of an entity.
Learning Outcome 15
Describe non-current liabilities, record the necessary entries in the books and disclose it in
the statement of financial position.
Learning Outcome 16
Record all transactions related to a sole proprietor and prepare the financial statements of
a sole proprietor.
Learning Outcome 17
Record all transactions related to organisations and societies not to gain.
Learning Outcome 18
Convert to a double-entry system from incomplete records.
SCHOOL OF ACCOUNTING SCIENCES
DEPARTMENT OF FINANCIAL ACCOUNTING
ACCOUNTING 1
MODULE 1 (FAC1502)
ACCOUNTING CONCEPTS,
PRINCIPLES AND PROCEDURES
TUTORIAL LETTER 101/3/2022
(FIRST AND SECOND SEMESTERS)
SCHEME OF WORK, STUDY RESOURCES AND ASSIGNMENTS
Contents
1. A word of welcome
2. Purpose and outcomes of this module
3. Communication with your lecturers
4. Student support system
5. Study material
6. How the assignment system works
7. How the examination system works
8. Assignments and assessment criteria
ANNEXURES
A: Assumed knowledge
B: Study programme for 2011
C: Assignment 01 for FIRST SEMESTER (compulsory)
D: Assignment 01 for SECOND SEMESTER (compulsory)
E: Assignment 02 for FIRST SEMESTER (compulsory)
F: Assignment 02 for SECOND SEMESTER (compulsory)
G: Comprehensive exercise (questions with suggested solutions)
, 2
1. A WORD OF WELCOME
1.1 Introduction
It is a pleasure to welcome you as a student to Module 1 (FAC1502) of the Accounting 1
(first year accounting) course. We hope that you will find your studies particularly
stimulating this semester and that you will achieve success.
The semester that you register for will be indicated on your registration papers when you
register. If this is the first time that you are registered for FAC1502, you may not be
registered for FAC1601 in the same semester. Ensure that you are registered for the
correct semester as you are obliged to write the examination for that semester. The
examination for the first semester will be during May and the examination for the second
semester will be during October.
Should you be faced with specific subject content problems in your studies, please do not
hesitate to consult us by letter, E-mail, telephone or personally (by appointment).
In this tutorial letter we would like to draw your attention to a number of very important
matters and we request you to study them very carefully.
We shall do our best to make your study of this module successful. You will be well on
your way to success if you start studying early in the semester/ year and resolve to do the
assignment(s) properly.
You will receive a number of tutorial letters during the year. A tutorial letter is our way of
communicating with you about teaching, learning and assessment.
Tutorial Letter 101 contains important information about the scheme of work, resources
and assignments for this module. We urge you to read it carefully and to keep it at hand
when working through the study material, preparing the assignment(s), preparing for the
examination and addressing questions to your lecturers.
Please read Tutorial Letter 301 in combination with Tutorial Letter 101 as it gives you an
idea of generally important information when studying at a distance and within a particular
College.
In Tutorial Letter 101, you will find the assignments and assessment criteria as well as
instructions on the preparation and submission of the assignments. This tutorial letter also
provides all the information you need with regard to the prescribed study material and
other resources and how to obtain it. Please study this information carefully and make sure
that you obtain the prescribed material as soon as possible.
We have also included certain general and administrative information about this module.
Please study this section of the tutorial letter carefully.
Right from the start we would like to point out that you must read all the tutorial letters
you receive during the semester immediately and carefully, as they always contain
important and, sometimes, urgent information.
We hope that you will enjoy this module and wish you all the best!
, 3
1.2 Compilation of the accounting I course
This first year accountancy course for all B.Compt. and B.Comm. students (including
B.Comm.-Law) consists of two separate semester modules, namely:
FAC1502 (Accounting concepts, principles and procedures), followed by FAC1601
(Accounting reporting)
The first year (Accounting 1) is concluded when both FAC1502 and FAC1601 are passed.
Please note that the simultaneous registration for FAC1502 and FAC1601 is not allowed,
as FAC1502 is an absolute prerequisite for FAC1601.
LLB.-Students
Register for FAC1503 (Accounting principles for law practitioners)
Please note: The module ACN103P (Accounting for law practitioners) is no longer
presented at UNISA.
2. PURPOSE AND OUTCOMES OF THIS MODULE
2.1 Purpose
The purpose of this module is to:
apply the basic principles of accounting;
gather, process and record relevant information and compile basic statements of
comprehensive income, statements of changes in equity and statements of financial
position;
keep proper record of and be accountable for assets;
keep proper record of and be accountable for liabilities;
keep proper record to ascertain the financial performance and financial position of
sole proprietors and non-profit entities.
prepare proper books from incomplete records
2.2 Outcomes
Learning Outcome 1
Know and understand the nature and function of accounting.
Learning Outcome 2
Ability to explain what is meant by the nature of accounting theory, principles, accounting
policy, practice and procedures.
Learning Outcome 3
Describe what the primary purpose of accounting is and what is understood by the double
entry system including the ability to calculate the financial position of an entity and the
elements of the basic accounting equation.
Learning Outcome 4
Apply the concepts of income and expenditure to determine the gross and net profits (or
losses) and the effect thereof on owner’s equity.
, 4
Learning Outcome 5
Analyse and record transactions in the books of an entity and prepare a statement of
financial position from the basic accounting equation.
Learning Outcome 6
Prepare all the journals, posting to ledger accounts and to prepare a trial balance.
Learning Outcome 7
Process year-end adjustments in the books of an entity.
Learning Outcome 8
Complete the closing-off procedure, determine the profit or loss of an entity and prepare
more advances financial statements.
Learning Outcome 9
Treatment of transactions related to cash and cash equivalents, apart from cash receipts
and payments.
Learning Outcome 10
Treatment of all aspects of debtors in the books of an entity.
Learning Outcome 11
Understand the importance of inventory and how entries related to inventory is recorded in
the books of an entity.
Learning Outcome 12
Record transactions related to property, plant and equipment.
Learning Outcome 13
Record transactions related to other non-current assets such as investments.
Learning Outcome 14
Know the treatment of current liabilities in the books of an entity.
Learning Outcome 15
Describe non-current liabilities, record the necessary entries in the books and disclose it in
the statement of financial position.
Learning Outcome 16
Record all transactions related to a sole proprietor and prepare the financial statements of
a sole proprietor.
Learning Outcome 17
Record all transactions related to organisations and societies not to gain.
Learning Outcome 18
Convert to a double-entry system from incomplete records.
