What is accounting?
Accounting focuses on measuring performance, and processing and communicating financial information about economic sectors. This discipline ensures that principles such as ethical behaviour, transparency and accountability are adhered to. It deals with the logical, systematic and accurate selection and recording of financial information and transactions, as well as the compilation, analysis, interpretation and communication of financial statements and managerial reports for use by interested parties.
The subject encompasses accounting knowledge, skills and values that focus on the financial accounting, managerial accounting and auditing fields. These fields cover a broad spectrum of accounting concepts and skills to prepare learners for a variety of career opportunities.
- FET Accounting CAPS Document
- Strengthening of CAPS FET 2017
- CAPS Amendment FET (grades 10 and 11) 2019
- CAPS Amendment FET (grade 12) 2019
The table below indicates the three main topics and corresponding topics in Accounting curriculum.
Accounting learners will be able to:
- record, analyse and interpret financial and other relevant data in order to make informed decisions;
- present and/or communicate financial information effectively by using generally accepted accounting practicein line with current developments and legislation;
- develop and demonstrate an understanding of fundamental accounting concepts;
- relate skills, knowledge and values to real-world situations in order to ensure the balance between theory andpractice, to enter the world of work and/or to move to higher education, and to encourage self-development;
- organise and manage own finances and activities responsibly and effectively;
- apply principles to solve problems in a judicious and systematic manner in familiar and unfamiliar situations, thus developing the ability to identify and solve problems in the context of the various fields of Accounting;
- develop critical, logical, and analytical abilities and thought processes to enable learners to apply skills tocurrent and new situations;
- develop the following characteristics:
- ethical behaviour
- sound judgement
- deal confidently with the demands of an accounting occupation manually and/or electronically.
Time allocation for accounting in the curriculum
The teaching time for Accounting is 4 hours per week, per grade on the timetable, that is, for Grades 10, 11 and 12.
Requirements to offer accounting as a subject
It is the responsibility of the school to provide the resources to offer Accounting as a subject.
- Each learner should have:
- a textbook
- Accounting stationery or workbook
- a calculator.
- The teacher should have:
- a variety of textbooks for reference
- policies, e.g. summary of King Code III
- partnership agreement
- legislation, e.g. Companies Act 71 of 2008
- codes of professional bodies, e.g. SAICA and SAIPA Codes
- SARS brochures
- bank brochures
- access to a computer and the internet.