Accounting 1A (ACC101) Study Guide Overview

These flashcards cover key aspects of the Accounting 101 (ACC101) study guide, including module purpose, outcomes, assessments, and fundamental accounting principles.

What is the purpose of the Accounting 101 module?

To develop the student’s ability to understand accounting concepts and principles and to record transactions and prepare and understand a basic set of annual financial statements.

Who is the facilitator for Accounting 101?

Prof Cosmas Ambe.

What are the prerequisites for enrolling in Accounting 101?

There are no prerequisites (N/A).

What are the module outcomes upon successful completion of Accounting 101?

Students should be able to understand and apply the conceptual framework for financial accounting, record transactions, understand accounting systems, and prepare financial statements.

What type of assessments will be used in Accounting 101?

Concept tests, online quizzes, formal written tests, assignments, group projects, presentations, and participation in tutorials.

What is the importance of class attendance in the Accounting 101 module?

Students are expected to attend all lectures and tutorials to engage fully in the learning process and achieve better understanding.

How is the final module mark calculated for Accounting 101?

The final module mark is the weighted average of formative assessments (50%) and the examination mark (50%).

What is the significance of the conceptual framework in financial accounting?

It guides the recording of transactions and preparation of annual financial statements.

Define VAT as it relates to Accounting 101.

Value-added tax (VAT) is a tax collection method by South African Revenue Services (SARS) that must be accurately recorded and calculated in accounting.

What learning objective pertains to inventories in Accounting 101?

Students should be able to distinguish between periodic and perpetual inventory systems and calculate the cost of inventories to be recognized as an asset.