DEPARTMENT OF ACCOUNTING

Transcription

1 DEPARTMENT OF ACCOUNTING Chairperson - Ivonne Ndlovu BBA, MBA (Solusi University, Zimbabwe) Faculty Florence Zimunya - BCOM (Hons.) (Delhi University, India), ACIS (Zimbabwe) MBA (National University of Science & Technology, Bulawayo, Zimbabwe) Bongani Ngwenya Cert. CIS (South Africa), HND, (Bulawayo Polytechnic, Zimbabwe), PGDBA, (Solusi University, Zimbabwe), MBA (Zimbabwe Open University) Sophie Masuku- Associate Degree in Nursing (ADN)(South Western Adventist University); BBA (Andrews University); MBA (Andrews University); PhD in Educational Administration (Andrews University). Timely Chitate BBA, MBA (Andrews University, Michigan, USA), M.Phil, Ph.D (TilakMaharastra University, Pune, India) Nguquko Nyathi Chartered Certified Accountant (ACCA); MBA (University of Derby UK) Siboniso Warima BTech Accounting (University of Zimbabwe); MSc in Finance & Investment (National University of Science & Technology, Bulawayo, Zimbabwe) PHILOSOPHY Accounting is generally considered as the arm of business. The emerging changes, challenges and trends in the business world today require accountants to add value to their organisations. It challenges them to improve effectiveness and corporate governance. Therefore, the focus of the Accounting Department is to train candidates taking up careers in the accounting profession to meet these challenges. While professional excellence is the motto, the Department inculcates values of diligence, honesty, economy, temperance, ethics and purity, all of which contribute to the making of a total person. MISSION STATEMENT The Department of Accounting exists to prepare business students with hands-onskills and knowledge in accountancy for the diverse sectors of the economy through rigours of problem solving, in case study, theory and industrial attachment discerned from qualified, experienced competent lecturers. We aim to send to the business world quality and proficient graduates who strive for leadership through research, scholarship and continually upgrading our programmes. OBJECTIVES The accounting Department aims at incalculating excellent accounting skills to its students. Realising that students of accounting may work in management related

2 areas; the programme also nurtures students' management skills. The objectives of the Department are: To address the needs of the public and private sectors by producing graduates who are practical oriented. To prepare students for graduate and professional studies such as ACCA, CA, CIS, CIMA. To develop students' analytical, inductive, adaptive and communication skills. To imbue students with Christian values and ethics. DEGREES OFFERED The Department of Accounting offers the following: Accounting ~ BBA (General) Accounting ~ Minor For a Suggested Schedule, see the last section in this Department. CAREER OPPORTUNITIES The degree programme provides a broad and relevant education base for the future business profession. It combines a practically oriented approach with a theoretical and reflective analysis of problems and issues. The programme equips graduates with accounting skills that will give them access to career choices in the following fields in both private and public sectors: Financial Reporting Financial Accounting Management Accounting Taxation Internal and External Auditing ADMISSION REQUIREMENTS In addition to satisfying normal Solusi University admission requirements, accounting students are required to have a credit or better in Mathematics at Ordinary level. Have at least two 'A' Level subjects passed. Students with accounting or business studies in O/A Level programme have an added advantage. For students coming from countries where 'A' Levels are not offered, one will be considered for admission if they qualify for entry into university in their home

3 countries. However, if admitted, the students must spend the first year in the Pre- University programme covering the following introductory courses: Introduction to Accounting, Introduction to Business, Fundamental in Information Systems and Personal Finance. Those admitted from A-Levels take at least four years, while those from neighbouring countries take at least five, including the one year Pre-University Programme, to complete their studies in these degrees. The Department accepts a limited number of students based on the Mature Age Examination, and/or professional qualification and related work experience. Generally, the number of such students shall not exceed two percent of the total student enrolment in the Department in a given year (see the section for Mature Age Entrance Requirements in this Bulletin). Students who have successfully completed a Higher National Diploma in Accounting or have obtained equivalent qualifications may be exempted all first year core courses and begin with the second year courses. ACCA members may be granted up to 21 credits exemptions of the total core courses. GRADUATION REQUIREMENTS To be eligible for graduation students are required to have successfully completed a minimum of 118 semester credits. These credits include: 29 General Education Requirements 41 Core Requirements 39 Concentration Requirements 6 Cognate Requirements 115 Total Credits DEGREE REQUIREMENTS BACHELOR OF BUSINESS ADMINISTRATION ~ACCOUNTING (GENERAL) ~TOTAL CREDITS 114 GENERAL EDUCATION REQUIREMENTS ~ BBA ACCOUNTING.... Total 28 Behaviour Development (S/U grade) T o t a l 0

4 CONV 200 Convocation (assessed each semester)...0 ORIE 100 Orientation...0 Health...Total 2 HLED 115 HealthierLiving...2 History...Total 2 HIST 276 Selected Themes in Zimbabwean History...2 Language & Communication...Total 3 COMM 102 Communication Skills...3 Mathematics & Computer Science...Total 6 INSY 110 Computers and Business Information Systems..3 MATH 181 Business Algebra NaturalSciences...Total 2 BIOL 389 Science of Origins...2 Religion & Philosophy...Total 11 RELT 215 Philosophy of Christian Education...2 RELT 105 Christian Beliefs...3 RELT 355 Religion & Ethics in Modern Society...3 RELB 180 Studies in Gospel...3 Work Experience:BSIA 300 Industrial Attachment......Total 3 CORE REQUIREMENTS ~ BBA ACCOUNTING.....Total 41 ACCT 111 Financial Accounting 1A...3 ACCT 112 Financial Accounting 1B...3 MGMT 155 Principles of Management...3 BSAD 498 Business Research Methods/Project (Feasibility Study)...1/1 MGMT 241 Business Law I...3 MGMT 242 Business Law II...3 MGMT 296 Production & Operations Management....3 MGMT 496 Strategic Management...3 ECON 215 Principles of Microeconomics...3 ECON 216 Principles of Macroeconomics...3 FNCE 274 Corporate Finance I...3 INSY 200 Management Information Systems...3

5 MKTG 126 Principles of Marketing...3 MGMT485 Human Resources Management... 3 CONCENTRATION REQUIREMENTS ~ BBA ACCOUNTING...Total 39 ACCT 211 Financial Accounting IIA...3 ACCT 212 Financial IIB...3 ACCT 231 Management & Cost Accounting I...3 ACCT 261 Tax Law & Practice I...3 ACCT 262 Tax Law & Practice II...3 ACCT271Accounting Software Packages...3 ACCT 281 Auditing I...3 ACCT 306 Public Sector Accounting & Finance...3 ACCT 432 Management& Cost Accounting II ACCT 451 Financial Accounting III A..3 ACCT 452 Financial Accounting IIIB...3 ACCT472Accounting Theory & Practice...3 ACCT 482 Auditing II...3 COGNATE REQUIREMENTS ~ BBA ACCOUNTING...Total 6 MATH 182 Business Calculus...3 STAT 285 Statistical Methods MINOR IN ACCOUNTING ~ TOTAL CREDITS 22 A student who is enrolled in the University may, if he chooses, complete a Minor in Accounting by taking the following courses: Suitable for non-business majors: Required Courses ~ Accounting Minor...Total 16 ACCT 111 Financial Accounting IA...4 ACCT 112 Financial Accounting IB...4 ACCT 211 Financial Accounting IIA...4 ACCT 212 Financial Accounting IIB...4 Suitable for Business Majors, 8 other credits should be added from the Concentration requirements: Elective Courses ~ Accounting Minor...Total 6 Selected from the concentration accounting courses only

6 In case a student wishes to convert the minor into a major, such a student will be required to have entry requirements for the major. COURSE DESCRIPTIONS ACCT 091 Introduction to Accounting An elementary course designed to provide a detailed but general exposure to ideas and terminology essential to the understanding of the accounting cycle and the basic financial statements for example balance sheet, income statement and cash flow statement. Although this course is available to all students, it does not count toward a minor or major in accounting. ACCT 101 Accounting IA This is an introductory accounting course for non Accounting and Finance majors (i.e C&MIS, Management & Marketing and Agribusiness majors). The purpose of the course is to provide an understanding of basic concepts and techniques of accounting and their application to business management. The course focuses on how entries are recorded in accounts to capture all economic activity of the firm. How accounts are organized and what transactions are entered until the final preparation of financial statements. The course is intended for those who will use accounting information as managers rather than those who will use it as accountants. ACCT 102 Accounting IB Pre-requisite: ACCT 101 Fundamental concepts of accounting are continued from ACCT 101. Emphasis is still placed on understanding the accounting cycle and integration of relevant topics to broaden the view in accounting. Students are also introduced to accounting for different forms of businesses, for example sole trader, partnerships and companies. An introduction of financial statement analysis and how to apply generally accepted accounting principles, International Accounting Standards and International Financial Reporting Standards is part of the course. ACCT 192 Denominational Accounting A study of SDA Church accounting system beginning from church to Union Conferences and selected topics on Division operations. Emphasis is placed on the

7 debit and credit memo flow system, problems of reconciliation between various organisations and accounting for tithes and offering. Financial statements at all these levels are reviewed with the emphasis on their proper interpretation for sound decision making. ACCT 111 Financial Accounting IA 4 Credits Students in this course are introduced to fundamental concepts of financial accounting. Emphasis is placed on understanding the accounting cycle, the content and preparation of the basic financial statements for sole proprietors. Other topics covered are cash handling systems and internal control, accounting for inventory, short-term investments, plant assets, intangible assets, natural resources and longterm liabilities. A study of generally accepted accounting principles, International Accounting Standards and International Financial Reporting Standards is included. ACCT 112 Financial Accounting IB 4 Credits Pre-requisite: ACCT 111. This is the second part of the course, Financial Accounting I. Topics covered are accounting for long-term liabilities, the issues of incomplete single entry record and cost and management accounting. Students are also introduced to accounting for other forms of business organisations such as partnerships, joint ventures, and manufacturing organisations. Cost and Managerial Accounting concepts are also introduced. Financial planning and control is also introduced by discussing topics such as cash flow statements, and analysis and interpretation of financial statements. All topics are covered based on the provisions of the International Financial Reporting Standards. ACCT 206 Public Sector Accounting & Finance Pre-Requisite: ACCT 112 or permission by the instructor This course aims at introducing both accounting and business students to the nature of the public sector environment and also to provide an opportunity to reflect on some of the broader issues associated with the rise and role of accounting within the public sector context. This course introduces key economic, political and historical issues associated with the public sector, explores the differences between accounting and accountability in private and public sector setting and critically evaluates many of the key contemporary debates within the public sector context. Procedures and problems of accounting for Non Profit Organisations are

8 emphasised in this course (Organizations such as Government entities, Hospitals, Universities, Colleges, Welfare Societies, Clubs and Churches). Fund accounting is the main focus of the course. ACCT 211 FinancialAccountingIIA 4 Credits Pre-Requisite: ACCT 112 This course builds on the knowledge attained in Financial Accounting I. It affords a student a deeper understanding of partnership formation and dissolutions, accounting for equity and debt securities, accountings for corporate income taxes (deferred taxes). A detailed approach to classification of transaction and determination of income and expense under situations such as contingencies and events occurring after the balance sheet date, discontinued operations and accounting changes are also covered in this course. Emphasis is again placed on working out financial statements in accordance to International Accounting Standards. statements of cash flows are also discussed in this course. ACCT 212 Financial Accounting IIB 4 Credits Pre-Requisite: ACCT 211 (Accounting reporting for legal practice and financial accounting in conformity with the companies act) Students are required to cover published accounts and financial statements in conformity with the companies act in this course. Other topics include revenue recognition, (income measurement and determination), accounting for contracts, hire purchase and leases, royalties, branch accounting, accounting for research and development cost, accounting for fundamental error and changes in accounting policies. ACCT 261 Tax Law & Practice I Pre-Requisite: ACCT 112 The course introduces students to the current law relating to taxation in Zimbabwe and its practical application in determining the source of gross income. It also involves the calculation of taxable income and tax payable for individuals, proprietors and farming operations. ACCT 262 Tax Law & Practice II Pre-Requisite: ACCT 261 The course builds on the knowledge attained in Taxation I. It continues to expose the students to taxation of partnership, companies, miners, trusts and estates according to the Zimbabwe INCOME Tax Act. The course also includes the study and application of the Capital Gains Act, Estate Duty Act, and Value Added Tax (VAT).

9 ACCT 271 Accounting Software Packages 3 Credit Pre-Requisite: ACCT 102/ ACCT 112 The course is designed to introduce students to accounting software packages such as Sun Accounting, Pastel Accounting and others that are commonly used by the industry. It is a review of all accounting procedures: creating journals, posting to ledger accounts, trial balance extraction, and processing financial statements all done on a computer with hands on experience. The course will have lab periods, which are compulsory. ACCT 231 Management & Cost Accounting I Pre-Requisites: ACCT 112 The course provides a foundation for supplying detailed records of cost relating to products, operations or functions. It involves the study of cost behaviour determination, accumulation and allocation procedures. It also deals with accounting for the basic elements of costs that is material, labour and overheads as well as Activity Based Costing (ABC). It discusses in details the two basic costing systems: Job Order and Process costing and includes accounting for joint and byproducts. ACCT 432 Management & Cost Accounting II Pre-Requisite: ACCT 231 The course emphasizes on the internal uses of cost and financial accounting data for planning, control and decision making. As such it involves a detailed study of budgeting process, responsibility accounting and reporting, standard costs and variance analysis, capital expenditure planning and evaluation and alternative choice decisions. Cost-volume-profit relationship, relevant costs and performance evaluation topics are also covered in this course. ACCT 351/451 Financial Accounting III-A Pre-Requisite: ACCT 212 This course focuses on the financial reporting and concentrates on the ability to apply this knowledge on the consolidation procedure required for the preparation and presentation of group financial statements (with emphasis on balance sheet and income statement). The course also concentrates on inter-company transactions, business combinations of horizontal groups, vertical groups, and complex groups. ACCT 452 Financial Accounting III-B Pre-Requisite: ACCT 351/451 This course builds on the knowledge acquired in ACCT 351/451. It continues to

10 concentrate on financial reporting with specific emphasis on accounting for associated enterprises, interim acquisition of interest in subsidiaries and associates, changes in degree of control, consolidated cash flow statements, foreign subsidiaries and branches. The course also involves accounting for deferred taxation, lease accounting segments reporting, earnings per share and accounting for retirement benefits. It also deals with accounting for price level changes and the general application of the International Financial Reporting Standards. ACCT 281 Auditing I Pre-Requisite: ACCT 112 The course covers the concepts, techniques, procedures and practices of external auditing in relation to various cycles, such as revenue and collection cycle, acquisition and expenditures cycle, production and payroll cycle, and the finance and investment cycle, statistical sampling, and report writing. Other topics include auditing in a computerized environment and with the computer, professional ethics etc as an attest process and function. ACCT 382/483 Audit Skills, Theory & Practice Pre-Requisite: ACCT 281 A study of the role of auditing and auditors in corporate financial reporting, and the importance of this role to the public. Students are exposed to similarities and difference that exist between external and internal auditing and how one complements the other. Topics include controls (preventive, detective and corrective) and control evaluation, the whole audit process from the preliminary survey to deficiency findings and report writing survey etc. ACCT 383/472 Accounting Theory Pre-Requisite: ACCT 212 The course focuses on the review of the accounting theory with an emphasis on the application of International Accounting Standards. It is also aimed at reviewing Certificate in Accounting Theory (CTA) material required for students whose intention is to sit for CA (Institute of Chartered Accountants in Zimbabwe) and other professional examinations. It is intended to give students an overview of the rigors of the professional examinations and theoretical background necessary for them to understand the changes taking place in accounting reporting, procedures and practices. Industrial Attachment BSIA 300 Industrial Attachment Students enrolled in the department of Accounting are required to have a practical experience in their related field of study. The main objective of the attachment

11 program is to provide practical experience in the area of study and develop abilities to apply theory to practice. Students enrolled in the Bachelor of Business Administration majoring in accounting regular programme should register for attachment in their second year in December. The duration of their attachment is not less than 10 consecutive months. Students enrolled in the Bachelor of Business Administration majoring in accounting block release regular programme should register after having completed six consecutive blocks. The duration of their attachment will be 9 th th th months, of which they will break from attachment to attend the 7, 8 and the 9 block during their year of attachment. Students enrolled in the Bachelor of Business Administration majoring in accounting honours programme should register for attachment in their second year in December. The duration of their attachment is 8 months beginning January to August in their third year. Industrial attachment is coordinated and supervised by the Department. International students are at liberty to do this course in their respective country of origin. ACCT 407 Public Sector Accounting & Finance II This prerequisite ACCT 206 course builds from ACCT 206. To develop the student's competence in preparation of internal accounting financial reporting of various types of institutions in the public sector. Fund accounting is the main focus of the course as well as public sector audit. ACCT 420 Accounting Information Systems This course provides an examination of accounting information systems. It focuses primarily on studying business processes through a pattern-based approach that enables the understanding of business processes in many different types of firms in various industries. Major themes include: objectives and procedures of internal control, the database approach to data management, data modelling and proper system documentation through data flow diagrams and flowcharts. ACCT 433 Advanced Management & Cost Accounting Advanced Management & Cost Accounting is an advanced course in strategic management accounting which examines the integrative and interdisciplinary role of management accounting, and its contribution to strategic management processes. The course uses a case-based and business simulation approach. The course focuses on building competencies, including the application of management accounting tools and techniques, and the effective evaluation, assessment and interpretation of information. These competencies should improve decision

12 making, performance evaluation and strategic processes leading to the overall success of a business organization. This course further involves the in-depth study of the principles and objectives of the techniques and theories used in managerial accounting. Topics such as capital budgeting, manufacturing accounting, management control systems, performance measurement, and quantitative techniques for planning and control are discussed. ACCT 463 Advanced Taxation In addressing client needs and objectives, financial advisors must be aware of the impact that income tax regulations have on financial and estate planning. The Advanced Taxation course provides important information on income tax rules and regulations that affect individuals, partners and company owners, and financial advisors themselves. ACCT 484 Advanced Auditing This course involves the study of issues in auditing. It examines the role of professions in society and the need for, and nature of, auditing in the public and private sectors. It aims to provide students with a conceptual and ethical framework within which to evaluate existing systems and address practical problems. SUGGESTED SCHEDULE Bachelor of Business Administration in Accounting ~ Total 114 First Year ~ Credits 36 st nd 1 Semester 2 Semester Summer Session ACCT ACCT None MGMT HLED 115* 2 CONV 101* 0 CONV 102* 0 ECON ECON RELT 105* 3 COMM 102* 3 INSY 110* 3 MATH MATH 181* 3 MKTG ORIE 100* 0 HIST EDUC EDUC Total 18 Total 19 Total 0

13 Second Year ~ Credits 36 st nd 1 Semester 2 Semester Summer Session ACCT ACCT ACCT ACCT MGMT ACCT CONV 201* 0 MGMT FNCE CONV202 0 ACCT RELB ACCT STAT285 3 Total 18 Total 18 Total 0 Third Year ~ Total Credits 3 BSIA 300: Industrial Attachment Fourth Year ~Total Credits 40 st nd 1 Semester 2 Semester Summer Session ACCT ACCT RELT 215* 2 ACCT INSY ACCT ACCT MGMT MGMT MGMT CONV 401* 0 CONV 102* 0 RELT 355* 3 BIOL 389* 2 BSAD 498 1/1 ACCT472 3 Total 19 Total 20 SUGGESTED SCHEDULE Bachelor of Business Administration in Accounting (Block Release) ~ Total 114 First Year ~ Credits 36 Session I Course Code Credits Session 2 Course Code Credits ACCT MATH MGMT MKTG ECON INSY CONV EDUC ORIE CONV EDUC Total 9 Total 9

14 Session 3 Course Code Credits ACCT ECON RELT EDUC HELD CONV Total 10 Second Year Session 4 Course Code Credits Session 5 Course Code Credits MATHS COMM INSY ACCT RELT MGMT CONV HIST CONV Total 9 Total 10 Session 6 Course Code Credits ACCT ACCT FNCE CONV Total 9 Third Year ~ BSIA 300 Industrial Attachment ~ Third Year Session 7 Course Code Credits Session 8 Course Code Credits RELB ACCT ACCT ACCT MGMT ACCT CONV CONV Total 9 Total 9 Session 9 Course Code Credits ACCT STAT ACCT CONV Total 9

15 Fourth Year Session 10 Session 11 Course Code Credits Course Code Credits ACCT RELT ACCT MGMT BSAD 498 1/1 ACCT BIOL CONV CONV Total 10 Total 9 Session 12 Course Code Credits MGMT ACCT MGMT CONV Total 9 Suggested Schedule Bachelor of Business Administration (Honours) Accounting ~ Total 142 First Year ~ Credits 36 1st Semester 2nd Semester Summer Session ACCT ACCT None MGMT ECON MATH MATH INSY HIST ECON RELT RELP MKTG ORIE HLED CONV CONV EDUC EDUC Total 18 Total 18 Total 0

16 Second Year # 47 Credits 1st Semester 2nd Semester Summer Session ACCT ACCT COMM FNCE ACCT RELT ACCT ACCT RELT MGMT ACCT ACCT ACCT STATS MGMT CONV ACCT CONV TOTAL 18 TOTAL 21 TOTAL 8 Third Year # 21 credits 1st Semester 2nd Semester Summer Session BSIA Industrial Attachment 3 ACCT (January August) ACCT ACCT MGMT MGMT ACCT CONV TOTAL 3 TOTAL 18 TOTAL Fourth Year # 38 credits 1st Semester 2nd Semester Summer Session ACCT ACCT ACCT MGMT ACCT ACCT BIOL ACCT ACCT ACCT ACCT MGMT FNCE CONV CONV TOTAL 20 TOTAL 18