MINISTRY OF EDUCATION

Transcription

1 MINISTRY OF EDUCATION JUNIOR SECONDARY PHASE ACCOUNTING SYLLABUS GRADES 8-10 FOR IMPLEMENTATION IN: GRADE GRADE GRADE

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3 Ministry of Education National Institute for Educational Development (NIED) Private Bag 2034 Okahandja Namibia Copyright NIED, Ministry of Education, 2006 Accounting Syllabus Grades 8-10 ISBN: Printed by NIED Website: Publication date: December 2006

4 TABLE OF CONTENTS 1. Introduction Rationale Competencies and Learning Outcomes Particular Features of the Subject at this Phase Gender Issues Local Context and Content Links to Other Subjects and Cross-Curricular Issues Approach to Teaching and Learning Summary of the Learning Content Learning Content Assessment...40 Annexure A: Example of a Cash Book...46 Annexure B: Example of a Petty Cash Book...47 Annexure C: Example of a Debtors Journal & Debtors Return Journal...48 Annexure D: Example of Creditors Journal & Creditors Return Journal...48 Annexure E: Example of a General Journal...48 Annexure F: Example of a Wages Journal...49 Annexure G: Example of a General Ledger...50 Annexure H: Example of a Debtors Ledger...50 Annexure I: Example of a Creditors Ledger...51 Annexure J: Example of a Trial Balance...52 Annexure K: Example of Trading Account and Profit and Loss Account...53 Annexure L: Example of Income Statement of Service Business...54 Annexure M: Example of Income Statement of Trading Business...54 Annexure N: Example of Balance Sheet...55 Annexure O: Example of Control Accounts...56 Annexure P: Example of a Bank Reconciliation Statement...57 Annexure Q: Example of Ratios...58 Annexure R: Marking Guidelines for JSC Accounting...60 Annexure S: Guidelines on Projects and Topic Tasks...64 Annexure T: Marksheet...68

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6 1. INTRODUCTION This syllabus describes the intended learning and assessment for Accounting in the Junior Secondary Phase. As a subject, Accounting is within the mathematical area of learning in the curriculum, but has thematic links to other subjects across the curriculum. In the Mathematical area of learning, learners understand and master a variety of mathematical skills, knowledge, concepts and processes, in order to investigate and interpret numerical relationships and patterns that exist in the world. It helps learners develop conciseness, logical and analytical thinking and to apply them to other areas of learning and real life. The aims, learning objectives and basic competencies which overlap between subjects are amongst the essential learnings within the curriculum as a whole. Under optimal circumstances, this subject would need 4 periods in a 5 day cycle (8 x 40 minute periods per day) or 5 periods in a 7 day cycle (7 x 45 minute periods per day) or 6 periods in a 7 day cycle (8 x 40 minutes periods per day). 2. RATIONALE Accounting is the recording of financial transactions of an individual or a business enterprise. Knowledge of Accounting is essential to familiarise all learners with the importance and interpretation of business documents and procedures. The recorded information serves as a basis for decision making in financial management. Accounting aims to: equip learners with knowledge and an understanding of accounting principles, rules and procedures develop learners abilities to interpret recorded data develop the logical thought processes and the analytical abilities of learners so that they can apply their knowledge of accounting in their everyday lives encourage attitudes of accuracy, orderliness, neatness, thoroughness and disciplined working methods reconcile acquired knowledge with general accounting practice equip learners with the necessary skills and knowledge to complete a set of books of a sole trader instil in the learner self-discipline, diligence and a sense of responsibility to encourage worthy citizenship make learners aware that knowledge of this subject will contribute to the national welfare of Namibia cultivate in learners an understanding and appreciation of the value and importance of accounting for: personal use, as a preparation for a career and as an incentive for further study prepare learners for self employment and to be entrepreneurs so that they can create job opportunities create awareness on social issues, e.g. corruption and problems related to HIV and AIDS and environmental problems. JSC Accounting Syllabus NIED

7 3. COMPETENCIES AND LEARNING OUTCOMES On entry to the Junior Secondary Phase, all learners are expected to be able to do basic calculations and have incidental accounting knowledge. A few learners will just be able to manage the minimum and must receive compensatory teaching through adapted teaching approaches, adapted materials and assistance from peers. A small number of learners have special educational needs to a degree which requires greater individual attention or resources. Some will have handicaps which do not necessarily limit cognitive and affective learning and development, e.g. visually impaired, hearing impaired, physically challenged. Learners who are intellectually impaired, or have Attention Deficit Disorder, will have very differing competency profiles. Teaching, materials and assessment for these learners will be more specifically adapted in inclusive classes. Learning outcome On completing this phase of education in this subject, all learners are expected to be able to interpret and complete simple business documents, know and apply the accounting concepts, principles and procedures when recording data of a sole trader. 4. PARTICULAR FEATURES OF THE SUBJECT AT THIS PHASE The essential features of Accounting in the Junior Secondary phase are: To equip learners with the knowledge about and the skill to draw up and interpret a set of books, completing the whole accounting cycle from source documents through to financial statements. To create in learners an attitude of accuracy, orderliness, neatness, thoroughness and disciplined working methods. To cultivate in learners an understanding and appreciation of the value and importance of accounting for: personal use, as preparation for a career, as incentive for further study, to encourage worthy citizenship and to contribute to the national welfare of Namibia. 5. GENDER ISSUES This syllabus promotes equality of opportunity for males and females, enabling both sexes to participate equally and fully. Teachers should know and understand how to treat learners equally and all materials should support gender equity. During presenting the subject teachers should be gender sensitive and balanced. 6. LOCAL CONTEXT AND CONTENT Accounting will be most relevant and meaningful for learners if it is used in relation to their immediate environment. Although Accounting is universal, it is only by local contextualisation and application that learners will understand and appreciate the uses of Accounting. Where textbooks can only give general examples, it is up to the teacher to use local examples instead. JSC Accounting Syllabus NIED

8 7. LINKS TO OTHER SUBJECTS AND CROSS-CURRICULAR ISSUES The cross-curricular issues including Environmental Learning; HIV and AIDS; Population Education; Education for Human Rights and Democracy (EHRD) and Information and Communication Technology (ICT) have been introduced to the formal curriculum to be dealt with in each subject and across all phases because each of the issues deals with particular risks and challenges in our Namibian society. All of our learners need to: understand the nature of these risks and challenges know how they will impact on our society and on the quality of life of our people now and in the future understand how these risks and challenges can be addressed on a national and global level understand how each learner can play a part in addressing these risks and challenges in their own school and local community The main risks and challenges have been identified as: the challenges and risks we face if we do not care for and manage our natural resources the challenges and risks caused by HIV and AIDS the challenges and risks to health caused by pollution, poor sanitation and waste the challenges and risks to democracy and social stability caused by inequity and governance that ignores rights and responsibilities the challenges and risks we face from globalisation Links in this syllabus to cross-curricular issues Information Technology Entrepreneurship Mathematics Information Technology has been identified as a relevant crosscurricular issue. In this regard, awareness will be created throughout the Junior Secondary Phase on computers in Accounting, dealing specifically with applications and advantages of computers. Financing of purchases and purchasing documents. Stock control. Financing options. Bookkeeping/accounting. Financial/liquidity planning. Investments. Working capital. Salaries, wages and fringe benefits. Use of computer and alternative options. Do calculations: add, subtract, formulae, fractions, percentage. Issues like HIV and AIDS, Environmental Education and Human rights and responsibilities and social issues like corruption will be included in enquiry based learning projects. JSC Accounting Syllabus NIED

9 8. APPROACH TO TEACHING AND LEARNING Learner-centred education The approach to teaching and learning is based on a paradigm of learner-centred education described in Ministry policy documents, curriculum guides and the conceptual framework. This approach ensures optimal quality of learning when the following principles are put into practice. The aim is to develop learning with understanding and the skills and attitudes to contribute to the development of society. The starting point for teaching and learning is the fact that the learner brings to the school a wealth of knowledge and social experience gained continually from the family, the community and through interaction with the environment. Learning in school must involve, build on, extend and challenge the learner s prior knowledge and experience. Learners learn best when they are actively involved in the learning process through a high degree of participation, contribution and production. At the same time, each learner is an individual with his/her own needs, pace of learning, experiences and abilities. The teacher must be able to sense the needs of the learners, the nature of learning to be done, and how to shape learning experiences accordingly. Teaching strategies must therefore be varied but flexible within well-structured sequences of lessons. The teacher must decide, in relation to the learning objectives and competencies to be achieved, when it is best to convey directly; when it is best to let learners discover or explore information for themselves; when they need directed learning; when they need reinforcement or enrichment learning; when there is a particular progression of skills or information that needs to be followed; or when learners can be allowed to find their own way through a topic or area of content. Work in groups, in pairs, individually, or as a whole class, must therefore be organised as appropriate to the task in hand. Co-operative and collaborative learning should be encouraged wherever possible. In such cases, tasks must be designed so that pair or group work is needed to complete it, otherwise the learners will not see any relevance in carrying out tasks together. As the learners develop personal, social and communication skills, they can gradually be given increasing responsibility to participate in planning and evaluating their work, under the teacher s guidance. Learner-centred education in Accounting means: interaction between the teacher and learners, but also learners among themselves. learners demonstrate the ability to perform allocated tasks, which will develop the skills underlying the subject. learners will show initiative in allocated tasks. learners are able to work and think independently. Learner-centred activities could include for example enquiry-based tasks, role-play and topic tasks which can be assessed as part of continuous assessment. JSC Accounting Syllabus NIED

10 SUGGESTIONS: Topic Tasks: This can include role-play (not more than once per year). Topics which can be used are: business transactions, including the source documents. Can be single transactions or more. (Throughout the syllabus). This could consist of an exercise or part of exercise given on a specific topic to be completed in class time and marks should be allocated and recorded. Collection of relevant source documents used throughout the syllabus or other relevant information in connection with businesses e.g. the number of businesses using computers to draw up books. Field trips and questionnaires on it. Projects: This can include the enquiry based learning on certain topics e.g. corruption in the business environment, donations made to charity and/or e.g. HIV and AIDS organisations, contributions by employers made in connection with the employees. Financial statements and articles published in newspapers and magazines for interpretation of information e.g. to work out ratios. Topic tests: Group topics together to spend less time on formal tests, as only two tests per term are allowed for continuous assessment. End of term test: This is a test combining all work done during the term. JSC Accounting Syllabus NIED

11 9. SUMMARY OF THE LEARNING CONTENT GRADE 8 GRADE 9 GRADE Basic concepts and terminology 2. Recording cash transactions of a Service and Trading business - 2 Column Cash Book - Petty cash - Posting to General Ledger 3. Theory on Trial Balance and draw up a Trial Balance 1. Basic concepts and terminology - recalling of acquired knowledge 2. Recording transactions of a Trading business - Extension of cash transactions in - 3 Column Cash Book - Credit transactions in Debtors Journal, - Creditors Journal, Debtors Returns - Journal, Creditors Returns Journal - General Journal transactions - Posting to Ledgers 1. Basic concepts and terminology - revision of accounting practices. 2. Extension of transactions - Cash Book - Wages Journal - Posting to Ledgers 3. Draw up a Trial Balance 3. Draw up a Trial Balance Draw up Lists of Debtors 4. Control Accounts and Creditors Bank Reconciliation Statement Adjustments Closing transfers 7. Closing transfers 8. Financial Statements - Service Business 8. Financial Statements - Trading Business 8. Financial Statements Adjustments 9. Computers in Accounting 9. Computers in Accounting 9. Computers in Accounting JSC Accounting Syllabus NIED

12 10. LEARNING CONTENT THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE BASIC CONCEPTS AND TERMINOLOGY understand the purpose and nature of accounting define the word transaction know the concepts: - source documents - profit - purchasing of assets - income earned - expenses incurred - profit as a result of transactions explain the concepts by means of a purchase and sales transaction and rendering of services identify kinds of business activities: services rendered and trading identify and describe the different concepts and terminology including: - source documents - double entry principle - assets - liabilities - owner s equity - income - expense - profit/loss - sales - purchases identify and describe the different concepts and terminology including: - source documents - double entry principle - assets - initial/final stock - liabilities - owner s equity - sales/current income/other income - expenses/ purchases - gross- and net profit/net income JSC Accounting Syllabus NIED

13 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 understand the difference between service businesses and trading businesses describe the different kinds of business activities: - rendering services, e.g. taxis; accountants - trading enterprise, e.g. shops be introduced to different types of accounts define and give examples of assets including: - Fixed Assets: Land and Buildings, Vehicles, Equipment - Current Assets: Bank, Cash, Petty Cash classify all property in a household into either fixed or current assets define and give examples of assets including: - Investments: Fixed Deposits - Current assets: Debtors, Stock define and give examples of assets including: - Current assets: Accrued Income, Prepaid Expenses, Debtor's Control JSC Accounting Syllabus NIED

14 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue.) give examples of Owner s Equity accounts e.g. Capital and Drawings define liabilities define and give examples of income including: - Service business: Current Income - Trading business: Sales - Both types: Rent Income, Commission Received define and give examples of Owner s Equity accounts e.g. Capital and Drawings define and give examples of liabilities, including: - Long term liabilities: Loan - Current liabilities: Creditors and Bank overdraft define and give examples of income including: - Both types: Interest Received on Current Account, Interest on Fixed Deposit, Interest Received, Bad Debts Recovered and Discount Received explain and give examples of Owner s Equity accounts e.g. Capital and Drawings define and give examples of liabilities, including: - Current liabilities: Accrued Expenses, Income Received in Advance and Creditors for Wages, Creditors Control explain and give examples of income including: - Interest Received on Current Account, Interest on Fixed Deposit, Interest Received, Bad Debts Recovered and Discount Received JSC Accounting Syllabus NIED

15 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) define and give examples of expenses, including: - Service Business: Material Cost - Trading business: Purchases - Both types: normal expenses e.g. Telephone, Rent Expense, Salaries distinguish between balance sheet accounts: assets, owner s equity accounts and liabilities distinguish between nominal accounts: income and expenses define and give examples of expenses, including: - Trading business: Carriage Inwards/Carriage on Purchases - Both types: Interest on Loan, Interest Paid, Interest on Overdraft, Discount Allowed, Bad Debts and Bank Charges define and give examples of expenses, including Depreciation JSC Accounting Syllabus NIED

16 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 understand the effect of all above mentioned transactions on the accounting equation apply the following basic accounting principles: Dr Capital Cr - + Dr Drawings Cr + - Dr Assets Cr + - Dr Liabilities Cr - + Dr Income Cr - + Dr Expenses Cr + - A = O + L A = Assets O = Owner s Equity L = Liabilities indicate the effect of cash transactions on the accounting equation indicate the effect of cash transactions on the accounting equation: A = O + L O = A L L = A O indicate the effect of cash and credit transactions on the accounting equation JSC Accounting Syllabus NIED

17 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE RECORDING OF TRANSACTIONS 2.1 Cash transactions understand and apply the concepts and terminology of: - current income and material costs - source documents - a banking system - the Cash Book realise and learn about the different source documents describe the concepts and terminology of current income and material costs describe the concepts and terminology of source documents explain the concept Cash Book by means of an example explain the purpose of: - a cheque - counterfoil - a receipt - cash register roll (CRR) - a deposit slip complete a cheque and cheque counterfoil, a receipt, deposit slip explain the purpose of: - a credit card slip JSC Accounting Syllabus NIED

18 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 be introduced to the Cash Book of a service business explain the different columns of the Cash Book: Cash, Bank complete the Cash Book by recording all money received and paid, including the following types of transactions: - capital contribution by owner - current income - rent received - purchasing of materials and other operating expenses, e.g. wages, water and electricity - purchasing of other assets, e.g. land and buildings, equipment and vehicles JSC Accounting Syllabus NIED

19 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) - depositing cash into the bank - cashing a cheque for cash float identify all possible expenses by using examples from local practice balance the cash and bank columns completely indicate the effect on the accounting equation for all transactions covered in the Cash Book: A = O + L JSC Accounting Syllabus NIED

20 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 be introduced to the concepts and terminology in connection with the General Ledger (Annexure G) describe the following concepts and terminology: - general ledger - account - double entry principle - debit entry - credit entry - T -account - Balance Sheet Accounts Section - Nominal Accounts Section understand the double entry from the Cash Book to other general ledger accounts (posting) explain the Cash Book as a book of first entry as well as a ledger account follow the correct procedure and complete the double entry to the correct sections in the general ledger JSC Accounting Syllabus NIED

21 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 understand the use of folio numbers understand the balancing of all accounts fill in the folio numbers correctly apply the double entry principle and balance all accounts comprehend the concepts, terminology, the role of the trader and the different types of retailers of a Trading Business describe the following concepts and terminology: - trading - cash purchases - cash sales explain the functions and services of the trader distinguish between the different types of trading businesses: - general dealers - supermarkets - speciality stores - department stores JSC Accounting Syllabus NIED

22 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 understand the basic cycle of trading activities in cash purchases and cash sales explain the different steps for cash purchases: - place an order by: telephone, letter, order - receive a delivery note/cash invoice - compare with the order - complete stock cards - pay cash/cheque (complete a cheque and cheque counterfoil) - record transactions in the Cash Book - post to the General Ledger daily JSC Accounting Syllabus NIED

23 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) explain the different steps for cash sales: - receive an order - from a customer - make up an order - issue a cash - register slip - record the cash sales - Cash Book - post to the General Ledger daily be introduced to the Cash Book of a trading business (Annexure A) explain the different columns of the two column Cash Book: Cash and Bank explain: - three column Cash Book - receipts from debtors - discount allowed - payments to creditors - discount received complete the books of first entry: - Cash Book - Petty Cash Book do posting to: - the General Ledger - the Debtors Ledger - the Creditors Ledger interpret entries in the Cash Book (write the transactions from the Cash Book) JSC Accounting Syllabus NIED

24 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) complete the Cash Book by recording all money received and paid, including the following types of transactions: - capital contribution by owner - cash sales - rent received - purchasing of stock and other operating expenses - purchasing of other assets, e.g. land and buildings, equipment and vehicles - cashing a cheque for cash float - depositing cash into the bank balance the cash and bank columns explain and record all receipts from debtors and discount allowed in the Cash Book and post to the ledgers explain and record all payments by cash or cheque to creditors and discount received in the Cash Book and post to the ledgers explain and record transactions about loans and interest on loan in the Cash Book and do the posting explain and record transactions about fixed deposits and interest on fixed deposits in the Cash Book and do the posting JSC Accounting Syllabus NIED

25 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) describe the path of a dishonoured cheque by including the following: - payee s bank - bank of drawer explain and record transactions about a dishonoured cheque in the Cash Book and do the posting (source document: debit slip) distinguish between carriage inwards and carriage outwards explain and record carriage on purchases/carriage inwards and carriage outwards and do the posting explain and record credit card sales in the Cash Book and do the posting JSC Accounting Syllabus NIED

26 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) indicate the effect on the accounting equation for all transactions covered in the Cash Book: A = O + L distinguish between bad debts and bad debts recovered explain and record bad debts recovered in the Cash Book and do the posting identify the source documents for all the above transactions indicate the effect on the accounting equation for all cash transactions covered indicate the effect of cash transactions on the accounting equation learn about and understand petty cash, petty cash voucher, Petty Cash Book, imprest amount, transferring of money to Petty Cash explain the difference between petty cash and cash float explain the purpose of the Petty Cash Book JSC Accounting Syllabus NIED

27 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) explain the purpose of and complete a petty cash voucher record petty cash payments in the Petty Cash Book (See Annexure B) explain the Petty Cash Book as a book of first entry, as well as a general ledger account incorporate analyses columns for recurring expenses total and cross total the different columns do posting of total payments to the General Ledger record the transferring of money from the bank to the petty cash restore the imprest amount at the end of the month JSC Accounting Syllabus NIED

28 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE Credit transactions be introduced to the concepts and terminology of credit transactions describe the following concepts and terminology: - credit - credit purchases - trade discount - liabilities - creditors - credit sales - assets - debtors - financial period - stock: initial/opening stock, final/closing stock, stock taking - cost of sales - Creditors Journal - Creditors Ledger - Debtors Journal - Debtors Ledger realise and learn about the different source documents for credit transactions explain the purpose of an invoice (original vs duplicate) complete an invoice JSC Accounting Syllabus NIED

29 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 understand the basic cycle of trading activities in credit purchases and the periodic stock system describe the different steps of credit purchases: - place an order by telephone/letter/ order - receive a delivery note/credit invoice - compare with order - record transactions in Creditors Journal (See Annexure D) - details of credit purchases posted to creditors accounts daily - posting to the General Ledger at the end of the month explain the periodic stock system JSC Accounting Syllabus NIED

30 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 be introduced to the recording and posting of credit purchases and the effect on the accounting equation understand the basic cycle of credit sales do the calculation for trade discount record credit purchases, including trade discount, in the Creditors Journal post to a three column account in the Creditors Ledger (See Annexure I) for each creditor daily draw up a List of Creditors monthly post the total of the journal to the Purchases account at the end of the month indicate the effect of credit purchases on the accounting equation describe the different steps of credit sales: - receive the order - order is made up - issue a credit invoice record in the Debtors Journal complete the Creditors Journal (See Annexure D) interpret entries in the Creditors Journal (write the transactions from the Creditors Journal) do posting to: - the General Ledger - the Creditors Ledger indicate the effect of credit purchases on the accounting equation JSC Accounting Syllabus NIED

31 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 be introduced to the recording and posting of credit sales and the effect on the accounting equation - record details in customers accounts daily - send statement of account and post to General Ledger at the end of the month record all credit sales of goods in the Debtors Journal (See Annexure C) post to a three- column account for each debtor in the Debtors Ledger (See Annexure H) daily draw up a List of Debtors monthly post the total of the journal to the Sales account at the end of the month indicate the effect of credit sales on the accounting equation complete the Debtors Journal (See Annexure C) interpret entries in the Debtors Journal (write the transactions from the Debtors Journal) do posting to: - the General Ledger (See Annexure G) - the Debtors Ledger (See Annexure H) indicate the effect of credit sales on the accounting equation JSC Accounting Syllabus NIED

32 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 be introduced to the concepts and terminology of returns transactions realise and learn about the different source documents for returns transactions be introduced to the recording and posting of returns transactions and the effect on the accounting equation describe the concepts: sales returns/returns inwards, purchases returns/returns outwards, debit note and credit note explain the purpose of a credit note (original vs duplicate) complete the credit note record the sales returns/returns inwards in the Debtors Returns Journal (See Annexure C) record the purchases returns/returns outwards in the Creditors Returns Journal (See Annexure D) post to three-column accounts in the Debtors/Creditors Ledger daily complete the Debtors Returns Journal and the Creditors Returns Journal (See Annexures C & D) interpret entries in the Debtors Returns Journal and Creditors Returns Journal (write the transactions from the Return Journals) do posting to: - the General Ledger - the Debtors Ledger - the Creditors Ledger JSC Accounting Syllabus NIED

33 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) post the totals of the journals to the Sales Returns/Returns Inwards, Purchases Returns/Returns Outwards in the General Ledger indicate the effect of allowances/returns on the accounting equation be able to understand and analyse ledger accounts interpret ledger accounts indicate the effect of allowances/returns on the accounting equation analyse and interpret ledger accounts (write the transactions for the ledger accounts) 2.3 General Journal understand the concepts, terminology, recording of transactions in the General Journal (See Annexure E) and posting to the General Ledger, Debtors Ledger and Creditors Ledger and the effect on the accounting equation describe the concepts: - General Journal - narration - drawings of stock for personal use - bad debts - interest charged on accounts which have been overdue for more than a certain time (Interest Received, Interest Paid) JSC Accounting Syllabus NIED

34 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) - donation of goods or assets - purchases of fixed assets on credit - expenses on credit - discount allowed cancelled on dishonoured cheques record transactions in the General Journal post to the General Ledger, Debtors Ledger and Creditors Ledger indicate the effect of General Journal transactions on the accounting equation complete the General Journal interpret entries in the General Journal (write the transactions from the General Journal) do posting to: - General Ledger - Debtors Ledger - Creditors Ledger indicate the effect of General Journal transactions on the accounting equation JSC Accounting Syllabus NIED

35 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE Wages Journal interpret the concepts and terminology of Wages Journal understand the compilation of a Wages Journal (See Annexure F), its posting and the effect on the accounting equation explain wages and the basic salary scale distinguish between gross- and net wages explain the difference between normal- and overtime describe the following deductions: - pension fund - medical aid - PAYE - social security fund - union subscriptions prepare the columns for the Wages Journal complete the Wages Journal do the entries of payments in the Cash Book post the Wages Journal and the Cash Book to the General Ledger indicate the effect of Wages Journal transactions on the accounting equation JSC Accounting Syllabus NIED

36 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE CONTROL ACCOUNTS be introduced to control accounts for debtors and creditors (See Annexure O) explain the use and advantage of control accounts in a business describe the terms: - Debtors Control account - Creditors Control account draw up control accounts from total amounts supplied from books of first entry interpret control accounts compare total of List of Debtors with balance of Debtors Control Account compare total of List of Creditors with balance of Creditors Control Account JSC Accounting Syllabus NIED

37 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE TRIAL BALANCE be introduced to the concepts and terminology of a Trial Balance 5. BANK RECONCILIATION be introduced to drawing up a Trial Balance (see Annexure J) learn about and understand Bank Reconciliation (See Annexure P) describe the following concepts: - Trial Balance - Balance Sheet accounts - Nominal accounts - Folio numbers calculate the balances and totals in the General Ledger and draw up a Trial Balance correctly JSC Accounting Syllabus NIED draw up a Trial Balance draw up a Trial Balance explain the need for bank reconciliation explain the reasons for differences between the bank account and bank statement describe the different steps to identify the differences do the supplementary entries in the Cash Book at month-end (Bank columns only) draw up the Bank Reconciliation Statement

38 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE ADJUSTMENTS comprehend and learn about adjustments at the end of a financial period describe the term financial period explain the need for adjustments record the adjustment for closing stock in the General Journal and do posting explain and record accrued income and accrued expenses in the General Journal and do posting explain and record income received in advance and prepaid expenses in the General Journal and do posting describe the terms: - depreciation - provision for depreciation - book value distinguish between the following methods of depreciation: - fixed amount/ straight line JSC Accounting Syllabus NIED

39 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (continue ) - diminishing balance/ reducing balance - revaluation calculate depreciation according to the different methods (only for a full financial year) record depreciation in the General Journal and do posting explain and draw up a Post-adjustment Trial Balance 7. CLOSING TRANSFERS AND FINAL ACCOUNTS learn about stocktaking, closing transfers in the General Journal, posting to the General Ledger, Final Accounts and the Post-closing Trial Balance explain the stocktaking and the calculation of closing stock calculate cost of sales explain and record closing transfers and the adjustment for closing stock in the General Journal: - close off Sales Returns to Sales and Purchases Returns to Purchases explain stocktaking and the calculation of closing stock calculate cost of sales record closing transfers and the adjustment of closing stock in the General Journal and do posting JSC Accounting Syllabus NIED

40 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) - close off opening stock, Sales, Purchases and Carriage inwards to the Trading account - do the adjustment for closing stock - transfer the gross profit from the Trading account to the Profit and Loss account - close off all other income and expense accounts to the Profit and Loss account - transfer the net profit/net loss to the Capital account - close off the Drawings account to the Capital account JSC Accounting Syllabus NIED

41 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 (Continue ) do posting to the General Ledger draw up a Trading account and a Profit and Loss account (see Annexure K) explain and draw up a Post-closing Trial Balance draw up a Trading Account and a Profit and Loss Account to include adjustments distinguish between: Pre-adjustment, Postadjustment and Postclosing Trial Balances explain and draw up a Post-closing Trial Balance 8. FINANCIAL STATEMENTS acquaint themselves with and understand the concepts Accounting/Financial period, Gross Income, Net Income/Net Profit or Net Loss, Income Statement and Balance Sheet describe the concepts Accounting/Financial period, Gross Income, Net Income, Net Profit, Net Loss, Income Statement and Balance Sheet calculate cost of sales calculate gross profit calculate Net Profit/Net Income or Net Loss distinguish between an Income Statement and a Trading account and Profit and Loss account calculate the Gross Profit/Gross Income calculate the Net Profit/Net Income or Net Loss JSC Accounting Syllabus NIED

42 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 be introduced to the drawing up of an Income Statement and the calculation of the Net Income/Net Profit or Net Loss for a Service business and a Trading business select the correct Nominal Accounts and draw up an Income Statement for a Service business (see Annexure L) calculate the Net Income or Net Loss draw up an Income Statement of a Trading business (see Annexure M) calculate the Net Profit or Net Loss draw up an Income Statement to include adjustments (Show workings in brackets) (see Annexure L & M) be introduced to the drawing up of a Balance Sheet for a Service business and a Trading business draw up a Balance Sheet for a Service business (see Annexure N) draw up a Balance Sheet of a Trading business (see Annexure N) draw up a Balance Sheet to include adjustments (show workings in brackets) (See Annexure N) JSC Accounting Syllabus NIED

43 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE 10 understand the interpretation of financial statements (See Annexure Q) analyse, interpret and report on financial statements calculate and interpret the following ratios - percentage gross profit on turnover - percentage net profit on cost of sales - percentage net profit on turnover - return on capital employed (ROCE) - solvency - liquidity ratios (current ratio and acid test ratio) JSC Accounting Syllabus NIED

44 THEMES/TOPICS LEARNING OBJECTIVES BASIC COMPETENCIES Learners should be able to: Learners will: GRADE 8 GRADE 9 GRADE COMPUTERS IN ACCOUNTING acquire knowledge of the value of computers in Accounting discuss briefly the advantages of computers in business explain how to use the computer for the perpetual stock method explain the following application of computers: - computerised ledgers - spreadsheets - databases - invoicing stock and order processing list and discuss the advantages of computers applicable to Accounting only JSC Accounting Syllabus NIED

45 11. ASSESSMENT 11.1 Introductory remarks Assessment includes informal and formal continuous assessment over a period of time during normal classroom activities, and formal final assessment. The assessment specified in this syllabus is related to the Basic Competencies of the syllabus and to Life skills Competencies: investigating, interpreting, applying knowledge and skills, communicating, valuing, participating and how well each learner achieves within the competencies Purpose of assessment In learner-centred education, assessing the progress and achievements of each learner continuously is an integral part of the teaching and learning process. The main purpose of assessment is to get as reliable a picture as possible of the progress of the learner in terms of achieving the Basic Competencies of the syllabus and Life Skills Competencies. (i) (ii) Information to the learner The information gathered about the learners' progress and achievements should be used to give feedback to the learners about their strong and weak points, where they are doing well, and why, and where they need to try more, how, and why. Information to the parents The parents should be regularly informed about the progress of their child, be encouraged to reward achievements and given suggestions as to how they can support his/her learning activities. (iii) Evaluating the teaching/learning process The progress and achievements of the learners can be used by the teacher to evaluate the teaching and learning process in terms of relevance of content, learner participation, appropriate methods of teaching, optimal use of group work, individual work, teacher directed teaching etc Types of assessment (i) Formative assessment Assessment of this type is formative because the observations made and information collected are used both to guide the learner and to help shape and direct the teaching-learning process. Assessment has a formative role for learners if and when: - it motivates them to extend their knowledge and skills, and establish sound values; - it promotes healthy habits of study; - it is used to motivate them to extend their knowledge and skills, establish sound values, and to promote healthy habits of study; - assessment tasks help learners to solve problems intelligently by using what they have learned; - the teacher uses the information to improve teaching methods and learning materials. JSC Accounting Syllabus NIED

46 (ii) Summative assessment At the end of a school year, the progress and achievements of the learner throughout the year are summed up. This is called summative assessment. Where there is an end-of-year test or examination, the summative assessment will consist both of the continuous assessment and the final assessment. On the basis of this, decisions have to be made as to whether or not a learner is able to go on to the next year, or would not benefit from that and has to be held back. (iii) Continuous assessment Continuous assessment should be planned and programmed at the beginning of the year, and be kept as simple as possible. Marks given for class activities, assignments, homework, or short tests on completion of a topic can be recorded for continuous assessment. In order not to take up too much teaching time with assessment, not less than 5 (1 for the first term, and 2 each in terms two and three) and not more than 9 (three per term) assessments should be done Methods of Assessment (i) Informal methods The teacher must assess how well each learner masters the basic competencies described in the subject syllabuses and from this gain a picture of the all-round progress of the learner. To a large extent, this can be done in an informal way through structured observation of each learner s progress in learning and practice situations while they are investigating things, interpreting phenomena and data, applying knowledge, communicating, making value judgements, and in their participation in general. (ii) Formal methods When it is necessary to structure assessment more formally, the teacher should as far as possible use the same sort of situation as ordinary learning and practice situations to assess the competency of the learner. The use of formal written and oral tests can only assess a limited range of competencies and therefore should not take up a lot of time. Marks and time should correlate with the syllabus and test marks should be converted to a mark out of 20 on the Mark sheet. Tests in any subject should be limited to part of, or one, lesson. (iii) Recording grades The grades obtained by learners through continuous assessment must be systematically recorded throughout the year, and used to inform the learner and parents on progress and achievements, and to guide compensatory teaching when needed. JSC Accounting Syllabus NIED

47 11.2 Assessment Objectives The three assessment objectives for Accounting are: A Knowledge with Understanding Learners should be able to: 1. demonstrate knowledge of facts and terms relevant to the syllabus; 2. demonstrate knowledge of appropriate concepts, conventions, principles and techniques; 3. demonstrate understanding of this knowledge through numeracy, literacy, presentation and interpretation. (Questions assessing these objectives will often begin with words such as: define, list, outline, write up, record, calculate, compute, prepare, draw up, explain, describe). B Application and Analysis Learners should be able to: 1. recognise, select and organise information in written, numerical and diagrammatic form; 2. apply knowledge and information to various accounting situations and problems. (Questions assessing these skills will often begin with words such as: compare, assess, consider, write up, record, calculate, prepare, draw up, discuss, analyse, organise). C Evaluation and Decision making Learners should be able to: 1. interpret and evaluate accounting information to draw reasoned conclusions. (Questions assessing these objectives will often begin with words or phrases such as: evaluate, compare, examine, suggest, advise, comment on, present, interpret, calculate, prepare) Continuous Assessment The results achieved by learners for work assessed continuously throughout the year are taken into consideration for a Continuous Assessment mark Guidelines for Continuous Assessment Topic Tasks: Most teachers already use these activities in their day-to-day teaching. These are recorded, assessed activities that could introduce a topic or used during teaching of a topic and/or revision of a topic. They may include assessment involving competencies to do with locating information, conducting surveys, analysing information or presenting information. Topic task will involve assessment of basic competencies in all assessment objectives, however not all assessment objectives need to be present in every topic task. Continuous assessment marks will be allocated for two tasks per term. JSC Accounting Syllabus NIED

48 Project: A project is a longer assignment than a topic task and gives learners an opportunity to complete an investigation into one of the themes/topics outlined in the syllabus. This type of investigation will enable the teacher and learner to pursue a topic in greater depth and in a more lively and creative way than possible with short discrete topic tasks. One project per term for the first two trimesters. Marks will be allocated to each project. Learners could collect source documents, link it to transactions and other information given by the teacher and complete a set of books or accounts depending on how far the teacher progressed with the syllabus. Topic tests: Completed topics should be ended off with a test indicating the achievements of the learners in these topics. Written tests are specifically set by the teacher to assess the learners' achievements in relation to competencies specified in the syllabus and should consist of short questions as well as more structured questions. At least two topic tests should be written during the term and marks recorded. End of term test: This is a comprehensive test of the whole term's work Summary of assessment COMPONENTS TERM 1 TERM 2 TERM 3 Number & Marks Total CA Number & Marks Total CA Number & Marks Total CA Topic tasks 2 x x x Projects 1 x x Topic tests 2 x x x End of term test 1 x x Total term marks Continuous Assessment (500 x 0.14) = 70 End-of-year examination = 130 Promotion mark (200 2) = 100 JSC Accounting Syllabus NIED

49 11.4 End-of-year Examination Two examination papers will be set, covering the work done during that year Description of papers Paper 1 (1 hour 15 minutes) This paper will consist of short compulsory questions of variable length to test learners basic skills in and knowledge of the principles of accounting and how to apply the principles to business situations. Learners answer on the question paper. Paper 2 (2 hours 30 minutes) This paper will consist of longer compulsory questions of variable length to assess learners application of all three assessment objectives. Learners answer in specially prepared books. Paper 1 75 minutes 40 marks (no conversion) 40 marks Paper minutes 180 marks (180 2) 90 marks TOTAL: 130 marks Specification grid ASSESSMENT OBJECTIVES PAPER 1 PAPER 2 WEIGHTING A Knowledge with understanding % B Application and Analysis % C Evaluation and Decision making % Total marks = 90 Weighting 30 % 70 % 100 % NB Learners will be tested in the JSC examination on the content of Grades 8, 9 and 10. JSC Accounting Syllabus NIED

50 11.5 Grade Descriptions When letter grades are awarded, it is essential that they reflect the learner s actual level of achievement in relation to the Basic Competencies. Letter grades may be awarded directly or indirectly. When a letter grade is awarded directly, the teacher assesses the level of achievement of the competencies and awards the appropriate letter grade. Letter grades are awarded indirectly when a percentage mark is used and then converted to the letter grade. Percentage marks must be related to criteria for assessing learner achievement in the same way as when awarding letter grades directly. A B Achieved Basic Competencies exceptionally well Learner is outstanding in all areas of competency Achieved Basic Competencies well Learner is highly proficient in most of the areas of competency C Achieved Basic Competencies well D Achieved Basic Competencies satisfactory E F G Achieved a sufficient number of Basic Competencies to exceed the minimum competency level Achieved a minimum number of Basic Competencies to be considered competent Achieved the minimum number of Basic Competencies worthy of a grade. Learner needs compensatory teaching U 0-19 Un-graded JSC Accounting Syllabus NIED

51 ANNEXURE A: EXAMPLE OF A CASH BOOK Cash Book of XYZ Stores - March 2004 CB3 Dr Cr Doc Date Details Fol Discount Cash Bank Doc Date Details Fol Discount Cash Bank No Allowed No Received N$ N$ N$ N$ N$ N$ R01 1 Capital ,00 C001 8 Cash C 100,00 CRR1 2 Sales 5 000,00 9 Bank 500,00 R02 3 A. Louw 10,00 200,00 C Fixed Deposit: First National Bank ,00 CRR2 6 Current Income 2 000,00 C Carriage Inwards/Carriage on Purchases 100,00 8 Bank C 100,00 C Purchases 1 000,00 D/S 9 Cash C 500,00 C Clicks 50,00 500,00 CRR 10 Sales 400,00 C Purchases 900,00 R03 16 Loan: Bank Windhoek 5 000,00 Stationery 100, ,00 31 Balance c/d 1 800, ,00 10, , ,00 50, , ,00 April 2004 CB4 1 Balance b/d 1 800, ,00 Transactions: 1 The owner increased his capital contribution with N$ ,00. The amount was directly deposited into the bank. Receipt 01 2 Cash sales, directly deposited into the bank, N$5 000,00. CRR01. 3 Received a cheque for N$200,00 from a debtor, A. Louw, to settle his account of N$210,00. Receipt 02 6 Received N$2 000,00 for services rendered. 8 Cashed a cheque of N$100,00 for cash float. 9 Deposited N$500 cash into the business' bank account. 10 Sold goods to Mr Hendricks for N$ 400,00. He paid by credit card. 14 Invested a cheque of N$10 000,00 at First national Bank at 10% per annum for 6 months. 16 Received a loan from Bank Windhoek, N$5 000,00 at 15% per annum and deposited it directly into the bank. 18 Paid Trans Namib by cheque, N$100,00, to transport goods which have been bought from Shoprite. 24 Bought goods from Metro and paid by cheque, N$1 000, Paid a creditor, Clicks, N$500,00 by cheque and received N$50,00 discount. 28 Paid Pick n Pay per cheque for goods, N$900 and stationery, N$100. NOTE: Cheques received should be entered into the Cash column until instructed to be deposited and Credit card receipts should be entered directly in the Bank column. JSC Accounting Syllabus NIED

52 ANNEXURE B: EXAMPLE OF A PETTY CASH BOOK Petty Cash Book of XYZ Stores March 2004 PCB7 Dr Cr Receipt Fol Date Details Voucher Total Travelling Postage Stationery Sundry Sundry Accounts Expenses Expenses Account Fol Amount N$ N$ N$ N$ N$ N$ N$ 150,00 b/d 1 Balance 2 Taxi fare 1 7,60 7,60 4 Postage 2 4,70 4,70 7 Stationery 3 2,52 2,52 10 Bus fare 4 10,92 10,92 12 Tea & Milk 5 17,00 17,00 14 Envelopes 6 4,90 4,90 17 Charity 7 10,00 Donation 10,00 18 Rail fare 8 21,60 21,60 20 Stamps 9 1,50 1,50 23 Packing tape 10 3,00 3,00 25 Telegram 11 1,10 1,10 27 Taxi fare 12 10,80 10,80 29 Cleaning material 13 10,00 Cleaning material 10,00 105,64 50,92 7,30 10,42 17,00 20,00 105,64 CB 31 Cash c/d Balance 150,00 255,64 255,64 April 2004 PCB 8 150,00 b/d 1 Balance Details column: item for which money is paid. Sundry expenses column: this column is used if there is no specific account for that expense. Sundry account column: this column is used for a specific account not reflected in the analyses columns. JSC Accounting Syllabus NIED

53 ANNEXURE C: EXAMPLE OF A DEBTORS JOURNAL & DEBTORS RETURN JOURNAL Debtors Journal of XYZ May 2004 DJ9 Doc no Date Debtors Fol Amount N$ c X02 4 G. Pietersen DL X03 7 M. Izaks DL X04 23 G. Pietersen DL Debtors Returns Journal of XYZ - May 2004 DRJ9 Doc no Date Debtors Fol Amount N$ c Y G. Pietersen DL Y M. Izaks DL ANNEXURE D: EXAMPLE OF CREDITORS JOURNAL & CREDITORS RETURN JOURNAL Creditors Journal of XYZ May 2004 CJ5 Doc no Date Creditors Fol Amount N$ c 22 5 Warner Suppliers CL George & Co CL George & Co CL Creditors Returns Journal of XYZ - May 2004 CRJ5 Doc no Date Creditors Fol Amount N$ c 02 7 Warner Suppliers CL George & Co CL ANNEXURE E: EXAMPLE OF A GENERAL JOURNAL General Journal of XYZ Stores May 2004 GJ7 Date Fol Debit Credit N$ N$ 4 Bad Debts 250,00 C van Zyl 250,00 Debt of debtor written off as irrecoverable 10 Drawings 800,00 Purchases 800,00 Owner took stock for personal use 18 Vehicle ,00 Creditors ,00 Bought a vehicle on credit JSC Accounting Syllabus NIED

54 ANNEXURE F: EXAMPLE OF A WAGES JOURNAL Wages Journal of XYZ Stores for the week ending 15 May 2004 WJ17 Details Normal Time Overtime Gross wages Pension Medical Aid Social Security PAYE Trade Union Total deductions Net wages Hours Rate Amount Hours Rate Amount N$ N$ N$ N$ N$ N$ N$ N$ B. Adams C. Mutorwa J. Xoagub Employer s Contribution JSC Accounting Syllabus NIED

55 ANNEXURE G: EXAMPLE OF A GENERAL LEDGER General Ledger of XYZ Stores Balance Sheet Account Section Dr Date Details Fol Amount Date Details Fol Amount Buildings B Jan 1 Balance b/d ,00 Cr Vehicles B Jan 1 Balance b/d ,00 Sept 30 Balance c/d ,00 Sept 10 Bank , , ,00 Oct 1 Balance b/d ,00 Debtors Control B Jan 1 Balance b/d 6 700,00 Jan 31 Bad debts 150,00 Balance c/d 6 550, , ,00 Feb 1 Balance b/d 6 550,00 Nominal Account Section Rent Income N Dec 31 Balance b/d ,00 Insurance N Apr 1 Bank 3 600,00 Sept 30 Balance c/d 7 800,00 Sept 1 Cash 4 200, , ,00 Oct 1 Balance b/d 7 800,00 The folio numbers can also be GL folios. ANNEXURE H: EXAMPLE OF A DEBTORS LEDGER Debtors Ledger of XYZ Date Details Fol Debit Credit Balance N$ N$ N$ G. Pietersen DL May 1 Balance b/d 144,00 4 Sales DJ 780,00 924,00 11 Bank CB 200,00 724,00 Discount Allowed CB 20,00 704,00 12 Sales Returns/Returns Inwards DRJ 80,00 624,00 15 Bank (R/D) CB 200,00 824,00 Discount Allowed GJ 20,00 844,00 24 Bad Debts GJ 44,00 800,00 28 Interest Received GJ 30,00 830,00 JSC Accounting Syllabus NIED

56 ANNEXURE I: EXAMPLE OF A CREDITORS LEDGER Creditors Ledger of XYZ Date Details Fol Debit Credit Balance N$ N$ N$ Warner Supplies CL May 1 Balance b/d 1 003,00 5 Purchases CJ 3 600, ,00 7 Purchases Returns/Returns Outwards CRJ 360, ,00 15 Bank CB 1 243, ,00 Discount Received CB 120, ,00 29 Interest Paid GJ 80, ,00 JSC Accounting Syllabus NIED

57 ANNEXURE J: EXAMPLE OF A TRIAL BALANCE NOTE: Not all of the items will appear in examples for Grade 8 and 9. The folio numbers can also be GL1, GL2, GL3 etc. Trial Balance of XYZ Stores as at 30 June 2004 Fol Debit Credit N$ N$ Balance Sheet Account Section Capital B ,00 Drawings B ,00 Land and Buildings B ,00 Vehicles B ,00 Equipment B ,00 Provision for Depreciation on Vehicles B ,00 Provision for Depreciation on Equipment B ,00 Loan: ABC Bank B ,00 Fixed Deposit: DEF Building Society B ,00 Stock (1/7/2003) B ,00 Debtors 3 000,00 Accrued Income B ,00 Prepaid Expenses B ,00 Bank CB ,00 Cash CB6 800,00 Petty Cash PCB6 100,00 Creditors 5 000,00 Accrued Expenses B ,00 Income Received in Advance B ,00 NOMINAL ACCOUNTS SECTION Sales N ,00 Sales Returns/Returns Inwards N ,00 Purchases N ,00 Purchases Returns/Returns Outwards N ,00 Interest on Fixed Deposit N5 750,00 Rent Income N ,00 Salaries N ,00 Telephone N ,00 Depreciation N ,00 Stationery N ,00 Interest on Loan N ,00 Water and Electricity N ,00 Carriage Inwards/Carriage on Purchases N ,00 Carriage Outwards N , , ,00 [double lines] JSC Accounting Syllabus NIED

58 ANNEXURE K: EXAMPLE OF TRADING ACCOUNT AND PROFIT AND LOSS ACCOUNT Dr General Ledger Of XYZ Stores Final Account Section Date Details Fol Amount Date Details Fol Amount Trading account F Jun 30 Stock (1/7/2003) ,00 Jun 30 Sales ,00 Purchases ,00 Stock (30/6/2004) ,00 Carriage Inwards/ Carriage on Purchases 4 000,00 Profit and Loss ,00 (Gross profit) , ,00 Cr Profit and Loss account F Jun 30 Salaries 9 000,00 Jun 30 Trading account Telephone 7 000,00 (gross profit) ,00 Stationery 1 200,00 Rent Income ,00 Water & Interest on Fixed Electricity 4 600,00 Deposit 750,00 Carriage Outwards 1 600,00 Depreciation 8 000,00 Interest on Loan 8 800,00 Capital (Net profit) , , ,00 JSC Accounting Syllabus NIED

59 ANNEXURE L: EXAMPLE OF INCOME STATEMENT OF SERVICE BUSINESS Income Statement of ABC Services for the year ended 30 June 2004 Current Income ,00 Add Other Income ,00 Rent Income ,00 Interest on Fixed Deposit 750,00 Gross Income ,00 Less Expenses ,00 Salaries 9 000,00 Telephone 7 000,00 Stationery 1 200,00 Interest on Loan 8 800,00 Water and Electricity 4 600,00 Carriage Outwards 1 600,00 Net Income ,00 NOTE: * All the above items will not appear in a Grade 8 and 9 example * (Show calculations in brackets) * When expenses exceed income the result will be a Net Loss ANNEXURE M: EXAMPLE OF INCOME STATEMENT OF TRADING BUSINESS NOTE: ALL ITEMS WILL NOT APPEAR IN EXAMPLES FOR GRADE 8 AND 9 Income Statement of XYZ Stores for the year ended 30 June 2004 N$ N$ Sales/Turnover [ ] ,00 Less Cost of Sales ,00 Opening Stock/Initial Stock ,00 Add Purchases [ ] ,00 Add Carriage inwards/carriage on purchases 4 000, ,00 Less Closing Stock/Final Stock ,00 Gross Profit ,00 Add Other Income ,00 Rent Income ,00 Interest on fixed deposit 750,00 Gross Income ,00 Less Expenses ,00 Salaries 9 000,00 Telephone 7 000,00 Stationery 1 200,00 Interest on loan 8 800,00 Water and Electricity 4 600,00 Depreciation 8 000,00 Carriage outwards 1 600,00 Net Profit ,00 NOTES: * Show calculations in brackets * Turnover = Sales - Sales Returns/Returns Inwards * Purchases = Purchases - Purchases Returns/Returns Outwards [Look at the line below Interest on fixed deposit] JSC Accounting Syllabus NIED

60 ANNEXURE N: EXAMPLE OF BALANCE SHEET NOTE: FOR A SERVICE BUSINESS, THE ITEM "STOCK" WILL NOT APPEAR IN THE BALANCE SHEET Balance Sheet of XYZ Stores as at 30 June 2004 N$ N$ N$ CAPITAL EMPLOYED OWNER'S EQUITY ,00 Capital ,00 Add Net Profit/Less Net Loss , ,00 Less Drawings 2 000,00 LONG TERM LIABILITIES ,00 Loan: ABC Bank , ,00 EMPLOYMENT OF CAPITAL FIXED ASSETS Cost Price Provision for Book value Depreciation Land and Buildings , ,00 Vehicles , , ,00 Equipment , , , , , ,00 INVESTMENTS ,00 Fixed Deposit: DEF Building Society ,00 WORKING CAPITAL ,00 CURRENT ASSETS ,00 Stock ,00 Debtors 3 000,00 Accrued Income 1 200,00 Prepaid Expenses 2 800,00 Bank 8 000,00 Cash 800,00 Petty Cash 100,00 Less CURRENT LIABILITIES 9 000,00 Creditors 5 000,00 Accrued Expenses 1 800,00 Income Received in Advance 2 200, ,00 * Show calculations in brackets * Bank overdraft = current liability JSC Accounting Syllabus NIED

61 ANNEXURE O: EXAMPLE OF CONTROL ACCOUNTS Balance Sheet Account Section Dr General Ledger of XYZ Stores Date Details Fol Amount Date Details Fol Amount Debtors Control account July 1 Balance b/d 8 000,00 July 31 Bank ,00 31 Sales ,00 Cash ,00 Bank (R/D cheque) 400,00 Discount Allowed 2 000,00 Interest Received 50,00 Bad Debts 360,00 Sales Returns 3 240,00 Balance c/d , , ,00 Aug 1 Balance b/d ,00 Creditors Control account July 31 Bank ,00 July 1 Balance b/d 6 000,00 Cash 7 000,00 31 Purchases ,00 Purchases Returns 1 900,00 Interest Paid 200,00 Discount Received 700,00 Balance c/d 5 600, , ,00 Aug 1 Balance b/d 5 600,00 Cr JSC Accounting Syllabus NIED

62 ANNEXURE P: EXAMPLE OF A BANK RECONCILIATION STATEMENT Dr Supplementary Cash Book November 2004 CB 7 Doc Date Details Fol Bank Doc Date Details Fol Bank 30 Balance b/d 800,00 30 Insurance 140,00 Credit transfer: A Bock 125,00 Bank Charges 55,00 Balance c/d 730,00 925,00 925,00 Cash Book December Balance b/d 730,00 Cr CB8 Bank Reconciliation Statement for the month ended 30 November 2004 Details Debit Credit Cr Balance according to Bank Statement 940,00 Cr Outstanding deposit 150,00 Dr Cheques not yet presented for payment , ,00 Dr Balance according to Cash Book 730, , ,00 OR Bank Reconciliation Statement for the month ended/as at 30 November 2004 Balance as per Cash Book 730,00 Add Unpresented cheques 360,00 No ,00 No , ,00 Less Outstanding deposit 150,00 Credit balance as per Bank Statement 940,00 JSC Accounting Syllabus NIED

63 ANNEXURE Q: EXAMPLE OF RATIOS 1. Gross profit on turnover = Gross Profit x 100 Turnover 1 = x = 69,28 % 2. Net profit on cost of sales = Net Profit x 100 Cost of Sales 1 = x = 155,38 % 3. Net Profit on turnover = Net Profit x 100 Turnover 1 = x = 47,73 % 4. Return on Capital Employed (ROCE) = Net Profit x 100 Opening Capital 1 = _ x = 28,9 % 5. Solvency Total Assets : Total Liabilities : : ,84 : 1 6. Current ratio Current Assets : Current Liabilities : ,43 : 1 JSC Accounting Syllabus NIED

64 7. Acid test ratio Current Assets Stock : Current Liabilities ( ) : : ,77 : 1 NOTE: All calculations should be correct to two decimals, unless the question states otherwise. For all ratio s the answer should be expressed in the format x : 1. JSC Accounting Syllabus NIED

65 ANNEXURE R: MARKING GUIDELINES FOR JSC ACCOUNTING Cash Book Document Numbers: Opening balances: Entries: Closing balances: Totals: Heading: Folios: 1 Mark dr document column; 1 Mark cr document column; Provided that there is not more than 1 mistake per column. The first document number will be provided. 1 Mark each if not provided on answer sheet. Date, detail and amount in correct column: all correct for 1 mark per line Extra mark for discount amount, if any Extra mark if amount was calculated, but if calculation was wrong and the rest correct, award 1 mark O/F (Own figure) Balances c/d: 2 Marks each C/F (Correct figure) and date. Balances b/d: 1 Mark each O/F, provided that it is on the correct side and correct date. (Cash balance always dr and Bank balance on the opposite side of the candidate s balance c/d). One mark for each discount column s total (C/F). No marks for totals of Cash and Bank columns. If not provided: 1 mark for correct heading. (Cash book of name of business, month, year and folio reference) 1 Mark per correct folio column. Folio references are only needed if posting took place. Petty Cash Book Opening balance: Entries: Document column: Totals: Closing off: 1 Mark if not provided on answer sheet. Date, detail and total amount all correct: 1 mark per line Correct amount in correct analysis column: 1 mark 1 Mark, provided that there is not more than 1 mistake The first document number will be provided. Analysis columns: 2 totals correct for 1 mark. Total column: No mark for total. Imprest entry will get 2 marks C/F or 1 mark O/F Balance c/d 1 mark C/F. Date must be correct. Balance b/d 1 mark O/F. Date must be correct. Debtors Journal, Debtors Returns Journal, Creditors Journal and Creditors Returns Journal Document column: Entries: Folio: Total: 1 Mark per correct document column Date, detail and amount all correct: 1 mark per line If the amount was calculated, the entry scores 2 marks, but if calculation was wrong and the rest correct, award 1 mark O/F. 1 Mark per correct folio column. Folio references are only needed if posting took place. No marks. JSC Accounting Syllabus NIED

66 General Journal Entries: Date, Account debited, Account credited with amounts in the correct columns and narration correct: 3 marks. (3 or 0) If the amount was calculated: award 1 mark extra. If the calculated amount is wrong, no mark for calculation, but learner can still score 3 marks for the rest. If dates are omitted: no marks. If the question stated that narrations might be omitted, then 2 or 0 and the rest stay the same. Posting Entries on the wrong side score no marks! General Ledger: (T-accounts) Entries and opening balance: Folios: Date, detail and amount correct: 1 mark per line. Correct folios of subsidiary book from where posting was done: 1 dr mark and 1 cr mark for whole ledger. Closing balance: Balance c/d: 2 marks C/F. Date must be correct. Balance b/d: 1 mark O/F if on the correct side. Date must be correct. Debtors Ledger and Creditors Ledger: (Running balance format) Entries: Opening balance: Folios: Date, detail and correct amount in the correct column: 1 mark Balance amount: 1 mark C/F Date, detail and correct amount in the balance column: 1 mark 1 mark for the folio column of the whole ledger. Folios must indicate the correct subsidiary book from where posting took place. Trial Balance Sub-headings (sections): 1 Mark each Other items: Folio column: Totals: Name of account and correct amount in the correct column: 1 mark per line If the amount was calculated, e.g. Capital or bank figure was not provided: 2 marks per line C/F or 1 mark per line O/F, provided that the calculation is correct. 1 Mark for the column 1 Mark O/F provided the two totals are the same. 2 Marks C/F (for the two totals together) Income Statement (Show all workings in brackets) Heading: Body: 1 Mark if not provided on answer sheet. (Name of Business: Income Statement for the year ended day, month, year) Net sales/turnover and net purchases: 3 marks each; (Sales less Sales returns and Purchases less Purchases Returns) If no adjustment for returns: 1 mark each Opening and closing stock: 1 mark each (Give the date in brackets) JSC Accounting Syllabus NIED

67 Each income and expense account with correct amount: 1 mark each If an adjustment was made to the amount: 3 marks each Gross profit and Net profit/loss: 1 Mark each for wording 1 Mark each for amount O/F provided that the calculations were correct. 2 Marks C/F Balance Sheet (Show all workings in brackets) Heading: Sub-headings: Sub totals: 1 Mark if not provided on answer sheet. (Name of Business: Balance Sheet on/as at day, month, year) ( Capital employed and Employment of Capital ) 1 Mark each if not provided on answer sheet. (Owner s equity, Long term liabilities, Fixed assets, Investments, Working capital, Current assets, Current liabilities) Wording and amount correct: 1 Mark C/F only Other items: (excluding fixed assets) Wording and amount correct for 1 mark per item. If amount was adjusted, 3 marks per item. Items under Fixed assets: Wording & Cost price amount: 1 mark Book value: 1 mark O/F Provision for depreciation: If provided: 1 mark; If calculated: 3 marks Bank Reconciliation Statement Heading: Body: 1 mark if not provided If dr and cr column format is used: Wording & amount in correct column: 2 marks per line (O/F for Cash Book balance) 1 Mark per correct total. If vertical format is used: 2 marks per entry (wording & amount & correct calculation where applicable) 1 mark for each sub-total (If sub-totals were omitted in the lay-out, give 2 additional marks for correct balance at the end) Wages Journal Body: Totals: Note: Normal time amounts: 2 marks each (if calculated) Overtime amounts: 2 marks each (if calculated) Gross wage: 2 marks each C/F or 1 mark each O/F Deductions: 1 mark each if provided; 2 marks each if calculated Total deductions: 2 marks each C/F or 1 mark each O/F Net wage: 2 marks each C/F or 1 mark each O/F Employer s contribution: If provided 1 mark C/F; If calculated 2 marks C/F or 1 mark O/F provided the calculation was correct. 1 mark each for gross wage, total deductions and Net wage. (must be C/F) Normally not more than 2 employees asked, because you test the same thing all over for each employee. JSC Accounting Syllabus NIED

68 Final accounts Basically marked as General Ledger account, but 3 marks each where amounts had to be calculated as result of adjustments. (Show calculations of adjustments in brackets) Theoretical questions Accounting equation: Correct effect, amount and reason: 2 marks (2 or 0) Account to be debited and credited: Both correct: 2 marks (2 or 0) Subsidiary book & source document: Both correct: 2 marks (2 or 0) Ratios: Formula: 1 mark (if specified that it should be given) Each amount applied to the formula: 1 mark (not 100/1) Answer: 2 marks C/F or 1 mark O/F Remember for ratios the answer is always in the format X : 1 JSC Accounting Syllabus NIED

69 ANNEXURE S: GUIDELINES ON PROJECTS AND TOPIC TASKS PROJECT REGULATIONS For the purposes of this document the term projects refers to any component specified by the JSC syllabus which is assessed in the School. Examples of projects are: projects, folios of essays, field work, practical work, assignments and experiments undertaken and assessed during the course. Projects may include work for which the topic have been set by the teacher or chosen by the candidates themselves. Learners should undertake projects with the guidance and continuing supervision from teachers. Teachers are expected to: assist with suggestions for investigations and topics; indicate sources of information, e.g. organisations or persons who might be able to help, materials, places to visit and references; advise on the practicality or otherwise of schemes proposed by candidates; give suggestions as to length, approach and treatment; satisfy themselves, as far as they are able, that all written work submitted for the project assessment is the candidate s own unaided work. Suggested format of Projects (if a written piece) Each project should be approximately words long. Diagrams, appendix, etc. are not to be counted in the number of words used. Projects should be written/typed on A4 paper. The cover must be clearly marked with the learner s name. Projects should include: The title, making clear the question to be answered A table of contents Sub-headings (not an essay form of written work) Graphs, diagrams, questionnaires, etc., where appropriate Conclusion A bibliography and appendix where appropriate. Learners will be given credit for tables of statistics, graphs, illustrations, photographs, etc., provided they are related to the question being answered and clearly support some part of the text. They should not be included merely to make the project look more attractive. Quotes must be clearly indicated and their sources stated. The project must take the form of a response to a clearly formulated question. This can come from any part of the syllabus but some areas tend to provide more opportunities for investigation than others and therefore are more suitable. (Look at cross-curricular content.) The project could include a variety of forms of investigation where appropriate, e.g. questionnaires, interviews, library research, personal observation, visit to government offices, visit to factory or offices. Projects could be open-ended, capable of being tackled in the way that the learner wishes. Thus one can assess the learner in terms of what has been achieved, rather than in terms of the teacher s expectations. Open-ended tasks can fulfil the requirement to differentiate. The teacher s role will be to ensure that no student is attempting an impossible or unmotivating task. Learners should be encouraged to use correct terminology, as appropriate, in their written work. The tasks set, need to be carefully thought out to allow the candidate to show what they know, understand and can do, i.e. not what they cannot do. The project should relate to a realistic business/accounting problem/situation. JSC Accounting Syllabus NIED

70 SETTING OF PROJECTS Assignments should not contain a series o f highly structured tasks as this fails to discriminate candidates at either end of the ability range, consequently bunching candidates in the middle mark range. This does not allow candidates, particularly at the higher ability range, to fulfill their potential. The question posed at the beginning of the assignment should be researched in order to draw valid conclusions and answer the question posed at the start of the investigation. Project Preparation Projects should not predetermine performance. Teacher should provide ideas, stimulus, assignment(s) and task. The Project should be integrated and should usually concentrate on more than one aspect of the syllabus. Think carefully about the timing of the Project, it should not come too early in the course as it has to be assessed as if it were completed in the last term of the course. This means the teacher should not make allowances for the work being completed early in the course and the teacher should ensure that Coursework follows the relevant work in class.. When determing the timing of the Project, allowance should also be made for all subjects and ideally should be planned by the school. Projects should be used to reinforce class work. For example, you should introduce a new topic in class and then use the projects/topic tasks for further investigation. Projects/topic tasks may take other forms than written. Ideally Projects/topic tasks will contain written, numerical, graphical and other forms of presentation but where other forms of presentation are used they must be used to answer the question and made reference to they should not just be a way of making the assignment look more colourful or interesting. The location of the school may affect the Project choice and the teacher has to make use of particular circumstances. Some schools are in areas where sending learners out for primary research proves difficult or impossible. With some thought, alternative ways of gathering data can be found e.g. asking family, friends, fellow students, telephone and magazines. If school/industry links exist, then use should be made of these. Will the Project allow the pupils to show what they: Know? Understand? Can do? The teacher should inform or discuss with the pupils what they will be looking for when marking so that pupils understand what is required of them. Project brief for learners Does your assignment: Have a stated aim which poses a question? Relate to an identifiable part(s) of the syllabus? Help integrate/bring together different areas of the syllabus? Allow the opportunity for all assessment objectives to be met? Have you conducted different types of research and used a variety of presentation methods to display the data you have collected? End with a conclusion? Provide identification as to where materials/resources have come from? This could be put at the end of your work as a list of where you went, how you carried out your research, what other sources you used. Provide the opportunity for the work to be completed within the time allowed? You should plan out what you have to do. Have a deadline for submission? JSC Accounting Syllabus NIED

71 Criteria for Assessment (a) Each of the two projects should be assessed out of 40 marks. (b) Each project will be assessed as follows: Collection of data Presentation of relevant data Analysis and interpretation of the topic Evaluation of the topic 10 marks 5 marks 15 marks 10 marks It is anticipated that the learner s responses will be assessed totality and levels of achievement will be recognised. An example of the mark bands is indicated below for collection and presentation of relevant data and for analysis, interpretation and evaluation of the topic. Collection of data Attempt made to gather information from at least one source. Sources unrelated to the business problem/situation Attempt made to gather some relevant information but still only limited sources used Information collected is relevant to the business problem and appropriate research methods used Information is clearly linked to the topic set and throughout an appropriate range of research methods are used Well designed research carried out effectively, fully investigating the business problem/situation and collecting all the relevant information Presentation of relevant data Very limited understanding of appropriate presentation methods but poorly applied Some variation in presentation but not converted to different forms of presentation Data presented using different methods but not always appropriate forms of communication Clear presentation with data converted into different and appropriate forms of communication Information collected is fully and clearly explained and complete range of presentation skills used Analysis & interpretation of the topic Limited attempt to organise material into parts Limited attempt to organise material in a logical manner but no comments, just an acceptance of others views Work planned in a logical manner with attempt to break down material in a clear and sensible way to try to answer the question posed in the title Work planned in a logical manner and business ideas well applied to the topic Evidence of original and clear analysis of the topic with relevant and accurate use of business ideas Evaluation of the topic Very limited conclusion drawn, makes unsupported personal opinions not related to the data Brief conclusion drawn, personal opinions have some connection with the information gathered Conclusion drawn form the evidence but is not an answer to the question posed in the title Personal and justified conclusion related to the question posed in the title and drawn from the evidence collected A reasoned and justified conclusion based on the evidence collected and a clear answer to the question posed in the title 10 marks 1 2 marks 3 4 marks 5 6 marks 7 8 marks 9 10 marks 5 marks 1 mark 2 marks 3 marks 4 marks 5 marks 15 marks 1 3 marks 4 6 marks 7 9 marks marks marks 10 marks 1 2 marks 3 4 marks 5 6 marks 7 8 marks 9 10 marks JSC Accounting Syllabus NIED

72 When applying the mark scheme to assignments it is useful to ask the following questions: Collection of data How many sources were used? Were primary and secondary sources used? Were the sources appropriate to answering the question posed in the title and were the range of sources used appropriate? Presentation of relevant data How many different techniques were used to present the data? Was the data converted to alternative and different forms of communication? Were the presentation techniques used appropriate for the information collected? Analysis & interpretation of the topic Was the coursework well organised? (Introduction, etc ) Was the data that had been gathered used in a clear way to answer the question posed in the title? Were the candidates own opinions included or were they other people s views? Were business ideas effectively applied to the topic? Were the ideas analysed and discussed in answer to the question posed? Evaluation of the topic Was a conclusion present? Was the conclusion related to the data gathered? Did the conclusion answer the question posed in the title? Was there evaluation in the main part of the coursework? JSC Accounting Syllabus NIED

73 ANNEXURE T: MARKSHEET ACCOUNTING TEACHER:... GRADE:... TERMS FIRST TERM SECOND TERM THIRD TERM Topic tasks Topic tests Project Term test Total marks Topic tasks Topic tests Project Term test Total marks Topic tasks Topic tests Term marks Total term marks CA (500 x 0.14) Exam mark Paper 1 & 2 Total mark Report mark NAMES/MARKS JSC Accounting Syllabus NIED

74 The National Institute for Educational Development P/Bag 2034 Okahandja NAMIBIA Telephone: Facsimile: [email protected] Website: NIED 2006