TVET FIRST
Financial Accoun ng N5
This document includes important informa on about the revised curriculum for Financial Accoun ng N5, scheduled for implementa on in 2021. Contact jayshil.bhula@macmillaneduca on.co.za to request a sample copy of the TVET First approved textbook or visit our website at www.macmillaneduca on.co.za. For best results, use TVET First Financial Accoun ng N5! Major changes from the previous curriculum: • New content in the following: – Module 1: Value Added Tax (VAT) (all new content) – Module 2: Partnerships (new content for LO2.1, 2.2, 2.4, 2.5, 2.7.5, 2.8) – Module 3: Branches (new content for 3.3.5. 3.3.8, 3.4.6, 3.4.9) – Module 5: Incomplete records and other accoun ng issues (new content for 5.2) – Module 6: Financial analysis (new content for 6.5) • Content that is no longer included: – Branch accounts (decentralised system) – Profit mark-up – Methods of stock-valua on: LIFO • Terminology changes: Many terms have changed since the implementa on of the previous curriculum in line with the IFRS. Some examples: – non-current assets (not fixed assets) – inventory (not stock) – trading inventory (not trading stock) – rent income (not rent received) – rent expense (not rent paid) – commission income – commission expense – interest income – interest expense – trade receivable (not debtor) – trade payable (not creditor) – Trade Receivables Control (not Debtors Control) – Trade Payables Control (not Creditors Control) – Sales Journal (not Debtors Journal) – Sales Returns Journal (not Debtors Allowances Journal) – Purchases Journal (not Creditors Journal) – Purchases Returns Journal (not Creditors Allowances Journal)
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