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Introductory Financial Accoun ng N4
TVET FIRST
Introductory Financial Accoun ng N4
This document includes important informa on about the revised curriculum for Introductory Financial Accoun ng N4. In the le hand column we explain what has changed from the old curriculum to the new, and in the right hand column we list the new content and tell TVET First users where they can fi nd the relevant content in our book, TVET Introductory Financial Accoun ng N4. Page numbers refer to the TVET First Student’s Book.
Implementa on is scheduled for 2021.
BRAND NEW CONTENT:
Module 1: added to LO 1.2 Forms of ownership:
Ac vi es of organisa ons
Module 3: added to LO 3.5 Payment methods
now include Electronic Funds Transfer (EFT), Debit card slips, Credit card slips, Withdrawal slips, in addi on to the old content on cheques. These methods of payment are applied throughout the rest of the book.
Module 8: Bank reconcilia on
NEW LO 8.3.1 Outstanding payments (EFT)
LO 1.2.4 Ac vi es of organisa ons
Service ac vi es Trading ac vi es Manufacturing ac vi es Ac vi es with no profi t mo ve (See SB page 16)
LO 3.5.3 Payment methods
• Electronic Funds Transfer (EFT) • Debit card slip • Credit card slip • Cheque • Withdrawal slip See pages 37–39 for the introduc on to the new source documents linked to this outcome change, and pages 47–56 for the new content on payment methods. Also see pages 120–124 for some examples of how these changes to the curriculum apply to the rest of the book.
LO 8.3.1 Items on the journals but not in the bank statement
• Outstanding deposits (same as old curriculum) • Outstanding payments (EFT) (NEW: See page 184) • Outstanding cheques (same as old curriculum)
TVET FIRST
Introductory Financial Accoun ng N4
Major changes from the previous curriculum: New content on: Module 9 Year-end procedures
There are also smaller changes, such as: OLD CONTENT 1995 CURRICULUM NEW PLACE/ORDER IN 2021 CURRICULUM: • Module 1 is a combina on of Modules 1 and 2 of the 1995 curriculum. • Module 2 is Module 4 (4.1 and 4.2) of the 1995 curriculum. • Module 3 is a combina on of Modules 3 & 4 (4.3) of the 1995 curriculum with new content on payment methods. • Module 4 is the same as Module 5 of the 1995 curriculum except for terminology changes. • Module 5 is the same as Module 6 of the 1995 curriculum BUT Trial Balances (usually in the last Module) now appear here, immediately a er the General Ledger. • Module 6 is mostly the same as Module 7 in the 1995 curriculum, but the Wages and
Salaries Journal sec on has moved to a new module, and payments (6.2.2) now focuses on all methods of payments. • Module 7 (Wages and Salaries Journal) is the same as LO 7.5 in the 1995 curriculum. LO 9.2 Statement of fi nancial posi on (Unit 9.2, pages 216–219) 9.2.1 Purpose of the statement of fi nancial posi on. 9.2.2 Draw up the statement of fi nancial posi on in ver cal form • Assets • Equity and liabili es • Notes to the statement of fi nancial posi on: Property plant and equipment (PPE), cash and cash equivalents 9.2.3 Draw up the statement of changes in equity (See page 219).
See SB Unit 5.4 for the Trial Balance in Module 5 (pages 89–97).
Cash Receipts Journal (see pages 104 and 105) Cash Payments Journal (see pages 118 and 119) Analysis Cash Book (see page 131)
Wages Journal (see page 168) Salaries Journal (see page 171)
TVET FIRST
Introductory Financial Accoun ng N4
• Module 8 is mostly the same as the 1995 curriculum, except for the addi on of LO 8.3.1 men oned above. • Module 9 is mostly the same as the 1995 curriculum, but now contains only points 9.2 and 9.3 from the 1995 curriculum as the
Trial Balance sec on was moved to Module 5 in its en rety. Also note the addi on of the
Statement of Changes in equity (9.2.3). TERMINOLOGY AND ACCOUNTING BOOKS FORMAT CHANGE: All the format and wording changes that are required by the new 2021 curriculum have been applied to the accoun ng books in the TVET First textbook. The following are some examples: • fi xed assets changed to non-current assets • trading stock changed to trading inventory • stock changed to inventory • debtors changed to trade receivables • creditors changed to trade payables • Debtors Control changed to Trade Receivables
Control Statement of Profi t or Loss (see page 215) Statement of changes in Equity (see page 219)
1. This edi on of TVET First Introductory
Financial Accoun ng N4 includes all of the addi ons and changes to the curriculum and follows the order of the curriculum. • Fully updated and aligned with the new 2021 curriculum. The TVET First textbook follows the structure of the new curriculum. See outcomes at the beginning of each module that are linked to the curriculum: pages 1, 20, 31, 60.
TVET FIRST
Introductory Financial Accoun ng N4
2. TVET First has a Lecturer’s Guide which includes: • Background informa on • Suggested teaching plan • Lesson plan template • Comprehensive answers • Memorandum to the prac ce exam.
3. TVET First has a Workbook with space to answer all ac vi es on correct accoun ng paper. This keeps answers to ac vi es and summa ve assessments neatly organised. It is also a useful revision aid to prepare for the fi nal exam. • Every module begins with a ‘starter ac vity’ that is designed to help the lecturer determine the students’ prior knowledge before star ng the module. The starter ac vity builds on students’ exis ng knowledge to lead them into new content, o en using a case study or prac cal component. See pages 1–2, 20–21, 31–32, 60, 75, 102. • TVET First has an open and fresh layout, with user-friendly text that is easy to read. Key words boxes in the margins explain important terms. • Step-by-step explana ons are clear and easy to follow, with lots of worked examples. See pages 104–105, 107, 120–124. • The content and number of ac vi es are aligned with the prescribed weigh ng of the curriculum. This is outlined in a useful sixmonth teaching plan in the Lecturer’s Guide, see pages xiv–xvii. • Case studies give students the opportunity to engage with the content in real-life scenarios and apply their knowledge of accoun ng to fi nding the answers. See page 28. • Excellent summaries appear at the end of every module. The summaries are useful for revision and give students a good overview of what they have learned and what they should know. See pages 17, 29, 57. • Summa ve assessments at the end of every module are modelled on typical exam-style ques ons to ensure that students get enough prac ce in reading and answering exam ques ons. See pages 18, 29–30, 58–59, 72–73, 99–100, 155–156, 178–180, 207–208, 226–227.
TVET FIRST
Introductory Financial Accoun ng N4
• A prac ce exam at the end of the Student’s Book, with a memorandum in the Lecturer’s Guide, will give students the opportunity to complete a mock exam based on the new content in the curriculum. See pages 233–247. • The Lecturer’s Guide includes a useful overview of the Learning Outcomes and learning content that can be used to compile your own six-month teaching plan. See pages viii–xiii in the Lecturer’s Guide.
TVET First authors:
Alma Janse van Rensburg is a Senior Lecturer at Northlink College with 38 years’ lecturing experience in more than 15 diff erent subjects. She uses this college lecturing experience to inform her work as an author. She has been an external examiner for the DHET for many years and understands exam requirements and how to prepare students for fi nal examina ons. She is also an external moderator for Umalusi.
Carine Esterhuyse is a lecturer at Northlink College with 40 years’ experience lecturing accoun ng. She has been a TVET examiner for over 13 years and is currently a moderator. The TVET First textbook draws on her knowledge of the kinds of ques ons asked in an exam and how to prepare students to answer them correctly. Alma and Carine are experienced lecturers, examiners and authors who wrote on the fi rst edi on of TVET First Introductory Financial Accoun ng N4. They have applied their experience in both lecturing and examining college students to this textbook, now updated and improved to meet the new curriculum requirements.
