CourseOutline HFAC333 1 Jul Dec2021 CW V1 05082021
CourseOutline HFAC333 1 Jul Dec2021 CW V1 05082021
CourseOutline HFAC333 1 Jul Dec2021 CW V1 05082021
COURSE OUTLINE
Disclaimer
This Course Outline forms part of the ‘Boston Student Rules and Regulations’ and is accurate at the
time of publication. Boston City Campus (Pty) Ltd reserves the right to alter any of the content due to
changes in regulations, market requirements and other reasons.
Website: www.boston.co.za
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CONTENTS
1. COURSE INTRODUCTION 4
1.1 Overview
1.2 The Module
1.3 Notional Hours
1.4 Introduction to SAQA, QCs and the NQF
8. GRADE REQUIREMENTS 27
8.1 General
8.2 Summative Assessment (Examination) Entry Requirements
8.3 Requirements for Promotion and Distinction
8.4 Supplementary Assessments
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10. PLAGIARISM 29
10.1 Unicheck
11. CONCLUSION 29
ANNEXURES:
F. FORMATIVE ASSESSMENT 1 72
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1. COURSE INTRODUCTION
1.1 Overview
Welcome to the Group Financial Reporting (HFAC333-1) module. This Course Outline is
intended to assist students by providing a detailed support document to help you with
navigating this specific module.
Students are regarded as adult learners who are self-motivated and are treated as such.
Boston places students at the centre of the learning process, emphasising learning as an
“individual act”, thus students take full responsibility for their own learning. Educators will
facilitate learning to enable students to achieve the learning outcomes required in each
module.
The purpose of Group Financial Reporting is to provide students with IFRS and IAS knowledge
on group accounting, specifically on the advanced aspects of business combinations, the
application of the equity method for associates and joint ventures, joint arrangements,
changes in investment ownership interests through buying and selling shares, as well as
changes in investment ownership interests arising from share issues and share buy-backs,
foreign operations, and the Group Statement of Cash Flows.
This module is part of a learning programme or qualification that is registered by the South
African Qualifications Authority (SAQA) on the Higher Education Qualifications Sub-
Framework (HEQSF), which is a sub-framework of the National Qualifications Framework
(NQF) and is structured as follows.
The South African Qualifications Authority (SAQA) introduced the model of credits related to
notional hours as part of Outcomes-Based Education (OBE). Notional hours are defined as the
amount of time it takes the average student to achieve the learning outcomes as defined for
each course. The model of notional hours prescribes for this 14 credit module, the notional
hours will be 140.
Notional hours can consist of any combination of the following activities: reading, tasks or
self-evaluation exercises, listening or viewing of tapes and videos, attendance of tutorial or
lecture sessions, participation in discussions or online forums, undertaking experiential or
collaborative learning, completing assignments and research work, conducting interviews,
and preparing for and sitting of examinations. It is important to note that this model considers
workload from a student’s perspective and how much time it would take the average student
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to comprehend the knowledge, skills, attitudes and values that are embodied in a particular
course (Kilfoil, 2009)1.
Within Annexure B of each Course Outline is a detailed Proposed Study Programme to assist
students with the planning of their studies according to a specific academic workload model,
to ensure success in meeting the required learning objectives and activities within the
required timelines as stipulated in the Academic Calendar (Annexure D).
In terms of the NQF Act 67 of 2008, the South African Qualifications Authority (SAQA) is a
juristic person, given a legal personality by law. SAQA has a Board, whose members are
appointed by the Minister of Higher Education and Training. Identified stakeholders in
education, training and related support practices, nominate these members. SAQA's role is
to:
• Advance the objective and oversee the further development of the NQF;
• Coordinate with the Quality Councils, three sub-frameworks of the NQF; and
• Regulate professional bodies.
Quality Councils (QCs) are sector-based structures responsible for the development and
quality assurance of qualifications on the NQF. There are three QCs for the three main sectors,
namely:
• General and Further Education and Training;
• Higher Education; and
• Trades and Occupations.
1
Kilfoil. W.R. 2009. Credits, Notional Hours and Workload. [Web Access] http://www.unisa.ac.za/ [Access Date:
27 June 2011].
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• The Quality Council for Trades and Occupations (QCTO), the QC for occupations, which
deals with workplace learning and skills development. Such an example is a
learnership.
The National Qualifications Framework (NQF) is a comprehensive system for the classification,
registration, publication and articulation of quality assured national qualifications. The NQF is
the set of principles and guidelines that enables national recognition of acquired skills and
knowledge, thereby ensuring an integrated system that encourages life- long learning.
NQF Objectives
The objectives of the NQF, as outlined in the NQF Act 67 of 2008, are as follows:
• To create an integrated national framework for learning achievements;
• To facilitate access to, and mobility and progression within, education, training and
career paths;
• To enhance the quality of education and training;
• To accelerate the redress of past unfair discrimination in education, training and
employment opportunities; and
• To contribute to the full personal development of each citizen/learner and the socio-
economic development of the nation at large.
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The NQF is organised as a series of levels of learning achievement, arranged in ascending
order from one to ten. A statement of learning achievement, known as a level descriptor,
describes each level on the NQF. A level descriptor provides a broad indication of learning
achievements or outcomes that are appropriate to a qualification at that level. The content
of the level descriptors are developed and determined by SAQA, in agreement with the three
QCs.
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2. CRITICAL OUTCOMES OF THE LEARNING PROGRAMME
The generic, cross-curricular outcomes of a programme supports all aspects of the learning
process, and a disciplinary specialist within Boston’s Faculty formulates them.
The table below provides information about the critical cross-field outcomes, an explanation
thereof, the associated assessment criteria, and their alignment with the appropriate NQF
standards, which inform all of the teaching and learning within this module.
This ensures that the intended purpose of the qualification is realised with the intended type
of graduate by providing:
• A well-rounded, broad education.
• Knowledge that emphasises the theory and methodology of disciplines in the
professional context.
• Principles and theory that are emphasised as a basis for entry into professional
practice, in a wide career range.
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NQF LEVEL DESCRIPTORS:
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ACCESSING, PROCESSING, MANAGING Ability to gather information from Ability to evaluate different sources Ability to develop appropriate processes of Ability to critically review information
INFORMATION a range of sources and to select of information and to select information gathering for a given context of gathering, synthesis of data, evaluation
information appropriate for the information appropriate for the task use, and the ability to independently and management processes in specialised
task. and to apply well-developed validate the sources of information and contexts in order to develop creative
processes of analysis, synthesis and evaluate and manage information. responses to problems and issues.
evaluation of that information.
PRODUCING AND COMMUNICATING Ability to communicate Ability to present and communicate Ability to develop and communicate his or Ability to present and communicate
INFORMATION information reliably, accurately complex information reliably and her ideas and opinions in well- formed academic, professional or occupational
and coherently, using conventions coherently using appropriate arguments, using appropriate academic, ideas and texts effectively to a range of
appropriate to the context… an academic and professional or professional and occupational discourse. audiences, offering creative insights,
understanding of and respect for occupational conventions. rigorous interpretations and solutions to
the conventions around problems and issues appropriate to the
intellectual property, copyright context.
and plagiarism
CONTEXT AND SYSTEMS Ability to operate in a range of Ability to make decisions and act Ability to manage processes in unfamiliar Ability to operate effectively within a system,
familiar and new contexts, appropriately in familiar and new and variable contexts, recognising that or manage a system based on an
demonstrating an understanding of contexts, demonstrating an problem solving is context and system understanding of the roles and
different systems, their parts and understanding of the relationship bound relationships between elements within
the relationships between these between systems and how one the system.
parts. impacts on another.
MANAGEMENT OF LEARNING Ability to evaluate his or her Ability to evaluate performance Ability to identify, evaluate and address his Ability to apply, in a self-critical manner,
performance and the performance against given criteria, and or her learning needs in a self-directed learning strategies which effectively
of others; and to take appropriate accurately identify and address his manner and to facilitate a collaborative address his or her professional and
actions where necessary and to or her task- specific learning needs learning process. ongoing learning needs and the
take responsibility for his learning in a given context. And to provide professional and ongoing learning needs
within a structured learning support for others where of others.
process. appropriate.
ACCOUNTABILITY Ability to take account for his or Ability to work effectively in a team Ability to take full responsibility for his or Ability to take full responsibility for his or
her actions, to work effectively or group and take responsibility for her work, decision making and use of her work, decision-making and use of
with and respect others and to his or her decisions and the actions resources… and limited accountability for resources, and full accountability for the
take supervisory responsibility in a of others in well-defined contexts. the decisions of others in varied or ill- decisions and actions of others where
well- defined context. defined contexts. appropriate.
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3. TEACHING, LEARNING AND ASSESSMENT
Boston views learning as a complex interaction between students’ personal purpose, which
is to improve their knowledge and ability, their prior knowledge and disposition, and
requirements for specific subject matter enquiry. Therefore, Boston subscribes to an
approach that learning:
Teaching and learning at Boston is integrated into every aspect of the development,
evaluation and delivery of each module and learning programme.
Boston has moved from the traditional presentation of learning support materials i.e.
textbook and study handbook based only, which has a traditional instructor-centred
curriculum, to a student-centred approach that mandates the faculty and academic support
staff to:
• Encourage students to develop the ability to think critically and solve problems
creatively.
• Promote an understanding of the relevance of the intended learning outcomes.
• Encourage students to develop enquiring minds and to investigate relevant topics
further in order to enrich their learning experiences.
• Provide students with the opportunity to experience the demands of the working
world.
• Promote a positive and supportive learning environment where students, faculty and
support staff work towards common objectives.
• Encourage students to grasp the practical application behind the theory.
• Promote a sense of responsibility for learning and assessment.
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Teaching at Boston consists of:
• Faculty and information, communication and technology (ICT) equipment
• Describing and unpacking of specific knowledge components
• Discussing examples within industry and/or the workplace
• Relating these with the purpose and objectives of the module and learning
programme
• Interaction with students
• Outcomes-based learning materials, filmed lectures on TMS2, online assessments,
course outlines, prescribed textbooks, study guides/workbooks, study plans and
sample assessments and memoranda
• Evaluation and feedback.
Assessment Strategy C (ASC): Formative assessments (FA1 and FA2), also known as quizzes,
will count fifty percent (50%) – twenty five percent (25%) each - towards the overall mark. A
summative assessment in the form of a final exam (SA1), will count fifty percent (50%)
towards the overall mark.
Assessment Strategy 2 (AS2): The formative assessment (FA1), also known as an assignment
or test, will count fifty percent (50%) towards the overall mark. The summative assessment
in the form of a final exam or capstone project (SA1), will count fifty percent (50%).
Assessment Strategy 3 (AS3): The formative assessment (FA1), also known as an assignment
or test, will count forty percent (40%) towards the overall mark. Summative assessments in
the form of a final exam or capstone project (SA1), will count fifty percent (50%), and a
research or reflective essay (SA2) will count ten percent (10%) towards the overall mark.
Assessment Strategy 4 (AS4): Formative assessments (FA1 and FA2), also known as
assignments or tests, will count forty percent (40%) - twenty percent (20%) each - towards
the overall mark. Summative assessments in the form of a final exam or capstone project
2
TMS [Training/Telematic Management System incorporating a Learning Management System (LMS)]
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(SA1), will count fifty percent (50%), and a research or reflective essay (SA2) will count ten
percent (10%) towards the overall mark.
Assessment Strategy 5 (AS5): Formative assessments (FA1 and FA2), also known as
assignments or tests, will count thirty percent (30%) - fifteen percent (15%) each - towards
the overall mark. Summative assessments in the form of a final exam or capstone project
(SA1), will count sixty percent (60%), and a research or reflective essay (SA2) will count ten
percent (10%) towards the overall mark.
Assessment Strategy W (ASW): Formative assessments (FA1 and FA2), also known as
assignments, will count forty percent (40%) - twenty percent (20%) each - towards the overall
mark. Summative assessments in the form of a practicum, will count forty percent (40%), and
a research or reflective essay (SA2) will count twenty percent (20%) towards the overall mark.
Distance learning is reliant on independent study. For this reason, most formative
assessments are considered open-book assessments, while summative assessments are
invigilated events. They all aim at assessing a student's mastery of certain or specific subject
matter.
Regardless of the assessment type, any formative assessment in this environment should
have three main aims, which are:
Measured by these aims, outlined below are the various types of assessments utilised in the
module and the learning programme.
Students are guided by the course outlines and contents within study units to complete
specific self-assessment exercises, such as, self-evaluation questionnaires, activities or
practices, which appear in the prescribed textbooks and/or study guides. In addition, students
are encouraged to make use of the institution’s library, or any resource centre, to access the
recommended reading list which includes self-assessment exercises.
Students are also informed of the importance and relevance of self-assessment exercises, and
are encouraged to keep records of it to assist with reflection, examination preparation and
student-centred interaction.
3
Foltz, D. 1990. Toward Better Service and Testing. Occasional Paper Number 3. Washington, DC: DETC.
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3.3.2 Report Writing
With some study units or courses, writing and composition might be the only practical method
of assessment. Report writing requires a student to demonstrate their knowledge of a
particular subject through composing a written representation that communicates
understanding and insight.
Carefully constructed true-false questions can measure higher mental processes such as
understanding, application and interpretation. They are particularly suitable for testing
attitudes and beliefs, and can be adapted to most content areas, although they work best in
testing elementary subject matter. True-false tests do have the advantage of making it
possible to ask many questions on a larger number of knowledge areas in a limited amount
of time.
Suitable open-book questions should require that students review the learning material
continuously. This assessment type should be thought of as context-dependent. If questions
are properly prepared, students have to demonstrate their ability to extrapolate and infer key
concepts from a specific knowledge area, rather than simply find an answer in the text and
“parrot” it back. Therefore, the emphasis is on repetition and inference, as students review
and re-review the learning materials in an effort to recognise, understand, synthesize and
select appropriate responses. Questions that can be answered on the basis of rote memory
should be kept to a minimum as students can simply "cram" to prepare for such testing and
little, if any, learning takes place.
Multiple-choice examinations, consisting of questions in the form of a stem and four or five
options (the correct answer along with distracters, or incorrect alternatives) have many
advantages. The greatest of these is perhaps their versatility: multiple-choice questions can
measure factual recall, as well as the students' ability to reason, exercise judgment, and
express themselves correctly and effectively. Students find them less ambiguous and
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generally prefer them to true-false tests. This type of assessment can also be scored
accurately and provide immense per-item reliability.
Boston’s approach to teaching, learning and assessment is strongly influenced by the belief
that students are entitled to feedback and a discussion on their performance. This is
interwoven into the teaching strategies. There are many sound educational reasons for doing
this in a comprehensive manner. Students are encouraged to contact Educators for personal
feedback on their assessments.
Detailed feedback reports accompany the marks/grades for formal formative assessments,
which are communicated and returned to students within 4 weeks after the due dates of
submission. In each instance, an examiner’s report accompanies the memorandum with
correct responses and/or examples of model answers for each formal formative assessment
activity.
This provides an opportunity to repeat important learning objectives and knowledge areas,
considering that repetition is a powerful element in learning. A good feedback report should
motivate and assist students to improve. A thorough feedback report should also clear up any
misconceptions and misunderstandings.
Finally, a comprehensive feedback report should point out learning objectives, and underline
and reinforce important knowledge areas. Therefore, feedback on assessments should
include the following aspects:
• Identifying errors and, where appropriate, describe the degree of error
• Postulating the probable cause of the error
• Suggesting a solution or a way to improve
• Comments that are positive and encouraging
• Focus on specific errors, clarifying any concepts the student overlooked.
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4. STUDENT ACCESS TO IT, LIBRARY AND OTHER RESOURCES
Essential to the effectiveness of the Boston network of Support Centres is granting distance
learners localised access to technology, library and the service support resources that are
provided to students by the Boston Head Office.
As guiding principles, it must be re-emphasised that Boston Support Centres do not form part
of the programme other than the centres being conveniently located throughout South Africa
which assist them in serving as a point of contact and access to provide support services for
students who:
• do not have access to resource rich infrastructure at home, an office or elsewhere in
a relative close proximity
• Experience difficulty with taking control of their study environments, for example,
mitigating excessive distractions, exercising sufficient self-discipline, implementing a
routine, and managing time
• Relate better to auditory and kinaesthetic learning styles.
In other words, every learner is registered with Head Office as a unique distance learner, and
the teaching, learning and assessment remains at a distance with appropriate quality assured
materials and services to complete their studies independently. No student accessing services
at a Support Centre will be placed at a discernible advantage over a student that elects not to
access services at a Support Centre. Support Centres will be utilised as examination venues
for invigilated sittings.
In considering all of the above information, the support services accessible at Boston Support
Centres may be delineated in the following manner by classifying them as:
• Venues for accessing the range of important career, study and motivational
counselling services, and the completing and submitting of an online Application for
Admission, or other administrative documents i.e. change of module, submitting
request for deferral, handing in ID etc.
• Venues for accessing Information Technology and Communication resources, to pre-
book4 time to utilise computers for accessing filmed lectures on TMS , typing
assessments, submitting assessments online, emailing Head Office re: Academic,
Assessment, and Administrative queries etc.
• Venues for facilitating logistical support i.e. a reliable address to receive and send
study guides, prescribed textbooks, assignments, feedback reports, certificates etc.
• Venues for facilitating the sitting of invigilated tests and examinations.
4
It is important to pre-book and confirm bookings with the selected Support Centre for attendance of video
(TMS/LMS) sessions, assessment uploading and submission and sitting of tests within formative assessment weeks.
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4.2 Hours of Operation
Normal hours of operation within Boston for telephonic, email or access to premises are
Monday to Thursday 08:00 to 17:00 and on Friday from 08:00 to 13:00. An extension hereof
will be reviewed periodically in accordance with students’ needs.
Boston established a Resource Centre (RC) for students and staff at both its Head Offices in
Orange Grove and Stellenbosch. The RC provides students and Support Centres with access
to national and international databases for all its information searches. All research and
information material not available in the RC may be obtained for students, faculty, support
staff and Support Centres through purchasing and disseminating of e-publications.
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5. COMMUNICATION AND SUPPORT
Students are encouraged to engage with Educators as and when they have academic queries
- as indicated in section 5.3 below. Educators will provide support during the semester within
office hours, Monday to Thursday.
When you communicate with Boston, or when you submit your assignments, it is important
that you supply the College with your:
• Surname and initials
• Student number
• ID number
• Correct postal address and/or email address
• Cellular phone number and/or telephone numbers at home and/or work
• Name of Support Centre selected
Please note that all written communication such as emails, and all queries must be addressed
under specific topics. Please address your queries in writing to the relevant section at the
College i.e. the Administrative Coordinators deal with registrations, student accounts,
timetables, results, etc., the Educators deal with academic content matters such as a query
about a particular theory in the guide or an assignment question within a paper.
When phoning the Institution please identify your specific query to the switchboard operator
to enable them to put you through to the relevant department and person who can address
your inquiry effectively.
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5.3 Academic Support (Course Related – Not Administrative)
An Educator who is a qualified and experienced subject specialist is appointed for each
module to support students throughout their studies. Academic matters should be addressed
directly with the Educator (see contact details on the next page).
Educator support does not provide support for queries of an administrative nature, such as
due dates or late submissions. Educators deal only with academic content or subject matter-
related queries such as: “... please help clarify the meaning of question 2, which appears on
page 15 of my Study Guide for Fundamentals of Accounting.”
At least one Educator will be assigned to each module of study. The Educator will be available
to assist students with academic queries related to subject-matter content. They will also be
available to offer assistance and feedback on assessments upon request.
Support Centres are not staffed with Educators and students cannot expect to have their
academic queries addressed by Support Centre staff.
Providing quality academic support is of the utmost importance to Boston. In order to ensure
this quality is maintained, Boston has undertaken to ensure the process of engaging with
Educators is as transparent as possible.
1. E-mail queries must be directed to the Educator for a particular module. The Educator will
reply directly to the student and will copy in the Academic Coordinator.
2. Telephonic consultations will take place by appointment only. Firstly, this ensures that the
most suitable facilitator or tutor is allocated. Secondly, it will also serve to ensure that a
firm arrangement is made, and a sufficient time-slot is allocated to deal thoroughly with
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the subject matter concerned. Thirdly, the Educator will call the student on the agreed
number at the agreed time. Confirmation of the agreed number and time will be
communicated to the student beforehand. To book a telephonic appointment, students
can either call or e-mail the Educator or Academic Quality Manager.
4. Skype consultations will take place by appointment only. Firstly, this ensures that the most
suitable facilitator or tutor is allocated. Secondly, it will also serve to ensure that a firm
arrangement is made, and a sufficient time-slot is allocated to deal thoroughly with the
subject matter concerned. Thirdly, the Educator will skype-call the student at the agreed
time. Confirmation of the agreed time will be communicated to the student beforehand.
To book a skype-call appointment, students can either call or e-mail the Educator or
Academic Quality Manager.
Students must take note that any further or subsequent communication must be directed to
the Educator or Academic Quality Manager, who in turn will repeat the process described
above.
Embarking on higher education studies is an exciting journey. It can also be a time of change
and pressure that may lead to unexpected challenges that affect your academic performance
and/or personal life. Student Wellness is an initiative that offers limited personal support to
our students for assistance and referrals due to personal, social or career issues/concerns.
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5.5 Summary of Contact Procedure:
Forward your query or questions to the Academic Quality Manager or your Educator via e-
mail, or phone to request an appointment to speak with an Educator.
When contacting your Educator or the Academic Quality Manager, please be specific about
the support you require by providing the following information, together with your personal
information:
Within two (2) business days (weekends and public holidays are excluded), an Educator will
respond or make direct contact with you. The Educator’s response will also be copied to the
Academic Coordinator’s e-mail address for record keeping and quality control purposes.
Please Note: The Educator support facility will not be available between 15 December and
15 January annually.
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6. REQUIREMENTS TO COMPLETE THE MODULE SUCCESSFULLY
6.1 General
• The point of departure is the module specific study guide and/or prescribed textbook.
• It is the core component of the learning material and guides the student structurally
through each module.
• The learning activities contained within the study guide and/or prescribed textbook and
the referencing to the self-assessment activities are of utmost importance to ensure
and assess understanding of the learning content.
• All the study material required for examination purposes is contained in the study guide
and/or prescribed textbook.
• Please note that students may have to consult additional sources to complete the
various formative or summative assessments such as academic or business journal
articles or a site visitation.
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• Content in the study guide and/or prescribed textbook is presented in such a manner
that students will be able to master the study material through self-study.
• The formative assessment (assignment) is presented in such a manner that students will
be able to master completion through both self-study, and use of the study guide
and/or prescribed textbook.
• At the end of each unit in the study guide and/or prescribed textbook are a selection of
questions or self-evaluation tests and/or activities, through which students can assess
their ability to master the study material and make their own meaning of the work
covered in the unit.
• Above average results/marks will be allocated to answers in formative assessments
(assignments and/or tests) and in the summative assessments (examinations), if the
examiner notes that the selected content was studied thoroughly. Some questions may
be aimed at assessing the insight students acquired into the study material with
application based questions.
• Boston is developing a new and exciting platform that will further enhance access to
high quality literature and academic resources – coming soon!
• SAICA. SAICA: The Annotated IFRS Standards Part A1. Johannesburg: LexisNexis.
• SAICA. SAICA: The Annotated IFRS Standards Part A2. Johannesburg: LexisNexis.
• SAICA. SAICA: The Annotated IFRS Standards Part B. Johannesburg: LexisNexis.
• SAICA. SAICA: The Annotated IFRS Standards Part C1. Johannesburg: LexisNexis.
• SAICA. SAICA: The Annotated IFRS Standards Part C2. Johannesburg: LexisNexis.
These books go hand in hand with the Mastering Group Financial Statements Volume 1
textbook.
Note that you will only use the sections in your SAICA books where your Mastering
Group Financial Statements Volume 1 textbook refers to the SAICA books. You can
highlight and flag the sections in these SAICA books applicable. You can bring these
SAICA books with into the exam.
• Issa, H., Sun, T., Vasarhelyi, M.A. 2016. Research ideas for artificial intelligence in
auditing: the formalisation of audit and workforce supplementation. Journal of
emerging technologies in accounting, 13(2):1-20. Retrieved from
https://www.aaajournals.org/doi/pdf/10.2308/jeta-10511 [Accessed 27 January 2020].
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• Verhoef, G., Samken, G. 2017. The accounting profession and education: the
development of disengaged scholarly activity in accounting in South Africa. Accounting,
auditing and accountability journal, 30(6):1370-1398. Retrieved from
https://www.researchgate.net/profile/Grietjie_Verhoef/publication/318292379_The_
accounting_profession_and_education_The_development_of_disengaged_scholarly_
activity_in_accounting_in_South_Africa/links/59c3ef870f7e9b07cbb9d10b/The-
accounting-profession-and-education-The-development-of-disengaged-scholarly-
activity-in-accounting-in-South-Africa.pdf [Accessed 27 January 2020].
• Opperman, H.R.B., Booysen, S.F., Van der Merwe, N. 2017. Accounting standards. 17th
Ed. Claremont: Juta.
• Any topical or related articles students may access, such as academic, newspapers,
trade magazines or through the Internet.
• References made to journals and other articles and websites in the bibliographies
contained in the e-prescribed textbook and recommended textbooks.
• During the course of the semester, the Educators will provide students with additional
teaching and learning activities. These activities are aimed at enriching students’
learning experience and ensuring that students are exposed to a variety of resources.
• These learning activities are neither compulsory nor weighted, but it will be to the
students’ benefit to participate in these activities.
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7. MODULE STRUCTURE AND ASSESSMENT SPECIFICS
In support hereof, the academic year is divided into two (2) semesters, each consisting of a
twenty (20) week cycle5 with provision for the following:
o Ten (10) weeks dedicated to teaching and learning of study units and prescribed texts
o Additionally, structured throughout, four (4) weeks dedicated to formative
assessment and feedback opportunities for semester marks
o Finally, four (4) weeks, depending on examination dates, are dedicated to preparation,
sitting and submission of summative assessments, plus two (2) weeks for the
finalisation and release of overall module results.
The purpose of formative assessments is to determine where students are in relation to where
they should be in terms of the specific outcomes for each module. Formative assessments assist
students and Educators with making a determination as to what work will have to be revisited.
Thus, formative assessments are very important for students to monitor their progress and their
readiness to sit for examinations (summative assessments).
5
For a detailed breakdown of the 20 week cycle, in table format, pertaining to this module, see Annexure B.
25 CourseOutline-HFAC333-1-Jul-Dec2021-CP-V1-04082021
Formative assessments, excluding tests which follow the protocols of examination sittings6 (see
also section 7.3 below), must be submitted for marking by uploading to the LMS (refer to
Annexure D) which can be accessed at the Support Centre or from home.
6
Boston Student Rules and Regulations
26 CourseOutline-HFAC333-1-Jul-Dec2021-CP-V1-04082021
• Do not take unnecessary risks, and ensure that all module content is studied
thoroughly.
• Identify themes and refer to the specific outcomes and assessment criteria of each
unit or chapter.
• Answer the five multiple-choice questions provided at the end of each unit, or
referenced self-assessment questions per chapter in the study guide and/or
prescribed textbook. This will provide an indication of the level of mastery of study
material.
• Plan your studies according to the examination dates and the due date set for your
assessments in Annexure D: Academic Calendar.
8. GRADE REQUIREMENTS
The Formative and Summative assessments are weighted according to the following
guidelines:
• Formative assessments are weighted thirty percent (30%) of the final module mark
• Summative assessment are weighted seventy percent (70%) of the final module mark
8.1 General
Assessment/Type Weight
Due Date: Formative 15%
Refer: Academic Calendar Assessment 1
Due Date: Formative 15%
Refer: Academic Calendar Assessment 2
Due Date: Summative 60%
Refer: Academic Calendar Assessment 1
Due Date: Summative 10%
Refer: Academic Calendar Assessment 2
27 CourseOutline-HFAC333-1-Jul-Dec2021-CP-V1-04082021
8.2 Summative Assessment (Examination) Entry Requirements
There are no entry requirements for the Summative Assessments, however the overall mark
will be calculated from the student’s performance on the formative assessment (FA) and
summative assessment (SA).
Formative assessments (FA1 and FA2), also known as assignments or tests, will count thirty
percent (30%) - fifteen percent (15%) each - towards the overall mark. Summative
assessments in the form of a final exam or capstone project (SA1), will count sixty percent
(60%), and a research or reflective essay (SA2) will count ten percent (10%) towards the
overall mark.
In order to obtain a pass result for a module and be awarded the module credits (promoted),
students must obtain a module average of fifty percent (50%) or higher. The average is
calculated according to the weightings as indicated in the table above. For a student intending
to be promoted with “Distinction”, a module average of seventy-five percent (75%) or higher
is required.
There are no supplementary opportunities available for the Formative Assessments. Students
who do not qualify for promotion (i.e. have not obtained a module average of 50%), are
eligible to participate in supplementary summative assessment/s.
• Study the content of each unit and/or chapter before proceeding to the next unit and/or
chapter.
• Complete the learning activities within each unit and self-assessment questions at the
end of each unit and/or chapter.
• Complete and submit your assessments as soon as possible.
• Students must keep in mind that although all Educators are professional academics,
they are also human. A well-presented answer, in typed or printed format, will make it
easier for the examiner to read answers and to evaluate the student’s knowledge.
• Answers must be neat, well organised and grammatically edited.
• Formative Assessment questions may also be used as Summative Assessment
questions.
• All students with difficulties may contact the College and arrange to meet with the
Faculty to discuss study difficulties.
28 CourseOutline-HFAC333-1-Jul-Dec2021-CP-V1-04082021
10. PLAGIARISM
Plagiarism (copying) is a serious offence and is a contravention of the Copyright Act (98 of
1978) of South Africa. Students are guilty of plagiarism when they appropriate the ideas and
work of others without due recognition. For detailed information about the nature of
plagiarism, as well as how to avoid committing plagiarism, refer to Annexure E.
It is important to note that plagiarism has been committed when two or more students submit
identical, verbatim copies of the same assessment and/or examination answers. The
Academic Committee reserves the right to take appropriate action in cases where plagiarism
is found. Should it be found that a student copied an assessment or examination answer from
a fellow student, both students involved will not receive their result for that particular
assessment.
10.1 Unicheck
Students will not make use of Unicheck for this module.
11. CONCLUSION
The best way to prepare for an assessment is to work methodically and continuously
throughout the semester. This requires students to:
• Plan and programme their studies, and the writing of assessments by taking into
account their personal and work schedules and other commitments.
• Make a habit of planning well ahead, and noting in advance those dates and events that
could affect their studies.
• Arrange study leave and study blocks well in advance.
29 CourseOutline-HFAC333-1-Jul-Dec2021-CP-V1-04082021
ANNEXURE A:
30 CourseOutline-HFAC333-1-Jul-Dec2021-CP-V1-04082021
ANNEXURE B:
Each semester has a 14-week duration from the last day of Registrations to the start of the
Examination Period. We strongly recommend that students follow the study programme for
the course outlined below closely. It is important not to fall behind. Students are expected to
apply a great deal of self-discipline otherwise they may be unprepared for the examination. See
Table overleaf.
31 CourseOutline-HFAC333-1-Jul-Dec2021-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
32 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
33 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
34 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
• indemnification assets;
• leases in which the acquiree is the
lessee;
• reacquired rights;
• share-based payment awards; and
• non-current assets held for sale.
• identify and account for arrangements that
are separate from the business combination;
• measure and account for the consideration
transferred in a business combination
including the effects of any contingent
consideration which is classified either as
equity, a financial asset or liability in terms of
IFRS 9 or as an asset or liability not within the
scope of IFRS 9;
• explain under what circumstances, the initial
business combination accounting may be
adjusted and prepare the necessary
adjustments;
• account for a business combination in which
control is achieved in stages;
• account for a business combination where no
consideration is transferred by the acquirer;
and
• provide the disclosures required to evaluate
the financial effects of business combination
adjustments recognised in the current
reporting period that relate to business
combinations that occurred in the period or
previous reporting period.
35 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
36 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
37 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
38 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
40 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
41 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
42 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
43 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
45 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
46 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
49 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
View/study
Estimated
Sample Complet
preparation
11 & Formative e FA2
time: 6 hours
12 DUE: FORMATIVE ASSESSMENT 2 Review Assessments Review N/A online
Refer to
on
academic
ColCam
calendar
p us
52 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
54 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE B:
PROPOSED STUDY PROGRAMME
56 HFAC333-1-ProposedStudyProgramme-CP-V1-04082021
ANNEXURE C:
BREAKDOWN OF PRESCRIBED MATERIAL
• Kraut, R. 2019. Mastering Group Financial Statements Volume 2. Claremont: Juta and Company (Pty) Ltd.
• SAICA. SAICA: The Annotated IFRS Standards Part A1. Johannesburg: LexisNexis.
• SAICA. SAICA: The Annotated IFRS Standards Part A2. Johannesburg: LexisNexis.
• SAICA. SAICA: The Annotated IFRS Standards Part B. Johannesburg: LexisNexis.
• SAICA. SAICA: The Annotated IFRS Standards Part C1. Johannesburg: LexisNexis.
• SAICA. SAICA: The Annotated IFRS Standards Part C2. Johannesburg: LexisNexis.
Please highlight and flag the sections in the books applicable when and where the Financial Accounting: IFRS
Principals textbook refers to it. You can bring these books with into the exam.
You will not use all the SAICA books for this module. Only use what is applicable as per the Financial Accounting: IFRS
Principals textbook. Please keep all books for the following semester’s modules.
The course material is divided into 10 units. These 10 units should be studied according to your proposed study programme
(Annexure B). Below, you can find a detailed breakdown of the chapters in the prescribed textbook that make up the
respective units in your study programme.
58 SemB2021-V2-2021-20042021
Academic Calendar Sem B 2021
SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HERL330-1, HETA231-1, HEVM100-1,
HEVM1181, HEVM200-1, HEVM300-1,
HFAC130-1, HFAC131-1, HFAC132-1, HFAC201-1,
HFAC231-1, HFAC232-1, HFAC301-1, HFAC302-1,
HFAC331-1, HFAC332-1, HFAC333-1, HFAC334-1,
HFMN230-1, HFMN233-1, HFMN300-1,
HFMN301-1, HFMN302-1, HFMN330-1,
HFMN331-1, HFOA100-1, HGPLC230-1,
HGPLD230-1, HHIVC1181, HHM1181,
HHMP1181, HHRD100-1, HHRD130-1,
HHRD200-1, HHRD230-1, HHRD300-1,
HHRF1181, HHRM100-1, HHRM130-1,
HHRM200-1, HHRM230-1, HHRM300-1,
HHRM331-1, HHS1181, HHTD1181,
HHWPT1181, HIAI1181, HIAP1181, HICMA1181,
HIMC300-1, HIND1181, HINT1181, HIPLW130-1,
HIPM300-1, HISL130-1, HISM100-1, HISM200-1,
HISM300-1, HIT1181, HLAA130-1, HLGE330-1,
HLLW330-1, HLTX330-1, HLWC1181,
HLWC200-1, HLWC230-1, HLWE230-1,
HLWH1181, HLWI230-1, HLWL200-1,
HLWL300-1, HLWM200-1, HLWP130-1,
HLWS130-1, HMAC200-1, HMAC202-1,
HMAC230-1, HMAC300-1, HMAC330-1,
HMKR1181, HMKT100-1, HMKT1181,
HMKT130-1, HMKT200-1, HMKT230-1,
HMKT300-1, HMKT330-1, HMLW1181,
HNTS201-1, HNTS202-1, HNTS203-1,
HNTS300-1, HODV1181, HPAA200-1, HPAD1181,
HPBM440-1, HPBM441-1, HPBM442-1,
HPBM443-1, HPBM444-1, HPCP440-1,
HPDL230-1, HPFM440-1, HPLM1181,
HPLW230-1, HPLW440-1, HPMK440-1,
HPMK442-1, HPPS1181, HPR1181, HPR200-1,
HPRM1181, HPRM440-1, HPSW200-1,
HPSW230-1, HPSY131-1, HPSY132-1, HPSY231-1,
HPSY232-1, HPSY331-1, HPX100-1, HPXN200-1,
HPXS200-1, HRMB330-1, HRML330-1,
HRMM330-1, HRMS230-1, HRMS331-1,
HSAD300-1, HSAP1181, HSCI1181, HSDJ1181,
HSEC1181, HSEC200-1, HSEM1181, HSFT300-1,
HSHE1181, HSMB1181, HSMS1181, HSOC131-1,
HSOC132-1, HSOC231-1, HSOC232-1,
HSOC331-1, HSOS1181, HSPC230-1, HSPM300-1,
HSPS1181, HSYD100-1, HSYD202-1, HSYD300-1,
HTAX201-1, HTAX202-1, HTAX230-1,
HTAX331-1, HTAX332-1, HTCP300-1, HTDP1181,
HTDS1181, HTDSA1181, HTOP1181, HTSS100-1,
HTTM1181, HWBAC230-1, HWBLW330-1,
HWBMM330-1, HWCACP1171, HWCBMP1171,
59 SemB2021-V2-2021-20042021
Academic Calendar Sem B 2021
SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HWCGMT1181, HWCHAP1181, HWCHCM1171,
HWCHMP1181, HWCHRM1171, HWCHRP1181,
HWCLSP1171, HWCMDM1181, HWCMP1171,
HWCMSM1181, HWCMSP1181, HWCMTM1181,
HWCTTMP1181, HWDBM300-1, HWDEM300-1,
HWDFA300-1, HWDHR300-1, HWDMM300-1,
HWDPR300-1, HWFM300-1, HYFT1181
FA 1 – Online Quiz Due
Complete online via ColCampus no later than
6 September 17 23:59 17 September 2021 23:59
HASD200-1, HCLT101-1, HCLT102-1, HCLT103-1,
HCLT104-1, HCLT105-1, HPXN301-1, HPXS301-1,
HSYD201-1
9 October 5 17:00 FA 1 - Results Release
10 October 11 13:00 FA 1 - Results Appeal Close
10 October 15 17:00 FA 1 - Results Appeal Release
HPRM441-1 FA 6 – Assignment Due
Submit online via ColCampus no later than
15 October 2021 23:59. Feedback given in
10 October 15 23:59 Week 12
FA 2 - Assignment Due
Submit online via ColCampus no later than
12 October 29 23:59 29 October 2021 23:59
HACP130-1, HALT130-1, HANT130-1,
HAUD230-1, HAUD331-1, HAUD332-1,
HBMN130-1, HBMN330-1, HCGA232-1,
HCGE130-1, HCGE231-1, HCGE232-1,
HECO130-1, HENT130-1, HETA231-1,
HFAC130-1, HFAC131-1, HFAC132-1, HFAC231-1,
HFAC232-1, HFAC331-1, HFAC332-1, HFAC333-1,
HFAC334-1, HFMN230-1, HFMN330-1,
HFMN331-1, HHRD130-1, HHRM130-1,
HISL130-1, HLAA130-1, HLGE330-1, HLWP130-1,
HLWS130-1, HMAC230-1, HMAC330-1,
HMKT130-1, HMKT330-1, HPBM440-1,
HPBM441-1, HPBM442-1, HPBM443-1,
HPBM444-1, HPCP440-1, HPFM440-1,
HPLW440-1, HPMK440-1, HPMK442-1,
HPRM440-1, HPSY131-1, HPSY132-1, HPSY331-1,
HRMS331-1, HSOC131-1, HSOC132-1,
HSOC231-1, HSOC232-1, HSOC331-1,
HTAX230-1, HTAX331-1, HTAX332-1,
HWBAC230-1, HWBLW330-1, HWBMM330-1,
HWCACP1171, HWCBMP1171, HWCGMT1181,
HWCHAP1181, HWCHCM1171, HWCHMP1181,
HWCHRM1171, HWCHRP1181, HWCLSP1171,
HWCMDM1181, HWCMP1171, HWCMSM1181,
HWCMSP1181, HWCMTM1181, HWCTTMP1181,
60 SemB2021-V2-2021-20042021
Academic Calendar Sem B 2021
SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HWDBM300-1, HWDEM300-1, HWDFA300-1,
HWDHR300-1, HWDMM300-1, HWDPR300-1
FA 2 – Online Quiz Due
Complete online via ColCampus no later than
12 October 29 23:59 29 October 2021 23:59
HBMN230-1, HBMN231-1, HBMN232-1,
HBMN331-1, HBMN333-2, HBMN334-1,
HBRD330-1, HCLT101-1, HCLT102-1, HCLT105-1,
HCML330-1, HCMLW230-1, HCONL330-1,
HCYLW230-1, HECO231-1, HECO232-1,
HENT230-1, HENT330-1, HERL230-1, HERL330-1,
HFAC201-1, HFMN233-1, HGPLC230-1,
HGPLD230-1, HHRD230-1, HHRM230-1,
HHRM331-1, HIPLW130-1, HLLW330-1,
HLTX330-1, HLWC200-1, HLWC230-1,
HLWE230-1, HLWI230-1, HMAC200-1,
HMKT230-1, HPDL230-1, HPLW230-1,
HPSW230-1, HPSY231-1, HPSY232-1,
HRMB330-1, HRML330-1, HRMM330-1,
HRMS230-1, HSPC230-1
HPXN302-1 FA1 Online Quiz and
HPXN302-1 Draft Project Proposal Assignment
Due. Submit online via ColCampus no later than
12 October 29 23:59 29 October 2021 23:59.
HPXS302-1 FA1 – Online Quiz Due
Submit online via ColCampus no later than
12 October 29 23:59 29 October 2021 23:59.
13 November 5 13:00 FA 2 - Results Release
14 November 9 17:00 FA 2 - Results Appeal Close
14 November 12 17:00 FA 2 - Results Appeal Release
SA 1 Time Table for paper-based sit down
exams only (with SA 2).
Accompanying SA 2’s to be submitted online
via ColCampus no later than 23:59 on day that
15 to 17 November 15 - 29 SA 1 is written
15 November 15 09:00-11:00 HBMN201-1, HBMN200-1
12:00-14:00 HPAA200-1, HBMN230-1,
15:00-17:00 HCMLW230-1, HHRM331-1
November 16 09:00-12:00 HFAC132-1, HFAC231-1, HFAC232-1, HFAC332-1
09:00-11:00 HHRM200-1, HADV300-1, HMAC300-1
12:00-14:00 HFAC201-1, HBMN231-1, HFMN302-1
15:00-17:00 HCGE232-1, HADV200-1, HCML330-1
November 17 09:00-12:00 HFAC130-1, HAUD332-1
12:00-14:00 HCYLW230-1, HFAC301-1, HSFT300-1
15:00-17:00 HENT200-1, HFMN330-1, HBMN300-1
November 18 09:00-12:00 HTAX230-1, HTAX331-1
09:00-11:00 HTAX201-1, HTAX202-1, HHRD300-1
12:00-14:00 HEVM200-1, HEVM300-1, HFMN301-1
61 SemB2021-V2-2021-20042021
Academic Calendar Sem B 2021
SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
15:00-17:00 HECO231-1, HECO232-1
November 19 09:00-12:00 HETA231-1, HFAC333-1
09:00-11:00 HPSW200-1, HGPLC230-1, HGPLD230-1
12:00-14:00 HIMC300-1, HLWC230-1, HBMN331-1
15:00-17:00 HAUD200-1, HBLE300-1
16 November 22 09:00-12:00 HFAC331-1
09:00-11:00 HHRM230-1, HBMN333-2
12:00-14:00 HLWM200-1, HPSY231-1, HPSY331-1
15:00-17:00 HENT230-1, HENT330-1
November 23 09:00-12:00 HFAC131-1, HFMN230-1
09:00-11:00 HLWI230-1, HBRD300-1
12:00-14:00 HAPR300-1, HCONL330-1
15:00-17:00 HPR200-1, HERL330-1
November 24 09:00-12:00 HMAC230-1, HMAC330-1, HFAC334-1
09:00-11:00 HMAC200-1, HMAC202-1
12:00-14:00 HPDL230-1, HLWL300-1
15:00-17:00 HRMM330-1, HPSY232-1
November 25 09:00-11:00 HBMN301-1, HERL230-1, HFMN300-1
12:00-14:00 HLLW330-1, HFAC302-1
15:00-17:00 HSEC200-1, HLWE230-1, HRMB330-1
HAUD230-1, HCGA232-1, HAUD331-1
09:00-12:00
November 26 HFMN331-1
09:00-11:00 HRMS230-1, HPLW230-1, HBRD330-1
12:00-14:00 HMKT200-1, HMKT230-1, HLWL200-1
15:00-17:00 HFMN233-1, HBMN334-1
17 November 29 09:00-12:00 HTAX332-1
09:00-11:00 HHRD200-1, HBMN232-1, HLTX330-1
12:00-14:00 HPSW230-1, HLWC200-1, HHRD230-1
15:00-17:00 HSOC231-1, HSPC230-1, HSOC232-1, HSOC331-1
SA 1 Time Table for online exams only.
No SA 2’s to submit.
Please book to sit for these online exams as
soon as you are ready. These exams must be
15 to 17 November 15 - 29 completed within the exam period.
HADV1181, HALP1181, HAPS1181, HBFB1181,
HBMN1181, HBMT1181, HBRD1181, HBTB1181,
HCBB1181, HCLT101-1, HCLT102-1, HCLT103-1,
HCLT104-1, HCLT105-1, HCNM1181, HCOU1181,
HECM1181, HEMK1181, HENT1181, HEVM1181,
HHIVC1181, HHM1181, HHMP1181, HHRF1181,
HHS1181, HHTD1181, HHWPT1181, HIAI1181,
HIAP1181, HICMA1181, HIND1181, HINT1181,
HIT1181, HLWC1181, HLWH1181, HMKR1181,
HMKT1181, HMLW1181, HODV1181,
HPAD1181, HPLM1181, HPPS1181, HPR1181,
HPRM1181, HSAP1181, HSCI1181, HSDJ1181,
HSEC1181, HSEM1181, HSHE1181, HSMB1181,
62 SemB2021-V2-2021-20042021
Academic Calendar Sem B 2021
SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HSMS1181, HSOS1181, HSPS1181, HTDP1181,
HTDS1181, HTDSA1181, HTOP1181, HTTM1181,
HYFT1181
SA 1 Time Table for open book online exams
with SA 2’s to submit. Please book to sit for
these online exams as soon as you are
ready. These exams must be completed on the
stipulated dates as indicated below. Remember
to upload your SA2 via ColCampus by the
stipulated due date no later than 23:59.
17 November 23 09:00-12:00 HPBM440-1
November 25 09:00-12:00 HPMK440-1
November 29 09:00-12:00 HPBM443-1
SA 1 & SA 2 Time Table for
projects/internship/assignments only.
Submit online via ColCampus no later than
15 to 17 November 15 - 29 23:59 29 November 2021 23:59
HASD200-1, HBMN330-1, HCGE231-1,
HENT300-1, HHRM300-1, HLGE330-1,
HMKT300-1, HMKT330-1, HPBM441-1,
HPBM442-1, HPBM444-1, HPCP440-1,
HPFM440-1, HPLW440-1, HPMK442-1,
HPRM440-1, HPRM441-1, HPX100-1,
HPXN302-1, HPXS200-1, HPXS302-1,
HRML330-1, HRMS331-1, HSAD300-1,
HSYD201-1, HSYD300-1, HWBAC230-1,
HWBLW330-1, HWBMM330-1, HWCACP1171,
HWCBMP1171, HWCGMT1181, HWCHAP1181,
HWCHCM1171, HWCHMP1181, HWCHRM1171,
HWCHRP1181, HWCLSP1171, HWCMDM1181,
HWCMP1171, HWCMSM1181, HWCMSP1181,
HWCMTM1181, HWCTTMP1181, HWDBM300-1,
HWDEM300-1, HWDFA300-1, HWDHR300-1,
HWDMM300-1, HWDPR300-1
SA 1 Time Table for online exams with SA 2’s to
submit.
Please book to sit for these online exams as
soon as you are ready. These exams must be
completed within the exam period. Remember
to upload your SA 2 on ColCampus by the
15 to 17 November 15 - 29 stipulated due date.
HACP130-1, HADV100-1, HALT130-1,
HANT130-1, HBMN100-1, HBMN102-1,
HBMN130-1, HCGE130-1, HDBP200-1,
HECO130-1, HENT100-1, HENT130-1,
HEVM100-1, HFOA100-1, HHRD100-1,
HHRD130-1, HHRM100-1, HHRM130-1,
HIPLW130-1, HIPM300-1, HISL130-1,
63 SemB2021-V2-2021-20042021
Academic Calendar Sem B 2021
SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HISM100-1, HISM200-1, HISM300-1, HLAA130-1,
HLWS130-1, HMKT100-1, HMKT130-1,
HNTS201-1, HNTS202-1, HNTS203-1,
HNTS300-1, HPSY131-1, HPSY132-1, HPXN200-1,
HPXN301-1, HPXS301-1, HSOC131-1,
HSOC132-1, HSPM300-1, HSYD100-1,
HSYD202-1, HTCP300-1, HTSS100-1, HTAX332-1
HWFM300-1
19 December 14 13:00 SA 1 & 2 Results Release
19 December 17 17:00 SA 1 & 2 Results Appeal Close
20 December 21 13:00 SA 1 & 2 Results Appeal Release
Supplementary SA 1 Time Table for paper-
based sit down exams only (with
Supplementary SA 2).
Accompanying Supplementary SA 2’s to be
submitted online via ColCampus no later than
21 to 22 January 2022 5 - 11 23:59 on day that SA 1 is written
21 January 2022 5 09:00-12:00 HTAX230-1, HETA231-1, HTAX331-1, HAUD332-1
09:00-11:00 HBMN230-1, HBMN300-1
HTAX201-1, HTAX202-1, HLWC230-1,
12:00-14:00
HLWC200-1, HBMN200-1, HBMN334-1
HPAA200-1, HCMLW230-1, HCGE232-1,
15:00-17:00
HADV200-1, HHRM331-1, HSFT300-1
HFAC132-1, HFAC231-1, HFAC232-1, HFAC332-1,
09:00-12:00
January 2022 6 HFAC333-1
HBMN201-1, HENT230-1, HLWI230-1,
09:00-11:00 HENT200-1, HHRM230-1, HFMN330-1,
HADV300-1, HMAC300-1
HFAC201-1, HRMS230-1, HBMN231-1,
12:00-14:00
HCYLW230-1, HFAC301-1, HFMN302-1
HPSW200-1, HEVM200-1, HECO231-1,
15:00-17:00
HENT330-1, HECO232-1, HEVM300-1
HFAC130-1, HFAC131-1, HFMN230-1,
09:00-12:00
January 2022 7 HFAC331-1, HFAC334-1
09:00-11:00 HBMN333-2, HFAC302-1
HPSW230-1, HLWM200-1, HBMN331-1
12:00-14:00 HPLW230-1, HBRD300-1, HERL330-1
HRMB330-1
HHRM200-1, HPR200-1, HLWE230-1,
15:00-17:00 HPSY231-1, HPSY232-1, HAUD200-1, HPSY331-1
22 January 2022 10 09:00-12:00 HMAC230-1, HMAC330-1, HFMN331-1
HMAC200-1, HMAC202-1, HGPLC230-1,
09:00-11:00
HGPLD230-1
HIMC300-1, HHRD200-1, HRMM330-1,
12:00-14:00 HAPR300-1, HHRD300-1, HCML330-1,
HBLE300-1
64 SemB2021-V2-2021-20042021
Academic Calendar Sem B 2021
SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HMKT200-1, HBMN301-1, HPDL230-1,
15:00-17:00 HMKT230-1, HERL230-1, HFMN233-1,
HFMN300-1, HFMN301-1
HAUD230-1, HCGA232-1, HAUD331-1
09:00-12:00
January 2022 11 HTAX332-1
HSEC200-1, HBMN232-1, HSPC230-1,
09:00-11:00
HHRD230-1, HLTX330-1
HLWL200-1, HSOC231-1, HSOC232-1,
12:00-14:00 HLLW330-1, HCONL330-1, HLWL300-1
HBRD330-1, HSOC331-1
Supplementary SA 1 Time Table for online
exams only. No Supplementary SA 2’s.
Please book to sit for these online exams as
soon as you are ready. These exams must be
21 to 22 January 2022 5 - 11 completed within the exam period.
HADV1181, HALP1181, HAPS1181, HBFB1181,
HBMN1181, HBMT1181, HBRD1181, HBTB1181,
HCBB1181, HCLT101-1, HCLT102-1, HCLT103-1,
HCLT104-1, HCLT105-1, HCNM1181, HCOU1181,
HECM1181, HEMK1181, HENT1181, HEVM1181,
HHIVC1181, HHM1181, HHMP1181, HHRF1181,
HHS1181, HHTD1181, HHWPT1181, HIAI1181,
HIAP1181, HICMA1181, HIND1181, HINT1181,
HIT1181, HLWC1181, HLWH1181, HMKR1181,
HMKT1181, HMLW1181, HODV1181,
HPAD1181, HPLM1181, HPPS1181, HPR1181,
HPRM1181, HSAP1181, HSCI1181, HSDJ1181,
HSEC1181, HSEM1181, HSHE1181, HSMB1181,
HSMS1181, HSOS1181, HSPS1181, HTDP1181,
HTDS1181, HTDSA1181, HTOP1181, HTTM1181,
HYFT1181
Supplementary SA 1 Time Table for open book
online exams with Supplementary SA 2’s to
submit. Please book to sit for these online
exams as soon as you are ready. These exams
must be completed on the stipulated dates as
indicated below. Remember to upload your
Supplementary SA 2 via ColCampus by the
stipulated due date no later than 23:59.
21 January 2022 5 09:00-12:00 HPBM440-1
January 2022 7 09:00-12:00 HPMK440-1
22 January 2022 11 09:00-12:00 HPBM443-1
Supplementary SA 1 & Supplementary SA 2
Time Table for projects/internship/assignments
only. Submit online via ColCampus no later
21 to 22 January 2022 5 - 11 than 11 January 2022 23:59
HASD200-1, HBMN330-1, HCGE231-1,
HENT300-1, HHRM300-1, HLGE330-1,
65 SemB2021-V2-2021-20042021
Academic Calendar Sem B 2021
SEMESTER: JULY - DECEMBER
Week Month Date Time Activity
HMKT300-1, HMKT330-1, HPBM441-1,
HPBM442-1, HPBM444-1, HPCP440-1,
HPFM440-1, HPLW440-1, HPMK442-1,
HPRM440-1, HPRM441-1, HPX100-1,
HPXN302-1, HPXS200-1, HPXS302-1,
HRML330-1, HRMS331-1, HSAD300-1,
HSYD201-1, HSYD300-1, HWBAC230-1,
HWBLW330-1, HWBMM330-1, HWCACP1171,
HWCBMP1171, HWCGMT1181, HWCHAP1181,
HWCHCM1171, HWCHMP1181, HWCHRM1171,
HWCHRP1181, HWCLSP1171, HWCMDM1181,
HWCMP1171, HWCMSM1181, HWCMSP1181,
HWCMTM1181, HWCTTMP1181, HWDBM300-1,
HWDEM300-1, HWDFA300-1, HWDHR300-1,
HWDMM300-1, HWDPR300-1
Supplementary SA 1 Time Table for online
exams with Supplementary SA 2’s to submit.
Please book to sit for these online exams as
soon as you are ready. These exams must be
completed within the exam period. Remember
to upload your SA 2 on ColCampus by the
21 to 22 January 2022 5 - 11 stipulated due date.
HACP130-1, HADV100-1, HALT130-1,
HANT130-1, HBMN100-1, HBMN102-1,
HBMN130-1, HCGE130-1, HDBP200-1,
HECO130-1, HENT100-1, HENT130-1,
HEVM100-1, HFOA100-1, HHRD100-1,
HHRD130-1, HHRM100-1, HHRM130-1,
HIPLW130-1, HIPM300-1, HISL130-1,
HISM100-1, HISM200-1, HISM300-1, HLAA130-1,
HLWS130-1, HMKT100-1, HMKT130-1,
HNTS201-1, HNTS202-1, HNTS203-1,
HNTS300-1, HPSY131-1, HPSY132-1, HPXN200-1,
HPXN301-1, HPXS301-1, HSOC131-1,
HSOC132-1, HSPM300-1, HSYD100-1,
HSYD202-1, HTCP300-1, HTSS100-1,
HWFM300-1
23 January 2022 20 17:00 Supplementary SA 1 & 2 Results Release
24 January 2022 25 13:00 Supplementary SA 1 & 2 Results Appeal Close
24 January 2022 28 17:00 Supplementary SA 1 & 2 Results Appeal Release
66 SemB2021-V2-2021-20042021
ANNEXURE E: PLAGIARISM INFORMATION SHEET
Definition
Plagiarism is the reproduction of somebody else’s work or ideas, and presenting it as your
own without giving recognition to that person (Larney, 2012:5). Any piece of work that you
present under your own name must indeed be your own. If you used someone else’s
ideas or words without citing that person’s work, you have committed plagiarism.
Importance
If you have used someone else’s words or ideas in your work without giving them due
credit, that amounts to you presenting that person’s ideas as your own (AAUP, 2015:6).
This affects the academic integrity of your work, and can also be considered an
infringement on the copyright of the author whose work you used. It is therefore very
important to avoid plagiarism when you present academic work.
Examples
Plagiarism comes in many forms and is not limited to the direct quotation of another
person’s work without giving him credit. The most important cases of plagiarism are set
out below:
Plagiarism of Ideas
Plagiarism of idea: “If one involves customers in the process of service delivery,
this generally increases innovation and productivity – even though this idea is still
a relatively new and foreign one in the marketplace.”
This is plagiarism because the idea of Axcell et al was taken directly without
providing a reference to their work. The plagiariser only changed “novel idea” to “a
relatively new and foreign idea” to his own version – but this does not represent
his own thoughts. It is the idea of Axcell et al written in a slightly different way.
This can be corrected by adding a reference to the source into work. For
example: “If one involves customers in the process of service delivery, this
generally increases innovation and productivity – even though this idea is still a
relatively new and foreign one in the marketplace (Axcell et al, 2015:217).
Plagiarism of Text
Definition: Copying a portion of text from another source without giving credit to
its author and without enclosing the borrowed text in quotation marks (Roig,
2011:6).
Example: Original text: “The period from 1652 to 1870 was characterized by
colonial settlement and slavery. 1870 – 1924 bought the discovery of gold and
diamonds, limited trade unionism, industrialization and oppression of black
workers. From 1924-1956 the Industrial Conciliation Act was promulgated which
created dispute settlement mechanisms through establishing industrial councils.”
(Thompson, 2015: 94).
Plagiarism of text: The period from 1652 to 1870 was characterized by colonial
settlement and slavery. 1870 – 1924 bought the discovery of gold and diamonds,
limited trade unionism, industrialization and oppression of black workers.
This is plagiarism because you are quoting the work of Thompson directly without
putting it in between quotation marks, and without providing a reference to his
work.
This can be corrected by adding a reference to the source into the text and
placing the sentence in between quotation marks. For example: “The period from
1652 to 1870 was characterized by colonial settlement and slavery. 1870 – 1924
bought the discovery of gold and diamonds, limited trade unionism,
industrialization and oppression of black workers” (Thompson, 2015: 94).
Definition: Taking portions of text from one or more sources, paraphrasing what
was said, and then adding some of your own ideas to that text to pass the entire
thought off as your own. (Roig, 2011:7).
This is plagiarism because you merely rephrasing the idea of De Beer et al. and
then adding your own sentence to that, without giving reference to the authors for
the first part of your text.
This can be corrected by adding a reference to the source after the first part of
this paragraph. For example: “It is important for an entrepreneur to be sensitive to
opportunities as well as problems that occur inside or outside the business. Such
awareness will allow him to come up with creative ideas” (De Beer et al., 2008:
168). Therefore it is important to pursue the continuous generation of creative
ideas.
1) Ensure that you understand the source that you are using and the ideas that it is
trying to convey. A good rule of thumb is that if you can repeat what you have read
in your own words, you most likely have a good understanding of that work. And if
you can do that – you can be sure that you are writing your own ideas.
2) Refer to a few sources (or at least more than one) before starting to write your own
work. This allows you to develop your own thoughts and opinions on the subject
matter.
3) Be sure to cite every source that you use. When you are collecting sources, ensure
that you have all the relevant detail for the source that you need to cite it correctly
– refer to the referencing guide in this regard
4) Use quotation marks around text that you have taken directly from an original
source.
5) Always include a list of references at the end of your work, with the relevant detail
of all the sources you referred to in your text.
6) Read and edit your work to make sure that you can confidently present it as your
own words and ideas.
LIST OF REFERENCES:
AAUP 2015. Policy Documents and Reports 11ed. Baltimore: Johns Hopkins
University Press.
Axcell S., Benedict E., Pria S.D., Kharsany K., Meyer S., Williams S.J. 2015.
Marketing Management 3. Cape Town: EDGE Learning Media.
De Beer A.A., Zeelie D., Groenewald H., Watson H., Rossouw D., Jacobs H. 2008.
Entrepreneurial Skills. Cape Town: Juta and Co Ltd.
Instructions:
72 HFAC333-1-Jul-Dec2021-FA1-LVN-V3-02082021
ANNEXURE F:
FORMATIVE ASSESSMENT 1
The condensed financial statements of Beauty Ltd and Beast Ltd are as follows:
Statements of Profit or Loss and Other Comprehensive Income for the years
ended 31 December:
Beauty Ltd Beast Ltd
2021 2020 2021 2020
Rand Rand Rand Rand
Profit before tax 400,000 360,000 200,000 160,000
Income tax expense (170,000) (140,000) (80,000) (60,000)
Profit for the year 230,000 220,000 120,000 100,000
Statements of Changes in Equity for the years ended 31 December (Retained earnings
balances only):
Beauty Ltd Beast Ltd
2021 2020 2021 2020
Rand Rand Rand Rand
Balance at beginning 200,000 70,000 160,000 100,000
Profit for the year 230,000 220,000 120,000 100,000
Dividends (100,000) (90,000) (50,000) (40,000)
Balance at the end 330,000 200,000 230,000 160,000
Additional information:
• On 1 January 2017 Beauty Ltd acquired 40% of the shares in Beast Ltd for R160
000. At this date the share capital was R350 000 and retained earnings of Beast Ltd
was R20 000. All assets were fairly valued. Since 1 January 2017, Beauty Ltd
exercised significant influence over the financial and operating policies of Beast Ltd.
• The investment in Beast Ltd is accounted for according to the equity method in the
consolidated financial statements.
• It is the policy of Beauty Ltd to classify investments in associates at cost in its
separate financial statements.
73 HFAC333-1-Jul-Dec2021-FA1-LVN-V3-02082021
ANNEXURE F:
FORMATIVE ASSESSMENT 1
REQUIRED:
1.1 Prepare the Consolidated Statement of Profit or Loss and Other Comprehensive
Income of Beauty Ltd for the year ended 31 December 2021. Your answer
should comply with International Financial Reporting Standards (IFRSs). No
notes are required.
(9 marks)
1.2 Prepare the Statement of Changes in Equity of Beauty Ltd for the year ended 31
December 2021. Your answer should comply with International Financial
Reporting Standards (IFRSs). No notes are required.
(7 marks)
74 HFAC333-1-Jul-Dec2021-FA1-LVN-V3-02082021
ANNEXURE F:
FORMATIVE ASSESSMENT 1
The condensed financial statements of Bonnie Ltd and Clyde Ltd are as follows:
Extract of the Statements of Profit or Loss and Other Comprehensive Income for the
years ended 31 December 2021:
Bonnie Ltd Clyde Ltd
Rand Rand
Profit before tax 400,000 200,000
Income tax expense (112,000) (56,000)
Profit for the year 288,000 144,000
Other comprehensive income
Items that will not be reclassified to profit or loss:
Revaluation of buildings 72,000 36,000
Total comprehensive income for the year 360,000 180,000
Extract of the Statements of Changes in Equity for the years ended 31 December 2021:
Bonnie Ltd Clyde Ltd
Retained Retained
earnings earnings
Rand Rand
Balance at beginning 200,000 160,000
Total comprehensive income for the year 288,000 144,000
Dividends (100,000) (50,000)
Balance at the end 388,000 254,000
Additional information:
• On 1 January 2017 Bonnie Ltd acquired 40% of the shares in Clyde Ltd for R160
000. At this date Clyde Ltd had share capital of R350 000 and retained earnings of
R20 000. Since 1 January 2017, Bonnie Ltd exercised significant influence over the
financial and operating policies of Clyde Ltd. On this date all assets and liabilities
were fairly valued.
75 HFAC333-1-Jul-Dec2021-FA1-LVN-V3-02082021
ANNEXURE F:
FORMATIVE ASSESSMENT 1
• Bonnie Ltd and Clyde Ltd revalued their buildings for the first time on 31 December
2021.
• Since 1 January 2020, Clyde Ltd has been selling inventory to Bonnie Ltd at a profit
of 50% on cost. Included in Bonnie Ltd’s inventory on 31 December 2020 is
inventory to the value of R24 000 in respect of such inventory. Included in inventory
of Bonnie Ltd on 31 December 2021 is inventory to the value of R33 000 in respect
of such inventory. Total sales of Clyde Ltd to Bonnie Ltd amounted to R80 000 for
the 2021 financial year.
• The investment in Clyde Ltd is accounted for according to the equity method in the
consolidated financial statements.
• It is the policy of Bonnie Ltd to classify investments in associates at cost in its
separate financial statements.
• The company tax rate is 28% and CGT is calculated 66.6% thereof.
REQUIRED:
2.1 Prepare the pro forma journal entries to account for the inventory Bonnie Ltd
bought from Clyde Ltd for the financial year ending 31 December 2021.
(14 marks)
2.3 Prepare the Consolidated Statement of Changes in Equity, showing the retained
earnings and revaluation surplus columns only, of Bonnie Ltd for the financial
year ending 31 December 2021. Your answer should comply with International
Financial Reporting Standards (IFRSs). No notes are required.
(8 marks)
76 HFAC333-1-Jul-Dec2021-FA1-LVN-V3-02082021
ANNEXURE F:
FORMATIVE ASSESSMENT 1
77 HFAC333-1-Jul-Dec2021-FA1-LVN-V3-02082021
ANNEXURE F:
FORMATIVE ASSESSMENT 1
The condensed financial statements of Will Ltd and Grace Ltd are as follows:
Extract of the Statements of Profit or Loss and Comprehensive Income for the year
ended 31 December 2021:
Will Ltd Grace Ltd
Rand Rand
Profit before tax 400,000 200,000
Income tax expense (112,000) (56,000)
Profit for the year 288,000 144,000
Other comprehensive income
Items that will not be reclassified to profit or loss:
Revaluation of land - 40,676
Total comprehensive income for the year 288,000 184,676
Statement of Changes in Equity of Will Ltd for the year ended 31 December 2021:
Share Retained Revaluation
capital earnings surplus
Rand Rand Rand
Balance at the beginning of the year 400,000 200,000 -
Total comprehensive income for the year - 288,000 -
Dividends - (100,000) -
Balance at end of year 400,000 388,000 -
Statement of Changes in Equity of Grace Ltd for the year ended 31 December 2021:
Share Retained Revaluation
capital earnings surplus
Rand Rand Rand
Balance at the beginning of the year 350,000 160,000 -
Total comprehensive income for the year - 144,000 40,676
Dividends - (50,000) -
Balance at end of year 350,000 254,000 40,676
78 HFAC333-1-Jul-Dec2021-FA1-LVN-V3-02082021
ANNEXURE F:
FORMATIVE ASSESSMENT 1
Additional information:
• On 1 January 2018 Will Ltd acquired 40% of the shares in Grace Ltd for R150 000.
At this date the retained earnings of Grace Ltd amounted to R20 000. The share
capital of Grace Ltd consisted of 350 000 ordinary shares issued at R1 each and 25
000 preference shares issued at R2 each.
• The annual preference dividends amount to R5 000 and the preference shares are
cumulative and non-redeemable. No preference dividends were declared since 31
December 2018.
• All assets were fairly valued, except for land which was undervalued by R15 000.
Grace Ltd did not account for the revaluation on land in its own financial
statements. From 1 January 2018, Will Ltd exercised significant influence over the
financial and operating policies of Grace Ltd.
• The total revaluation surplus relating to Grace Ltd’s land for the year ended 31
December 2021 amounted to R50 000.
• The investment in Grace Ltd is accounted for according to the equity method in the
consolidated financial statements.
• It is the policy of Will Ltd to classify investments in associates at cost in its separate
financial statements.
• The company tax rate is 28% and CGT is calculated 66.6% thereof.
79 HFAC333-1-Jul-Dec2021-FA1-LVN-V3-02082021
ANNEXURE F:
FORMATIVE ASSESSMENT 1
REQUIRED:
3.1 Prepare the pro forma journal entries required to account for the investment in
Grace Ltd in the Consolidated Financial Statement of Will Ltd for the financial
year ending 31 December 2021.
(34 marks)
3.2 Prepare the Consolidated Statement of Profit or Loss and Other Comprehensive
Income of Will Ltd for the year ended 31 December 2021. Your answer should
comply with International Financial Reporting Standards (IFRSs). No notes are
required.
(6 marks)
3.3 Prepare the Consolidated Statement of Changes in Equity, the retained earnings
and revaluation surplus columns only, of Will Ltd for the year ended 31
December 2021. Your answer should comply with International Financial
Reporting Standards (IFRSs). No notes are required.
(7 marks)
3.4 Calculate the investment in the associate as it will appear in the Consolidated
Statement of Financial Position at 31 December 2021. Also show the compilation
thereof.
(3 marks)
80 HFAC333-1-Jul-Dec2021-FA1-LVN-V3-02082021
ANNEXURE F:
FORMATIVE ASSESSMENT 1
81 HFAC333-1-Jul-Dec2021-FA1-LVN-V3-02082021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1
Instructions:
82 HFAC333-1-Jul-Dec2021-SampleFA1-LVN-V3-02082021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1
Adam Ltd (Adam) is a diverse company and has invested in an associate, Eve Ltd
(Eve). The end of the reporting period of all companies in the group is 31 December.
The following represents the equity (net asset value) of Eve Ltd on various dates:
31/12/2017 01/01/2020 30/06/2020 31/12/2020
Carrying Fair
amount value
Rand Rand Rand Rand
Share Capital 200 000 200 000 200 000 200 000
Retained earnings 400 000 1 000 000 1 500 000 2 000 000
Revaluation surplus
(land after tax) 300 000 300 000 300 000 600 000
900 000 1 500 000 2 000 000 2 800 000
The movement in the retained earnings of Eve Ltd for the year ended 31 December
2020 consists of the following:
01/01/2020- 01/07/2020 -
30/06/2020 31/12/2020
Rand Rand
Revenue 2 000 000 2 800 000
Cost of sale (1 000 000) (1 400 000)
Gross profit 1 000 000 1 400 000
Other expenses (305 556) (427 778)
Profit before tax
Income tax expense (194 444) (272 222)
Profit after tax 500 000 700 000
83 HFAC333-1-Jul-Dec2021-SampleFA1-LVN-V3-02082021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1
Additional information:
• Adam acquired 10% of Eve’s issued share capital on 31 December 2017 for R160
000. This interest did not enable Adam to exercise significant influence over Eve.
Adam classified the investment as a “financial asset at fair value through other
comprehensive income”.
• Adam acquired a further 30% of Eve’s net assets for R840 000 on 30 June 2020
from which date Adam exercised significant influence over the financial and
operating decisions of Eve. The fair value of the previously held 10% interest on
this date was R240 000 (R230 000 at 31 December 2019).
• On each date of purchase the identifiable assets and liabilities of Eve were
regarded to be fairly stated except a piece of land owned by Eve. On 30 June 2020
the fair value of the land was considered to be R348 838 higher than its carrying
amount. Eve did not recognise this increase in the value of the land in its separate
financial statements.
• At 31 December 2020 the fair value of a 40% interest in Eve was R1 100 000.
• Adam recognised all fair value adjustments on the investment in Eve through other
comprehensive income using a mark-to-market reserve in its separate financial
statements.
• Eve revalued the land on 31 December 2020 in its separate financial statements
with R368 768 above the carrying amount.
• Assume a company tax rate of 28% in all calculations. CGT is recognised at 66.6%
thereof.
84 HFAC333-1-Jul-Dec2021-SampleFA1-LVN-V3-02082021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1
REQUIRED:
1.1) Prepare the journal entries required in Adam Ltd’s separate financial
statements with regards to the investment in Eve Ltd for the financial year
ending 31 December 2020. Cash transactions and taxation entries are also
required, journal narrations are not required.
(9 marks)
1.2) Prepare the pro forma journal entries for the financial year ending 31 December
2020 to account for Adam Ltd’s investment in Eve Ltd under the equity method.
(27 marks)
Notes to the financial statements or comparatives are not required. Round to the
nearest R1. Disclosure items may be presented on the face of the financial statements.
85 HFAC333-1-Jul-Dec2021-SampleFA1-LVN-V3-02082021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1
86 HFAC333-1-Jul-Dec2021-SampleFA1-LVN-V3-02082021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1
87 HFAC333-1-Jul-Dec2021-SampleFA1-LVN-V3-02082021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1
• On 2 January 2016 Jack purchased a 45% interest in Jill Ltd’s (Jill) share capital
for R1 200 000. Jill had 1 000 000 shares in issue and retained earnings of R1 000
000 on 2 January 2016.
• The assets and liabilities as recognised by Jill were considered to be fairly valued
with the exception of the item of plant which was undervalued by R250 000. The
estimated remaining useful life of this item of plant was 60 months and the residual
value was zero. (These estimates remained unchanged until 31 December 2020.)
The fair value adjustment was not recorded by Jill. No additional assets, liabilities
or contingent liabilities were identified by Jack on the date of acquisition.
• Since 2 January 2016 Jack has been exercising significant influence over the
financial and operating policy decisions of Jill.
• On 1 January 2020 Jack sold equipment to Jill at a profit of 50% on cost. The
equipment is still included in the equipment of Jill on 31 December 2020. The
remaining useful life of the equipment is five years and depreciation is provided
over this remaining useful life. The cost of the equipment in the records of Jill was
R150 000.
• On 1 July 2020 Jack sold 150 000 shares in Jill for R800 000. Jack still exercised
significant influence over the financial and operating policy decisions of Jill.
Other information:
• Jack accounts for all investments in associates in accordance with the equity
method in its consolidated financial statements.
• Jill’s profit was earned evenly throughout the year.
• Jack measures the investments in Jill at cost in terms of IAS 28.44 in its separate
financial statements.
• Assume a tax rate of 28% for all periods. Ignore Dividend tax and CGT.
88 HFAC333-1-Jul-Dec2021-SampleFA1-LVN-V3-02082021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1
REQUIRED:
2.1) Calculate the gain or loss on disposal of the investment in Jill Ltd on 1 July
2020.
(17 marks)
2.2) Prepare the pro forma journal entries required in the records of the Jack Ltd
group to account for the investment in Jill Ltd for the financial year ending 31
December 2020.
(28 marks)
Notes to the financial statements or comparatives are not required. Round to the
nearest R1. Disclosure items may be presented on the face of the financial statements.
89 HFAC333-1-Jul-Dec2021-SampleFA1-LVN-V3-02082021
ANNEXURE G:
SAMPLE FORMATIVE ASSESSMENT 1
90 HFAC333-1-Jul-Dec2021-SampleFA1-LVN-V3-02082021
ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM
Memorandum
Instructions:
91 HFAC333-1-Jul-Dec2021-SampleFA1memo-LVN-V3-02082021
ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM
1.1 (9 marks)
92 HFAC333-1-Jul-Dec2021-SampleFA1memo-LVN-V3-02082021
ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM
93 HFAC333-1-Jul-Dec2021-SampleFA1memo-LVN-V3-02082021
ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM
SINCE ACQUISITION
Current year
Profit: 30/6/2023 - 31/12/2023 700 000 280 000
Revaluation reserve 16 213 6 485
((300 000 x 100/81.352) - 348 838) x 81.352%
OR: (600 000 – 583 787)
OR: (368 768 – 348 838) x 81.352%
Dividends (200 000) (80 000)
2 800 000 206 485
94 HFAC333-1-Jul-Dec2021-SampleFA1memo-LVN-V3-02082021
ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM
1.3 (9 marks)
Adam Ltd Group Consolidated Statement of Changes in Equity for the year ended 31
December 2020
Mark-to-market
reserve
Rand
Balance at 1 January 2020 (230 000 – 160 000) x
81.352% 56 946
Other comprehensive income (240 000 – 230 000) x
81.352% 8 135
Transfers – investment now an associate (65 082)
Balance at 31 December 2020 -
Note – the Mark-to-market reserve will have an opening balance and movement for the period up
until Adam acquired the 30% in Eve – because before the 30% was acquired, Eve was only an
investment and therefore the fair value adjustment on the investment would show in the consolidated
financial statements. Since Eve became an associate, from when the 30% was acquired, the fair
value adjustment needs to be reversed on consolidation, hence the transfer.
Ref: Chapter 1-3; page 1 – 266
The following Learning Outcomes are assessed:
• Prepare pro-forma consolidation journals to eliminate intracompany balances and transactions
and account for that in the consolidated financial statements for group.
• To account for deferred tax on intracompany transactions where applicable.
95 HFAC333-1-Jul-Dec2021-SampleFA1memo-LVN-V3-02082021
ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM
96 HFAC333-1-Jul-Dec2021-SampleFA1memo-LVN-V3-02082021
ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM
97 HFAC333-1-Jul-Dec2021-SampleFA1memo-LVN-V3-02082021
ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM
98 HFAC333-1-Jul-Dec2021-SampleFA1memo-LVN-V3-02082021
ANNEXURE H:
SAMPLE FORMATIVE ASSESSMENT 1: MEMORANDUM
Carrying amount of the investment in associate at the end of the year is compiled as follows:
Rand
Cost (1 200 0001/2 – (1 200 0001/2 x 151/2 /451/2)) 800 000
Cumulative since acquisition equity 561 000
Retained earnings 425 700
Profit for the year (Jan – Jun) 216 900
Shares sold (425 700 + 216 900) x 15/45 (214 200)
Profit for the year (Jul – Dec) 144 600
Unrealised profit (22 500 – 2 250 – 1 500 – 6 750) (12 000)
1 361 000
99 HFAC333-1-Jul-Dec2021-SampleFA1memo-LVN-V3-02082021
ANNEXURE I:
FORMATIVE ASSESSMENT 2
Instructions:
100 HFAC333-1-Jul-Dec2021-FA2-LVN-V3-03082021
ANNEXURE I:
FORMATIVE ASSESSMENT 2
101 HFAC333-1-Jul-Dec2021-FA2-LVN-V3-03082021
ANNEXURE I:
FORMATIVE ASSESSMENT 2
Additional information:
• On 1 May 2015 Homer Ltd bought 80 000 shares in Marge Ltd for R100 000.
The retained earnings of Marge Ltd was R20 000 at that date and there were no
other reserves. The net assets were fairly valued at that date. Assume that the
cost of the investment is equal to the fair value.
• Homer Ltd acquired 60 000 shares in Bart Ltd for R60 000 on 1 May 2016 when
the retained earnings of Bart Ltd was R20 000. The net assets were fairly
valued at that date. Assume that the cost of the investment is equal to the fair
value.
• On 1 July 2018 Homer Ltd purchased a further 10 000 shares in Bart Ltd for
R54 000. The net assets were fairly valued at that date.
• Homer Ltd sold inventory to Bart Ltd. The unrealised profits included in the
closing inventory of Bart Ltd are as follows:
• 31 December 2017: R4 000
• 31 December 2018: R5 000
• Assume that all profit from activities were earned evenly during the year.
• It is Homer Ltd’s policy to measure the non-controlling interest at its proportionate
share of the acquiree’s identifiable net assets at the acquisition date.
• Goodwill was not considered to be impaired from the time that the investments
were acquired to the end of the current reporting period.
• Homer Ltd account for the investments at cost in its separate financial
statements in terms IAS 28.44.
• The share capital of Homer Ltd, Marge Ltd and Bart Ltd remained unchanged.
• Assume a tax rate of 28%. Ignore Dividend tax.
102 HFAC333-1-Jul-Dec2021-FA2-LVN-V3-03082021
ANNEXURE I:
FORMATIVE ASSESSMENT 2
REQUIRED:
1.2) Prepare the pro forma journal entries required by Homer Ltd to account for the
acquisition of the additional shares in Bart Ltd on 1 July 2018.
(13 marks)
1.3) Prepare the pro forma journal entries required to account for the
investment in Marge Ltd in the Consolidated Financial Statements of the
Homer Ltd Group for the financial year ending 31 December 2018
(Journal descriptions are not required).
(16 marks)
103 HFAC333-1-Jul-Dec2021-FA2-LVN-V3-03082021
ANNEXURE I:
FORMATIVE ASSESSMENT 2
104 HFAC333-1-Jul-Dec2021-FA2-LVN-V3-03082021
ANNEXURE I:
FORMATIVE ASSESSMENT 2
Additional information:
• On 1 January 2021 Simba Ltd purchased 75 000 shares in Timon Ltd. The
retained earnings of Timon Ltd was R60 000. Simba Ltd obtained control over
the voting rights of Timon Ltd. On 1 January 2021 all Timon Ltd’s assets
and liabilities to were fairly valued at their carrying amounts in terms of the
requirements of IFRS 3.
• Simba Ltd’s group policy is to measure the non-controlling interests at their fair
value at the date of acquisition. The fair value of the non-controlling interest of
Timon Ltd amounted to R42 000 on 1 January 2021.
105 HFAC333-1-Jul-Dec2021-FA2-LVN-V3-03082021
ANNEXURE I:
FORMATIVE ASSESSMENT 2
• On 28 February 2021 Simba Ltd purchased 40 000 shares in Pumba Ltd. The
retained earnings of Pumba Ltd on that date was R20 000 and since then Simba
Ltd gained significant influence over the financial and operating decisions of
Pumba Ltd.
• Simba Ltd acquired a further 30 000 shares of Pumba Ltd for R62 500 on
31 March 2022. The carrying amount of the assets and liabilities of Pumba Ltd
were regarded as a fair reflection in terms of the requirements of IFRS 3.
• Simba Ltd’s historically held equity interest in Pumba Ltd (40%) was valued at
R87 000 at the date of the acquisition of the additional interest. Since the
acquisition of the additional shares, Simba Ltd gained control over the voting
rights of Pumba Ltd.
• Simba Ltd’s group policy is to measure the non-controlling interests at their fair
value at the date of acquisition. The fair value of the non-controlling interest of
Pumba Ltd was valued at R2.02 per share on 31 March 2022.
• Simba Ltd accounts for all investments in associates in accordance with the
equity method in its consolidated financial statements, as none of the
exceptions in IAS 28 applies.
• Simba Ltd measures investments at cost in terms of IAS 27.10 and IAS
28.44 in its separate financial statements.
• Goodwill was not considered to be impaired from the time that the investments
were acquired to the end of the current reporting period.
• The share capital of Simba Ltd, Timon Ltd and Pumba Ltd remained
unchanged.
• All income was earned evenly.
106 HFAC333-1-Jul-Dec2021-FA2-LVN-V3-03082021
ANNEXURE I:
FORMATIVE ASSESSMENT 2
REQUIRED:
2.2) With reference to IFRS 3 Business Combinations, calculate the profit or loss
on the remeasurement of the investment on 31 March 2022, the date of
gaining control over Pumba Ltd.
(7 marks)
2.4) Prepare the Consolidated Statement of Changes in Equity of the Simba Ltd
Group for the financial year ending 31 December 2022 to comply with
International Financial Reporting Standards (IFRSs).
- Disclosable items may be presented on the face of the financial
statements.
- Notes to the financial statements are not required.
- You may round to the nearest R1.
(13 marks)
107 HFAC333-1-Jul-Dec2021-FA2-LVN-V3-03082021
ANNEXURE I:
FORMATIVE ASSESSMENT 2
108 HFAC333-1-Jul-Dec2021-FA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
Weighting: 10%
Educator: E Klaassen
Total 35 Marks
Instructions:
1. Summative Assessment 2 (SA2) must be handed in online before or on the day of the
Summative Assessment 1 (SA1) sitting.
2. You must make use of the Microsoft Excel document on ColCampus to complete
this assessment.
Download this Excel document from ColCampus, complete the task and upload
it again onto ColCampus to submit as well as a pdf document that displays the
formulas.
3. Complete and upload the plagiarism script document onto ColCampus.
4. Follow the instructions carefully, specifically the evidence required.
109 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
Template:
Download and open the Excel template provided for this assessment and navigate through the
various sheets to familiarise yourself with the template.
Course work:
The excel work sheet must consist of excel formulas used to help you compile the work sheets for
the assignment. For example, “IF-formula”; “V-lookup”; Dropdown list; “Sum-if”.
Background:
Creative (Pty) Ltd & Accounting (Pty) Ltd is a group of companies who started in the late 2000’s.
Creative (Pty) Ltd have created a group of companies which aims to educate people of all ages on
how to record financial transactions through electronic bookkeeping.
You are provided with the Consolidated Statements of Financial Position, Statements of Profit or
Loss and Other Comprehensive Income and Statement of Changes in Equity of the Creative (Pty)
Ltd Group.
110 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
111 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
(Dividend received – R250 000; Equity-accounted profit – R750 000) 1 000 000
Profit before tax 3 195 000
Income tax expense -800 000
PROFIT FOR THE YEAR 2 395 000
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2 395 000
Total comprehensive income attributable to:
Owners of the parent 1 945 000
Non-controlling interests -450 000
2 395 000
112 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
Non- con-
Share Retained Total
Total trolling
capital earnings equity
interests
Balance at 31 December
1 200 000 1 930 000 3 130 000 800 000 3 930 000
2019
113 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
Additional information:
• The following items were included in the calculation of profit before tax:
Depreciation R740 000
Loss on sale of plant R60 000
Exchange rate loss on foreign loan R300 000
Profit on sale of land and buildings R400 000
• Companies in the group sold plant and equipment for R100 000. Details of the plant at date of
sale were as follows:
Cost R700 000
Accumulated depreciation R540 000
• The land and buildings of a subsidiary were sold for R900 000.
• A portion of the plant and equipment purchases were financed through a finance lease of R600
000.
• During the year under review, long-term loans amounting to R1 000 000 were repaid.
• Creative (Pty) Ltd has several subsidiaries and associates. During the year under review, the
investment in subsidiaries increased; Accounting (Pty) Ltd was acquired, and the group’s
interest in a subsidiary, Books (Pty) Ltd, was sold.
114 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
115 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
REQUIRED:
Creative (Pty) Ltd needs your help to prepare the Consolidated Statement of Cash Flow for the
Creative (Pty) Ltd Group for the year ended 31 December 2020, on the direct method.
Creative (Pty) Ltd has drawn up the accounting template to be used you need to complete the data
and calculate the amounts and relevant information using effective excel formulas to make sure that
the calculations are accurate and pulls through from your notes to the face of the cash flow
statement.
You are required to complete each Excel work sheet to the best of your ability based on the
information and instructions provided. You will be required to make use of numerous Excel formulas
to compile your workings and the journal calculations and workings must also be completed as per
the template.
The Consolidated Statement of Cash Flow for Creative (Pty) Ltd Group should pull through from
your workings.
116 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
Instructions / Tasks:
117 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
Evidence required:
Please submit the following as part of your completed assignment:
● PDF version of all your completed sheets showing the amounts.
● PDF version of all your completed sheets showing the formulas you used.
● Signed plagiarism document
To get the formula view of each of your sheets, go to Formulas > Show Formulas. Your sheet will
change so that all the cells where you entered formulas now display the actual formula that you
entered. Take a screen print of the screen with all the formulas for assessment.
VERY IMPORTANT:
Make sure to include your formulas in your submission, without the formula view of your
assessment the assessment cannot be graded, as marks are allocated specifically to the formulas
used in your assessment.
Also, to allow for proper grading, when you take a screen print or save your Excel as PDF, ensure
that all your information/formulas are shown clearly and can be read properly and that the
information/formulas are not cut off and over more than one page.
118 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE J:
SUMMATIVE ASSESSMENT 2
119 HFAC333-1-Jul-Dec2021-SA2-LVN-V3-03082021
ANNEXURE K:
SAMPLE SUMMATIVE ASSESSMENT 1
Instructions:
1. This examination script consists of 9 pages including the cover sheet. Ensure that you have
all the pages.
2. This examination consists of Essay-Type questions.
3. No answers in pencil will be marked.
4. Ensure that you hand in the entire examination script and the answer book at the end of the
session. This script remains the property of Boston City Campus & Business College (Pty)
Ltd.
5. Answer all questions.
6. Show all calculations.
7. The SAICA Competency Framework Reference at the end of a question is for
recordkeeping and will inform you which SAICA Competency is covered in the
question.
8. Good Luck!
120 HFAC333-1-Jul-Dec2021-SampleSA1-LVN-V3-03082021
ANNEXURE K:
SAMPLE SUMMATIVE ASSESSMENT 1
1. In order to control invigilated assessments in accordance with module specific guidelines, published rules
are enforced.
2. Students must bring a valid identity document (ID or Passport) and means to disclose their student number
to all (formative and summative) invigilated assessments.
3. Students participating in assessments in the form of invigilated tests or exams must arrive and be seated
in the assessment venue fifteen (15) minutes prior to the start of the assessment.
4. Students must sign the Assessment Register on arrival and when handing in their assessment paper
before leaving the assessment venue.
5. Students who arrive fifteen (15) minutes after the start of an assessment will not be allowed to attempt
the assessment under any circumstances.
6. Students who are late for an assessment, without just cause for an application for deferral, will not be
granted another assessment opportunity and will receive a zero (0) grade for the assessment.
7. Students are required to complete all the necessary information (name, surname, student number and
module code) on the assessment answer sheet.
8. Students will be required to remain in the assessment venue for forty-five (45) minutes from the start of
the assessment.
9. Other than what is specified by the particular requirements of a module, no student may make use of any
form of equipment, stationery or any other materials or resources during the assessment session.
10. Other than what is specified, all electronic devices must be switched OFF for the duration of the
assessment.
11. Other than what is specified, no materials or equipment nor any other resources may be taken into the
assessment venue but must be left at a designated location, which is in most instances near the entrance
of the assessment venue.
12. Tippex (correction fluid) may not be used. Any section where Tippex is used will not be marked.
13. Students are not permitted to talk or communicate whatsoever during an assessment session or cause
any form of disturbance.
14. Students may not ask the invigilator for assistance in answering questions during an assessment.
15. Should a student require anything during an assessment they may only communicate this need to the
invigilator on duty usually by raising of their hand.
16. Students may not leave the assessment venue without informing the invigilator and signing out the exit
attendance register.
17. No materials may be removed from the assessment venue at the end of an assessment. This includes
question papers as they remain the property of Boston City Campus & Business College.
18. Learners must leave all personal belongings at the front of the assessment venue. This is done at the
learner’s own risk and neither Boston City Campus & Business College nor the staff will be held
responsible for the loss, theft or damage of belongings.
19. No student will be permitted extra time to complete an assessment unless the prior permission granted
has been brought under the attention of the invigilator prior to commencement of the assessment. It is
recommended that students do take along a copy of the approved permission slip to overcome any
unforeseen situation.
20. If an invigilator finds a student in contravention of any rule governing an assessment session, the
assessment script will immediately be confiscated and inform the Academic Committee at Head Office
Orange Grove. The student may be summoned to attend a disciplinary inquiry at Head Office.
121 HFAC333-1-Jul-Dec2021-SampleSA1-LVN-V3-03082021
ANNEXURE K:
SAMPLE SUMMATIVE ASSESSMENT 1
Captain Ltd (Captain) is a listed company that operates in the clothing industry. The
financial year-end of all companies in the group is 31 December.
• Captain acquired a 25% interest in Jack Ltd (Jack) on 1 September 2019 when
the equity of Jack amounted to R10 000 000. Captain acquired its interest in Jack
to diversify its product range as Jack sells clothing accessories. Captain was able
to obtain its interest in Jack at a favourable price following bad management of
Jack’s operations.
• Captain paid R2 420 000 for its 25% interest in Jack. Captain incurred directly
attributable transaction costs amounting to R10 000 relating to the acquisition of
the 25% equity interest.
• All the assets and liabilities of Jack were fairly valued at that date, except for a
brand name for sunglasses bought by Jack on 2 January 2018 for R600 000. On
1 September 2019 the brand name had a fair value of R550 000. The brand name
is amortised on a straight-line basis over its useful life of 8 years. Jack will sell the
brand name after 8 years for R150 000 in terms of a commitment by Vodka Ltd.
At the acquisition date, the useful life and residual value remained unchanged.
Jack did not record this fair value remeasurement of the brand name in its
individual financial statements.
• On 31 December 2020 the total equity (at carrying amount) of Jack amounted to
R15 000 000. During the current financial year, it is evident that Jack experiences
severe financial difficulties due to strikes and demands in the industry.
122 HFAC333-1-Jul-Dec2021-SampleSA1-LVN-V3-03082021
ANNEXURE K:
SAMPLE SUMMATIVE ASSESSMENT 1
• Jack reported a loss for the financial year ending 31 December 2021 to the
amount of R7 000 000. Captain intends to keep its investment in Jack for another
5 years only, after which it will be sold for approximately R2 600 000.
• It is expected that annual dividends from Jack payable at 31 December each year
will amount to R26 500.
• The fair value less costs of disposal of the investment in Jack (as at 31 December
2021) amounts to R1 650 000.
Additional information:
REQUIRED:
Prepare the journal entries required for the financial year ending 31 December 2021
to account for Captain Ltd’s investment in Jack Ltd under the equity method. Ignore
taxation in respect of any possible impairment.
(27 marks)
123 HFAC333-1-Jul-Dec2021-SampleSA1-LVN-V3-03082021
ANNEXURE K:
SAMPLE SUMMATIVE ASSESSMENT 1
124 HFAC333-1-Jul-Dec2021-SampleSA1-LVN-V3-03082021
ANNEXURE K:
SAMPLE SUMMATIVE ASSESSMENT 1
You are presented with the following trial balances as at 31 December 2022 of the
companies in the Stormy Ltd (Stormy) Group:
Stormy Windy Sunny
Ltd Ltd Ltd
Debit / Debit / Debit /
(Credit) (Credit) (Credit)
R R R
Revenue (5 350 000) (2 540 000) (1 260 000)
Cost of sales 4 012 500 2 032 000 840 000
Other expenses 735 500 303 020 175 000
Proceeds on disposal of shares (460 000) - -
Rent received on investment properties (64 000) - -
Dividends received (68 000) - -
Income tax expense 285 000 63 500 73 000
Dividends paid – 15/12/2022 250 000 80 000 50 000
Share capital (1 000 000) (500 000) (100 000)
(1 000 000 / 500 000 / 100 000 shares)
Retained earnings at 01/01/2022 (1 288 000) (986 520) (637 000)
Deferred tax (230 000) (124 000) (65 000)
Amounts payable (993 000) (689 000) (440 000)
Buildings at carrying amount 760 000 530 000 340 000
Investment property at fair value 210 000 - -
Trucks at carrying amount 550 000 485 000 220 000
Investment in Windy Ltd, at cost 750 000 - -
Investment in Sunny Ltd, at cost 200 000 - -
Inventory 680 000 572 000 354 000
Other current assets 1 020 000 774 000 450 000
- - -
125 HFAC333-1-Jul-Dec2021-SampleSA1-LVN-V3-03082021
ANNEXURE K:
SAMPLE SUMMATIVE ASSESSMENT 1
126 HFAC333-1-Jul-Dec2021-SampleSA1-LVN-V3-03082021
ANNEXURE K:
SAMPLE SUMMATIVE ASSESSMENT 1
Additional information:
• Stormy accounts for all investments in associates in accordance with the equity
method in its consolidated financial statements.
• Stormy measures all investments in subsidiaries and associates in its separate
financial statements at cost.
• Goodwill was not considered to be impaired from the time that the investments
were acquired to the end of the current reporting period.
• The share capital of Stormy, Windy and Sunny remained unchanged.
• The income tax rate has always been 28%. Capital gains are taxed at 66.6% of
the normal tax rate.
127 HFAC333-1-Jul-Dec2021-SampleSA1-LVN-V3-03082021
ANNEXURE K:
SAMPLE SUMMATIVE ASSESSMENT 1
REQUIRED:
2.1) Prepare all pro forma journal entries to account for Windy Ltd in the Consolidated
Financial Statements of the Stormy Ltd Group for the year ended 31 December
2022. (Journal narrations are not required.)
(44 marks)
2.2) Prepare the Consolidated Statement of Profit or Loss and Other Comprehensive
Income of the Stormy Ltd Group for the financial year ending 31 December 2022.
(29 marks)
128 HFAC333-1-Jul-Dec2021-SampleSA1-LVN-V3-03082021
ANNEXURE L:
SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM
Memorandum
Instructions:
1. This examination script consists of 10 pages including the cover sheet. Ensure that you
have all the pages.
2. This examination consists of Essay-Type questions.
3. No answers in pencil will be marked.
4. Ensure that you hand in the entire examination script and the answer book at the end of the
session. This script remains the property of Boston City Campus & Business College (Pty)
Ltd.
5. Answer all questions.
6. Show all calculations.
7. The SAICA Competency Framework Reference at the end of a question is for
recordkeeping and will inform you which SAICA Competency is covered in the
question.
8. Good Luck!
129 HFAC333-1-Jul-Dec2021-SampleSA1memo-LVN-V3-03082021
ANNEXURE L:
SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM
1. In order to control invigilated assessments in accordance with module specific guidelines published rules are
enforced.
2. Students must bring a valid identity document (ID or Passport) and means to disclose their student number
to all (formative and summative) invigilated assessments.
3. Students participating in assessments in the form of invigilated tests or exams must arrive and be seated in
the assessment venue fifteen (15) minutes prior to the start of the assessment.
4. Students must sign the Assessment Register on arrival and when handing in their assessment paper before
leaving the assessment venue.
5. Students who arrive fifteen (15) minutes after the start of an assessment will not be allowed to attempt the
assessment under any circumstances.
6. Students who are late for an assessment without just cause for an application for deferral will not be granted
another assessment opportunity and will receive a zero (0) grade for the assessment.
7. Students are required to complete all the necessary information (name surname student number and module
code) on the assessment answer sheet.
8. Students will be required to remain in the assessment venue for forty-five (45) minutes from the start of the
assessment.
9. Other than what is specified by the particular requirements of a module no student may make use of any form
of equipment stationery or any other materials or resources during the assessment session.
10. Other than what is specified all electronic devices must be switched OFF for the duration of the assessment.
11. Other than what is specified no materials or equipment nor any other resources may be taken into the
assessment venue but must be left at a designated location which is in most instances near the entrance of
the assessment venue.
12. Tippex (correction fluid) may not be used. Any section where Tippex is used will not be marked.
13. Students are not permitted to talk or communicate whatsoever during an assessment session or cause any
form of disturbance.
14. Students may not ask the invigilator for assistance in answering questions during an assessment.
15. Should a student require anything during an assessment they may only communicate this need to the
invigilator on duty usually by raising of their hand.
16. Students may not leave the assessment venue without informing the invigilator and signing out the exit
attendance register.
17. No materials may be removed from the assessment venue at the end of an assessment. This includes
question papers as they remains the property of Boston City Campus & Business College.
18. Learners must leave all personal belongings at the front of the assessment venue. This is done at the learner’s
own risk and neither Boston City Campus & Business College nor the staff will be held responsible for the loss
theft or damage of belongings.
19. No student will be permitted extra time to complete an assessment unless the prior permission granted has
been brought under the attention of the invigilator prior to commencement of the assessment. It is
recommended that students do take along a copy of the approved permission slip to overcome any unforeseen
situation.
20. If an invigilator finds a student in contravention of any rule governing an assessment session the assessment
script will immediately be confiscated and inform the Academic Committee at Head Office Orange Grove. The
student may be summoned to attend a disciplinary inquiry at Head Office.
130 HFAC333-1-Jul-Dec2021-SampleSA1memo-LVN-V3-03082021
ANNEXURE L:
SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM
131 HFAC333-1-Jul-Dec2021-SampleSA1memo-LVN-V3-03082021
ANNEXURE L:
SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM
Calculations:
Revaluation of brand name (intangible asset)
Cost 600 000 1/2
Acc dep ((600 0001/2 - 150 0001/2) / 8 years1/2 x 20/121/2) (93 750)
Carrying amount at 1 September 2019 506 250
Revaluation surplus (550 000 – 506 250) 43 750
Fair value at 1 September 2019 550 000 1/2
Revaluation net of tax (43 750 x 72%) 31 500
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ANNEXURE L:
SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM
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ANNEXURE L:
SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM
JNL 1
Vehicles (SFP) (given) 20 000
Revaluation reserve (SCE) (20 000 – 5 600) 14 400
Deferred tax (SFP) (20 000 x 28%) 5 600
(Account for revaluation of trucks)
JNL 2
Share capital (SCE) (given) 500 000
Retained earnings (SCE) (given) 300 000
Revaluation reserve (SCE) 14 400
Goodwill (SFP) (Balancing figure) 30 600
NCI (SFP) (500 0001/2 x 10%1/2 x R1.90) 95 000
Investment in subs (SFP) (given) 750 000
(Eliminate investment in Windy at acquisition)
JNL 3
Retained earnings (10%1/2 x (986 5201/2 – 300 0001/2 –
(14 4001/2 x 2/41/2)) 67 932
NCI (SFP) 67 932
(Account for equity share since acquisition up until start of
current year)
JNL 4
Proceeds with disposal of shares (SCI) (given) 460 000
Change in ownership (SCE) 6 204
Non-controlling interest (SFP) (448 116 + 5 680) 453 796
(Account for sale of 30% in Windy)
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ANNEXURE L:
SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM
Calculations JNL4
Share capital 500 0001/2
Retained earnings 01/01/2022 986 5201/2
Revaluation (14 400x 2/4) 7 2001/2
1 493 720
Value of 30% sold 448 116©
JNL 5
NCI in profit (SCI) (141 480 – ((20 000 – 5 600)/4)) x 40% 55 152
NCI (SFP) 55 152
(Account for NCI part of current year profit)
Calculations JNL5
R
Sales revenue 2 540 0001/2
Cost of sales -2 032 0001/2
Other expenses -303 0201/2
Income tax expense -63 5001/2
Profit for the year 141 480
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ANNEXURE L:
SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM
JNL 6
Other income (SCI) (80 000 x 60%) 48 000
NCI (SFP) (80 000 x 40%) 32 000
Dividends paid (SCE) 80 000
(Eliminate Windy dividends paid)
JNL 7
Retained earnings (SCE) (10 000 – 2 800) 7 200
Deferred tax (SFP) (10 000 x 28%) 2 800
Accumulated depreciation (SFP) (20 000 x 2/4) 10 000
(Account for depreciation on revaluation)
JNL 8
Depreciation (SCI) (20 000 / 4) 5 000
Accumulated depreciation (SFP) 5 000
(Current year depreciation on revaluation)
JNL 9
Deferred tax (SFP) (5 000 x 28%) 1 400
Income tax expense (SCI) 1 400
(Tax effect of depreciation on revaluation)
JNL 10
Sales (SCI) 200 000
Cost of sales (SCI) 200 000
(Eliminate intergroup sales)
JNL 11
Cost of sales (SCI) 10 000
Inventory (SFP) (50 000 x 25/125) 10 000
(Eliminate unrealised profit in closing inventory)
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SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM
JNL 12
Deferred tax (SFP) 2 800
Income tax expense (SCI) (10 000 x 28%) 2 800
(Tax effect on unrealised profit in closing inventory)
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ANNEXURE L:
SAMPLE SUMMATIVE ASSESSMENT 1: MEMORANDUM
Calculations:
W1: Share of profit in associate (Sunny)
138 HFAC333-1-Jul-Dec2021-SampleSA1memo-LVN-V3-03082021