2023 COURSE OUTLINE: Financial Accounting 101 (FAC 511S) – Semester Two

STATEMENT ABOUT ACADEMIC HONESTY AND INTEGRITY

All staff and students of the Namibia University of Science and Technology (NUST), upon signing their
employment contracts and registration forms, commit themselves to abide by the policies and rules of the
institution. The core activity of NUST is learning and in this respect academic honesty and integrity is very
important to ensure that learning is valid, reliable and credible.

The Namibia University of Science and Technology therefore does not condone any form of academic
dishonesty, including plagiarism and cheating on tests and assessments, amongst other such practices. The
Namibia University of Science and Technology requires students to always do their own assignments and
to produce their own academic work, unless given a group assignment.

Academic Dishonesty includes, but is not limited to:

• Using the ideas, words, works or inventions of someone else as if it is your own work.
• Using the direct words of someone else without quotation marks, even if it is referenced.
• Copying from writings (books, articles, webpages, other students’ assignments, etc.), published or
unpublished, without referencing.
• Syndication of a piece of work, all or part of an assignment, by a group of students, unless the
assignment was a legitimate group assignment.
• The borrowing and use of another person’s assignment, with or without their knowledge or
permission.
• Infringing copyright, including documents copied or cut and pasted from the internet.
• Asking someone else to prepare an assignment for you or to write or sit an assessment for you,
whether this is against payment or not.
• Re-submitting work done already for another course or programme as new work, so-called self-
plagiarism.
• Bringing notes into an examination or test venue, regardless of whether the notes were used to
copy or not.
• Receiving any outside assistance in any form or shape during an examination or test.

All forms of academic dishonesty are viewed as misconduct under the Namibia University of Science and
Technology Student Rules and Regulations. Students who make themselves guilty of academic dishonesty
will be brought before a Disciplinary Committee and may be suspended from studying for a certain time or
may be expelled. All students who are found guilty of academic dishonesty shall have an appropriate
endorsement on their academic record, which will never be erased

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 Course Information

Course Code and Title: FAC511S - Financial Accounting 101

Department: Economics, Accounting & Finance

Programme: Bachelor of Accounting

Contact Hours: 60 hours (15 weeks)

NQF Level 5

Credit: 12

Course Description:
This introductory course is structured to introduce the student to various topics in the accounting process,
including the measurement and recognition of the elements of financial statements. The ultimate objective
is to enable the student to prepare financial statements, namely the Statement of Financial Position and
the Statement of Profit or Loss of sole traders. Additional emphasis will be placed on the requirements of
the International Financial Reporting Standards (IFRS) in accounting for Property, Plant and
Equipment;Inventories; and Revenue.

Pre-Requisites: None

Course Equivalencies: Financial Accounting 101 - FAC 511S

Course Delivery Methods:

The course will be offered on full time (FM), Part-time (PM) and Distance (DI) modes in terms of the
prevailing Namibia University of Science and Technology rules and regulations.

The course will be facilitated through the following learning activities:

1. Presentation of materials in lectures.
2. Self-instructional materials for Distance mode students
3. Assigned readings and discussions
4. Guest lectures and tutorials
5. Compulsory Online Quizzes
6. Class tests/quizzes
7. Tests and assignments

Tests and assignments

The assessment for this course will be exam based. The year mark comprises of two (2) tests and two (2)
compulsory online quizzes or class tests/quizzes as per the discretion of the lecturer and contributes as
follows to the Final Mark:

Full-time and Part-time modes:

Year mark: 40% of the final mark
(Two formal tests weighing 16% each and two online quizzes weighing 8%
in total)
Final examination: 60% of the final mark

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A student who wrote the first opportunity final examination, and who could not obtain a final mark of at
least 50%, may write a supplementary examination.
A student who was unable to write the first opportunity final examination may also write the supplementary
examination.
A pass in the supplementary examination shall not exceed a final mark of 50%.

The examination shall consist of a single three hour paper.

The following communication tools may be used in this course:

Email, E-learning platform, MS Teams

E-learning: The enrolment key is FAC511S

Course Format:
The course will be delivered through a blended learning approach that means that students will have
minimum face-to-face lectures as well as online lectures during the semester. Students should obtain the
information relating to the scheduled face-to-face lecturers as well as the online lectures from their
respective lecturers.

Effective Date: 17 July 2023

Course Coordinator: Mr. G. Jansen

Lecturer’s Information

Lecturer’s name: Mr. G Jansen (Course co-ordinator)

Email: gejansen@nust.na
Office phone: +264 61 207 2662
Office location: Room 320, 3rd Floor, Office Building

Consultation hours:
All lecturers are available for consultation with students. We recommend that you schedule an appointment
for consultation telephonically or by email, however you will find the consultation hours on the lecturers’
timetable which is displayed on their office doors.

Technology & Equipment Readiness:

Students are required to enroll for the course on E-LEARNING as some of the assessments will be
conducted online and it should be submitted via E-LEARNING. Students will be expected to possess basic
computer skills to enable them to send emails and receive information online i.e. through email and e-
learning.

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Student Commitments and Contact Times:
It is a requirement that students attend all lectures as scheduled. Failure to fulfill this requirement may
result in the student being unable to qualify for the final examination should the attendance fall below the
minimum of 80% as per the current regulations.

Prescribed Reading:
• Myburgh et al. 13th edition. Accounting – An Introduction. Lexis Nexis.

Recommended Reading:
• Dempsey & watson. 9th edition. Introduction to Financial Accounting. Lexis Nexis.
• Jacqui kew, et al. 5th edition. Accounting: An Introduction. Oxford
• Wood, F., & MacDonald, D. (Latest). Business Accounting: South African Edition. Pitman
• Flynn D., et al. (Latest). Fundamental Accounting. Juta
• Republic of Namibia. (Latest). Value Added Tax Act as amended. Republic of Namibia.

• NUST (COLL) Study guide.

Important websites
www.ifrs.org

http://www.iasplus.com

www.saica.co.za

http://www.acca-x.com/global/en/courses.html

https://opentuition.com/start/

Learning Outcomes:
At the end of the course students will, through assessment activities, show evidence of their ability to:
1. Define and explain the elements of financial statements and classify them correctly into financial
statements.
2. Explain the qualitative characteristics of financial statements
3. Collect and process financial data including VAT.
4. Demonstrate an understanding of the trial balance.
5. Process year-end adjustments and closing off processes in financial reporting.
6. Account for Property, Plant and Equipment per IAS 16, Inventory per IAS 2 and Revenue as per IFRS 15.
7. Prepare financial statements for sole traders incorporating adjustments.

Course Schedule for Semester 1 of 2023

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 Week Topic Dates
Week 1 Introduction to financial accounting: 17 – 21 July ‘23
• define accounting as a process
• explain the various branches of
accounting
• explain various forms of business entities
• explain various accounting terms
• explain the objectives of the International
Accounting Standards Board (IASB)
• explain the purpose of the International
Financial Reporting Standards (IFRS)
Week 2 Accounting Conceptual framework and 24 – 28 July ‘23
terminology:
• Define the objective of general purpose
financial reporting
• Explain the accrual concept
• Explain the qualitative charateristics of
financial informantion
• Explain what is meant by the reporting
period
• Explain the underlying assumption of
financial statements
• define five elements of financial
statements, including their recognition
criteria.
• Determine when an element is
derecognised from the financial
statements
Week 3 -4 The accounting equation, Source Documents and 31 July – 11
Accounting Cycle: Aug
• explain and apply the accounting
equation
• demonstrate the effect of transactions on
the accounting equation and its
components
• state and explain the source (business)
documents used in the accounting system
• state and describe the use and purpose of
the source (business) documents
• state and explain the stages of an
accounting cycle
• distinguish between the different stages
of the accounting cycle

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 Books of Original/Prime entry
• identify and list the purpose of each book
of prime entry
• prepare books of prime entry for a
company (general journal only)
• enter transactions into books of prime
entry (general journal only)
Week 5 Double entry bookkeeping for elements of 14 – 18 Compulsory Online
financial statements August’23 Quiz 1 Due Date: 18
• record transactions direct from source August 2023 at 23H59
documents into the general journal and p.m
general ledger, using the double entry
system
• post transactions from books of original
entry to the general ledger
• extract account balances from the general
ledger on to the trial balance
• explain the purpose of a trial balance
• Identify different errors affecting the Trial
Balance

Week 6 -7 Financial statements 21 August – 1 Test 1: Thursday,24

• Prepare financial statements (excluding September ‘23 August at 17H30 p.m
adjustments) ONLY SDA Students
Year-end Accounting Adjustments: will be required to
• Identify various adjusting entries affecting write at 15H00 p.m
financial statement
• adjust expense accounts for amounts
owing (accruals) and paid in advance
(prepayments)
• adjust revenue accounts for amounts
owed and received in advance
• calculate depreciation and account for it
in the financial statements
• Account for credit losses (bad debts) and
allowance for credit losses

Week 8 Financial Statements 4 – 8 Sept ‘23

• Prepare the adjusted trial balance
• Prepare financial statements of sole
traders incorporating adjustments
• Prepare closing journal entries and the
post-closing trial balance and financial
statements

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 • Prepare closing journal entries and the
post-closing trial balance and financial
statements
Week 9 Mid-term break 11 – 15 Sept’23 No lectures
Week 10 Accounting for Value Added Taxation (VAT) 18 -22 Sept ‘ Compulsory Online
• Define VAT Quiz 2 Due Date: 22
• Identify the criteria for becoming a September 2023 at
registered VAT vendor 23H59 p.m
• Explain the difference between standard
rated and zero rated supplies
• Calculate the price of supplies inclusive
and exclusive of VAT
• Record for VAT transactions in accounting
records
Week 11-12 Property, plant and equipment (PPE) (IAS 16) 25 Sept – 6 Oct Test 2: Friday, 29
• define PPE according to IFRS ‘23 September at 17H30
• define and distinguish between capital p.m
and revenue expenditures ONLY SDA Students
• record all transactions related to non- will be required to
current assets write at 15H00 p.m
• define depreciation in accordance with
IFRS
• distinguish among various methods of
depreciation
• calculate depreciation expense using
various methods
• record depreciation into the general
ledger
• recognise a transaction involving a
disposal of non-current asset
• present PPE in the statement of financial
position
• disclose PPE in the PPE reconciliation note

Week 13 IFRS 15: Revenue from contracts with customers 9 -13 Oct ‘23 Test 3: Saturday, 14
October at 10H00 a.m
• Identify and explain the 5-step process for
ONLY for students
the recognition of revenue
who either missed
• recognise revenue using the 5-Step
test 1 or test 2 and for
process
those who could not
• recognise revenue from the sale of score an average of
inventories 40%, test 3 will be
• recognise income from rendering of capped at 50%.
services

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 • account for deposits received from
customers
account for bill and hold arrangements

Week 14 Accounting for Inventories (IAS 2) 16 – 20 Oct ‘23

• calculate gross profit and gross profit

percentage
• calculate mark up on cost and margin on
sales
• define inventories according to IAS 2
• measure inventories at the lower of cost
or net realisable value
• account for inventories under the
perpetual and periodic inventory systems
• apply the First-in-first-out and weighted
average methods to measure inventories
• present and disclose inventories in the
financial statements

Week 15 REVISION 23 – 27 Oct ‘23

Important Dates:
NOTE: The following dates are subject to change at the lecturer’s prerogative. Students will be notified
ahead of time of any changes.

ASSESSMENT DATES

Date Weight Important Information

24 August 2023 16% Online Test 1: Thursday, 24 August 2023 at 17h30 p.m
29 September 2023 16% Auditorium South & Health and Science Auditorium: Face to face Test 2: Friday, 29
September 2023 at 17h30 p.m.
14 October 2023 16% Engineering Basement A: Face to face Test 3: Saturday, 14 October 2023 at 10h00
a.m
TBC 60% Final examination: dates TBC

COMPULSORY ONLINE QUIZ SUBMISSION DATES

Due Date Weight Important Information

18 August 2023 4% Online Quiz 1: Period for submission:
Period Opens: 14 August 2023 @10H00 a.m.
Period Closes: 18 August 2023 @ 23H59 p.m.
22 September 2023 4% Online Quiz 2: Period for submission:
Period Opens: 18 September 2023 @10H00 a.m
Period Closes: 22 September 2023 @23H59 p.m
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All SDA students must register themselves with the Head of Department – Accounting, Economics and
Finance. Relevant proof must be provided by way of a signed letter from the relevant authority.

Assessment and Evaluation:

Assessment Weight
Year mark 40%
Final Examination 60%
Total: 100%

Course Policies
All students will be required to write ONLY two tests. The third test is specifically for those students who
may have missed either test one or two or who have failed to obtain a continuous assessment mark of at
least 40%. There will be no special opportunities for any quizzes missed. Those who have failed to qualify
with the required mark after having written two tests will be allowed to write the third test, however their
mark will be limited to maximum mark of 50%. No other special tests will be set outside those tests
scheduled in terms of this course outline.

Admission Criteria to Final Examination

To gain entry into the final examination, a subminimum of 40% should be obtained as the year mark.
Should this subminimum not be obtained, the student automatically FAIL the course.

General Academic Policies:

It is the student's responsibility to be familiar with and adhere to the Namibia University of Science and
Technology’s policies. These Policies can be found in the Namibia University of Science and Technology
Prospectus or online at www.nust.na/prospectus.

Failure to Pay Fees:

A student who fails to pay his/her fees may not be allowed to write the examination and if allowed, the
results will be withheld until all outstanding fees are paid in full.

Complaints Management Procedure:

Students should follow the following procedures when lodging their complaints.

Stage 1: Resolve the concern informally - A student should ty to resolve the issue informally by approaching
the lecturer involved.
Stage 2: Make a complaint- The student can make a formal complaint by sending an email to the member of
staff concerned as a follow up to Stage 2 (The staff should respond within 48 hours).
Stage 3: Refer to Section Head- If the student is not satisfied with the outcome, the complaint can be
escalated to the section head Mr. Namwandi (hnamwandi@nust.na). The complaint should be resolved
within 72 hours.
Stage 4: Refer to Head of Department – All complaints to the HOD Should have a reference number assigned
in stage 3. HOD will not entertain issues without a reference number.

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Stage 5: Office of the Dean- The office of the Dean will only attend to students who can prove they followed
step 1 to 4 and their complaints were not resolved.
Important Student Services at NUST

There are a variety of services which you can use at NUST. These services are to your advantage – Use
them!!! They include the following:

• Student Counseling and Career Development - Dean of Students Office.

• Writing center and student academic problems – Centre for Teaching & Learning (CTL)
• Campus Health and Wellness Centre (CHWC) - Dean of Student’s office/ NUST Clinic
• Early Alert Program - Dean of Student’s office.

Authorization:
This course is authorized for use by:

___________________________________ __________________________
H. Namwandi Date
Section Head: Accounting

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ACKNOWLEDGEMENT BY STUDENT

By inserting my name, student number and signature below, I hereby acknowledge that I have received the
course outline for Financial Accounting 101 (FAC511S) and that I have familiarised myself with its content,
in particular the statement about academic honesty and integrity. I agree to abide by the policies and
arrangements spelt out in this course outline as well as any rule specified (over and above these in the course
outline) by the relevant lecturer presenting this course:

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