SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Apply knowledge of basic accounting principles to financial services 
SAQA US ID UNIT STANDARD TITLE
117111  Apply knowledge of basic accounting principles to financial services 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 3  NQF Level 03 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard is an introduction to the basic accounting function in the financial services sector. It is intended for learners who work in business units that deal with financial matters (including bookkeepers, debtors' clerks, creditor clerks and reconciliation clerks) and need to know where their work fits into the big picture of the sector. It is useful as an introduction to the basic accounting function in a financial services organisation.

The qualifying learner is capable of:
  • Explaining the role of accounting in a financial services organisation.
  • Applying knowledge of basic terminology to the accounting function.
  • Collating appropriate source documents for a specific financial function.
  • Explaining the double entry system.
  • Reconciling an account. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this unit standard. Learners should be competent in Communication and Mathematical Literacy at Level 2. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • Income and expenses include, but are not limited to cheques, receipts, debit orders, interest, bank charges, basic payments and premiums.
  • Basic accounting transactions include, but are not limited to, debit, credit, deposits, receipts, payments, VAT and interest.
  • Assets and liabilities include, but are not limited to creditor, debtor, sundry assets and liabilities, bank overdraft and bank surplus.
  • Source documents include, but are not limited to invoices, cheque requisitions, system reports and bank statements. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the role of accounting in a financial services organisation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Reasons for keeping accounts in a financial services organisation are explained and an indication is given of the consequences of not keeping accurate accounts. 

    ASSESSMENT CRITERION 2 
    The role of the different financial functions within an organisation is explained with examples. 

    SPECIFIC OUTCOME 2 
    Apply knowledge of basic terminology to the accounting function. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concepts of income and expenses are explained with examples. 

    ASSESSMENT CRITERION 2 
    Basic accounting transactions are explained with examples. 

    ASSESSMENT CRITERION 3 
    The concepts of assets and liabilities are explained with examples. 

    ASSESSMENT CRITERION 4 
    The interrelationship between assets, liabilities, income and expenditure is explained and an indication is given of how each affects the balance sheet. 

    SPECIFIC OUTCOME 3 
    Collate appropriate source documents for a specific financial function. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Appropriate source documents are identified and obtained in order to process a transaction. 

    ASSESSMENT CRITERION 2 
    Source documents are interpreted and processed according to an organisation's policies and with reference to specific procedures and control measures. 

    SPECIFIC OUTCOME 4 
    Explain the double entry system. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The relationship between the debit credit function is explained with reference to the double entry concept. 

    ASSESSMENT CRITERION 2 
    Accounts affected by a specific transaction are identified with reference to debits and credits. 

    ASSESSMENT CRITERION 3 
    A journal entry document is compiled and different source documents are used to explain the entry. 

    ASSESSMENT CRITERION 4 
    A transaction is processed according to an organisation's procedures. 

    SPECIFIC OUTCOME 5 
    Reconcile an account. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of reconciliation is explained and an indication is given of different reconciliations done in a specific organisation or business unit. 

    ASSESSMENT CRITERION 2 
    A balance on an account is reconciled in order to identify and explain the balance on the account. 

    ASSESSMENT CRITERION 3 
    A reconciliation is prepared for a specified period for a specific type of reconciliation. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage him/herself and his/her activities responsibly and effectively in reconciling an account within time specified in service level agreements. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in order to process a transaction. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in explaining basic accounting concepts. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able to use technology effectively in obtaining source documents. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    N/A 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  58644   National Certificate: Local Government Support Services  Level 3  NQF Level 03  Reregistered  2023-06-30  LG SETA 
    Elective  67465   National Certificate: Business Administration Services  Level 3  NQF Level 03  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  49089   National Certificate: Financial Services  Level 3  NQF Level 03  Reregistered  2023-06-30  INSETA 
    Elective  61595   Further Education and Training Certificate: Business Administration Services  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  67461   Further Education and Training Certificate: Event Support  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  57712   Further Education and Training Certificate: Generic Management  Level 4  NQF Level 04  Reregistered  2023-06-30  As per Learning Programmes recorded against this Qual 
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  49356   Further Education and Training Certificate: Medical Claims Assessing  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  66609   Further Education and Training Certificate: Retail Insurance  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  66610   Further Education and Training Certificate: Short Term Insurance  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 
    Elective  57613   Further Education and Training Certificate: Short-Term Risk Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  67697   Further Education and Training Certificate: Sport Administration  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. ABA Sebenzi 
    2. Alcari Learning Centre (Pty) Ltd 
    3. ALL CONNECTIONS 
    4. Asiphokuhle Training and Research Institute 
    5. Bantubanye Skills 
    6. BRC Solutions (Pty) Ltd 
    7. CKP Development Agency (Pty) Ltd. 
    8. De Vries Management & Training Services cc 
    9. Development Bank of Southern Africa (DBSA) 
    10. EJW Financial Services (Pty) Ltd 
    11. Executive People Development Solutions (Pty) Ltd 
    12. Faisit (Pty) Ltd 
    13. INJEJE TRAINING 
    14. Intec College 
    15. Intelligo Solutions Pty (Ltd) 
    16. Invuya Institute of Learning (Pty) Ltd 
    17. JEPHMAG TRADING PTY LTD 
    18. Josmap Training Institute 
    19. Jucamo Shelf 4 CC. 
    20. Kgolo Institute 
    21. Lewerb Holdings (PTY) Ltd 
    22. License to Skill cc 
    23. LNR TRAINING AND DEVELOPMENT PTYLTD 
    24. MACADAMIA SKILLS ACADEMY PTY LTD 
    25. Management College of Southern Africa (MANCOSA) 
    26. Masifunde Training Centre (Pty) Ltd 
    27. Mod-Mosh Projects and Consulting (PTY) LTD 
    28. MOTHUSI MANAGEMENT CONSULTANTS 
    29. MSV WEALTH MANAGEMENT 
    30. Nghano Training and Development Centre 
    31. Nhlahle Development Agency 
    32. NS Global Academy 
    33. Octomate (Pty) Ltd 
    34. Outsurance Insurance Company Ltd 
    35. PHEZULU WORX 
    36. Powernexus 
    37. PROEXPERT TRAINING 
    38. Ripple Effect 4 (Pty) Ltd 
    39. RJM Educational Consulting PTY LTD 
    40. SAKHISISIZWE PROJECTS 
    41. Sanlam Life Insurance Ltd 
    42. Sanlam Life Insurance Ltd. 
    43. STARPLEX 408 CC 
    44. SWARANANG MANAGEMENT CONSULTING CC 
    45. TACHFIN HOLDINGS PTY LTD 
    46. The Institute of Health Risk Managers (Pty) Ltd 
    47. Tloumogale Business Development & Consulting 
    48. Tsebong Training Centre 
    49. Tshisimani Holdings (PTY) Ltd. 
    50. Twin Peak Technologies 
    51. Umsenge SDCS 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.