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.

Higher Certificate: Commerce: Financial Accounting 
21078  Higher Certificate: Commerce: Financial Accounting 
Intec College 
QCTO - Quality Council for Trades and Occupations  OQSF - Occupational Qualifications Sub-framework 
National Higher Certificate  Field 03 - Business, Commerce and Management Studies  Finance, Economics and Accounting 
Undefined  160  Level 5  NQF Level 05  Regular-Provider-ELOAC 
Passed the End Date -
Status was "Reregistered" 
SAQA 06120/18  2018-07-01  2023-06-30 
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 qualification does not replace any other qualification and is not replaced by any other qualification. 

The primary purpose of the qualification is to provide qualifying learners with the appropriate knowledge, skills and attitudes to effectively pursue a career in accounting, finance and administration. 

Upon entry to the Higher Certificate Programme, it is assumed that learners should have demonstrated:
  • the ability to express themselves clearly and correctly both orally and in writing in English (NQF4);
  • the ability to apply numerical skills, including basic arithmetic (add, subtract, divide, multiply) (at least NQF3); and
  • a basic awareness of the nature business functioning.

    Upon entry to the Higher Certificate programme the learners should be in possession of:
  • a Matric entrance - Grade 12 or a Standard 10; and / or
  • IBS Higher Diploma or equivalent; and / or
  • Two years business experience. 


    This qualification may be achieved in whole or in part through the recognition of prior learning [Regulation 8(l)(h)]. 

    Critical Cross-field Outcomes:

    1. Identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made.

    2. Work effectively with others as a member of a team, group, organisation and community.

    3. Organise and manage oneself and one's activities responsibly and effectively.

    4. Collect, analyse, organise and critically evaluate information.

    5. Demonstrate an understanding of the world as a set of related systems by recognising that the problem-solving context does not exist in isolation.

    6. Reflect on and explore a variety of strategies to learn more effectively.

    7. Explore business and career opportunities.

    8. Develop entrepreneurial opportunities.

    9. Look at the environment on a macro basis rather than a micro basis in order to enhance the current environment.

    10. Communicate effectively using visual, mathematical and language skills in the modes of oral and / or written persuasion.

    11. Demonstrate an understanding of the economic world in context as a dynamic interactive world that does not exist in isolation.

    12. Demonstrate effective and responsible decision-making.

    13. Stimulate and develop thinking patterns involving creativity.

    14. Interpret information received via the media and other sources.

    15. Remain receptive and responsive to current trends and developments.

    16. Use technology effectively and responsibly.

    17. Conduct research independently.

    Specific Outcomes:

    1. Cost and Management Accounting I:
    Ability to:
  • Define cost accounts;
  • Describe the object of coast accounts;
  • Outline the advantages of a cost accounting system;
  • Define cost;
  • Describe the two costing methods used and apply these to working examples;
  • Analyse the total costs of various items;
  • Define prime costs and explain the various prime costs;
  • Define the term overhead and explain the various overheads;
  • Illustrate items of job costs indicating how a total cost would be calculated;
  • Show how costs are estimated;
  • Describe the process of implementing a costing system;
  • Describe the responsibilities of the staff directly concerned with a costing system;
  • Describe the principles of factory organisation and how these impact on costs;
  • Describe how information on costs (cost data) should be used as a control mechanism;

    2. Economics
    Ability to:
  • Describe the theory of demand and supply;
  • Describe how the total economic activities are measured;
  • Describe the economics and dis-economics of scale;
  • Describe the market structure and define terms such as perfect competition, monopoly, monopolistic competition and oligopoly);
  • Describe the law of diminishing utility;
  • Describe the law of diminishing returns;
  • Identify the macro-economic variables;
  • Explain economic equilibrium in two, three and four sector models;
  • Define terms consumption, the multiplier, aggregate demand, aggregate supply, credit creation;
  • Describe the functions of money and explain the demand for money (liquidity preference);
  • Explain the relationship between inflation and unemployment and their impact on the economy;
  • Discuss the advantages and disadvantages of direct and indirect taxes;
  • Describe the meaning of fiscal policy;
  • Define the term monetary policy and explain the instruments of monetary policy;
  • Describe the concept of economic growth;
  • Describe terms such as protectionism, balance of payments, exchange rate;
  • Explain various exchange rate systems.

    3. Financial Accounting I:
    Ability to:
  • Demonstrate understanding of the double-entry system of accounting.
  • Describe the classification of and accounting for capital, assets, liabilities, expenses and income.
  • Describe the distinction between revenue and capital expenditure;
  • Illustrate the accounting equation;
  • List the books of original entry;
  • Record repetitive transactions in the books (journals) of prime entry and posting to the general ledger;
  • Extract a trial balance;
  • Describe the concepts of matching, prudence, consistency and going concern;
  • Explain how accruals and prepayments are entered;
  • Describe and illustrate the various methods of stock valuation (Range: FIFO method, LIFO method, weighted average method, and the lower of cost or net realisable value)
  • Define the term depreciation;
  • Explain the various depreciation methods (Range: straight-line, reducing balance, revaluation, and sum of the digits);
  • Explain how fixed assets are disposed of;
  • Describe bad debts, bad debts recovered;
  • Explain how to provision for doubtful debts and provision for discount;
  • Demonstrate the preparation of financial statements;
    - Sole traders (Range: trading account, year-end adjustments, closing entries, income statement and balance sheet;
    - Associations not for gain (for example, clubs) - receipts and payments account, year-end adjustments, income statement and balance sheet;
  • Reconcile a bank statement;
  • Write up and reconcile debtors and creditors control accounts with debtors and creditors ledgers;
  • Make adjustments (Range: errors of principle, omission, commission and original entry, and compensating errors);
  • Prepare departmental income statements;
  • Prepare inter-departmental transfers;
  • Allocation departmental expenses;
  • Describe partnership accounts and define terms (Range: Appropriation accounts, interest on capital and drawings, salaries paid to partners, sharing of profit or loss fixed and fluctuating capital accounts and current accounts;
  • Prepare a simple cash flow statement in respect of a sole trader (Range: capital introduction, profit, drawings, loans raised and repaid, increases and decreases in working capital, purchase and disposal of assets);
  • Describe the presentation of manufacturing statements and define terms (Range: elements of costs, stock valuation, unit costs, mark-up percentage, work in progress, sales of raw materials, allocation of expenses);
  • Prepare departmental income statements;
  • Prepare inter-departmental transfers;
  • Allocation of departmental expenses;
  • Describe partnership accounts and define terms (Range: Appropriation accounts, interest on capital and drawings, salaries paid to partners, sharing of profit or loss fixed and fluctuating capital accounts, and current accounts;
  • Prepare a simple cash flow statement in respect of a sole trader (Range: capital introduction, profit, drawings, loans raised and repaid, increases and decreases in working capital, purchase and disposal of assets);
  • Describe the presentation of manufacturing statements and define terms (Range: elements of costs, stock valuation, unit costs, mark-up percentage, work in progress, sales of raw materials, allocation of expenses);

    4. Business Communications
    Ability to:
  • Give a broad definition of communication with special reference to the interpersonal communication process in the business environment;
  • Distinguish between verbal and non-verbal communication;
  • Describe the interpersonal communication process and a basic interpersonal communications model, including reference to the message, code, feedback and interference;
  • Describe mass communication as a process, with reference only to the way in which it differs from the interpersonal communications process;
  • Outline of development and functions, advantages and disadvantages of mass media;
  • Describe the different types of non-verbal communication;
  • Describe organisational communication, the grapevine, internal communications media, external communications media;
  • Identify communication barriers (Range: Physical, Physiological, Psychological, Semantic);
  • Define verbal communications (Range: register, style, tone);
  • Analyse using practical communication situations;
  • Deal with business correspondence. Range:
    - Concise formats (telephone messages, telegrams, telexes, formal invitations and accepting / declining these, bulletin board notices, and so on)
    - Memorandum (inter-office and inter-departmental)
    - Letters of enquiry and replies to these
    - Letters of complaint and adjustment.
    - Letters of invitation to VIPs.
    - Sales promotion / marketing through circulars.
    - Application with / without curriculum vitae.
    - Letters of appointment / resignation.
    - Testimonials / references.
    - Letters to the press.
    - Letters of goodwill / introduction.
  • Prepare and advertisement. Range:
    - The AIDA formula.
    - Factual, emotive and persuasive advertising.
    - Advertising ethics and the Advertising Standards Authority.
    - Classified ('smalls')
    - Display advertisements (including those featuring employment opportunity)
    - Mail drops (leaflets, brochures, circulars).
    - Press releases.
  • Prepare and chair meetings. Range:
    - Notice, agenda and minutes of organisations not for gain.
    - Annual general meeting.
    - Special / extraordinary general meetings.
    - Executive / committee meetings.
    - Knowledge of basic meeting procedure applicable to the appointment, rules of debate - proposals and amendments, seconding, motions, replies, point of order, voting, adjournment / closing, and so on, excluding proxies - and relevant terminology.
    - Holding of mock meetings.
  • Prepare written reports. (Range: Formal and semi-formal (memorandum or letter form) reports, Summary (investigation), progress, attendance and annual reports, Graphic representations, Questionnaires, Objective scientific writing).
  • Answer a telephone.
  • Conduct an interviewing.
  • Conduct a public performance. (Range: introduction, announcements, welcoming speeches, proposing toasts, presentation of reports, formal speeches.

    5. Management 1
    Ability to:
  • Explain the role of the business organisation and management in satisfying people's needs;
  • Describe what the management process entails and how it enables organisations to achieve their goals;
  • Describe the different levels and kinds of managers in an organisation;
  • Explain the skills required of management and how the skills are acquired;
  • Describe the scope of management and its challenges;
  • Describe the concepts of systems theory;
  • Describe the composition and characteristics of the management environment;
  • Describe the internal and micro-environment including the different levels of management in the enterprise; the managerial skills required at the various levels;
  • Explain the market or task environment; and macro-environment;
  • Understand the interface between the enterprise and the environment including change, competition and crisis;
  • Explain ways in which management reacts to the environment;
  • Understand the importance of planning;
  • Explain the development of organisational goals as s step in the planning process;
  • Understand the impact of planning premises;
  • Describe the nature and specifications of organisational goals;
  • Explain the process of goal setting; the management of multiple goals and the techniques for goal setting for the individual organisation with special emphasis on the process, benefits and weaknesses of MBO.
  • Understand the importance of planning;
  • Identify and discuss the different kinds of organisational plans and explain the time frame for planning;
  • Explain the steps in the planning process;
  • Identify barriers to effective planning and know how to overcome these barriers;
  • Identify and discuss important planning tools;
  • Discuss the concept of strategic planning;
  • Describe the strategic planning process;
  • Explain the levels of strategy;
  • Explain each component of the strategic planning process and discuss behavioural considerations affecting strategic choice;
  • Define an information system and identify the components of an information system
  • Describe a classification of information systems
  • Describe the steps in developing an information system
  • Understand the term 'organising" in the management sense and describe how organising fits in with other functions in the management process;
  • Describe the designing of the structure of an organisation and describe the use and limitations of the various kinds of structures;
  • Understand how authority ties into management;
  • Distinguish between various types of power
  • Do an analysis of delegating and understand the link between authority, centralisation and decentralisation;
  • Explain the importance of co-ordination;
  • Highlight the aspects of job design;
  • Define the major types of managerial decisions and explain conditions under which managers make decisions;
  • Describe the rational model of decision-making;
  • Discuss the techniques for improving group decision-making;
  • Explain quantitative tools for decision-making;
  • Discuss the importance of leadership as a fundamental management function and explain the nature and components of leadership;
  • Participate in the leadership versus management debate
  • Examine different leadership models in an effort to throw light on the essence of leadership;
  • Discuss the contemporary perspectives on leadership;
  • Review the interfaces between leadership and organisational politics
  • Explain what motivation encompasses and explain the different motivational theories;
  • Explain the role of money as a motivator;
  • Describe how to create jobs that motivate;
  • Describe the difference between groups and teams and the reasons why people form teams;
  • Describe the different types of groups found in an organization;
  • Describe the stages in group development and appropriate leadership styles;
  • Explain the emergence of group characteristics and describe intergroup dynamics;
  • Discuss how to develop groups and teams;
  • Understand the importance of control as the final component of the management process and explain the focal points of control;
  • Illustrate the relationship between control and planning and hence the cycle of the management process;
  • Understand the difference between planned and reactive change;
  • Describe the forces for change and the types of change;
  • Explain the change process;
  • Understand resistance to change and to overcome it;
  • Describe the methods to introduce change;
  • Understand the relationship between culture and change.

    6. Internal Auditing I
    Ability to:
  • Demonstrate the ability to apply techniques of internal auditing;
  • Apply the audit approach and exercise internal control over various business cycles, within a business undertaking;
  • Explain how to report to and maintain a good relationship with external auditors and the Board of Directors.

    7. Principles of Law
    Ability to:
  • Define the concept of law;
  • Relate the purposes and functions of law;
  • Describe real rights and personal rights;
  • Define the concept of legal personality;
  • Explain the various forms of business enterprise
  • Identify the sources of SA law;
  • Differentiate between the various SA courts and the jurisdiction of these courts;
  • Describe the doctrine of precedence;
  • Explain legal procedures and practitioners;
  • Describe the divisions of law in SA
  • Identify the basic legal principles that feature in all contracts;
  • Explain how and when a contract is created and the rules that apply to all contracts;
  • Demonstrate the difference between void and voidable contracts;
  • Describe the conditions that may attach to a contract;
  • Describe contracts in restraint of trade;
  • Define the meaning of contracts for the benefit of third parties;
  • Define cession, delegation and assignment;
  • Explain how a contract can be breached and the remedies for breach of contract;
  • Describe the ways in which a contract may be terminated; and
  • Describe the rules relating to misrepresentation in delict. 

    Critical Cross-field Assessment:

    1.1 Problems are solved by means of exploring and critically evaluating abstract and personal situations.
    1.2 Problems are solved by generating alternative strategies for dealing with those problems.

    2. Collaborative work as part of a team, group, organisation or community is effective.

    3. Organisation and management of self and activities is responsible and effective.

    4.1 Information is collected, analysed, organised and critically evaluated.
    4.2 Recognition of the problems solving context as part of a larger context is demonstrated.

    5.1 Understanding of the world as a set of related systems is demonstrated.
    5.2 Strategies to manage effectively are explored and reflected on.

    6. Education and career opportunities are explored.

    7. Entrepreneurial opportunities are developed.

    8. -

    9.1 The environment is seen on a macro basis.
    9.2 Current environment is enhanced.

    10. Communication using visual, mathematical and language skills in the modes of oral and / or written persuasion is effective.

    11. Understanding of the economic world as a dynamic, interactive world that does not exist in isolation is demonstrated.

    12. Decision making is responsible and effective.

    13. Creative thinking patterns are stimulated and developed.

    14. Information from the media and other sources is interpreted.

    15.1 Current trends and developments are monitored.
    15.2 Appropriate responses to current trends and developments are made.

    16. Technology is used effectively and responsibly.

    17. Research is conducted independently.

    Specific Assessment Criteria:

    1. Cost and Management Accounting I:
  • Explain the general principles and terminology behind process costing.
  • Identify various elements of cost and analyse the cost volume profit distribution.
  • Explain the various cost accounting systems and apply this understanding to an analysis for choosing the most appropriate system.
  • Define the relationship between cost and financial accounting.
  • Demonstrate an understanding of cost control.

    2. Economics
  • Explain the theory of demand, cost and supply.
  • Measure total economic activities.
  • Explain the critical factors and themes, which influence:
    - International trade and finance.
    - Monetary policy.
    - Public finance.
    - Labour economics.
  • Describe the growth and development of the South African economy.

    3. Financial Accounting I
  • Explain and demonstrate the ability to use the double entry system.
  • Record financial transactions in the books of original entry.
  • Post totals in books of original entry to the general ledger and extract a trial balance while demonstrating the ability to apply concepts such as matching, accrual, prudence, consisting and on-going concern concepts.
  • Reconcile bank statements with cash records.
  • Record transactions while posting correctly to control accounts.
  • Interpret accounts.

    4. Business Communications
  • Identify the major theoretical aspects of communication.
  • Demonstrate an ability to communicate effectively via the media and the medium of advertising.
  • Identify barriers to effective communication and demonstrate strategies to overcome such barriers.
  • Prepare and present written information.
  • Deliver oral presentations.

    5. Management I
  • Differentiate the major differences between profit and non-profit making undertakings.
  • Provide an overview of the basic principles of management including planning, organising leading and controlling and their associated application in the workplace.
  • Describe the objectives of co-ordination and apply these.
  • Identify and apply in work-related examples communication in organisations.
  • Identify and apply in work-related examples communication in organisations.
  • Provide a framework for organisation change and methods to manage change.
  • Demonstrate an understanding of the strategic planning process.
  • Identify the importance of management information systems, and demonstrate an understanding of the development of MIS in an organisation.

    6. Internal Auditing I
  • To apply techniques of internal auditing to exercise internal control over the various business cycles in the organisation.
  • Report and maintain relationships with various stakeholders.

    7. Principles of Law
  • Explain and apply the most important aspects of:
    - Contracts
    - Sale agreements
    - Law of agency
    - Partnership agreements
    - Companies, and
    - Leases
    And apply them to working examples.

    Integrated Assessment:

    1. Continuous assessment, in the form of self-assessment, is carried out by the learner. This is done using activities and self-evaluation exercises. Continuous assessment is also carried out by the facilitators in the form of assignments that the learner must submit upon completion of each module of the learning programme.

    2. Formative and summative assessment are integrated in a final portfolio assessment, case studies, reports, tests and practical tasks. The learner builds up a portfolio of activities, assignments and projects, which are assessed in order to determine whether the learner has achieved the exit level outcomes of the qualification. 

    Not applicable. 

    1. Articulation possibilities exist with:
  • Intec Diploma in Financial Accounting;
  • Intec Higher Diploma in Financial Account and;

    2. Other Intec Higher Certificates in Commerce and Management:
  • Intec Higher Certificate in Cost and Management Accounting;
  • Intec Diploma in Cost and Management Accounting; and
  • Intec Higher Diploma in Cost and Management Accounting.

    3. The qualifications toward which the graduate may proceed are other managerial qualifications that are not specific to this particular context.
    Diversification into other specialised areas such as:
  • Human Resources Management
  • Labour Relations
  • Human Resources Development
  • Marketing Management
  • Public Relations
  • General Management. 

    A system of second examiners within the institution will be used, together with a system of external examination at exit levels to the qualification. Where professional or statutory bodies are involved in determining the curriculum, they will also be involved in moderation. 

    Our own staff will be used as assessors in a manner accommodated within the quality management system of the institution. This would apply to outside assessors also as they will have to comply with all quality assurance procedures of the institution. 

    As per the SAQA Board decision/s at that time, this qualification was Reregistered in 2006; 2009; 2012; 2015. 



    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. Damelin Correspondence College 
    2. Intec College 

    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.