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: 

Demonstrate a knowledge and understanding of the basic principles of budgeting and financial management applicable to a local economic development project 
SAQA US ID UNIT STANDARD TITLE
110493  Demonstrate a knowledge and understanding of the basic principles of budgeting and financial management applicable to a local economic development project 
ORIGINATOR
SGB Economics 
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 4  NQF Level 04 
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 intended for people who are, or seek to be, employed in the local economic development sector. It introduces the learner to basic concepts applicable to budgeting and financial management. It also provides an understanding of these concepts in action by applying them in the local economic development context.People credited with this Unit Standard are able to:
  • Identify and explain the functions of accounting in the local economic development context
  • Explain the concept of double entry bookkeeping as it applies to budgeting and financial management
  • Identify and explain the framework for budget accounting
  • Identify and explain the framework for financial management 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that the learner is competent in:
  • Communication at NQF Level 4
  • Mathematical Literacy at NQF Level 4
  • Accounting at NQF Level 4. 

  • UNIT STANDARD RANGE 
  • Concepts of control include: buying only what is affordable; paying for products or services only once; cost recovery)
  • Double-entry bookkeeping includes: income/funding/money in versus expenditure/money out/payment for products or services
  • Key financial indicators include: statistics; ratios; management accounts; variance reports; bank statements; balance sheets; income statements; cash flow statements 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Identify and explain the functions of accounting in the local economic development context. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The information function of accounting is illustrated by referring to financial information typically recorded and reported on in the local economic development environment 

    ASSESSMENT CRITERION 2 
    2. The control function is explained by referring to examples of financial transactions in own work context 

    ASSESSMENT CRITERION 3 
    3. The contribution of financial accounting to decision-making is discussed by referring to examples of local economic development related decisions in own work context 

    SPECIFIC OUTCOME 2 
    Explain the concept of double entry bookkeeping as it applies to budgeting and financial management. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The principles of double-entry bookkeeping are listed and explained with reference to the balances sought in budgeting and/or financial management 

    ASSESSMENT CRITERION 2 
    2. The concept of `debits` is explained in terms of money spent or owing by the financial entity 

    ASSESSMENT CRITERION 3 
    3. The concept of `credits` is explained in terms of monies paid or owed to the financial entity 

    SPECIFIC OUTCOME 3 
    Identify and explain the framework for budget accounting. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. A range of budget entities is listed and each is described with reference to the local economic development environment 

    ASSESSMENT CRITERION 2 
    2. A variety of budget periods is listed and explained in terms of the budget entities 

    ASSESSMENT CRITERION 3 
    3. Key budget elements are explained with reference to a specified budget 

    SPECIFIC OUTCOME 4 
    Identify and explain the framework for financial management. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. A range of reporting periods is listed and explained with reference to selected financial entities in the local economic development environment 

    ASSESSMENT CRITERION 2 
    2. A variety of reporting formats is listed and explained with reference to selected financial entities in the local economic development environment 

    ASSESSMENT CRITERION 3 
    3. The use of key financial indicators is discussed by referring to examples from own work context 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    1. Anyone assessing a learner against this Unit Standard must be registered as an assessor with the relevant ETQA, or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
    2. Any institution offering learning that will enable achievement of this Unit Standard or will assess this Unit Standard must be accredited as a provider with the relevant ETQ, or with an ETQA that has a Memorandum of Understanding with the relevant ETQA .
    3. Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines in the relevant qualification and the agreed ETQA procedures or with an ETQA that has a Memorandum of Understanding with the relevant ETQA .
    4. Therefore, anyone wishing to be assessed against this Unit Standard may apply to be assessed by any assessment agency, assessor or provider institution that is accredited by the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • Basic accounting principles and practices
  • Budgeting and financial management vocabulary and concepts
  • Institutional arrangements for local economic development (e.g. section 21 company; municipal LED unit; community development trust; partnerships) 

  • UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made by, e.g.
  • discussing the contribution of financial accounting to decision making according to assessment criterion:
    The contribution of financial accounting to decision-making is discussed by referring to examples of local economic development related decisions in own work context 

  • UNIT STANDARD CCFO COLLECTING 
    Collect, analyse, organize and critically evaluate information by, e.g.
  • listing and explaining a range of reporting periods and reporting formats according to assessment criteria:
    A range of budget entities is listed and each is describred with reference to the local economic development environment
    A variety of budget periods is listed and explained in terms of the budget entities
  • discussing the use of key indicators according to assessment criteria:
    The use of key financial indicators is discussed by referring to examples from own work context 

  • UNIT STANDARD CCFO COMMUNICATING 
    Communicate or written presentation by, e.g.
  • listing and explaining a variety of reporting formats according to assessment criterion:
    A variety of reporting formats is listed and explained with reference to selected financial entities in the local economic development environment 

  • UNIT STANDARD CCFO SCIENCE 
    Use science and technology effectively and critically, showing responsibility towards the environment and health of others by, eg.
  • discussing the use of key indicators according to assessment criteria:
    The use of key financial indicators is discussed by referring to examples from own work context 

  • 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  36436   National Certificate: Local Economic Development  Level 4  Level TBA: Pre-2009 was L4  Reregistered  2023-06-30  LG SETA 
    Elective  48884   Further Education and Training Certificate (FETC): Community Facilitation in Society and Environment Interactions  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30   


    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. AFRIC POLICING INSTITUTE 
    2. Avenida (Pty) Ltd 
    3. Bavelile Consultants and Training 
    4. Brilliant Affairs 
    5. Bull's Business and Skills Training Institute 
    6. Business Circle Consultation 
    7. Cradle Stars Trading Enterprise 
    8. Development Bank of Southern Africa (DBSA) 
    9. Dru-A Professional Training Consultancy 
    10. Ethembeni Multi Service Enterprise (Pty) Ltd 
    11. Hadima Training Academy 
    12. Hlombe and Associates 
    13. IGKM Management Services (Pty) Ltd 
    14. Inafrica General Trading Pty LTD 
    15. Jabukile Consultancy 
    16. Josmap Training Institute 
    17. LETZAA Group 
    18. Londimvelo Consultants 
    19. Magumzane Traiding cc 
    20. Mahayi HRD Services cc 
    21. Makaota Training Consultants 
    22. Mamuhle Academy 
    23. Management College of Southern Africa (MANCOSA) 
    24. Matsila Holdings 
    25. MML Consulting CC. 
    26. Mortarboard Training Solutions 
    27. MUHANGWENE DEVELOPMENT ENTERPRISE 
    28. Myeza Trading Enterprise 
    29. Networx for Career Development 
    30. Nomagwanishe Investments cc 
    31. Pebetse Training and Consulting 
    32. Pioneer Business Consulting 
    33. PMA Holdings (PTY ) LTD. 
    34. Princetop Corporative Training (Pty) Ltd 
    35. PTDEV (Pty) Ltd 
    36. Pulakgadi Training Consulting CC 
    37. Regent Business School (Pty) Ltd t/a Regent Business School 
    38. Resonance Institue of Learning 
    39. Salt Lake Residence Action Group (SARAG) 
    40. Sebenzisanane Human Capital 
    41. Silalele Consulting CC. 
    42. SIZA NESU TRAINING AND DEVELOPMENT 
    43. South African ABET Development Agency SAADA 
    44. South African Corporate Training Association 
    45. South African Governance and Business College 
    46. South West Gauteng College - Molapo Campus 
    47. T Mabuya & Associates CC 
    48. Tachfin Holdings 
    49. Talent Centre Training 
    50. Talent Emporium Academy (PTY) Ltd 
    51. Tasc Business Consulting and Training 
    52. Thinking Mind Trading 
    53. Thuto-Boswa Education and Training Solution 
    54. Tloumogale Business Development & Consulting 
    55. Transafric Consulting Pty Ltd 
    56. Tshwane Training Institute (PTY) LTD. 
    57. Umfolozi FET College 
    58. UNIVERSITY OF BUSINESS EXCELLENCE(PTY)LTD 
    59. Vicmat Consultants 
    60. WEINVEST INVESTMENT CC 
    61. Zerben Management Solutions 



    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.