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CAS1501 EXAM PORTFOLIO 2024
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- University Of South Africa
CAS1501 EXAM PORTFOLIO 2024
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CAS1501ACCOUNTING SCIENCES
NOTES, QUESTIONS AND ANSWERS
FOR FURTHER CLARIFICATION PLEASE
KEVINLUGWIRI98@GMAIL.COM
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1. CAS1501-24-S2-16T
2. Welcome message
3. Assessment 3 - 854162
Assignment
Assessment 3 - 854162
Completion requirements
Opened: Tuesday, 3 September 2024, 3:00 PM
Due: Tuesday, 17 September 2024, 3:00 PM
854162
Assessment 3 - 854162
Contribution to SEMESTER mark: 20%
C1 From the CASE STUDY, describe the MAIN FINDING of Judge Baloyi.
C1: Judge Baloyi held Mr. John Smith, the former CEO of Pacific Petrol Power Limited
(PPP), solely responsible for financial losses amounting to R2.146 million. The ruling
cited Mr. Smith's breach of fiduciary and statutory duties under the Companies Act. The
judge highlighted that directors are required to actively oversee and manage company
affairs. Despite his considerable experience in accounting, Mr. Smith neglected to act on
several warning signs concerning the company's worsening financial state.
C2 From the CASE STUDY, describe the MAIN reason why Mr Smith was found
guilty.
C2: Mr. Smith was held accountable mainly for his failure to address numerous red
flags outlined in an internal audit report, despite his obligation to oversee and respond
to the company’s declining financial situation. The judge ruled that his neglect in
handling these concerns resulted in substantial financial losses, making him liable for
compensation.
C3 Provide the number and full name of the ONE STUDY UNIT out of the three
covered for this assessment MOST CLOSELY ASSOCIATED with your answer in
Question C2.
C3: Study unit 2: perspectives on accountancy professions and their role in society
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The CASE STUDY states that the High Court ruling ‘sent a strong message to
those who are not good stewards of the businesses in their care’.
From Study unit 2.2.3.1, name ONE party that could be associated with the term
‘steward
C4: Management
Use Study unit 2.2.3.1 to motivate your answer in Question C4 in your own words.
C5: As stewards,they are tasked with making decisions and taking actions that
safeguard the company's interests and those of its stakeholders. Their responsibility
includes supervising and managing the company's activities, ensuring adherence to
both legal and ethical guidelines. The research highlights that...
management’s role includes the responsibility to act in the best interest of the owners
and shareholders, which aligns with the concept of stewardship. Therefore,
management plays a critical role in the success and integrity of the business, making
them the party most closely associated with the term "steward.
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STUDY UNIT 2: PERSPECTIVES ON ACCOUNTANCY PROFESSIONS AND
THEIR ROLE IN SOCIETY
LESSON
2.1 Overview
Welcome to Study Unit 2 - Perspectives on ACCOUNTANCY PROFESSIONS and
their role in society.
2.1.2 Learning outcomes and assessment criteria
Learning outcomes for Study unit 2:
This study unit guides a student’s ability to:
Demonstrate a foundational understanding of the application of perspectives on
accountancy professions and BUSINESS ethics, taking into account:
the SOCIAL IMPACT of accountancy professionals and their professional citizenship
role
the role players involved in the agency theory triangle and their respective roles in
the governance of a business and in society.
the seven distinguishing characteristics of a professional that form the
steppingstones to becoming a professional
the eight ACCOUNTANCY PROFESSIONS and their unique professional roles and
designations
the meaning of perspectives on BUSINESS ethics, including capitalism and
socialism, the stakeholder and shareholder theory and the ethical treatment of
employees
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