# How to study Grade 12 Accounting (CAPS): papers, topics and a revision plan

> Grade 12 Accounting is examined in two 2-hour papers of 150 marks each: Paper 1 is Financial Reporting and Evaluation (mainly companies) and Paper 2 is Managerial Accounting, Internal Auditing and Control.

- Page: https://www.hlayiso.com/guides/grade-12-accounting
- Updated: 2026-10-28
- Subject: Accounting
- Grade: Grade 12
- Curriculum: CAPS (National Senior Certificate)
- Published: 2026-10-28
- Publisher: Hlayiso

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## How is the Grade 12 Accounting exam set out?

You write two papers of 2 hours and 150 marks each, with 3 to 5 compulsory questions answered in a special answer book.

| Paper | What it covers | Marks | Time | 2026 NSC date |
| --- | --- | --- | --- | --- |
| Paper 1 | Financial Reporting and Evaluation: company financial statements, cash flow, analysis and interpretation, corporate governance | 150 | 2 hours | Thursday 22 October 2026, 09:00 |
| Paper 2 | Managerial Accounting, Internal Auditing and Control: reconciliations, inventories, VAT, cost accounting, budgets, internal control | 150 | 2 hours | Wednesday 28 October 2026, 14:00 |

- Questions are pitched 30% lower order, 40% middle order and 30% higher order, and 10% to 15% of a paper can be problem solving in unfamiliar contexts.
- Up to 20% of a paper can test content from Grades 10 and 11 that affects Grade 12 work.
- A formula sheet for financial indicators is provided, but you choose which indicator to use and explain it yourself.

Full 2026 timetable: [2026 matric exam timetable](https://www.hlayiso.com/matric-exam-timetable-2026)

## What does each Accounting paper cover?

The guidelines set no fixed marks per topic or question: Paper 1 tests reporting to outside stakeholders and Paper 2 tests internal processes.

| Paper | Topic |
| --- | --- |
| Paper 1 | Company concepts, ledger accounts and the accounting equation |
| Paper 1 | Income statement, balance sheet and notes, and cash flow statement of companies |
| Paper 1 | Analysis and interpretation of financial statements and audit reports |
| Paper 1 | Fixed asset and inventory valuation for reporting |
| Paper 1 | Corporate governance, ethics and the role of independent auditors |
| Paper 2 | Bank, debtors and creditors reconciliations, and age analysis |
| Paper 2 | Value-added tax |
| Paper 2 | Manufacturing: production cost statement, unit costs and break-even point |
| Paper 2 | Cash budgets and projected income statements |
| Paper 2 | Internal control and audit, fixed assets, and inventory systems and valuation |

- Corporate governance is examined in Paper 1, internal control in Paper 2, and ethics in both.
- Inventory valuation uses FIFO, weighted average and specific identification.
- Close corporations are not examinable.

## How do I revise each Accounting topic on Hlayiso?

Revise each topic by learning its format from the notes, then answering past exam questions in that format until the layout is automatic.

As of October 2026, Hlayiso has 740 Grade 12 Accounting past papers and memos (238 of them memos), 416 past exam questions sorted by topic and 36 note sections, all free to read.

- [Grade 12 Accounting notes](https://www.hlayiso.com/grade-12/accounting/notes)
- [Grade 12 Accounting questions by topic](https://www.hlayiso.com/grade-12/accounting/questions-by-topic)
- [Grade 12 Accounting past papers and memos](https://www.hlayiso.com/grade-12/accounting/past-papers)

| Topic | How to revise | Notes | Questions by topic |
| --- | --- | --- | --- |
| Companies | Practise the balance sheet, notes and cash flow statement until you can lay them out without a template. | [Notes](https://www.hlayiso.com/grade-12/accounting/notes/companies) | [190 questions](https://www.hlayiso.com/grade-12/accounting/questions-by-topic/companies) |
| Fixed assets | Work out depreciation for part-years when assets are bought or sold. | [Notes](https://www.hlayiso.com/grade-12/accounting/notes/fixed-assets) | [15 questions](https://www.hlayiso.com/grade-12/accounting/questions-by-topic/fixed-assets) |
| Inventories | Calculate closing stock with all three valuation methods, then the stockholding period. | [Notes](https://www.hlayiso.com/grade-12/accounting/notes/inventories) | [48 questions](https://www.hlayiso.com/grade-12/accounting/questions-by-topic/inventories) |
| Reconciliations | Revise the Grade 11 bank and creditors reconciliations, showing increases and decreases. | [Notes](https://www.hlayiso.com/grade-12/accounting/notes/reconciliations) | [50 questions](https://www.hlayiso.com/grade-12/accounting/questions-by-topic/reconciliations) |
| Value-added tax | Practise input and output VAT and the amount payable to or receivable from SARS. | [Notes](https://www.hlayiso.com/grade-12/accounting/notes/value-added-tax-vat) | [14 questions](https://www.hlayiso.com/grade-12/accounting/questions-by-topic/value-added-tax-vat) |
| Manufacturing | Build the production cost statement with opening and closing work-in-progress, then the break-even point. | [Notes](https://www.hlayiso.com/grade-12/accounting/notes/manufacturing) | [53 questions](https://www.hlayiso.com/grade-12/accounting/questions-by-topic/manufacturing) |
| Budgets | Complete debtors collection schedules and cash budgets, and comment on budget variances. | [Notes](https://www.hlayiso.com/grade-12/accounting/notes/budgets) | [46 questions](https://www.hlayiso.com/grade-12/accounting/questions-by-topic/budgets) |

## What is a good six-week Accounting revision plan?

Spend the first four weeks on formats and calculations, topic by topic, and the last two on interpretation questions and full papers.

| Week | Focus |
| --- | --- |
| Week 1 | Write a recent Paper 1 and Paper 2 in 2 hours each, mark them with the memo and list the topics that cost you most. |
| Week 2 | Company financial statements: year-end adjustments, balance sheet and notes. |
| Week 3 | Cash flow statement, financial indicators and interpretation, audit reports and corporate governance. |
| Week 4 | Reconciliations, inventories, VAT and fixed assets. |
| Week 5 | Manufacturing and budgets, with one interpretation question every day. |
| Week 6 | Full timed papers, starting with November 2025. Redo each question you lost marks on, showing every working. |

## What should I do the night before each Accounting paper?

The night before an Accounting paper, go over formats and indicator formulas, not new questions.

- Check the paper, date and start time: in 2026, Paper 1 starts at 09:00 and Paper 2 at 14:00.
- Pack your calculator, pens, pencil and ruler.
- Write out the format of the main statement for that paper (balance sheet or cash flow for Paper 1; production cost statement or cash budget for Paper 2).
- Read the financial indicators on the formula sheet and say what each one tells a reader.
- Re-read three memo comments that earned full marks, to see how interpretation answers are phrased.
- Go to bed at your usual time.

## What mistakes do Accounting examiners report?

Examiners reported that performance in November 2025 fell mainly because of Paper 1 questions that required analysis, interpretation and judgement.

- Choosing a correct financial indicator but not linking it to what was asked, such as the pricing policy or the credit policy. Instead: Quote the indicator with figures and say how it answers the question.
- Answering about one company when the question names two. Instead: Underline every company or year the question mentions and cover each one.
- Answering from memory of past papers instead of reading the information given. Instead: Read the question and the information before you start calculating.
- Cash flow statement errors: wrong signs for changes in receivables and payables, and not excluding SARS and shareholders for dividends. Instead: Write each working with a label and check whether it is an inflow or an outflow.
- Year-end adjustments with the wrong number of months, or adjusting an amount that was already correct. Instead: Count the months on a timeline for every adjustment.
- Comparing break-even point with break-even point, instead of with the level of production. Instead: Compare production with the break-even point and say whether there is a profit or a loss.
- Confusing insolvency with bankruptcy. Instead: Insolvency means a business cannot pay its debts when they are due.

## Sources

- [DBE Accounting Examination Guidelines, Grade 12 (2021)](https://www.hlayiso.com/library/accounting-gr-12-exam-guidelines-2021-eng/cc53569b-a119-477b-b7f6-2a2f4cd93c4d)
- [DBE 2025 NSC Diagnostic Report, Part 1 (November 2025 papers)](https://www.education.gov.za/Portals/0/Documents/Reports/Diagnostic%20Reports%202026/2025%20Diagnostic%20Report%20-%20Book%201.pdf)
- [DBE October/November 2026 NSC examinations timetable](https://www.education.gov.za/Portals/0/Documents/Publications/2026/2026%20Nov%20NSC%20Timetable.pdf)

## Frequently asked questions

### When are the 2026 Grade 12 Accounting papers written?

The DBE timetable sets Accounting Paper 1 for Thursday 22 October 2026 at 09:00 and Paper 2 for Wednesday 28 October 2026 at 14:00. Each paper lasts 2 hours.

### How many marks is each Grade 12 Accounting paper?

Each paper is worth 150 marks and lasts 2 hours, so the final exam is 300 marks in total.

### What is the difference between Accounting Paper 1 and Paper 2?

Paper 1 covers financial reporting and evaluation, mostly for companies, including corporate governance. Paper 2 covers reconciliations, inventories, VAT, cost accounting, budgets and internal control.

### What was the Grade 12 Accounting pass rate in 2025?

Of the 100 485 candidates who wrote Accounting in November 2025, 77.9% achieved 30% or more and 54.3% achieved 40% or more, down from 81.2% and 56.9% in 2024 (DBE 2025 Diagnostic Report).

### Are close corporations examined in Grade 12 Accounting?

No. The 2021 Examination Guidelines list close corporations as not examinable.

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