Accounting

ACCOUNTING Dear Grade 12 Accounting learner • Inventory systems Congratulations on choosing Accounting as a subject and reaching ÀÀ Concepts, ethical conduct and internal control your final year. You have no doubt realised how important this ÀÀ Periodic inventory system - journals and ledger subject is for your career and future job opportunities. You will by ÀÀ Inventory valuation methods: Specific identification, FIFO, now have a vision for yourself in terms of future studies/jobs you Weighted average would like to pursue. The skills, knowledge and values you have achieved and will achieve this year will be invaluable to you both in • Ethics and Internal control are integrated in your personal and professional life. Grade 12 is hard work but the EACH topic satisfaction and joy you will experience in passing this grade is most definitely worth it. • Professional bodies and policies; Internal audit ÀÀ SAICA; SAIPA; King Code III The Accounting Class of 2020 will be the first group to write the ÀÀ Internal audit processes new two-paper NSC examination, so you need to be sure what to prepare for each exam paper to be written on different days. Assessment requirements School-based Assessment: Subject Requirements: Throughout the year you will complete formal and informal tasks. You need the following: The formal tasks will contribute towards your 25% year-mark. ÀÀ A textbook All assessment tasks are extremely important and need to be ÀÀ General ledger, 8-column cashbook, 3-column cash book, completed to the best of your ability to ensure a good year-mark. exercise book (OR a work book with printed work sheets) ÀÀ Term 1: Written report; Controlled test 1 ÀÀ A blue or black pen, a pencil and a ruler ÀÀ Term 2: Research project; ÀÀ A non-programmable calculator ÀÀ Term 3: Case study; Trial exam (2 papers) Content Checklist NSC exam: Two papers (2 x 150 marks; 2 x 2 Please ensure that you understand the following content. The hours) relevant exam paper is indicated in brackets: You will write TWO papers on different dates. All questions are • Companies (Paper 1) compulsory. Each question covers a main topic (as listed). You will ÀÀ Concepts and ledger accounts, particularly those unique to be provided with a specially prepared answer booklet wherein all companies e.g. Income tax, Shareholders for dividends questions must be answered. All calculations, workings and final ÀÀ GAAP principles (historical cost, prudence, materiality, business answers must be done in this answer book. entity rule, matching, going concern) ÀÀ Effect of transactions on accounting equation Tips for success: ÀÀ Adjustments, final accounts and Company Financial Statements ÀÀ Accounting follows a theory, application and reflection approach. with Notes (i.e. Statement of Comprehensive Income [Income You need to understand and be able to explain concepts, carry Statement], Statement of Financial Position [Balance Sheet] and out the procedure and be able to reflect and comment on Cash Flow Statement) information and tendencies. ÀÀ Audit reports ÀÀ Complete Accounting homework daily to ensure that you ÀÀ Ratio analysis and interpretation of financial statements understand concepts and calculations taught in class. ÀÀ Ethical behaviour/conduct and corporate governance in financial ÀÀ PRACTISE ... PRACTISE ... PRACTISE. Work regularly through past environments exam papers to strengthen your exam writing skills, e.g. working against time, reading instructions with understanding, etc. [Past • VAT (Paper 2) papers will still be valid as content has not changed, but divided ÀÀ Concepts and ethical behavior in terms of VAT to accommodate two papers] ÀÀ Calculations for the amount receivable from/ payable to SARS ÀÀ Always work against time, even when you are doing daily homework. Use the time allocated in past questions to judge • Reconciliations (prepare, analyse and interpret) whether you are completing the questions in the available time. (Paper 2) Your time management in tests and exams is important to ensure ÀÀ Bank, debtors' and creditors' reconciliation that you complete the paper in time and have attempted all the ÀÀ Debtors' age analysis questions. ÀÀ Ethical issues and internal control processes ÀÀ Show calculations in brackets in tests and exams (in this way you could earn part marks). • Manufacturing (Paper 2) ÀÀ REMEMBER: You may write the full exam in dark pencil, which ÀÀ Cost concepts, calculations and internal control processes saves time as you can erase errors. NO correction fluid is allowed ÀÀ Break-even (calculate, comment, compare) in the exam and marks may be deducted for untidy work Cr ÀÀ Prepare and analyse: illegible writing. – Production Cost Statement with notes – Trading, Profit and Loss statements (abridged version) • Budgeting (Paper 2) ÀÀ Concepts, ethical behavior, internal control processes ÀÀ Debtors' collection and Creditors' payment schedules ÀÀ Analyse and interpret: Cash budgets, Projected income statement Gr 12 Accounting: • Fixed assets (Paper 1 AND Paper 2) Revision resources ÀÀ Both papers: Depreciation, asset acquisition and disposal at (Poster) beginning, during and end of year ÀÀ Paper 1: Valuation for reporting, e.g. Fixed Assets Note https://wcedeportal.co.za/ ÀÀ Paper 2: Recording & internal control of fixed assets, Asset eresource/109466 disposal account / Fixed Asset register. 22