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This content may not be sold

This content may not be sold or used for commercial purposes.or used for commercial purposes.

Curriculum and Assessment Policy Statement (CAPS) Mind the Gap Grade 12 Study Curriculum and Assessment Policy Statement (CAPS) Mind the Gap Grade 12 Study Guide Accounting

Guide Accounting

ISBN 978-1-4315-1950--7 ISBN 978-1-4315-1950--7 This publication has a

This publication has aCreative Commons Attribution NonCommercial SharealikeCreative Commons Attribution NonCommercial Sharealike license

license. You can use, modify, upload, download, and share content, but you must. You can use, modify, upload, download, and share content, but you must acknowledge the Department of Basic Education, the authors and

acknowledge the Department of Basic Education, the authors and contributors. If youcontributors. If you make any changes to the content you must send the changes to the

make any changes to the content you must send the changes to the Department ofDepartment of Basic Education. This content may not

Basic Education. This content may not be sold or be sold or used for commercial purposes. Forused for commercial purposes. For more information about the terms of

more information about the terms of the license please see:the license please see: http://creativeco

222 Struben Street, Pretoria, South AfricaAfrica Contact person: Dr Patricia

Contact person: Dr Patricia WatsonWatson Email:

Email: [email protected]@dbe.gov.zav.za Tel: (012) 357 4502 Tel: (012) 357 4502 http://www.education.gov.za http://www.education.gov.za Call Centre: Call Centre: 08002020800202933933 Te rst edition

Te rst edition publised in 2012 Revpublised in 2012 Revised National Curriculum Statement (RNCS)ised National Curriculum Statement (RNCS)

Mind the Gap Grade 12 Study Guide Accounting: ISBN 978 0 621 40908 6 Mind the Gap Grade 12 Study Guide Accounting: ISBN 978 0 621 40908 6 Second edition published in

Second edition published in 2012014 Curriculum and 4 Curriculum and Assessment Policy StatementAssessment Policy Statement (CAPS) Mind the Gap Grade 12 Study Guide Accounting : ISBN 978-1-4315-1950--7 (CAPS) Mind the Gap Grade 12 Study Guide Accounting : ISBN 978-1-4315-1950--7

Mind the Gap team Mind the Gap team Series managing editor:

Series managing editor: Dr Patricia Watson Dr Patricia Watson

Production co-ordinator for CAPS edition:

Production co-ordinator for CAPS edition: Lisa Treffry-Goatley and Rada Lisa Treffry-Goatley and Rada PillayPillay Authors:

Authors: Anthony Ash, Kirsti Chapman, Lesiba Sydney Leso, Tracey Megom, Florence Anthony Ash, Kirsti Chapman, Lesiba Sydney Leso, Tracey Megom, Florence Nxumalo, Glynis Schreuder, Estell

Nxumalo, Glynis Schreuder, Estelle van Schie, e van Schie, Barbara WiesBarbara Wies

Expert readers:

Expert readers: Johnson Johnson Adekoya, Sali Ameen, Trevor Hall, Eugenia Maila, MelanieAdekoya, Sali Ameen, Trevor Hall, Eugenia Maila, Melanie

Marcbank, Jacqualine Ndlovu, Joe

Marcbank, Jacqualine Ndlovu, Joe RamsamyRamsamy, Tandi , Tandi SindaneSindane Study skills:

Study skills: Margarita Margarita KarnasopoulosKarnasopoulos

Editors:

Editors: Julia Grey, Herbert Opland Julia Grey, Herbert Opland

Proofreader:

Proofreader: Jenny de Wet Jenny de Wet

Designers:

Designers: Alicia Alicia Arntzen, Philisiwe Nkosi, Michele Dean, Nomalizo Arntzen, Philisiwe Nkosi, Michele Dean, Nomalizo NgwenyNgwenyaa

Illustrators:

Illustrators: Michele Dean, Kenneth Kunene, Vusi Malindi, Bié Venter Michele Dean, Kenneth Kunene, Vusi Malindi, Bié Venter

Cover illustration

Cover illustration: Alastair Findlay: Alastair Findlay

Onsite writers’workshop support:

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Ministerial

Ministerial forewor

foreword

d

The Department of Basic Education has pleasure in releasing the second The Department of Basic Education has pleasure in releasing the second edition of

edition of Mind the GapMind the Gap study guides for Grade 12 learners. These studystudy guides for Grade 12 learners. These study guides continue the

guides continue the innovative and committed attempt innovative and committed attempt by the by the DeparDepar tmenttment of Basic Education to improve the academic performance of Grade 12 of Basic Education to improve the academic performance of Grade 12 candidates in te National

candidates in te National Senior Certicate (NSC) examinSenior Certicate (NSC) examination.ation.

The study guides have been written by subject expert teams comprised The study guides have been written by subject expert teams comprised of teachers, examiners, moderators, subject advisors and subject of teachers, examiners, moderators, subject advisors and subject co-ordinators. Researc started in 2012 sows tat te Mind te Gap series ordinators. Researc started in 2012 sows tat te Mind te Gap series has, without doubt, had a positive impact in improving grades. It is my has, without doubt, had a positive impact in improving grades. It is my fervent wish that the

fervent wish that the Mind the GapMind the Gap study guides take us all closer towardsstudy guides take us all closer towards ensuring that no learner is left behind, especially as we move forward in ensuring that no learner is left behind, especially as we move forward in our celebration of 20

our celebration of 20 years of democracy.years of democracy. The second edition of

The second edition of Mind the GapMind the Gap is aligned to the 2014 Curriculum and is aligned to the 2014 Curriculum and Assessment Policy Statement (CAPS). This means that the writers have Assessment Policy Statement (CAPS). This means that the writers have considered the National Policy pertaining to the programme, promotion considered the National Policy pertaining to the programme, promotion requirements and protocol for assessment of the National Curriculum requirements and protocol for assessment of the National Curriculum Statement for Grade 12 in 2014.

Statement for Grade 12 in 2014. The

The Mind the Gap CAPSMind the Gap CAPS study guides take their brief in parstudy guides take their brief in par t from the 201t from the 20133 National Diagnostic report on learner performance and draws on the National Diagnostic report on learner performance and draws on the 201

2014 Grade 12 Examination Guidelines. 4 Grade 12 Examination Guidelines. Each Each of theof the Mind the GapMind the Gap studystudy guides

guides provides provides explanatioexplanations ns of of key key terminoloterminologygy, , simple esimple explanaxplanationstions and examples of the types of questions that learners can expect to be and examples of the types of questions that learners can expect to be as

askked ied in an en an exaxam. Mam. Ma rr kk ii nn g g mm ee mm oo rr aa nn dd a a arare e ininclclududed ed tto o asassisistst learners in building their understanding. Learners are also referred to learners in building their understanding. Learners are also referred to specic questions in past national exam papers and examination memos specic questions in past national exam papers and examination memos that are available on the Department’s website – www.education.gov.za. that are available on the Department’s website – www.education.gov.za. The CAPS edition include Accounting, Economics, Geography, Life The CAPS edition include Accounting, Economics, Geography, Life Sciences, Mathematics, Mathematical Literacy and Physical Sciences. Sciences, Mathematics, Mathematical Literacy and Physical Sciences. The series is produced in both English

The series is produced in both English and Afrikaans. There are also nineand Afrikaans. There are also nine English First

English First Additional Language study guidesAdditional Language study guides. They include . They include EFAL EFAL PaperPaper 1 (Language); EFAL Paper 3 (Writing); and a study guide for each of the 1 (Language); EFAL Paper 3 (Writing); and a study guide for each of the Grade 12 prescribed literature set works.

Grade 12 prescribed literature set works. The study

The study guides havguides have been e been designed tdesigned to o assist those assist those learners wholearners who have been underperforming due to a lack of exposure to the content have been underperforming due to a lack of exposure to the content requirements of the curriculum and aims to mind-the-gap between failing requirements of the curriculum and aims to mind-the-gap between failing and passing, by bridging the gap in learners’ understanding of commonly and passing, by bridging the gap in learners’ understanding of commonly tested concepts so candidates can pass.

tested concepts so candidates can pass.

All that is now required is for our Grade 12 learners to put in the hours All that is now required is for our Grade 12 learners to put in the hours preparing for the examinations. Learners make us proud – study hard. We preparing for the examinations. Learners make us proud – study hard. We wish each and every one of

wish each and every one of you good luck for your Grade 12 you good luck for your Grade 12 examinations.examinations.

_________________________________ _________________________________ Matsie Angelina Motshekga, MP

Matsie Angelina Motshekga, MP Minister of Basic Education Minister of Basic Education May 2014

May 2014

Matsie Angelina Motshekga, MP Matsie Angelina Motshekga, MP

Minister of Basic Education Minister of Basic Education

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Mind the Gap CAPS Grade 12

Mind the Gap CAPS Grade 12 Accounting Accounting CONTENTSCONTENTS vv

Dear Grade 12 learner

This

This Mind the GapMind the Gap study guide has been CAPS aligned and helps you to study guide has been CAPS aligned and helps you to prepare for the end-of-year Accounting Grade 12

prepare for the end-of-year Accounting Grade 12 examination.examination.

This study guide does not cover the entire curriculum, but it does focus on This study guide does not cover the entire curriculum, but it does focus on core content of each knowledge area and

core content of each knowledge area and points out where you can earnpoints out where you can earn easy marks

easy marks..

Y

You ou must must work work your your way way through through this this study study guide guide to to improvimprove e youryour understanding, identify your areas of weaknesses and correct your own understanding, identify your areas of weaknesses and correct your own mistakes.

mistakes.

We are condent tat tis

We are condent tat tis Mind the GapMind the Gap can help you to prepare well so can help you to prepare well so that you pass the end-of-year exams. To ensure a high quality pass, you that you pass the end-of-year exams. To ensure a high quality pass, you should also cover the remaining aspects of the curriculum using other should also cover the remaining aspects of the curriculum using other textbooks and your class notes.

textbooks and your class notes. Also pay special attention to the

Also pay special attention to the way the workings have been shown in theway the workings have been shown in the worked examp

worked examples. This is les. This is the best way for you to the best way for you to earn maximum marks.earn maximum marks. In order for you to be successful in Accounting

In order for you to be successful in Accounting you must:you must: •

• Ensure that you know the formats or layouts of the:Ensure that you know the formats or layouts of the: –

– IIncncomome e SSttaatteemmeenntt –

– BBaallaanncce e SShheeeett –

– CCaassh Fh Flloow Sw Sttatateemmeentnt –

– PrPrododucuctition on CoCost st StStatatememenentt –

– GeGeneneraral l LeLedgdger er acaccocoununtsts •

• Understand the concepts explained in this guide and Understand the concepts explained in this guide and know how to doknow how to do calculations.

calculations. •

• Work through as many past examination papers as you can (use theWork through as many past examination papers as you can (use the explanations and steps in this guide to assist

explanations and steps in this guide to assist you). There are someyou). There are some suggested questions from past papers at the end of each section suggested questions from past papers at the end of each section forfor extra practice. Be careful when

extra practice. Be careful when working through questions relatingworking through questions relating to Companies of past papers as there are some

to Companies of past papers as there are some aspects that areaspects that are treated differently under CAPS.

treated differently under CAPS.

Remember, your success in te nal exam will depend on ow muc extra Remember, your success in te nal exam will depend on ow muc extra time you put into preparing.

time you put into preparing.

Overview of the CAPS Accounting

Grade 12 exam

•

• There is one exam of 3 There is one exam of 3 hours for 300 marks.hours for 300 marks. •

• All questions are compulsory (no All questions are compulsory (no choice questions).choice questions). •

• There are no different sections.There are no different sections. •

• All past papers have had 6 questions.All past papers have had 6 questions. •

• Each question covers different levels so all learners should be ableEach question covers different levels so all learners should be able to gain some marks in

to gain some marks in every question.every question. •

• All questions should All questions should be attempted.be attempted. •

• Questions will include conceptual understanding, application,Questions will include conceptual understanding, application, interpretation and reective type questions.

interpretation and reective type questions. •

• Learners will be provided with a specially prepared answer book forLearners will be provided with a specially prepared answer book for their answers. This is specially designed for the Accounting exam. The their answers. This is specially designed for the Accounting exam. The answer booklet provides space for every question. All calculations, answer booklet provides space for every question. All calculations, workings and nal answers will be done in tis answer booklet. workings and nal answers will be done in tis answer booklet.

Another

name for a Balance

Sheet is a Statement of

Financial Position. An

Income Statement is

also known as a

Statement of Financial

Performance.

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Mind the Gap CAPS Grade 12 Accounting Accounting INTRODUCTIONINTRODUCTION viivii

How to use this study guide

This study guide covers

This study guide coversselected partsselected partsof the different topics of the Gradeof the different topics of the Grade 12 Accounting curriculum. The selected parts

12 Accounting curriculum. The selected parts of each topic are presentedof each topic are presented in the following way:

in the following way: •

• An explanation of terms and conceptsAn explanation of terms and concepts •

• WorkeWorked examples to d examples to explain and explain and demonstratedemonstrate •

• Activities with questions for you to Activities with questions for you to answeranswer •

• Answers for you to use to check your own workAnswers for you to use to check your own work

I I II I I I I II ll ll ll II NB

NB Pay special attentionPay special attention

I I II I I I I II ll ll ll II

hint

Hints to help you Hints to help you remember a concept remember a concept or guide you in or guide you in solving problems solving problems I I II I I I I II ll ll ll II

e.g.

Worked examplesWorked examples

Step-by-step Step-by-step instructions instructions I I II I I I I II ll ll ll II exams

exams _{Refers you to exam}_{Refers you to exam}

questions questions

Activities with Activities with questions for you questions for you to answer

to answer

•

• AAchecklist from the exam guidelineschecklist from the exam guidelines for Accounting has been for Accounting has been provided on page xiv for you to keep track of your progress. Once provided on page xiv for you to keep track of your progress. Once you ave mastered te core concepts and ave condence in your you ave mastered te core concepts and ave condence in your answers to the questions provided, tick the last column of the answers to the questions provided, tick the last column of the checklist.

checklist. •

• TheTheactivities are based on exam-type questionsactivities are based on exam-type questions. Cover the answers. Cover the answers provided and do each activity on your own

provided and do each activity on your own using the suggestedusing the suggested steps in tis guide. Ten ceck your answers. Reward yourself for steps in tis guide. Ten ceck your answers. Reward yourself for the things you get right. If

the things you get right. If you get any incorrect answers, make sureyou get any incorrect answers, make sure you understand where you

you understand where you went wrong before moving onto the nextwent wrong before moving onto the next section. Pay special attention to

section. Pay special attention to the way the workings have beenthe way the workings have been shown in the worked examples. This is the best way for you to earn shown in the worked examples. This is the best way for you to earn maximum

maximum marks. marks. Where Where you you see see this this tick tick you you will will be be awarded awarded aa mark even if your answer is

mark even if your answer is incorrect, provided you have followed theincorrect, provided you have followed the correct procedure (e.g. adding, subtracting or

correct procedure (e.g. adding, subtracting or transfertransferring gures).ring gures). •

• Exemplar Exam papersExemplar Exam papers are also included in the study guide for you are also included in the study guide for you to do. Check your answers by looking back

to do. Check your answers by looking back at your notes and theat your notes and the exam memoranda. Past exam papers go a l

exam memoranda. Past exam papers go a long way in preparing youong way in preparing you for what to expect and

for what to expect and help reduce exam anxiety.help reduce exam anxiety. Go to

Go towww.education.gov.zawww.education.gov.za to download more past exam papers. to download more past exam papers.

Look out for

these icons in the

study guide.

Use

this study guide as

a workbook. Make notes,

draw pictures and

highlight important

concepts.

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viii

viii _INTRODUCTION_INTRODUCTION Mind the Gap CAPS Grade 12Mind the Gap CAPS Grade 12 Accounting Accounting

Top 10 study tips

1.

Have all your materials ready before you begin Have all your materials ready before you begin studying –studying – pencils, pens, highlighters,

pencils, pens, highlighters, paperpaper, etc., etc.

2.

Be positive. Make sure your brain holds onto the informationBe positive. Make sure your brain holds onto the information you are learning by reminding yourself how important

you are learning by reminding yourself how important it is toit is to remember the work and get the marks.

remember the work and get the marks.

3.

TTake a walk outside. A change ake a walk outside. A change of scenery will stimulate yourof scenery will stimulate your learning. You’ll be surprised at how much more you take in af learning. You’ll be surprised at how much more you take in af terter being outside in the fresh air.

being outside in the fresh air.

4.

Break up your learning sections into manageable parBreak up your learning sections into manageable par ts. Trying tots. Trying to learn too much at one time will only result in a tired, unfocused learn too much at one time will only result in a tired, unfocused and anxious brain.

and anxious brain.

5.

Keep your study sessions short Keep your study sessions short but effective and reward yourselfbut effective and reward yourself with short, constructive breaks.

with short, constructive breaks.

6.

TTeach your concepts to each your concepts to anyone who will listen. It anyone who will listen. It might feelmight feel strange at rst, but it

strange at rst, but it is denitely wort reading your revisionis denitely wort reading your revision notes aloud.

notes aloud.

7

7 .

.

Y Your brain learns well with colours and pour brain learns well with colours and pictures. Tictures. Try to use themry to use them whenever you can.

whenever you can.

8.

Be condent wit te learning areas you know well and focusBe condent wit te learning areas you know well and focus your brain energy on te sections tat you nd

your brain energy on te sections tat you nd more difcultmore difcult to take in.

to take in.

9.

Repetition is te key to retaining information you ave to learn.Repetition is te key to retaining information you ave to learn. Keep going – don’t give up!

Keep going – don’t give up!

10.

Sleeping at least 8 hours every night, Sleeping at least 8 hours every night, eating properly andeating properly and drinking plenty of water are all important

drinking plenty of water are all important things you need tothings you need to do for your brain.

do for your brain. Studying for exams is lStudying for exams is like strenuous exercise,ike strenuous exercise, so you must be physically prepared.

so you must be physically prepared.

Try these

study tips to

make learning

easier.

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Mind the Gap CAPS Grade 12 Accounting Accounting INTRODUCTIONINTRODUCTION ixix

Study skills to boost your

learning

This guide makes use of 3 study techniques you can use to

This guide makes use of 3 study techniques you can use to help you learnhelp you learn the material:

the material:

1.

1. Mobile notesMobile notes

2.

2. MnemonicsMnemonics

3.

3. Mind mapsMind maps

Mobile notes

Mobile notes are excellent are excellent tools for learning all the key tools for learning all the key concepts in the study guide. concepts in the study guide. Mobile notes are easy to Mobile notes are easy to make and you can take them make and you can take them with you wherever you go: with you wherever you go:

1.

1. Fold a blank piece ofFold a blank piece of paper in half. Fold it in paper in half. Fold it in half again. Fold it again. half again. Fold it again.

2.

2. Open the paper. It willOpen the paper. It will now be divided into 8 now be divided into 8 parts.

parts.

3.

3. Cut or tear neatly alongCut or tear neatly along the folded lines.

the folded lines.

4.

4. On one side of each ofOn one side of each of these 8 bits

these 8 bits of paper,of paper, write the basic concept. write the basic concept.

5.

5. On the other side, writeOn the other side, write the meaning or the the meaning or the explanation of the basic explanation of the basic concept.

concept.

6.

6. Use different coloursUse different colours and add pictures to help and add pictures to help you remember.

you remember.

7

7.. Take these mobile notesTake these mobile notes with you wherever you with you wherever you go and look at them go and look at them whenever you can. whenever you can.

8.

8. As you learn, place theAs you learn, place the cards in 3 dif

cards in 3 different piles:ferent piles: •

• I know thisI know this

information well. information well. •

• I’m getting there.I’m getting there. •

• I need moreI need more practice. practice.

9.

9. The more you learnThe more you learn them, the better you them, the better you will remember them. will remember them.

1.

1. Fold an A4 Fold an A4 paper intopaper into 8 squares. Cut or tear 8 squares. Cut or tear neatly along the folded neatly along the folded lines.

lines.

2.

2. Write the basic concept Write the basic concept on one side of a bit of on one side of a bit of paper.

paper.

3.

3. Write te denition of Write te denition of the basic concept on the basic concept on the back of the piece of the back of the piece of paper.

paper.

L

L I

I

A

A B

B

I

L

L I

I

T

Y

A

A n a a p n a t o t b b u a m p e o a m o e r u s a n r s o u i n s i n o s o u n o n o t n e n t n o t h e h e s t o s s o r e r s.. o w r b r p w e b u p e e d u s d b e r i n i s b y r s s o n e y o n e s n o s s s o r r

These

techniques will

help you to study

smarter!

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x

x _INTRODUCTION_INTRODUCTION Mind the Gap CAPS Grade 12Mind the Gap CAPS Grade 12 Accounting Accounting

Mnemonics

A

A mnemonicmnemonic code is a useful technique for learning information that is code is a useful technique for learning information that is difcult to remember. Tis is an example of a word mnemonic using te difcult to remember. Tis is an example of a word mnemonic using te word BALANCE where each letter of the

word BALANCE where each letter of the word stands for something else:word stands for something else:

B

_–

_{– Best}

_{Best –}

_{– doing}

_{doing your}

_{your best}

_{best is}

_{is more}

_more

important than being the best.

A

_–

_{– Attitude}

_{Attitude –}

_{– always}

_{always have}

_{have a}

_{a positive}

_{positive attitude.}

_attitude.

L

_–

_{– Load}

_{Load –}

_{– spread}

_{spread the}

_{the load}

_{load so}

_{so you}

_{you don’t}

_{don’t leave}

_leave

everything to the last

everything to the last minute. Use a study

minute. Use a study

timetable to plan.

A

_–

_{– Attention}

_{Attention –}

_{– pay}

_{pay attention}

_{attention to}

_{to detail.}

_{detail. Only}

_Only

answer what is required.

N

_–

_{– Never}

_{Never give}

_{give up!}

_{up! TTry,}

_{ry, try}

_{try and}

_{and try}

_{try again!}

_again!

C

_–

_{– Calm}

_{Calm –}

_{– stay}

_{stay calm}

_{calm even}

_{even when}

_{when the}

_the

questions seem

questions seem difﬁcult.

difﬁcult.

E

_–

_{– Early}

_{Early –}

_{– sleep}

_{sleep early}

_{early the}

_{the night}

_{night before}

_{before your}

_your

exam. If you prepare well you will not need

to cram the night before.

Mnemonics

Mnemonics are code are code information and make it information and make it easier to remembereasier to remember..

The more creative you are and the more you link your ‘codes’ to familiar The more creative you are and the more you link your ‘codes’ to familiar things, the more helpful your mnemonics will

things, the more helpful your mnemonics will be.be.

This guide provides several ideas for using mnemonics. Be sure to make This guide provides several ideas for using mnemonics. Be sure to make up your own.

up your own.

Neither you nor the world knows what you

can do until you have tried.

Ralph Waldo Emerson

Success

in Accounting

is a balancing

act!

(13)

Mind the Gap CAPS Grade 12 Accounting Accounting INTRODUCTIONINTRODUCTION xixi

Mind maps

There are several mind maps included in this guide, summarising some There are several mind maps included in this guide, summarising some ofof the sections.

the sections.

Have a look at the following pictures of a brain cell (neuron) and, below it, Have a look at the following pictures of a brain cell (neuron) and, below it, a mind map:

a mind map:

Figure 1: Brain cell or

Figure 1: Brain cell or neuronneuron

Figure 2: Mind map rules Figure 2: Mind map rules

Mind maps

Mind maps work because they show information that we have to learn in work because they show information that we have to learn in the same way that our brains ‘see’ information.

the same way that our brains ‘see’ information.

As you study the mind maps in the guide, add pictures to each of the As you study the mind maps in the guide, add pictures to each of the branches to help you

branches to help you remember the content.remember the content. Yo

You can make u can make your oyour own mind maps wn mind maps as you nis eas you nis eac section.ac section.

How to make your own mind maps: How to make your own mind maps: 1.

1. TTurn your paper sideways so your brain has space to spread out in urn your paper sideways so your brain has space to spread out in allall directions.

directions.

2.

2. Decide on a name Decide on a name for your mind map that summarises thefor your mind map that summarises the information you are going to put on it.

information you are going to put on it.

3.

3. Write the name in the middle and draw a circle, bubble Write the name in the middle and draw a circle, bubble oror picture around it.

picture around it.

4.

4. Write only key words on your branches, not Write only key words on your branches, not wholewhole sentences. Ke

sentences. Keep it short ep it short and simple.and simple.

5.

5. Each branch should show a Each branch should show a different idea. Use a differentdifferent idea. Use a different colour for each idea. Connect

colour for each idea. Connect the information that belongsthe information that belongs together

together. This will help build . This will help build your understanding of theyour understanding of the learning areas.

learning areas.

6.

6. Have fun adding pictures wherever you can. It does notHave fun adding pictures wherever you can. It does not matter if you can’t draw well.

matter if you can’t draw well.

Mind

mapping

your notes makes

them more interesting

and easier to

remember.

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xii

xii _INTRODUCTION_INTRODUCTION Mind the Gap CAPS Grade 12Mind the Gap CAPS Grade 12 Accounting Accounting

On the day of the exam …

1.

Make sure you have all the necessary stationery for your exam,Make sure you have all the necessary stationery for your exam,

i.e. pens, pencils, eraser and

i.e. pens, pencils, eraser and calculator (with new batteries).calculator (with new batteries). Make sure you bring your ID document and

Make sure you bring your ID document and examinationexamination admission letter.

admission letter.

2.

Arrive on time, at least one hour Arrive on time, at least one hour before the start of the exam.before the start of the exam.

3.

Go to the Go to the toilet before entering the exam room. You don’t want totoilet before entering the exam room. You don’t want to waste valuable time going to the toilet during the exam.

waste valuable time going to the toilet during the exam.

4.

Use the 10 minutes reading time to Use the 10 minutes reading time to read the instructions carefully.read the instructions carefully.

This helps to ‘open’ the information in

This helps to ‘open’ the information in your brain. All questions inyour brain. All questions in Accounting are compulsory, but you do not have to answer them Accounting are compulsory, but you do not have to answer them in order

in order. Start with . Start with the question you think is the easiest to the question you think is the easiest to get theget the ow going.

ow going.

5.

Break the questions down to make sure you understand what isBreak the questions down to make sure you understand what is being asked. If you don’t answer the question properly you won’t being asked. If you don’t answer the question properly you won’t get any marks for it. Look for the key words in the question to get any marks for it. Look for the key words in the question to know how to answer it. A list of

know how to answer it. A list of question words is on page ix ofquestion words is on page ix of this study guide.

this study guide.

6.

TTry all ry all the questions. Each question has some easy marks in the questions. Each question has some easy marks in it soit so make sure that you do all the

make sure that you do all the questions in the exam.questions in the exam.

7

7 .

.

Never panic, eveNever panic, even if te n if te question seems difcult at rst. It will question seems difcult at rst. It will bebe linked to something you have covered. Find the co

linked to something you have covered. Find the co nnection.nnection.

8.

Manage your time properly. Don’t waste time on Manage your time properly. Don’t waste time on questions you arequestions you are unsure of. Move on and come

unsure of. Move on and come back if time allows.back if time allows.

9.

Check weighting – how Check weighting – how many marks have been allocated for yourmany marks have been allocated for your

answer? T

answer? Take note of the ake note of the ticks in this ticks in this study guide as study guide as examplesexamples of marks allocated. Do not give more o

of marks allocated. Do not give more or less information than isr less information than is required.

required.

10.

WritWrite big and bole big and bold and clearly. You will get more marks if thed and clearly. You will get more marks if the marker can read your answer clearly. Show workings in

marker can read your answer clearly. Show workings in bracketsbrackets for Accounting as suggested in this study guide.

for Accounting as suggested in this study guide.

GOOD

LUCK!

(15)

Mind the Gap CAPS Grade 12 Accounting Accounting INTRODUCTIONINTRODUCTION xiiixiii

Question words to help you

answer questions

It is important

It is important to look for the question words (the words that tell you whatto look for the question words (the words that tell you what to do) to correctly understand what

to do) to correctly understand what the examiner is asking. Use the the examiner is asking. Use the wordswords in the following table as a

in the following table as a guide when answering questions.guide when answering questions. Q

Quueessttiioon n wwoorrdd WWhhaat t iis s rreeqquuiirreed d oof f yyoouu Analyse

Analyse Separate, examine and interpretSeparate, examine and interpret

Classify

Classify Divide into groups or types so that things that are similarDivide into groups or types so that things that are similar

are in the same group are in the same group

Comment

Comment Write generally aboutWrite generally about

Compare

Compare Point out or show both similarities or differencesPoint out or show both similarities or differences

Dene

Dene Give a clear meaning Give a clear meaning

Describe

Describe List the main characteristics of something List the main characteristics of something

Discuss

Discuss Consider all information and reach a conclusionConsider all information and reach a conclusion

Evaluate

Evaluate Express an opinion based on your ndingsExpress an opinion based on your ndings Explain

Explain Make clear, interpreMake clear, interpret and spell t and spell outout

Forecast

Forecast Say what you think will happen in the futureSay what you think will happen in the future

Give/provide

Give/provide Write down only factsWrite down only facts

Identify

Identify Name the essential characteristicsName the essential characteristics

Interpret

Interpret Give the intended meaning of Give the intended meaning of

List

List Write a list of itemsWrite a list of items

Mention

Mention Refer to relevant pointsRefer to relevant points Name

Name State something – give, identify or mentionState something – give, identify or mention

State

State Write down information without discussionWrite down information without discussion

Suggest

Suggest Offer an explanation or solutionOffer an explanation or solution

e.g.

Examples of question words

Coose a denition from

Coose a denition from COLUMN B that matches the type of accountCOLUMN B that matches the type of account in COLUMN A.

in COLUMN A. Draw a line

Draw a line from COLUMN A to COLUMN B to matc from COLUMN A to COLUMN B to matc te denitions.te denitions. C CoolluummnnAA CCoolluummnnBB 1. Fixed/tangible 1. Fixed/tangible assets assets A

A Tis increases prot and Tis increases prot and terefore increasesterefore increases

owner’s equity. owner’s equity. 2. Cur

2. Currerent nt asassesetsts BB Tis decreases prot and terefore decreasesTis decreases prot and terefore decreases

owner’s equity. owner’s equity. 3. Non-current 3. Non-current liabilities liabilities C

C Amounts Amounts owing owing that that will takwill take e longer longer than than 12 12 monthsmonths to pay off. to pay off. 4. Current 4. Current liabilities liabilities D

D Assets which Assets which are eare expected xpected to to be be kept kept for for a longa long period of time, usually longer than a year. Without period of time, usually longer than a year. Without

tem te business will not exist or earn a prot. tem te business will not exist or earn a prot.

5

5. . IInncocommee E E TThhe e vvaalluue e ((nneet t wwoortrthh) ) oof f tthhe e bbuusisinneess ss aat t aanny y ppoioinnt t inin time (total assets – total liabilities).

time (total assets – total liabilities). 6.

6. ExExpepensnseses F F AmAmouountnts s owowining g ththat at wiwill ll bbe e papaid id baback ck wiwiththin in 1212 months. months. 7. Owner’s 7. Owner’s equity equity G

G Assets which Assets which are eare expected xpected to to be be converted converted into cashinto cash in a short period of time (i.e. less than a year).

in a short period of time (i.e. less than a year).

In every exam

question, put a CIRCLE

around the question word and

underline any other important

key

key words.

words. These

These words

words tell

tell

you exactly what is

being asked.

(16)

xiv

xiv _INTRODUCTION_INTRODUCTION Mind the Gap CAPS Grade 12Mind the Gap CAPS Grade 12 Accounting Accounting

Learner’s Checklist

Use this checklist to monitor your progress when preparing for your Use this checklist to monitor your progress when preparing for your examination. examination. Topic Topic C C o o v v e e r r e e d d i i n n t t h h e e S S t t u u d d y y G G u u i i d d e e I I d d o o n n o o t t u u n n d d e e r r s s t t a a n n d d I I u u n n d d e e r r s s t t a a n n d d 1.

1. BaBasisic Ac Accccouountntining Cg Cononceceptptss 33

2 2.. CCoommppaanniieess Accounting equation Accounting equation 33 Company concepts Company concepts 33 GAAP principles GAAP principles 33

Company ledger accounts

Company ledger accounts 33

Final accounts of companies: Final accounts of companies: Tradi

Trading ng accountaccount 33

Prot and loss account

Prot and loss account 33

Appropriation account

Appropriation account 33

Financial

Financial statements statements with with adjustments: adjustments: Income Income StatementStatement 33

Balance

Balance SheetSheet 33

Cash

Cash Flow Flow StatementStatement 33

Notes to te nancial statements

Notes to te nancial statements 33

Analysis and Interpretation of nancial statements

Analysis and Interpretation of nancial statements 33

Comment on an audit report

Comment on an audit report 33

3

3.. MMaannuuffaaccttuurriinngg

Manufacturing concepts

Manufacturing concepts 33

Production Cost Statement with notes

Production Cost Statement with notes 33

Cost calculations

Cost calculations 33

Break-even point

Break-even point 33

Trading and Prot and Loss Statements

Trading and Prot and Loss Statements **

4

4.. BBuuddggeettss

Budgeting concepts

Budgeting concepts 33

Debtors’ collection schedule

Debtors’ collection schedule 33

Creditors’ payment schedule

Creditors’ payment schedule 33

Cash budget (analyse and

Cash budget (analyse and interpret)interpret) 33

Projected Income Statement (analyse and

Projected Income Statement (analyse and interpret)interpret) 33

5 5.. RReeccoonncciilliiaattiioonnss Bank reconciliation Bank reconciliation 33 Debtors reconciliation Debtors reconciliation 33 Age analysis Age analysis 33 Creditors reconciliation Creditors reconciliation 33 6

6.. IInnvveennttoorriieess

Inventory concepts

Inventory concepts 33

Inventory valuation – specic identication, FIFO and weigt average metods

Inventory valuation – specic identication, FIFO and weigt average metods 33

7

7.. VVAATT

Concepts and calculations

Concepts and calculations 33

VAT control account

VAT control account 33

8

8.. FFiixxeed d AAsssseettss

Asset disposal

(17)

Mind the Gap CAPS Grade 12 Accounting Accounting CHAPTER 1 BASIC ACCOUNTING CONCEPTSCHAPTER 1 BASIC ACCOUNTING CONCEPTS 11

Chapter

1

1 Basic accounting

Basic accounting

concepts

1.1 Basic concepts

T

TEERRMM DDEEFFIINNIITTIIOONN Accrued expenses/

Accrued expenses/ expenses payable expenses payable

Expenses that are still owing at the end of the Expenses that are still owing at the end of the

nancial nancial yearyear.. Accrued income/income

Accrued income/income receivable

receivable

Income that is still owing to the business at the Income that is still owing to the business at the

end of te nancial end of te nancial yearyear.. Asset

Asset Item of value owned by a person or businessItem of value owned by a person or business

wic enables a prot to be made. wic enables a prot to be made. Bad debts

Bad debts Debts written off as the debtors are unlikely toDebts written off as the debtors are unlikely to settle their accounts.

settle their accounts.

Cost of sales

Cost of sales Cost of sales is the cost price of all goods thatCost of sales is the cost price of all goods that have been sold.

have been sold.

Creditors

Creditors People/suppliers the business owes money to.People/suppliers the business owes money to.

Debtors

Debtors People who owe the business money for goPeople who owe the business money for go odsods bought on credit.

bought on credit.

Depreciation

Depreciation Te amount by wic xed assets reduce in valueTe amount by wic xed assets reduce in value

over time due to use. over time due to use.

Income received in Income received in

advance/deferred income advance/deferred income

Income that has already been received by a Income that has already been received by a

business but wic i

business but wic is for te next nancial s for te next nancial yearyear.. Liability

Liability An amount owed by a person or business toAn amount owed by a person or business to another person or business.

another person or business.

Loss

Loss When the expenses are more than the income.When the expenses are more than the income.

Mark-up

Mark-up The percentage added to the cost price toThe percentage added to the cost price to

calculate te selling price, i.e. te prot %. calculate te selling price, i.e. te prot %. Owners’ equity

Owners’ equity The net worth (value) of the business at any givenThe net worth (value) of the business at any given time. Or, assets less liabilities.

time. Or, assets less liabilities.

Prepaid expenses

Prepaid expenses Expenses that have already been paid but whichExpenses that have already been paid but which

are for te next

are for te next nancial year.nancial year. Prot

Prot When the income is more than the expenses.When the income is more than the expenses.

Trading stock decit

Trading stock decit This amount is calculated when the physicalThis amount is calculated when the physical

stock-take gure is

stock-take gure is less thanless than te gure for trading te gure for trading

stock in the g

stock in the g eneral ledger.eneral ledger.

Trading stock surplus

Trading stock surplus This amount is calculated when the physicalThis amount is calculated when the physical

stock-take gure is

stock-take gure is more thanmore than te gure forte gure for

trading stock in the general ledger. trading stock in the general ledger.

These denitions help

you understand the

meaning of basic

accounting concepts

that are used in this

study guide.

Spend

time learning the

meanings of these terms.

Use mobile notes to help

you learn them. See

page ix for more

infomation.

(18)

2

2 _{CHAPTER 1 BASIC ACCOUNTING CONCEPTS}_{CHAPTER 1 BASIC ACCOUNTING CONCEPTS} _{Mind the Gap CAPS Grade 12}_{Mind the Gap CAPS Grade 12}_Accounting_Accounting

1.2 Rules of Accounting

A

ASSSSEETTSS OOWWNNEERR’’SSEEQQUUIITTYY LLIIAABBIILLIITTIIEESS

Dr A Cr

+

+ −−

Dr

Dr Drawing Drawing Cr Cr Dr Dr Capital Capital CrCr

+

+ −− −− ++

Dr

Dr Expenses Expenses Cr Cr Dr Dr Income Income CrCr

+ + (if expenses (if expenses increase increase ten prot ten prot decreases) decreases) − − (if expenses (if expenses decrease decrease ten prot ten prot increases) increases) − − (if income (if income decreases decreases ten prot ten prot decreases) decreases) + + (if income (if income increases increases ten prot ten prot increases) increases) Dr L Cr Dr L Cr − − ++ These rules of

These rules of accounting do not change. LEARN THEM WELL!!!accounting do not change. LEARN THEM WELL!!!

NB

(19)

Chapter

11

1.3 Classiﬁcation of accounts

NON-CURRENT ASSETS NON-CURRENT ASSETS Tangibl

Tangible/xed e/xed assetsassets •

• Land and buildingsLand and buildings

• • EquipmentEquipment • • VehiclesVehicles Financial assets Financial assets •

• Fixed deposit (longer thanFixed deposit (longer than 12 months) 12 months) CURRENT ASSETS CURRENT ASSETS Inventories Inventories •

• Trading stockTrading stock

•

• Consumable stores on handConsumable stores on hand

Trade and other receivables Trade and other receivables •

• Debtors’ controlDebtors’ control

•

• Accrued income/income receivableAccrued income/income receivable

•

• Prepaid expensesPrepaid expenses

Cash and cash equivalents Cash and cash equivalents • Bank (DR)

• Bank (DR) •

• Petty cashPetty cash

•

• Cas Cas oatoat •

• Fixed deposit (less than 12 months)Fixed deposit (less than 12 months)

OWNER’S EQUITY

E

EXXPPEENNSSEESS IINNCCOOMMEE •

• Cost of salesCost of sales

•

• Interest expenseInterest expense

•

• Rent Rent expenseexpense •

• Salaries and wagesSalaries and wages

•

• StationeryStationery

• • FuelFuel

•

• Packing materialPacking material

• Repairs • Repairs • • InsuranceInsurance • • AdvertisingAdvertising •

• Discount allowedDiscount allowed

•

• TelephoneTelephone

•

• Water andWater and electricity electricity

•

• Loss on sale ofLoss on sale of asset

asset

•

• Bad debtsBad debts

•

• DepreciationDepreciation

•

• TTrading stock rading stock decitdecit •

• Provision for badProvision for bad debts adjustment debts adjustment (+) (+) • • SalesSales •

• Current incomeCurrent income

•

• Interest incomeInterest income

•

• Rent Rent incomeincome •

• DiscountDiscount received received

•

• Bad debtsBad debts recovered recovered

•

• Prot on Prot on sale ofsale of

asset asset

•

• Trading stockTrading stock surplus surplus

•

• Provision forProvision for bad debts bad debts adjustment (–) adjustment (–) NON-CURRENT NON-CURRENT LIABILITIES LIABILITIES

(to be paid over more (to be paid over more than 12 months) than 12 months) •

• Mortgage bondMortgage bond

•

• LoansLoans

CURRENT LIABILITIES CURRENT LIABILITIES (to be paid in less than (to be paid in less than 12 months)

12 months) •

• Trade creditorsTrade creditors

•

• Bank oBank overdraft (CR)verdraft (CR) •

• Short term portionShort term portion of loan

of loan

•

• Accrued expenses/Accrued expenses/ expenses payable expenses payable

•

• Income received inIncome received in advance/deferred advance/deferred income

income

Activity 1: Matching items

Coose a denition from COLUMN B tat matces te type of account in Coose a denition from COLUMN B tat matces te type of account in COLUMN A.

COLUMN A.

Draw a line from COLUMN A to COLUMN B to matc te denitions. Draw a line from COLUMN A to COLUMN B to matc te denitions.

C CoolluummnnAA CCoolluummnnBB 1. Fixed/tangible 1. Fixed/tangible assets assets A

A Tis increases Tis increases prot and terefore increases owner’s equity.prot and terefore increases owner’s equity.

2

2. . CCuurrrreennt t aasssesetsts BB Tis decreases prot and Tis decreases prot and terefore decreases owner’s equity.terefore decreases owner’s equity.

3. Non-current 3. Non-current

liabilities liabilities

C

C Amounts oAmounts owing that wing that will take will take longer than longer than 12 12 months tmonths to pao pay off.y off.

4. Current 4. Current liabilities liabilities

D

D Assets which Assets which are eare expected txpected to be o be kept kept for a for a long period of long period of time, usually time, usually longer than alonger than a

year

year. Witout tem te . Witout tem te business will not exist business will not exist or earn a prot.or earn a prot.

5.

5. InIncocomeme E E ThThe e vavalulue e (n(net et woworthrth) ) of of ththe e bubusisineness ss at at anany y popoinint t in in titime me (t(tototal al asassesets ts – – tototatal l liliababililititieies)s).. 6.

6. ExExpepensnseses F F AmAmouountnts s oowiwing ng ththat at wiwill ll be be ppaiaid d baback ck wiwiththin in 112 2 momontnthshs.. 7

7. . Owner’Owner’s es equityquity G G AssetAssets ws which hich are are expeexpected cted to to be be convconverted erted into into cash cash in in a sa short phort period eriod of of time time (i.e. (i.e. lessless than a year).

than a year).

[7] [7]

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4

4 _{CHAPTER 1 BASIC ACCOUNTING CONCEPTS}_{CHAPTER 1 BASIC ACCOUNTING CONCEPTS} _{Mind the Gap CAPS Grade 12}_{Mind the Gap CAPS Grade 12}_Accounting_Accounting

Answers to activity 1

C Coolluummn n AA CCoolluummn n BB 1 1 DD 2 2 GG 3 3 CC 4 4 FF 5 5 AA 6 6 BB 7 7 EE [7] [7]

Activity 2: Multiple-choice questions

Three options are provided as possible answers to the following questions. Three options are provided as possible answers to the following questions.

Circle the correct an

Circle the correct answer.swer.

1.

1. Bank overdraft is classied as a...Bank overdraft is classied as a... 2. 2. Consumable Consumable stores stores on on hand hand isis

classied as... classied as...

A

A NNoonn--ccuurrrreennt t lliiaabbiilliittyy A A OOwwnneerr’’s s eeqquuiittyy B C

B Cuurrrreennt t aasssseett B CB Cuurrrreennt t aasssseett C

C CCuurrrreennt t lliiaabbiilliittyy C AC An n eexxppeennssee

[2] [2]

Answers to activity 2

1

1 CC This is a current liability because it will be paid back withinThis is a current liability because it will be paid back within 1 year (short-term).

1 year (short-term).

2

2 BB This is a current asset because the business will use themThis is a current asset because the business will use them within the next 12 months.

within the next 12 months.

[2] [2]

(21)

Chapter

11

1.4 Steps

1.4 Steps to recording transactions

to recording transactions

Refer to Rules of Accounting and Classication of accounts on page

Refer to Rules of Accounting and Classication of accounts on page 2.2.

1.

1. Read te Read te transaction/adjustmtransaction/adjustment.ent. Bought

Bought stationery stationery and paid by and paid by chequecheque, R150., R150.

2.

2. Identify the two accounts affected – (double entrIdentify the two accounts affected – (double entr y principle).y principle). 1. Stationery 2. Bank

1. Stationery 2. Bank

3.

3. Decide what type of accounts these are Decide what type of accounts these are (classify).(classify). Stationery = expense and

Stationery = expense and therefore affects owner’s equitytherefore affects owner’s equity Bank = current asset

Bank = current asset

4.

4. Decide which account is debited and Decide which account is debited and which account is credited.which account is credited. The expense is increasing therefore DR

The expense is increasing therefore DR stationerystationery The asset is decreasing therefore CR bank

The asset is decreasing therefore CR bank

5.

5. Record youRecord your answer sowing te effect on Assets (A), r answer sowing te effect on Assets (A), Owners’ equity (O) and Liabilities (L):Owners’ equity (O) and Liabilities (L): Account debit

Account debit Account CreditAccount Credit A =A = O +O + LL S

Sttaattiioonneerryy BBaannk k −−115500 −−115500 00 A zero indicates no effect. A zero indicates no effect. DO DO NOT

NOT leave blank! leave blank!

Three questions that will assist Three questions that will assist you:

you: 1.

1. If an Asset: is it increasingIf an Asset: is it increasing or decreasing my

or decreasing my possessions? possessions? 2.

2. If a liability: If a liability: is it increasingis it increasing or decreasing my debt? or decreasing my debt? 3.

3. If an Owners’ equity: If an Owners’ equity: it isit is increasing or decreasing increasing or decreasing the interest of the owner? the interest of the owner?

When a bank is favourable When a bank is favourable it means it is an asset of the it means it is an asset of the business and remains in a business and remains in a debit balance.

debit balance.

Keep going!

Activity 3: Accounting equation

Refer to Steps to recording transactions 1–4 above. Refer to Steps to recording transactions 1–4 above.

Record te transactions in te Table below assuming bank is favourable Record te transactions in te Table below assuming bank is favourable (Dr) at all times.

(Dr) at all times.

1.

1. WroWrote off a debtor’s account of R500 as a te off a debtor’s account of R500 as a bad debt.bad debt.

2.

2. Sent a ceque to a creditor to settle our account of R2 000.Sent a ceque to a creditor to settle our account of R2 000.

3.

3. Received rent of R5 000 from a tenant.Received rent of R5 000 from a tenant.

4.

4. Bougt trading stock on credit for R1 800.Bougt trading stock on credit for R1 800.

5.

5. Bougt equipment for R600 and paid by ceque.Bougt equipment for R600 and paid by ceque. A

Accccoouunnt t ddeebbiitt AAccccoouunnt t ccrreeddiitt A A == O O ++ LL 1 1 2 2 3 3 4 4 5 5 [5] [5]

Answers to activity 3

A

Accccoouunnt t ddeebbiitt AAccccoouunnt t CCrreeddiitt A A == O O ++ LL 1

1 Bad debts (expenseBad debts (expense increasing) increasing) Debtors control Debtors control (asset decreasing) (asset decreasing) − −550000 −−550000 00 2

2 Creditors controlCreditors control (liability decreasing) (liability decreasing) Bank (asset Bank (asset decreasing) decreasing) −2 000 −2 000 00 −2 000−2 000 3

3 Bank (assetBank (asset increasing) increasing) Rent income Rent income (income increasing) (income increasing) + +55000000 ++55000000 00 4

4 Trading stock (assetTrading stock (asset increasing) increasing) Creditors control Creditors control (liability increasing) (liability increasing) + +11880000 00 ++1 1 880000 5

5 Equipment (assetEquipment (asset increasing) increasing) Bank (asset Bank (asset decreasing) decreasing) ± ±660000 00 00 [5] [5]

accounting (1).pdf

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GRADE

GRADE

12

12

A

Ac

cc

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GRADE

GRADE

12

Ministerial

Ministerial forewor

foreword

d

Table of contents

Table of contents

Dear Grade 12 learner

Dear Grade 12 learner

Overview of the CAPS Accounting

Overview of the CAPS Accounting

Grade 12 exam

Grade 12 exam

Another

Another

name for a Balance

name for a Balance

Sheet is a Statement of

Sheet is a Statement of

Financial Position. An

Financial Position. An

Income Statement is

Income Statement is

also known as a

also known as a

Statement of Financial

Statement of Financial

Performance.

Performance.

How to use this study guide

How to use this study guide