Lucem Books:Gr 12 Advanced Accounting
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Content in Advanced Accounting Grade12

Lighthouse

 

CONTENTS

 

TOPIC

 

PAGE NO.

 

CHAPTER 1:  Bookkeeping of  Public Companies

 

9 -  99

 

CHAPTER 2:  Revision to determine progress

 

100 -118

 

CHAPTER 3:  Analysis and Interpretation of   Bank
Reconciliation Statements and Control Accounts

 

119 - 149

 

CHAPTER 4:  Value Added Tax (VAT)

 

150 - 165

 

CHAPTER 5:  Control of Fixed Assets and Inventory

 

166 - 185

 

CHAPTER 6:  Business Ethics and Internal Auditing

 

186 - 198

 

CHAPTER 7:  Manufacturing Concerns

 

199 - 224

 

CHAPTER 8:  Projected Income Statements and
Cash Budgets

 

225 - 240

 

CHAPTER 9:  Revision for final examination

 

241 - 292

 

Lecum

Year Plan on the Basis of the National Curriculum Statement

FIRST TERM

1.    BOOKKEEPING OF PUBLIC COMPANIES
1.1   Introduction
1.2   Subsidiary journals and general ledger accounts
1.2.01      Share capital of a company
1.2.02  Shares issued at premium
1.3        Adjustments and final accounts
1.3.01      Depreciation
1.3.02      Accrued expenses as opposed to prepaid expenses
1.3.03      Accrued income as opposed to income received in advance
1.3.04      Bad debts and provision for bad debts
1.3.05      Consumable stock on hand and trading inventory deficit
1.3.06      Profit or loss on asset disposal
1.3.07      Income tax
1.3.08      Declaration of dividends and payments to shareholders
1.3.09      Retained income and appropriation account
1.4   Preparation of financial statements
1.4.01      Income statement
1.4.02      Balance sheet
1.4.03      Cash flow statement
1.5   Analysis and interpretation of financial statements
1.5.01      Return on shareholders’ equity
1.5.02      Net asset value per share
1.5.03      Dividends per share
1.5.04      Earnings per share
1.5.05      Average debtors’ collection period
1.5.06      Average creditors’ settlement period
1.5.07      Debt/owner’s equity
1.5.08      Current capital ratio
1.5.09      Acid test ratio
1.5.10      Rate of inventory turnover
1.2.11      Number of months inventory on hand
1.2.12      Degree of solvency

2.    BOOKKEEPING OF CLOSED CORPORATIONS
2.1   Introduction
2.2   Ledger accounts of a closed corporation
2.2.01      Member contributions
2.2.02      Appropriation to members
2.2.03      Loans from members
2.2.04      Loans to members
2.2.05      Accumulated profit
2.3   Preparation of financial statements
2.3.01      Income statement
2.3.02      Balance sheet
2.4   Analysis and interpretation of financial statements

SECOND TERM

3.    ANALYSIS AND INTERPRETATION OF BANK RECONCILIATION STATEMENTS
AND CONTROL ACCOUNTS
3.1   Introduction
3.2   Review of bank reconciliation
3.3   Analysis and interpretation of bank statements and bank
reconciliation statements
3.4   Review of control accounts
3.4.1 Transactions involving debtors
3.4.2 Transactions involving creditors
3.5   Age analysis of debtors and creditors
3.6   Reconciliation of control accounts with account statements
3.7   Ethical considerations
3.8   Internal audit and control processes in respect of debtors and
creditors

4.    VALUE ADDED TAX (VAT)

4.1   Introduction
4.2  Revision of VAT concepts
4.3   Ledger accounts and subsidiary journals
4.3.1 VAT-Input
4.3.2 VAT-Output
4.3.3 VAT-Control
4.3.4 Subsidiary journals
4.4   Completion of VAT201 – returns form

5.    CONTROL OF FIXED ASSETS AND INVENTORY

5.1   Introduction
5.2   Non-current assets
5.2.1 Life-span as opposed to service life of a non-current asset
5.2.2 Residual value as opposed to carry value
5.2.3 Depreciation
5.2.4 Assets Disposal
5.2.5 Control of non-current assets
5.2.6 Internal audit of non-current Assets
5.3   Inventory
5.3.1 Determination of the cost of closing inventory
(1) ‘First-in-first-out’ method (FIFO)
(2)   Weighted average method

6.    BUSINESS ETHICS AND INTERNAL AUDITING

6.1   Introduction
6.2   Business ethics
6.2.1 Disciplinary policy
6.2.2 Labour regulations and policies, including policy regarding HIV
6.2.3 Professional bodies in respect of  accounting establishments
6.3   Internal control and internal auditing procedures
6.3.1 Pre-audits -  investigation
6.3.2 Audit report and comment regarding the audit report

JUNE-EXAMINATIONS

•     Bookkeeping of companies
•     Bookkeeping of closed corporations
•     Analysis and interpretation of  bank reconciliation statements and
control accounts
•     Value added tax
•     Control of fixed assets and inventories.
•     Business ethics and internal auditing
•     All work done in Grade 10 and Grade 11 could also be examined.

Pay particular attention to the following aspects in your revision:  

  • Salaries and wages journals – ledger accounts and analysis under
    accounting equation
  • Correction of errors in control accounts and trial balances
  • Sale of assets  – general ledger accounts, general journal and
    accounting equation
  • Periodic inventory systems – closing transfers and general ledger
    accounts 
  • Bank reconciliation – direct notations in bank accounts and under
    columns
  •  Sole traders – year-end procedures, financial statements and
    analysis and interpretation of statements 
  •  Partnerships – private accounts, appropriation accounts and equity
    statement 
  •  Sports clubs – membership fees, refreshments, receipts and payments
    statement, income and expenditure statement and balance sheet
  •  Cash budgets  – debtor collection schedule and the budget
    preparation  
  •  Manufacturing concerns  – calculations and ledger accounts

THIRD TERM

7.    MANUFACTURING CONCERNS

7.1   Introduction
7.2   Production Cost Statement
7.3   Trading Account Statement
7.3.1 Calculation of Break-even point, and other  cost calculations

8.    PROJECTED INCOME STATEMENT AND CASH BUDGETS

8.1   Introduction
8.2   Projected Income Statement
8.3   Analysis and Interpretation

9.    REVISION

PRELIMINARY EXAMINATION

The preliminary examination/record examination cover exactly the same work as the final examination does. It is an excellent “test run” of what you can expect in the final examination. Should you prepare yourself well for the preliminary examination you will be more able to focus your final examination preparation on those aspects of the “preliminary” you struggled with.

The same topics that were tested in the June examination will be asked again. The only additional work to be tested will be the production cost statements, as used by manufacturing concerns, and the projected income statement that is dealt with in Chapter 8.

FOURTH TERM

SPECIFIC REVISION WITH REGARD TO THE FINAL EXAMINATION

In your revision for the final examination you must try to specifically focus on those sections of the work that gave you problems in the preliminary examination. Try as much as possible to answer all different questions by yourself. It will be of no help to look only at the questions you previously answered – you must do every single question over again.

You must also pay particular attention to the time taken to answer a question. That is to say, when answering a question you need to know how many marks the question carries, and how much time you will require in the exam to complete it. Remember that the final exam counts 300 marks, and will
be 3 hours long. In order to finish the paper you must work at a rate
of 1,67 marks per minute.

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