Grade 11 Accounting September Exam Paper 1 and MEMO:
Total: 100 Marks, 90 Minutes
Contents:
GAAP principles
Income statement and adjustments
Asset Sales
Partnerships (Private Accounts)
Notes to the balance sheet
This is a practice paper with memorandum meant to test the student's know...
Datum / Dates: September 2024
Tyd / Time: 1 hour 30 minutes (1 ½ hours)
Punte / Marks: 100
Graad / Grades: 11
Vak / Subject: Accounting
Vraestel / 1
Paper:
Name and Surname:
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Good luck with your exam!
Topics covered in this paper
GAAP principles
Income statement and adjustments
Asset Sales
Partnerships (Private Accounts)
Notes to the balance sheet
1.1 Match the given words in the block with the statements.
Historical costs; materiality ; pairing
business entity ; prudence; going concern
1.1 A company records R100 000 income and related costs of R50
000 in the same period to match earnings with costs.
1.2 A profitable retail store prepares financial statements on the
assumption that it will continue indefinitely without valuing
assets at liquidation prices.
1.3 A company records machinery at the original cost of R200 000
regardless of market value changes.
1.4 An owner of a bakery keeps the bakery's finances separate
from personal finances and records any personal withdrawals
as withdrawals.
1.5 A small business records R50 for office supplies immediately
as this is insignificant compared to a large amount such as
R50000.
1.6 A company does not record R100000 expected income until it
is certain and records potential lawsuit losses earlier than
liabilities.
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