Total: 100 Marks. Time: 90min This paper covers the following:
Cost Accounting | Concepts and General Ledger Accounts | Budgets | Creditors Reconciliation | Fixed Assets
This is a practice paper with memorandum meant to test the student's knowledge, and will not be the sam...
1. This paper consists of 9 pages. Check that your question paper is complete.
2. The paper consists of 5 compulsory questions. Answer all questions.
3. Read all the questions carefully.
4. No abbreviations or overwriting is allowed.
5. Non-programmable calculators may be used.
6. Only blue ink is allowed. Black, green, or red ink or pencil may not be used.
7. Tip-ex may not be used.
NAME AND SURNAME: _________________________________
POSSIBLE
QUESTION TOPIC MINUTES
MARKS
Pg www.summariessa.co.za Author: DAN SMI
Grade: 10 Subject: ACCOUNTING P2 Date: NOV
2024
, 1.1 ACCOUNTING CONCEPTS
Choose the correct term from those within the bracket. Only write the term
next to the question numbers (1.1.1 to 1.1.5) in the ANSWER SHEET
1.1.1 Salaries and wages are examples of (direct/indirect) production (1)
costs.
1.1.2 The depreciation of factory machinery is classified as a (1)
(fixed/variable) cost.
1.1.3 The costs of raw materials used in production are part of (1)
(prime/overhead) costs.
1.1.4 Office staff salaries are classified as (administrative/factory (1)
overhead) expenses.
1.1.5 The cost of electricity used in the factory is classified as a (1)
(variable/fixed) cost.
1.2 Explain the difference between direct costs and indirect costs, (4)
providing an example of each.
1.3 RABBIT BAGS
Rabbit Bags manufactures and sells a variety of bags with animal
prints on them. The selling price per bag is R155. The business
manufactured 2 500 bags during January 2024. Provided below is
a summary of all his costs for January 2024.
1.3.1 Calculate the direct material cost per bag for January 2024. (4)
1.3.2 Calculate the total manufacturing overheads for January 2024. (5)
1.3.3 Calculate the total production cost for January 2024 if 2 500 bags (7)
were produced
1.3.4 Calculate the unit cost of production. (3)
1.3.5 Calculate the percentage profit that Mr. H Rabbit earned per bag (4)
during January 2024, if the bags were sold at R155 each.
Pg www.summariessa.co.za Author: DAN SMI
Grade: 10 Subject: ACCOUNTING P2 Date: NOV
2024
, INFORMATION:
Costs per bag
Material per bag R25
Wood per bag R5
Line per bag R5
Wages per bag completed R50
Costs for the month
Salary of factory supervisor R5 000
Rent of factory R8 000
Water and electricity of the factory R2 500
Indirect material cost R500
[32]
Pg www.summariessa.co.za Author: DAN SMI
Grade: 10 Subject: ACCOUNTING P2 Date: NOV
2024
, QUESTION 2 : CONCEPTS AND GENERAL LEDGER ACCOUNTS
2.1 CONCEPTS
Choose an answer from the list that completes each statement
below. Write only the answer next to the question number (2.1.1 to
2.1.5) in the ANSWER BOOK
2.1.1 The amount received for goods sold is known as .... (1)
2.1.2 Goods purchased are always recorded at ... price in the (1)
Trading Stock account.
2.1.3 Trading stock donated to an old age home by the business is (1)
classified as an...
2.1.4 The document used to record the return of goods purchased (1)
on credit is called ....
2.1.5 The document used to record the return of goods sold on (1)
credit is called ....
2.2 GENERAL LEDGER ACCOUNTS
You are provided with information relating to JORDAAN
WHOLESALERS for December 2023. The business buys and sells
hardware items for cash and on credit. The business is located in
Gauteng and their financial year ends on 30 June. The business
uses a mark-up of 60% on the cost price
Complete the following General Ledger accounts for December
2023 and balance them properly:
2.2.1 Trading Stock (23)
2.2.2 Creditors’ control. (17)
INFORMATION A:
Balances on 30 November 2023 in the General Ledger
Trading Stock R87 600
Creditors Control R38 900
Pg www.summariessa.co.za Author: DAN SMI
Grade: 10 Subject: ACCOUNTING P2 Date: NOV
2024
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