Accounting Paper 1 Answer Book (English)

November 2016 — Grade 12 / Matric — Accounting

Past Paper 2016 Grade 12 English Accounting Hub →

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🎯 4 marks 📄 15 pages 📝 34 items found 📚 7 topics

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Q1— Section header —

1.2.1Calculate direct labour cost Calculate direct material cost.

1.2.2Production Cost Statement for the year ended 29 February Prime cost Cost of production of finished goods

1.2.3Calculate the break even point for 2016 Explain whether the owner should be concerned or not . Provide figures.

1.2The owner is not satisfied with the internal control of the raw material (fabric\ STOREROOM

Q2— Section header —

2.1.2Calculate t he correct closing balance of the Debtors Control Account on October 2016. Calculate t he correct amounts owing by debtors Calculations Balance J Ramsay

2.1.3Calculate the percentage of debtors complying with the credit terms. Explain TWO measures to improve the collection from debtors

2.2Calculate the amount receivable from or payable to SARS for VAT on August 2016. Receivable/Payable: TOTAL MARKS

Q3— Section header —

3.2AUDIT REPORT To whom is the audit report addressed?

3.2.2Who has to ensure that the financial statements are prepared and presented at the annual general meeting? Fralezi Ltd received a/an (qualified/unqualified/disclaimer of opinion\ audit report. Explain your choice

Q4— Section header —

4.2.1ORDINARY SHARE CAPITAL AUTHORISED SHARE CAPITAL 1 500 000 ordinary shares ISSUED SHARE CAPITAL Ordinary shares 1 July 2015 9 180 000 RETAINED INCOME

4.2.2Calculate the c hange in loan for the Cash Flow Statement. Calculate the i ncome tax paid for the Cash Flow Statement.

4.2.3Net change in cash and cash equivalents

4.2Calculate the a cid test ratio on 30 June 2016 Calculate the d ebt equity ratio on 30 June 2016 Calculate the % return on average shareholders

4.2The liquidity of the company has improved. Quote THREE financial indicators to support this statement. Provide figures and trends.

4.2.6Provide calculations to show the change in the dividend pay out policy. Explain why the directors decided to change the policy. State ONE point with figures. 11

4.2.7(a\ Calculate Mary's % shareholding on 1 October 2015 after the repurchase of shares. (b\ Explain how Mary has benefitted from the decision to repurchase the shares. (c\ The independent auditor discovered that Mary had made the

4.2The Cash Flow Statement reflected fixed assets purchased to the amount of R4,5 million. Major s ources of funding with figures (over R1 000 000 each\ Good/Bad

5.1INVENTORY VALUATION

5.1.1Explain the FIFO valuation method Explain the specific identification valuation method

5.1.2Calculate the c ost price per laptop on hand on 1 October 2015.

5.1.3Calculate the value of the losing stock on 30 September 2016 13

5.2MANAGEMENT OF INVENTORIES

5.2.1What decision did Kyle take regarding the selling price of the desks? Provide figures. How has this decision affected the business? State TWO points Provide figures.

5.2.2Was it a good idea for Kyle to change to a cheaper supplier of chairs? YES : _______ Explain TWO points Provide figures.

5.2Based on the information given , provide TWO separate suggestions to Kyle to improve the profit on printers in 2017. Suggestion 1 (with figures\: Suggestion 2 (with figures\: TOTAL MARKS 14

Q6— Section header —

6.1TWO items recorded incorrectly in the Cash Budget

1.2TWO items in the Cash Budget that would NOT appear in Projected Income Statement DEBTORS

4.1The directors changed the method of payment the salespersons. Explain how this has benefitted the salespersons. Quote figures. Explain how this has benefitted the business. Quote figures.

6.4.2

Topics Identified

VATInventoriesBudgetingFinancial StatementsCompaniesDebtors ControlCreditors Control

Paper information

SubjectAccounting

Year2016

SessionNovember

TypePast Paper

PaperPaper 1

LanguageEnglish

Pages15

Downloads11

Examination context

Decade2010s

Years ago10y

SeasonSpring (SH)

Start daySaturday

Exam periodNovember 2016

Days since exam3,640

About Accounting examination preparation

Grade 12 Accounting tests bookkeeping, financial statements, and interpretation of corporate data. Paper 1 covers VAT and manufacturing accounts, while Paper 2 tests partnerships and corporations.

Every available Grade 12 Accounting past paper and memorandum is collected in the Accounting hub at accounting.freemode.co.za — browse all years, sessions and languages in one place.

How to use this resource for revision

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For stronger examination practice, complete the paper without unnecessary interruptions and keep track of the questions that take the most time. Afterwards, review the memorandum and separate knowledge gaps from mistakes caused by interpretation, calculation, structure, or examination technique.

accurate accounting calculations

interpreting financial information

applying accounting principles

presenting structured answers

checking numerical accuracy

A practical revision approach

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Corresponding marking memorandum

Marking memorandum available

Use the corresponding memorandum after completing the paper to review your answers and identify areas that require further revision. The memorandum shows the marking approach used by DBE examiners, including method-mark allocations.

Accounting Memo 1 (English) →

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