` TARGET SETTING SESSION ACCOUNTING QUICK WINS DATE: 21 August 2017

KEY STEPS TO COMPLETE ACCOUNTING PAPER (300 MARKS) DO NOT TOUCH the Question paper during the first ten minutes allocated for reading. Go through the ANSWER BOOK question 1-6,and plan your answers- FORMATS Complete the FORMATS for each question: Production Cost Notes, Production Cost Statement, Income Statement, Balance Sheet, Bank Reconciliation,Cashflow Statement etc. Write formulas ,on Financial indictors tested before you forget . Choose the question or section you are comfortable with WORKINGS in all the questions to earn part marks.

ACCOUNTING – QUICK WINS CONCEPTS Testing the knowledge of concepts in the form of : True or false questions Matching type questions Definition of concept Filling in the missing words These questions are appetisers , normally 5 out of 6 questions will test concepts. Topic Marks Content Manufacturing 4 Direct cost ,overheads etc. Inventories Perpetual and periodic –definition and advantages Explain FIFO ,LIFO,Specific Identification etc. VAT Definition VAT,VAT Input, VAT Output, rate of VAT etc, QUICK WINS (ALL learners) – Paper 1

OR items that do not appear in Income Statement CONCEPTS Topic Marks Content Companies 4 Define : Liabilities, assets ,cash and cash equivalents ,Gearing ,liquidity ,return, solvency etc. Budgets Identify items that do not appear in the cash budget -depreciation ,drawings of stock etc. OR items that do not appear in Income Statement Reconciliation Purpose of reconciling-Creditors ,Bank and Debtors Auditing Explain difference between internal auditor and independent auditor, Who is responsible for financial statements etc. 24 NB: The scope of concepts is beyond the above indicated information.

Grade 10 and 11 Sections Grade 10 and 11 Sections – these sections are allocated 20% or 60 in an exam. Topic Marks Content +/_ Reconciliations of Debtors, Creditors & Bank 13 8 Calculation of Bank balance use T Account (CRJ and CPJ Transactions) or calculations. Prepare the Bank Reconciliation Statement Budgets Debtors Collection Schedule Asset Disposal 4 Calculations: Depreciation, Cost of acquisition, Book value or Value of asset disposed off OR Tangible Assets –Note 3 Calculations

Grade 10 and 11 Sections Grade 10 and 11 Sections – the exam cover 20% or 60 marks of these sections Topic Marks Content Income Statement And Balance Sheet Check the following slides

COMPANIES COMPANIES - 45% of this content is tested in an exam ,135 marks Topic Marks Income statement Step one complete the Format (operating income and operating expense items will be guided by the Pre- adjusted trial balance or information extracted from records) 10 plus BEFORE TOUCHING ADJUSTMENTS –record items and amounts from nominal Accounts Section in the pre Adjustment trial balance or information provided as part of your workings . [ to earn easy marks ]

COMPANIES COMPANIES - 45% of this content is tested in an exam ,135 marks Topic Income statement Step 3 –go through adjustments and record them in your workings to determine the final answer ALWAYS REMEMBER TO USE CORRECT SIGNS to earn PART MARKS Accrued Expenses Add Accrued income Prepaid Expenses Deduct Income received in advance

Adding and subtracting to determine the following: COMPANIES COMPANIES - 45% of this content is tested in an exam ,135 marks Topic Easy Marks Adding and subtracting to determine the following: Income statement 7 Gross Profit, Other income, Gross income, operating expenses, operating profit, net profit before tax, net profit after tax. [Learners will earn marks for following the correct OPERATION-amounts may not be ACCURATE ] The method marks in Income statement are more than 14 including the 7 marks mentioned

COMPANIES COMPANIES - 45% of this content is tested in an exam ,135 marks Topic Easy Marks Areas where you get method marks Balance Sheet 10 Adding of: Current Assets, Non - Current Assets , Total Assets ,Shareholders equity,Curent Liabilities , Total equity and liabilities Transferring of correct OR incorrect amounts from notes Balance of Retained Income [From note 8] Balance of Share Capital [from note 7] Dividends Recommended [from note 8]

Adding and subtracting to determine the following: COMPANIES COMPANIES - 45% of this content is tested in an exam ,135 marks Topic Easy Marks Adding and subtracting to determine the following: Cash flow Statement Be able to differentiate between INFLOW and OUTFLOW. Outflows should always be bracketed. Analysis and interpretation Steps: Identify the indicator, comment on the trend (increase or decrease) on previous and current indicator, state the amounts or percentages or ratios or number of times etc.

COMPANIES NOTE Cash flow Statement Balance Sheet, Production Cost Statement –Refer to adjustments after recording the GIVEN figures.