Via Afrika Accounting

Via Afrika Accounting

Grade 10 Study Guide

P.Bean, M.Kleyn, D.P. Ntintili, N.V. Kapela, N. Singh, E. Havenga, J.M. Magaba, M.M. Ramashala, C.S.F. Trollip, D.K. Flynn

Study Guide

Via Afrika Accounting

Grade 10

Our Teachers. Our Future.

Study Guide

Accounting

Grade 10

Via Afrika Publishers ? Accounting Grade 10

Contents

General Introduction ............................................................................................1 Introduction to Subject ........................................................................................1

Term 1

Topic 1 Informal or indigenous bookkeeping systems ......................................... 12 Overview ........................................................................................................... 12 1 Concepts and management of resources.........................................................12 2 Determining prices......................................................................................... 17

Topic 2 Ethics ................................................................................................... 19 Overview ........................................................................................................... 19 1 Code of Ethics ................................................................................................ 19 2 Basic principles of ethics................................................................................19

Topic 3 Accounting principles ........................................................................... 24 Overview .......................................................................................................... 24 1 Accounting policy .......................................................................................... 24 2 Definition and explanation of GAAP principles ................................................ 26

Topic 4 Internal control .................................................................................... 29 Overview .......................................................................................................... 29 1 Definition and explanation of internal control ................................................. 29 2 Internal control processes ............................................................................. 30

Topic 5 Financial accounting of a sole trader ......................................................35 Overview ...........................................................................................................35 1 Definitions and explanations of concepts ........................................................35 2 Bookkeeping of a sole trader ......................................................................... 42 3 Accounting equation .................................................................................... 113

Via Afrika Publishers ? Accounting Grade 10

Term 2

Topic 1 Value added tax................................................................................... 133 Overview ......................................................................................................... 133 1 Introducing Value-added tax ......................................................................... 133 2 Basic VAT concepts ...................................................................................... 134

Topic 2 Salaries and wages journal .................................................................. 138 Overview ......................................................................................................... 138 1 Glossary ...................................................................................................... 138 2 Salaries ....................................................................................................... 139 3 Wages ......................................................................................................... 141 4 Deductions .................................................................................................. 142 5 Summary and analysis ................................................................................. 155

Topic 3 Financial accounting of a sole trader- year-end adjustments .................. 157 Overview ......................................................................................................... 157 1 Closing transfers .......................................................................................... 157 2 Year ? end adjustments................................................................................160

Term 3

Topic 1 Financial accounting of a sole trader- preparation of financial statements ....................................................................................................................... 186 Overview .........................................................................................................186 1 Introduction to Financial statements .............................................................186 2 Format of Financial statements ..................................................................... 187

Topic 2 Financial accounting of a sole trader- analysis and interpretation of financial statements ........................................................................................ 199 Overview ......................................................................................................... 199 1 Introduction to concepts. .............................................................................. 199 2 Ratios......................................................................................................... 200

Topic 3 Cost accounting .................................................................................. 212 Overview ......................................................................................................... 212 1 Introduction to cost accounting concepts....................................................... 212

Via Afrika Publishers ? Accounting Grade 10

Term 4 Topic 1 Budgeting .......................................................................................... 217 Overview ......................................................................................................... 217 1 Introduction to budgeting ............................................................................. 217 2 Budgeting concepts ..................................................................................... 218 3 Cash budget ................................................................................................ 219 Topic 2 Revision..............................................................................................227 1 Exam papers (June).......................................................................................227 2 Exam papers (November) ...............................................................................239 Answers to questions....................................................................................... 257 Answers to exam papers .................................................................................. 314

Via Afrika Publishers ? Accounting Grade 10

Introduction to Accounting

Dear Learner Welcome to Grade 10. On behalf of Via Africa we hope you are going to enjoy the journey with us. You will use some of the basic knowledge that you acquired in the senior phase. Our study guide will continue to guide you through your studies step-bystep. As you build your knowledge and develop the necessary skills, you will grow in confidence and find it easy to analyse and interpret the Accounting information. This study guide is filled with lots of different features and offers you many opportunities to practice what you learn. You will also see that throughout the manual you are encouraged to analyse, interpret and reflect on various aspects of Accounting. The critical outcomes ? such as to communicate effectively, to make the right decisions and to behave as a responsible citizen ? are woven into the many different activities and assessment opportunities.

Study skills for grade 10 learners

You constantly need to remind yourself that every exam you complete successfully takes you a step closer to entering your career of your choice. Good study skills are very important and will assist you in doing well at school.

1 What can I do to improve my concentration?

In class

Go sit at the place in the class where you concentrate best. Stay away from the

windows and friends.

Make notes while the teacher teaches the class (especially with new concepts),

do the example with the teacher and work out the calculations with the teacher while he/she is explaining. This will force you to concentrate, you won't get bored so easily and you will remember the work much better.

Get actively involved in the lesson. Ask questions if you don't understand. Listen critically what the teacher says. Think: "Do I understand what the teacher is saying?" Ask yourself the following: "Can it be true?" `What does he/she mean?" "Is that the only solution?"

Via Afrika Publishers ? Accounting Grade 10

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 If the teacher gives you homework, start doing it so you can ask questions if you

don't understand.

Make sure what you have to do for homework.

At home

Work through the example that the teacher did with you in the class. Read through your homework to see what is expected from you to do. Do your homework. Write down if there are concepts or part of the work that you

don't understand that you can ask the teacher to help you with. Don't give up.

Phone a friend who understands the work if you don't understand something

(not to chat, but to help you).

2 Studying at home to prepare for a test or exam

Create a study environment

Find a quiet place for studying. Tool-up the environment with all study needs. Create a work atmosphere ? avoid relaxing while working.

When to study

Best when there are the least competing activities in progress. Best when rest periods are provided. Stop studying when fatigue or lack of concentration occurs.

How to study and concentrate

Set study goals before you begin for each period of study (number of pages,

number of activities, etc.).

Build a variety of subjects and interest into your study programme to remove

boredom.

Plan the length of your study period by the amount of material you have decided

to cover, not by the clock (often the clock is one of the most serious distracters).

Don't try to mix work and play.

Via Afrika Publishers ? Accounting Grade 10

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