Tips for Success:

**PLEASE receive a copy of the summary of the Annual teaching plan and Program of assesment from your teacher. This shall assist you in tracking your progress in all assesments, study ahead, identify problem content areas in time and ensuring that you cover all the required content topics for the entire year in full in order to be sufficiently prepared for the final examination.

Exam tips

It is easy to achieve excellent results in Accounting if you follow one rule: practice and more practice! You can never say, ‘I understand Accounting, I don’t have to study for the exam.’ Accounting is about presenting financial information. You need to know the concepts, basic principles and formats to be able to apply them to the given information. Preparation for the Accounting exam takes time – start now! Your ‘input’ will achieve your ‘output’ in marks.

Preparing for the exam

1 Read your textbook. If you are finding a certain concept difficult, look it up in the textbook. If you are still unsure, turn to other textbooks or use the Internet.

2 You must be able to explain any concept used in Accounting. Can you answer questions such as the following:

  • What is depreciation?
  • What is an appropriation account?
  • What does ‘limited liability’ mean?

3 Learn the formats of the basic accounts: Debtors control, Trading stock (in perpetual inventory system), Accumulated depreciation, Appropriation account, SARS: Income tax and so on. You must also be able to explain why the account must be debited or credited in a certain transaction or adjustment.

4 Learn the formats of statements like the bank reconciliation statement, production cost statement. In some questions you will be asked to prepare a certain part of a statement. You must know where it fits into the accounting records and why it should be prepared.

5 Make sure that you know all the formulas. You must be able to apply the formula as well as use the formula to find ‘missing’ information. For example, to calculate the Earnings per share (EPS), divide the net profit after tax by the number of shares issued. If the EPS as well as the number of shares issued is given, you can calculate the net profit after tax.

6 Start working through as many exam papers as possible. Keep within the allocated time for each question. It is important to show your calculations in brackets even when you are studying. Complete the question before you use the marking guidelines (given in your textbook). If you did not to do well in the question, use the marking guidelines to figure out where you went wrong and then do the question again.

7 As you work through exam papers, you will come across some theoretical questions. Compile your own summary on certain topics by using these questions. You will find that some questions are repeated quite often.

8 As you work through different exam papers, you will notice similarities in the layout of the papers. This will help you to feel more confident when you write your final exam because the paper may look familiar

Answering an Accounting paper

1 Most exam papers are set on the assumption that you will start with question 1 and work towards the last question. It is recommended that you do it that way.

2 Time can be a problem in Accounting papers. You need to know your work so well that you do not need time to think. However, careful reading is also important. It is too late to panic when you start reading the questions. Take a deep breath and answer the paper to the best of your ability. Remember that your ‘input’ will help you to achieve the right ‘output’.

3 Start each question by ‘scanning’ through the given information. Now read through the questions (‘Required’ or ‘Instructions’). It is a good idea to mark key points (words or phrases) with a highlighter. For example, pick out the words Asset disposal in ‘Prepare the Asset disposal account’. Highlight the words break-even, comment, satisfied and explain in a question such as: ‘Calculate the break-even point and comment on it. Should Betta Bins be satisfied with the current production of 12 000 units? Explain.’

4 If you do not read the information and the instructions for each question properly, you may jump in too quickly and do unnecessary calculations, which could waste time. 5 If you have to calculate something, clearly indicate which amount is your actual answer. Show your calculations in brackets to earn part-marks. Always give a reason for a ‘yes’ or ‘no’ answer (motivate).

6 Refer to indicators, amounts or numbers in your comments. For example, ‘The acid test ratio improved from 0,8 : 1 in 2013 to 1,2 : 1 in 2014.’

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