This is an Accounting Grade 12 Term 1 controlled test from the Eastern Cape, made up of three questions. Question 1 covers accounting concepts, such as matching audit and governance terms to their descriptions, and preparing the Statement of Comprehensive Income for Showtime Ltd using adjustments including bad debts, provision for bad debts, a stock count, rent, an omitted salary, audit fees, directors fees, loan interest and income tax. Question 2 covers the Statement of Financial Position, and Question 3 covers the Cash Flow Statement.
The following document, Accounting Grade 12 Term 1 Controlled Test.pdf, is the full document.
Term 1 Content Brief
Accounting Grade 12 Term 1 Controlled Test PDF BCU-008
Key terms covered include audit and governance terms such as director, external auditor, internal auditor, unqualified report and disclaimer of opinion, along with the Statement of Comprehensive Income, Statement of Financial Position, Cash Flow Statement, provision for bad debts, and income tax.
The test consists of 8 pages plus a 7 page answer book, and has three questions. Question 1 (25 minutes) covers concepts and the Statement of Comprehensive Income. Question 2 (40 minutes) covers the Statement of Financial Position. Question 3 (25 minutes) covers the Cash Flow Statement.
By the end of this test, learners should be able to match accounting and audit terms to their descriptions, prepare a Statement of Comprehensive Income using adjustments such as bad debts, provision for bad debts, stock counts and accrued expenses, and apply this understanding to the Statement of Financial Position and Cash Flow Statement.