On this page, you will find Applied Accountancy Skills (Accounting) syllabus learning resources aimed at helping the Universities and College Students who are currently busy with their studies. The resources for Applied Accountancy Skills, include Practice Exam Questions and Answers, Previous Exam and Test Papers with answers (where possible), Study Guides and Textbooks, Video Lessons, and more.
The Purpose of Learning Applied Accountancy Skills
Applied Accountancy Skills studies introduce basic financial accounting at a level consistent with non-accounting students. The students will be provided with the basic principles of accounting, the recording of each transaction and the accounting cycle. Applied Accountancy Skills studies helps students to understand the process flow of assets, liabilities, equity, income and expenses and the accounting records of a basic entity. Students also learn about the financial statements of a sole trader as a service entity and trading entity
Watch: Applied Accountancy Skills Lesson
Applied Accountancy Skills Questions and Answers
Below are some of the major common questions (essay and short questions), which Applied Accountancy Skills must know the answers to, before preparing for exams and tests assessments:
- Explain accounting principles concepts and conventions
- Explain the various types of business undertakings that exist within the field of accounting
- What is Conceptual Framework for financial reporting
- Explain the qualitative characteristics of the Conceptual Framework
- Explain and understand the need for managerial accounting information
Previous Exam Questions for practice
- A profit company is formed for the purpose of financial gain for the shareholders. Name the FOUR types of profit companies identified in the Companies Act of South Africa, No 71 of 2008.
- Fruit is an example of a zero-rated supply in relation to value-added tax. List
TWO other examples of goods that are zero-rated for value-added tax. - Provide the definition of “equity” as outlined in the Accounting Framework.
- List two of the four enhancing qualitative characteristics that need to be considered when preparing financial statements.
True or False Questions
- Accounting is an art of recording keeping (TRUE)
- Consistency is one of the accounting concepts (FALSE)
- Accounting is concerned with both monetary and non-monetary transactions?(FALSE)
- Joint venture follows the going concern concepts (FALSE)
- Financial statements are part of Accounting (TRUE)
- Double-entry principle means writing twice the same entry (FALSE)
- Credit means increase in liability and decrease in asset (TRUE)
- Goodwill is a Fictitious Asset (FALSE)
- Returns in words implies purchase returns (FALSE)
- Capital Account is a liability of the business (TRUE)
University of Johannesburg’s previous test
Useful Textbooks and Study guides for Applied Accountancy Skills learners
Below you will find a list of recommended textbooks and study guides for Applied Accountancy Skills.
Downloadable Notes and Resources
Download Applied Accountancy Skills notes on pdf below from Teachers, Lecturers, Professors, and Course Instructors: