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Grade 12 Accounting Company Ledger accounts Revision Notes

Grade 12 Accounting Company Ledger accounts Revision Notes This website focuses on Grade 12 Accounting Company Ledger accounts. We’ve also included the Revision Notes in pdf format, which you can get here:

The balance sheet is categorised in many accounts such as assets, accounts receivable, accounts payable, stockholders, liabilities, equities, revenues, taxes, expenses, profit, loss, funds, loans, bonds, stocks, salaries, wages, and so on.

Important concepts relating to companies

Companies Act: Regulates all matters pertaining to companies:

• Limited liability: The concept whereby a person’s financial liability is limited to the amount invested in the company. The investor is not personally responsible for the debts and obligations of the company.
• Separation of ownership from control: One group of people, the directors, is responsible for managing the money contributed by another group of people, the shareholders.
• Johannesburg Stock Exchange (JSE): A place where shareholders can buy and sell shares according to certain rules
• Legal entity: Has legal capacity to enter into agreements or contracts, assume obligations, incur and pay debts, sue and be sued in its own right, and to be held responsible for its actions
• Public company: When the public is invited to buy shares and these shares can be transferred freely.
• Private company: Its Memorandum of incorporation prevents it from offering securities to the public and restricts the transferability of securities
• Annual General Meeting or AGM: a formal meeting that is held once a year

Important parts of Grade 12 Accountng

In order for you to be successful in Accounting you MUST:

1. Ensure that you know the formats or layouts of the:
   – Statement of Comprehensive Income (Income Statement) – Statement of Financial Position (Balance Sheet) with notes – Cash Flow Statement
   – Production Cost Statement
   – General Ledger accounts, e.g. Asset disposal, etc.
   – Bank reconciliation statement
2. Understand and know: – basic Accounting concepts, e.g. income, expenses, assets, liabilities, etc. – rules for AOL
   – basic calculations, e.g. interest on loan/investment, depreciation, etc.
3. Work through as many past examination papers and other resources (e.g. Telematics material) as you can. Do it over and over.
4. Your success in the final exam will depend on how much EXTRA time you put into your preparation.

Grade 12 Accounting Company Ledger accounts Revision Notes for Download

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