ACCOUNTING Grade 12

What is accounting?

Accounting focuses on measuring performance, and processing and communicating financial information about economic sectors. This discipline ensures that principles such as ethical behaviour, transparency and accountability are adhered to. It deals with the logical, systematic and accurate selection and recording of financial information and transactions, as well as the compilation, analysis, interpretation and communication of financial statements and managerial reports for use by interested parties.
The subject encompasses accounting knowledge, skills and values that focus on the financial accounting, managerial accounting and auditing fields. These fields cover a broad spectrum of accounting concepts and skills to prepare learners for a variety of career opportunities.

• Accounting concepts
  GAAP principles
  Bookkeeping
  Accounting equation
  Final accounts and financial statements
  Salaries and wages
  Value-Added Tax
  Reconciliations
• Cost Accounting
• Budgeting
• Indigenous bookkeeping systems
  Fixed assets
  Inventory
  Ethics
  Internal control

The purpose of accounting

Accounting learners will be able to:

• record, analyse and interpret financial and other relevant data in order to make informed decisions;
• present and/or communicate financial information effectively by using generally accepted accounting practice in line with current developments and legislation;
• develop and demonstrate an understanding of fundamental accounting concepts;
• relate skills, knowledge and values to real-world situations in order to ensure the balance between theory and practice, to enter the world of work and/or to move to higher education, and to encourage self-development;

• organise and manage own finances and activities responsibly and effectively;
• apply principles to solve problems in a judicious and systematic manner in familiar and unfamiliar situations, thus developing the ability to identify and solve problems in the context of the various fields of Accounting;
• develop critical, logical, and analytical abilities and thought processes to enable learners to apply skills to current and new situations;
• develop the following characteristics:
– ethical behaviour
– sound judgement
– thoroughness
– orderliness
– accuracy
– neatness;