1. `
TARGET SETTING SESSION
ACCOUNTING
QUICK WINS
DATE: 21 August 2017

2. KEY STEPS TO COMPLETE ACCOUNTING PAPER (300 MARKS)
DO NOT TOUCH the Question paper during the first ten minutes allocated for reading. Go through the ANSWER BOOK question 1-6,and plan your answers- FORMATS
Complete the FORMATS for each question: Production Cost Notes, Production Cost Statement, Income Statement, Balance Sheet, Bank Reconciliation,Cashflow Statement etc.
Write formulas ,on Financial indictors tested before you forget .
Choose the question or section you are comfortable with
WORKINGS in all the questions to earn part marks.

3. ACCOUNTING – QUICK WINS
CONCEPTS
Testing the knowledge of concepts in the form of :
True or false questions
Matching type questions
Definition of concept
Filling in the missing words
These questions are appetisers , normally 5 out of 6 questions will test concepts.
Topic
Marks
Content
Manufacturing 4
Direct cost ,overheads etc.
Inventories
Perpetual and periodic –definition and advantages
Explain FIFO ,LIFO,Specific Identification etc.
VAT
Definition VAT,VAT Input, VAT Output, rate of VAT etc,
QUICK WINS (ALL learners) – Paper 1

4. OR items that do not appear in Income Statement
CONCEPTS
Topic
Marks
Content
Companies 4
Define : Liabilities, assets ,cash and cash equivalents ,Gearing ,liquidity ,return, solvency etc.
Budgets
Identify items that do not appear in the cash budget -depreciation ,drawings of stock etc.
OR items that do not appear in Income Statement
Reconciliation
Purpose of reconciling-Creditors ,Bank and Debtors
Auditing
Explain difference between internal auditor and independent auditor, Who is responsible for financial statements etc. 24
NB: The scope of concepts is beyond the above indicated information.

5. Grade 10 and 11 Sections
Grade 10 and 11 Sections – these sections are allocated 20% or 60 in an exam.
Topic
Marks
Content
+/_
Reconciliations of
Debtors, Creditors & Bank 13 8
Calculation of Bank balance use T Account (CRJ and CPJ Transactions) or calculations.
Prepare the Bank Reconciliation Statement
Budgets
Debtors Collection Schedule
Asset Disposal 4
Calculations: Depreciation, Cost of acquisition, Book value or Value of asset disposed off OR Tangible Assets –Note 3 Calculations

6. Grade 10 and 11 Sections
Grade 10 and 11 Sections – the exam cover 20% or 60 marks of these sections
Topic
Marks
Content
Income Statement
And Balance Sheet
Check the following slides

7. COMPANIES
COMPANIES - 45% of this content is tested in an exam ,135 marks
Topic
Marks
Income statement
Step one complete the Format
(operating income and operating expense items will be guided by the Pre- adjusted trial balance or information extracted from records)
10 plus
BEFORE TOUCHING ADJUSTMENTS –record items and amounts from nominal Accounts Section in the pre Adjustment trial balance or information provided as part of your workings . [ to earn easy marks ]

8. COMPANIES
COMPANIES - 45% of this content is tested in an exam ,135 marks
Topic
Income statement
Step 3 –go through adjustments and record them in your workings to determine the final answer
ALWAYS REMEMBER TO USE CORRECT SIGNS to earn PART MARKS
Accrued Expenses
Add
Accrued income
Prepaid Expenses
Deduct
Income received in advance

9. Adding and subtracting to determine the following:
COMPANIES
COMPANIES - 45% of this content is tested in an exam ,135 marks
Topic
Easy Marks
Adding and subtracting to determine the following:
Income statement 7
Gross Profit, Other income, Gross income, operating expenses, operating profit, net profit before tax,
net profit after tax.
[Learners will earn marks for following the correct OPERATION-amounts may not be ACCURATE ]
The method marks in Income statement are more than 14 including the 7 marks mentioned

10. COMPANIES
COMPANIES - 45% of this content is tested in an exam ,135 marks
Topic
Easy Marks
Areas where you get method marks
Balance Sheet 10
Adding of: Current Assets, Non - Current Assets , Total Assets ,Shareholders equity,Curent Liabilities , Total equity and liabilities
Transferring of correct OR incorrect amounts from notes
Balance of Retained Income [From note 8]
Balance of Share Capital [from note 7]
Dividends Recommended [from note 8]

11. Adding and subtracting to determine the following:
COMPANIES
COMPANIES - 45% of this content is tested in an exam ,135 marks
Topic
Easy Marks
Adding and subtracting to determine the following:
Cash flow Statement
Be able to differentiate between INFLOW and OUTFLOW. Outflows should always be bracketed.
Analysis and interpretation
Steps: Identify the indicator, comment on the trend (increase or decrease) on previous and current indicator, state the amounts or percentages or ratios or number of times etc.

12. COMPANIES
NOTE
Cash flow Statement Balance Sheet, Production Cost Statement –Refer to adjustments after recording the GIVEN figures.