Grade 12 Accounting, students study ledger accounts and the importance of accurately reporting inventory value.
They also learn about inventory systems, valuation methods, and internal control measures. Understanding these concepts is crucial for future studies or careers in accounting. A comprehensive revision pack covering these topics is essential for success in Grade 12 Accounting.
Test Questions
Fashionista Bags manufactures handbags. They sell their bags at a mark-up of 100% on cost. The information given was taken from their financial records on 31 July 2019, the end of the financial year.
Complete the following notes for the year ended 31 July 2019:
- Direct materials
- Factory overhead cost
Prepare the Production Cost Statement for the year ended 31 July 2019 (show calculations in brackets where no notes are required)