IFRS and GAAP Questions and Answers Grade 12

Accounting Grade 12 Term 1, 1–11 Questions coming soon

What the ATP covers

Define and explain IFRS and GAAP. Key GAAP principles covered include prudence, materiality, historical cost, business entity rule, going concern, and matching.

Textbook: CAPS Annual Teaching Plan, Grade 12, Term 1: Companies, Final Accounts, and Financial Statements.

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We are answering past paper questions on IFRS and GAAP right now. Study the ATP notes above, then check back soon or ask us a question.

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Other Term 1 Topics

Company Concepts Learners must define and explain concepts unique to companies, such as the Companies Act 71 of 2008, the Memorandum of Incorporation, autho… 10 questions Accounting Cycle Journals, ledger accounts, and the trial balance for a company. Coming soon Unique Transactions Issuing of shares, share premium, buy-back of shares, loans and interest, income tax, directors’ fees, audit fees, and dividends. Coming soon Final Accounts and Adjustments Trading account, Profit and Loss account, Appropriation account. Year-end adjustments include stock deficits or surplus, depreciation, bad … 1 question Financial Statements and Notes Statement of Comprehensive Income, Statement of Financial Position, and Cash Flow Statement. 5 questions Analysis and Interpretation Indicators from Grades 10 and 11, plus ROSHE, ROTCE, NAV, EPS, and Dividend Pay-Out Rate. Analysis also includes published financial statem… 11 questions