Grade 11 Accounting (BAF3M) Exam Review Jan 2025 PDF
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2025
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Summary
This is a review of Grade 11 Accounting (BAF3M) topics and format for the January 2025 exam. Key topics covered include balance sheets, income statements, and various accounting principles and methods.
Full Transcript
**Grade 11 Accounting (BAF3M)** **Exam Review** **[Exam Format ]** Part A: Multiple-Choice /24 Part B: Fill-in-the-Blanks - Classifying Accounts /13 Part C: Journal Entries and Worksheet /50 Part D: Financial Statements [/13] Total 100 marks **[Chapter 1 -- The Balance Sheet]** - Assets...
**Grade 11 Accounting (BAF3M)** **Exam Review** **[Exam Format ]** Part A: Multiple-Choice /24 Part B: Fill-in-the-Blanks - Classifying Accounts /13 Part C: Journal Entries and Worksheet /50 Part D: Financial Statements [/13] Total 100 marks **[Chapter 1 -- The Balance Sheet]** - Assets - Liabilities - Owner's Equity - Fundamental Accounting Equation - Business Entity Principle - Cost Principle - Fair Value Principle - Liquidity order - Maturity date **[Chapter 2 -- Balance Sheet Accounts]** - Using T accounts - Preparing Trial Balance - Normal balances for Assets, Liabilities and Owner's Equity (Dr or Cr) - Double Entry Accounting **[Chapter 3 -- The Income Statement]** - Revenue - Expenses - Net Income/Loss - Accounting period - Time period principle - Revenue Recognition principle - Matching principle - Accrual vs. Cash Basis of Accounting - Normal balances for Revenue and Expense Accounts (Dr or Cr) - Drawings account - How to journalize entries - Chart of Accounts (numbering) - Posting to the Ledger - Forwarding procedure - Source Documents - Principle of Objectivity - How to prepare a worksheet - How to record net income/loss on a worksheet - Current assets - Fixed assets - Statement of owner's equity - Classified Balance Sheet - Adjusting entries - Prepaid rent - Supplies - Prepaid insurance - Depreciation - Contra accounts - Net book value - Straight line method of depreciation - Declining balance method of depreciation - How to prepare an 8-column worksheet (NOT a 10-column worksheet) \*\*\*\*\* - How to prepare closing entries \*\*\*\*\* - Closing the books from the worksheet (pages 238 -- 239) \*\*\*\* - Permanent accounts - Temporary accounts - Gross profit - Net Income - Define and use the Perpetual Inventory Method - Sales Returns and Allowances - Sales Discounts - Terms of sale (i.e. 2/10, n 30) - How to journalize Purchases and Sales using the Perpetual Inventory Method - How to calculate HST (13%) - HST Payable - HST Refundable - How to journalize entries with HST (Sales and Purchases)
