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4 Gr 11 Acc Written Report Marking guidelines 2024

The document outlines the marking guidelines for the Grade 11 Accounting School Based Assessment for 2024, focusing on topics such as GAAP principles, bank reconciliation, and creditors' reconciliation. It includes specific questions, marking criteria, and sample answers for evaluation. The assessment is scheduled for February 14, 2024, with a total of 50 marks allocated over a duration of 1½ hours.

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Pinjo Ayoba
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37 views

4 Gr 11 Acc Written Report Marking guidelines 2024

The document outlines the marking guidelines for the Grade 11 Accounting School Based Assessment for 2024, focusing on topics such as GAAP principles, bank reconciliation, and creditors' reconciliation. It includes specific questions, marking criteria, and sample answers for evaluation. The assessment is scheduled for February 14, 2024, with a total of 50 marks allocated over a duration of 1½ hours.

Uploaded by

Pinjo Ayoba
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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GRADE 11

ACCOUNTING

SCHOOL BASED ASSESSMENT 2024

TERM 1: WRITTEN REPORT

MARKING GUIDELINES

DATE: 14 FEBRUARY 2024

TOTAL: 50 MARKS

DURATION: 1½ HOUR

These marking guidelines consist of 4 pages.


Gr. 11 Accounting 2024 Written Report - Marking Guidelines North-West

QUESTION 1: GAAP PRINCIPLES

1.1 B 

1.2 F 

1.3 E 

1.4 A 

1.5 C  5

QUESTION 2: BANK RECONCILIATION

2.1

2.1.1 True 

2.1.2 True 

2.1.3 False 
3

2.2.1 CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL


Details Amount Details Amount
Total R 360 600 Total R 334 450
Interest Income 290 🗸 Bank charges 2 850 🗸
Rent Income 12 500 🗸 Insurance 3 700 🗸
EFT no. 215 1 800 🗸🗸
Cancel deposit 30 000 🗸
Car battery 5 400 🗸
Both totals
373 390 ☑ 378 200 9

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Gr. 11 Accounting 2024 Written Report - Marking Guidelines North-West

2.2.2 Calculate the correct bank balance in the ledger on 31 January


2024.
WORKINGS ANSWER
Also accept T-
(- 4 810 two method marks) account
51 400🗸 + 373 390☑ – 378 200☑ 51 400 378 200 46 590☑
373 390
one part correct
4

2.2.3 Bank Reconciliation Statement on 31 January 2024


Debit Credit
Balance per Bank Statement ☑☑ R37 080
Credit outstanding deposit 🗸 20 000
Debit outstanding EFT’s:
No. 251 🗸 11 300
No. 254 🗸 2 890
Credit amount wrongly debited 🗸 3 700
Balance as per Bank Account ☑ 46 590
-1 (max -1) foreign / superfluous items ☑ 60 780 60 780
Both totals

2.2.4 Explain TWO concerns the owner should mention to the


bookkeeper relating to the internal control over cash resources.
Quote figures. In each case, explain a strategy to prevent such
problems in future.
Concern with evidence Strategy
Problem 🗸 🗸 Figure 🗸 🗸 Specific advice based on evidence 🗸 ✓

R30 000 missing/stolen Division of duties: the person writing


up the transaction should not make
the deposits. / Check that the total of
cash slips agree with the total of the
deposit slip.
Rolling of cash, R25 200 Create a policy for regular, daily
on 12th of December, only depositing. / Internal auditor must
deposited in January. check that the cashier is depositing
Deposits not done cash daily.
regularly (routine) / Appoint a different person to do the
depositing 6

30

Page 3 of 4
Gr. 11 Accounting 2024 Written Report - Marking Guidelines North-West

QUESTION 3: CREDITORS’ RECONCILIATION

3.1 Statement of account


No. Creditors’ Ledger of
received from Speedy
TT Traders
Suppliers
Balance R71 700 R117 600

A. + 8 400✓✓

B. + 3 500✓

C. - 2 000✓
(12 400 + 12 400)
D. + 24 800✓✓
E. - 28 000✓

TOTAL 98 000 * 98 000 *


operation one part correct operation one part correct
* Totals do not have to agree but the opening balances must be included.
If no sign accept it as positive and brackets as negative.
Superfluous entries -1 each line (only if mark/s are earned for that line) 9

3.2 State TWO factors that should be considered before changing to a


new supplier. TWO valid factors  
• The credit terms offered by the new supplier.
• Will they offer discount for early payments?
• Will the new supplier be able to meet the demands of the business?
• The quality of the products should not be compromised. 4

3.3 Provide TWO points for good internal control over creditors.
Any TWO valid answers✓ ✓
• Assess the efficiency of the creditors clerk in order to prevent errors
from occurring.
• Ensure that creditors are paid on time to make use of discounts.
• Make full use of credit terms to assist cash flow.
• Division of duties amongst members of the accounting department so
that one person serves as a check on another.
• Reconcile the balance on the creditors control account with the total of
creditors' list to ensure accuracy on a monthly basis.
• The statement of account of individual creditors must be reconciled
(agreed) with their accounts in the creditors’ ledger.
• Conduct internal audits to minimise the possibility of fraud or error /
Check documents (e.g. invoices and credit notes) to ensure accuracy
of calculations and entries.
• Ensure that items ordered from creditors are correctly received (i.e.
quantities, condition, price).
• Ensure that all purchases are correctly authorized (i.e. procurement
policy). 2

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