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accounting grade 12 November 2022 memorandum
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Grade 12 accounting
In South Africa, Grade 12 is the final year of high school. It is more commonly referred to as matric, which is itself short for matriculation. (See Matriculation in South Africa). At the end of Grade 12, students are said to be matriculated. This also refers to the minimum requirement for progressing to University. On average, Grade 12 students start the year at 17 and turn 18 within the time leading up to matriculation
Why Is Accounting Important?
Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.
There are three key financial statements generated by your records.
- The income statement provides you with information about the profit and loss
- The balance sheet gives you a clear picture on the financial position of your business on a particular date.
- The cash flow statement is a bridge between the income statement and balance sheet and reports the cash generated and spent during a specific period of time.
It is critical you keep your financial records clean and up to date if you want to keep your business afloat. Here are just a few of the reasons why it is important for your business, big or small