Accounting Income Statement Format Grade 10

Format of recording depends on the person running the business.

Accounting income statement format grade 10. Accounting grade 10 november 2015. A true and fair view of the state of affairs and financial performance of the company. Format of preparing an income statement. What this means is that the financial statements need not be accurate they only need to show the.

Accounting grades 10 12 6 curriculum and assessment policy statement caps 1 4 time allocation 1 4 1 foundation phase a the instructional time in the foundation phase is as follows. Add your business details and the reporting period covered by the income statement. The purpose of this guide is to assist teachers and learners in grade 10 12 to manage and provide a detailed study of the accounting processes. Chapter 5 income statement.

As you can see this example income statement is a single step statement because it only lists expenses in one main category. The self study guide deals with the following topics. These standards dictate that the financial statements should show. Debtors age analysis 5.

Income statement for the year ended 31st december 2016. The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business. Finalize the income statement. Extract from the income statement as at 28 february 2015 depreciation equipment 600 depreciation vehicle 3 024 net profit for the year 25 790.

Grade 10 accounting lesson 28 financial statements 1 wced eportal. Here is an example of how to prepare an income statement from paul s adjusted trial balance in our earlier accounting cycle examples. Subject grade r hours grades 1 2 hours grade 3 hours home language 10 8 7 8 7 first additional language 2 3 3 4 mathematics 7 7 7 life skills beginning. This short video explains the financial statements of a sole trader and in particular explains the format of the income statement.

Accounting grade 12 session learner notes section b. Disposal of tangible. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. 55 marks 30 minutes projected income statement you are provided with the projected income statement and additional information relating to helen s hair stylists for the period april to june 2010.

Single step income statement. Accounting equation and analysis of transactions 2. The format of these financial statement is set out in international accounting standards. Enter the figure into the final line item of your income statement.