Quick Revision

Need some help with quick revision of key concepts?

We’ve put together some packs of study cards to help you brush up on key concepts before tests and exams. Use the drop down menus in the search boxes above to select the grade, subject and category of content you want to revise. We’re adding new packs of study cards all the time, so check back if you can’t find what you’re looking for or contact us to make a suggestion.

Grade
Subject
Category
Grade 12 Accounting, Assets and depreciation

Define depreciation in terms of assets.

Grade 12 Accounting, Assets and depreciation

Depreciation indicates how much the value of tangible assets will decrease each year as a result of normal usage in business.

Grade 12 Accounting, Assets and depreciation

How is pro rata depreciation calculated?

Grade 12 Accounting, Assets and depreciation

Pro rata depreciation is calculated from the first day of the financial year up to the date of the sale of the asset.

Grade 12 Accounting, Assets and depreciation

Explain the reducing balance method of calculating depreciation.

Grade 12 Accounting, Assets and depreciation

The reducing balance method takes the accumulated depreciation into account, so the depreciation is calculated on the carrying value of the asset.

Grade 12 Accounting, Assets and depreciation

Explain the straight line method of calculating depreciation.

Grade 12 Accounting, Assets and depreciation

The straight line method is also called the cost price method. In this method, depreciation is calculated on the cost price of the asset.

Grade 12 Accounting, Assets and depreciation

Define tangible assets and give two examples.

Grade 12 Accounting, Assets and depreciation

Tangible assets are the assets of a business that you can physically see. Examples of tangible assets are vehicles and electronic equipment.

Grade 12 Accounting, Assets and depreciation

When is an asset disposal account opened?

Grade 12 Accounting, Assets and depreciation

An asset disposal account is opened and closed on the day the asset is disposed of.

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