Summary Grade 12 IEB Accounting Notes – Budgets & Budgeting

hese concise and well-structured notes cover Budgets — a key Grade 12 IEB Accounting topic that tests your understanding of financial planning and control. The notes explain budgeting principles clearly and guide you through practical preparation of various budgets in line with the IEB syllabus. Included in the notes: Definition and purpose of budgets Types of budgets: Sales, Production, Purchases, Cash, and more Steps to prepare each budget with examples How budgets link together in the Master Budget Variance analysis basics: how to compare actual vs budgeted figures Advantages and limitations of budgeting Common exam questions and how to approach them Ideal for: Grade 12 IEB learners preparing for tests, prelims, and final exams Students needing a clear, exam-ready overview of budgeting concepts Revision and quick reference before SBA or practical assessments These notes helped me understand budgeting clearly and prepare confidently for the IEB Accounting exam.