GRADE 10 ACCOUNTING (ACC) ACTUAL NOVEMBER TEST PAPER 2 GRADED A+
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Module
ACC102 (ACC102)
Institution
Depaul University
Book
Accounting Principles
GRADE 10 ACCOUNTING (ACC) ACTUAL
NOVEMBER TEST PAPER 2 GRADED A+
GRADE 10 ACCOUNTING (ACC) ACTUAL
NOVEMBER TEST PAPER 2 GRADED A+
GRADE 10 ACCOUNTING (ACC) ACTUAL
NOVEMBER TEST PAPER 2 GRADED A+
Solution Manual for Accounting Principles 14th Edition by Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell | All Chapters Complete 2024.
Test Bank for Accounting Principles 14th Edition by Jerry J Weygandt Paul D Kimmel | Newest Version 2024.
Solution Manual for Accounting Principles 14th Edition by Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell | Newest Version 2024.
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ACC102 (ACC102)
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GRADE 10 ACCOUNTING (ACC) 2024-2025 ACTUAL
NOVEMBER TEST PAPER 2 GRADED A+
Businesses
- CORRECT ANSWERS - Informal/ informal
Current asset
- CORRECT ANSWERS - A resource of the business that will be converted into
cash within one (financial year)
Cash
Accounts receivable (sells good or services on credit)
Long term (Non current) Asset
- CORRECT ANSWERS - property, equipment, land and buildings
Trading stock
- CORRECT ANSWERS - Retailers buy something for the purpose of resale
Cost price
- CORRECT ANSWERS - Retailers buy stock and pay a certain amount
Code of conduct/ code of of conduct
- CORRECT ANSWERS - Behavior expected from employees
- honesty, integrity, discipline
This will give customers confidence that they are going to deal with people of
integrity etc
GAAP
- CORRECT ANSWERS - Generally Accepted Accounting Principles
Historic cost concept: assets should be recorder at original cost price.. Assets
may appreciate but it still has to be recorded at cost price
Prudence concept:
Accountant must report..........
Materiality concept:
Business entity concept; business + owner account kept separate
Asset - CORRECT ANSWERS
- Something that the company owns
,SARS
- CORRECT ANSWERS - South African Revenue Services
VAT
- CORRECT ANSWERS - Value added tax
Payed every 2 months
Source Document:
- CORRECT ANSWERS - Serves as proof that the money was spent... Form of
control
Cash register journal
Manages all cash coming into the business
- CORRECT ANSWERS - Doc. = CRT or duplicate receipt
Details: from whom was the money received
Folio: cross check between subsidiary journal & journals
Debtors control: money received from debtors who are paying some of their
accounts
Important!!!
- CORRECT ANSWERS - When it says trading stock sold..,,
In cash receipts journal it will be under SALES
Current liabilities
- CORRECT ANSWERS - Accounts payable (bought on credit)
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