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+
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)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ephriterry1227. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
