Choose a term to complete each of the following statements - NSC Accounting - Question 4 - 2017 - Paper 1
Question 4
Choose a term to complete each of the following statements. Write only the term next to the question number (4.1.1-4.1.4) in the ANSWER BOOK.
4.1.1 … are appointed... show full transcript
Worked Solution & Example Answer:Choose a term to complete each of the following statements - NSC Accounting - Question 4 - 2017 - Paper 1
Step 1
4.1.1 … are appointed by the shareholders to manage the company.
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Answer
The correct term is Directors. Directors are the individuals elected by shareholders to oversee and manage the operations of the company, ensuring their interests are represented.
Step 2
4.1.2 The … is employed by the company to set up functional internal control processes.
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Answer
The term required here is Internal auditor. An internal auditor is responsible for evaluating the effectiveness of the company's internal controls and ensuring compliance with laws and regulations.
Step 3
4.1.3 A … is a person who invests in a company by buying shares.
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Answer
The answer is Shareholder. A shareholder is an individual or entity that owns shares in a company, thereby owning a portion of that company.
Step 4
4.1.4 … are appointed by shareholders to give an unbiased opinion on the financial statements.
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Answer
The term needed is External auditors. External auditors provide an independent assessment of the company's financial statements, ensuring they fairly present its financial position.
