Concepts and Management of Resources (Grade 10 NSC Matric Accounting): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Informal accounting definition
Informal accounting definition
Simple methods small entrepreneurs use to manage finances informally
Daily cycle of informal traders
Daily cycle of informal traders
Sell today → buy stock with earnings → sell tomorrow
Transaction type in informal businesses
Transaction type in informal businesses
Cash only - no credit, invoices, or receipts
Formal accounting definition
Formal accounting definition
Structured system for recording, analysing, communicating finances
GAAP full form and meaning
GAAP full form and meaning
Generally Accepted Accounting Practice - accounting framework
Fundamental nature of accounting
Fundamental nature of accounting
Communication - a common language to convey financial messages
Accounting policy definition
Accounting policy definition
Decisions on handling same transactions for consistent results
Financial accounting focus
Financial accounting focus
Recording and reporting financial info, creating statements
Managerial accounting includes
Managerial accounting includes
Costing, budgeting, analysis for decision-making
Three groups of accounting activities
Three groups of accounting activities
Financial accounting, Managerial accounting, Tools for resources