Internal Control Processes (Grade 10 NSC Matric Accounting): Flashcards
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Practise the cards
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Purpose of internal control processes
Purpose of internal control processes
Safeguard assets, prevent theft, fraud, and losses
Separation of duties principle
Separation of duties principle
One person per activity for clear accountability
Debtors definition
Debtors definition
Customers who purchase goods/services on credit
Creditworthy meaning
Creditworthy meaning
History of paying debts on time
Creditors definition
Creditors definition
Suppliers from whom business purchases on credit
Fixed assets definition
Fixed assets definition
Items for business use, not resale
Depreciation concept
Depreciation concept
Assets lose value over time due to wear and tear
Consumable goods definition
Consumable goods definition
Items used up in business operations
Cash receipts journal function
Cash receipts journal function
Records all money received by the business
Critical rule for signing cheques
Critical rule for signing cheques
Never sign blank cheques - prevents fraud