Final Accounts and Adjustments (Grade 10 NSC Matric Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does the matching principle require in financial reporting?
What does the matching principle require in financial reporting?
Record revenues & expenses in same period
What is the difference between depreciation and accumulated depreciation?
What is the difference between depreciation and accumulated depreciation?
Depreciation is current year only
What is the minimum value an asset can be shown as in the Balance Sheet?
What is the minimum value an asset can be shown as in the Balance Sheet?
R1
Which statement describes the diminishing balance depreciation method?
Which statement describes the diminishing balance depreciation method?
Depreciation amount decreases each year
What is the formula for calculating carrying value?
What is the formula for calculating carrying value?
Cost price - Accumulated depreciation
What is accrued income?
What is accrued income?
Income earned but not yet received
What is the effect of prepaid expenses on the accounting equation?
What is the effect of prepaid expenses on the accounting equation?
Assets increase, Equity increases
How is income received in advance classified?
How is income received in advance classified?
As a liability
Which items are examples of consumable stores?
Which items are examples of consumable stores?
Stationery & packing material
What causes a trading stock deficit?
What causes a trading stock deficit?
Theft, damage, or recording errors