Accounting Policy (Grade 10 NSC Matric Accounting): Quizzes
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Practise the questions
10 questions from this quiz
What is an accounting policy?
What is an accounting policy?
A set of decisions for managing transactions
What is the main purpose of accounting policies?
What is the main purpose of accounting policies?
To promote consistency
Why must businesses publicise their accounting policies?
Why must businesses publicise their accounting policies?
To help users understand the statements
Which of these should be disclosed as an accounting policy?
Which of these should be disclosed as an accounting policy?
Depreciation methods
What does GAAP stand for?
What does GAAP stand for?
Generally Accepted Accounting Practice
What is the role of the Accounting Standards Board in South Africa?
What is the role of the Accounting Standards Board in South Africa?
Setting accounting standards
What balance do accounting standards aim to achieve?
What balance do accounting standards aim to achieve?
Consistency without removing flexibility
When did South Africa adopt IFRS?
When did South Africa adopt IFRS?
1994
What is SAICA responsible for?
What is SAICA responsible for?
Training accountants
How often do accounting standards change?
How often do accounting standards change?
Constantly