Concepts and Management of Resources (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 informal accounting refer to?
What does informal accounting refer to?
Simple methods by small entrepreneurs
What is the daily cycle of an informal trader?
What is the daily cycle of an informal trader?
Sell today → buy stock → sell tomorrow
What is the primary aim of informal businesses?
What is the primary aim of informal businesses?
Survive each day
How do informal businesses handle transactions?
How do informal businesses handle transactions?
All cash, no credit or invoices
What is an advantage of low inventory for informal traders?
What is an advantage of low inventory for informal traders?
Stock remains fresh
Why is accounting described as a form of communication?
Why is accounting described as a form of communication?
It conveys financial info that must be understood
What does GAAP stand for?
What does GAAP stand for?
Generally Accepted Accounting Practice
What is the focus of financial accounting?
What is the focus of financial accounting?
Recording & reporting financial info
Which activities are part of managerial accounting?
Which activities are part of managerial accounting?
Costing and budgeting
What is the purpose of basic internal controls?
What is the purpose of basic internal controls?
Prevent errors and fraud