Internal Control Processes (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 is a primary purpose of internal control processes?
What is a primary purpose of internal control processes?
To safeguard assets and prevent theft
What problem occurs when a business keeps too much stock?
What problem occurs when a business keeps too much stock?
Money is tied up & risk of obsolescence
Why is separation of duties important in internal control?
Why is separation of duties important in internal control?
Makes accountability clear & prevents fraud
What does it mean for a debtor to be creditworthy?
What does it mean for a debtor to be creditworthy?
They have a history of paying on time
How do longer payment periods from suppliers benefit a business?
How do longer payment periods from suppliers benefit a business?
They improve the business's cash flow
What distinguishes fixed assets from other business purchases?
What distinguishes fixed assets from other business purchases?
They are for use, not for resale
Which items are examples of consumable goods?
Which items are examples of consumable goods?
Stationery, fuel, and packing materials
What must happen to cash received immediately?
What must happen to cash received immediately?
Recorded in books & kept in safe place
What is the critical rule about signing blank cheques?
What is the critical rule about signing blank cheques?
Blank cheques must never be signed
Where must petty cash be stored?
Where must petty cash be stored?
In a locked petty cash box in safe place