Overview of Partnerships (Grade 11 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 the main aim of every business, whether a sole trader or partnership?
What is the main aim of every business, whether a sole trader or partnership?
To make a profit
How is gross profit calculated?
How is gross profit calculated?
Sales minus cost of sales
Why is the owner entitled to receive the business profit?
Why is the owner entitled to receive the business profit?
They provide funds, get return, take risk
What does the matching principle require?
What does the matching principle require?
Expenses match period generating income
Stock records show R134,180 but physical count is R136,700. What is the adjustment needed?
Stock records show R134,180 but physical count is R136,700. What is the adjustment needed?
Increase stock by R2,520
A debtor owes R370 but pays 80 cents in the rand. What is the bad debt to write off?
A debtor owes R370 but pays 80 cents in the rand. What is the bad debt to write off?
R74
Salary R7,000, PAYE R1,260, pension R560. What is the net salary paid to the employee?
Salary R7,000, PAYE R1,260, pension R560. What is the net salary paid to the employee?
R5,180
What are contra-assets?
What are contra-assets?
Credit balances that reduce assets
Rates of R12,000 paid for 12 months, but 4 months relate to next year. What is prepaid?
Rates of R12,000 paid for 12 months, but 4 months relate to next year. What is prepaid?
R4,000
Fixed deposit R114,600 at 5% p.a. from 1 Jan. What interest earned by 28 Feb (2 months)?
Fixed deposit R114,600 at 5% p.a. from 1 Jan. What interest earned by 28 Feb (2 months)?
R955