Classification of Accounts (Grade 12 NSC Matric Accounting): Quizzes
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Practise the questions
10 questions from this quiz
How many main categories do all accounting transactions fall into?
How many main categories do all accounting transactions fall into?
Five categories
Non-current assets are kept for what minimum time period?
Non-current assets are kept for what minimum time period?
More than 12 months
Which of these is an example of a tangible/fixed asset?
Which of these is an example of a tangible/fixed asset?
Equipment
What are current assets expected to do within 12 months?
What are current assets expected to do within 12 months?
Convert into cash or be used up
How is a bank account with a positive balance shown?
How is a bank account with a positive balance shown?
As a debit (DR)
Current liabilities must be paid within what timeframe?
Current liabilities must be paid within what timeframe?
12 months
What is the formula for owner's equity?
What is the formula for owner's equity?
What effect does income have on owner's equity?
What effect does income have on owner's equity?
Increases it
What effect do expenses have on owner's equity?
What effect do expenses have on owner's equity?
Decrease it
What is the key timeframe that distinguishes current from non-current items?
What is the key timeframe that distinguishes current from non-current items?
12 months