Key Concepts & Rules (Grade 12 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 are assets in accounting?
What are assets in accounting?
Items a business owns that help generate profit
How is owner's equity calculated?
How is owner's equity calculated?
Assets minus liabilities
Who are debtors?
Who are debtors?
Customers who owe money for credit purchases
From the business's perspective, what are creditors?
From the business's perspective, what are creditors?
Liabilities - parties the business owes money
What are accrued expenses?
What are accrued expenses?
Costs owed but not yet paid by year-end
What are prepaid expenses?
What are prepaid expenses?
Costs paid but relating to next year
What does depreciation measure?
What does depreciation measure?
Decrease in fixed asset value over time
What is mark-up?
What is mark-up?
% added to cost price to get selling price
When do you debit an asset account?
When do you debit an asset account?
When the asset increases
When do you credit a liability account?
When do you credit a liability account?
When the liability increases