Key Concepts (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
Who is chosen by shareholders to manage and oversee a company's daily operations?
Who is chosen by shareholders to manage and oversee a company's daily operations?
Directors
What is the key difference between independent and internal auditors?
What is the key difference between independent and internal auditors?
Independent auditors work externally
Who are the actual owners of a company?
Who are the actual owners of a company?
Shareholders
Which auditor's report indicates financial statements are acceptable in all areas?
Which auditor's report indicates financial statements are acceptable in all areas?
Unqualified report
What does limited liability protect shareholders from?
What does limited liability protect shareholders from?
Being responsible for company debts
What are dividends paid during the year called?
What are dividends paid during the year called?
Interim dividends
Which GAAP principle requires income and expenses be recorded in the correct financial year?
Which GAAP principle requires income and expenses be recorded in the correct financial year?
Matching
Under historical cost, how are assets recorded on financial statements?
Under historical cost, how are assets recorded on financial statements?
At price originally paid
What is issued share capital used to calculate?
What is issued share capital used to calculate?
Dividends per share
What does the business entity rule ensure?
What does the business entity rule ensure?
Company finances kept separate