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WorksheetsHR Unit1 revision: Bookkeeping
Total questions: 14
Worksheet time: 1hrs 18mins
GAAP stands for
Generally Acccute Accounting Principles
Generally Accepted Algebra Purposes
Generally Accepted Accounting Principles
IFRS stands for
(a)
IFRS is used to
guide professional conduct in South Africa
as one of many options for professional conduct
assist only supermarkets and other food industries
get out of paying taxes
Proper records need to be kept for the following reasons:
to assist with planning and budgets
for assistance for money to be hidden
for accountability and transparency
to assist to avoid mismanagement and fraud
The accounting system must show three areas to assist in preparing a statement of accounts of what was spent, collected and what funds are left.
(a)
List the 5 steps in a financial transaction
A debtor is
a business or individual that owes money to another business
a business or individual that extends credit to another business or individual with a payment plan
a statement that is prepared at the end of the year
a report showing financial activity for a certain period
A creditor is
an individual or business that owes money to another business
an individual or business that extends credit to another individual or business on a payment plan
a report that provides the financial information for a year
a statement that shows financial activity for a certain period of time
To keep accurate books you should have
a bank account
a loan account
a record of all payments made
a shoe box with all the receipts
VAT stands for
(a)
A VAT cycle is for how long
(a)
Employee tax that is paid to SARS is called...
(a)
At the end of the year the company must provide an employee with a .... to reflect proof that tax was deducted
IRP5
VAT201
EEA
BCEA
When you are registered for VAT, what must go onto your invoice?
VAT registration number
SARS registration number
Accounting system number
Car registration number
