Accounting Concepts
What is Owners Equity.
The term used for the total investment that the owner has in the business.
Who is the current political party in charge of South Africa?
ANC
When is the National Budget Drawn Up?
February
What is the unemployment rate?
The percentage of the population that is unemployed
What is a Source Document?
The First document on which a transaction is recorded
What is the formula for profit?
Income - Expenses
What are the three levels of government?
Local, Regional and National
What is an indirect tax?
Taxon a transaction and not a person
How do you calculate the unemployment rate
Number of unemployed individuals/labor force x 100/1
What does EFT stand for
Electronic Funds Transfer
What type of account is stationery
Expense Account
What are the three functions of government?
1) Providing public goods and services
2) Making & Enforcing Laws
3) Protecting its people from internal & Enternal Threats
What are two examples of direct tax?
Company Tax and Income Tax
Who are not considered to be unemployed?
1) Those not looking for a job
2) Those under the age of 16
3) Retired Individuals
In the accounting equation, if you repay a loan, which two accounts affected? And is it a positive or negative effect?
1) - Bank
2) - Loan
List three examples of indirect tazes
VAT, Fuel Levy, Import Tax (Customs Duty)
What is the natural environment
REFERS TO ALL THE LIVING AND
NON-LIVING THINGS THAT
OCCUR NATURALLY ON EARTH.
IT SUPPORTS THE ECONOMIC
ACTIVITY BY PROVIDING
NATURAL RESOURCES.
Which four accounts affect Owner's Equity?
Income, Expenses, Capital, Drawings
List five developed countries
USA, Switzerland, Canada, Any European Countries, Australia etc
What are the five things that should be on a source document
1) Date
2) Document Number
3) Amount Paid
4) Parties Involved
5) What the transaction was for