Terminology

Question 1

Petrol and diesel are regarded as

Answer 1

Fuel

Question 2

Accounts payable

Answer 2

Creditors

Question 3

Accounts receivable

Answer 3

Debtors

Question 4

Office premises

Answer 4

Fixed asset, it’s land and building

Question 5

Accounting equation

Answer 5

A=OE+L

Question 6

Trading stock is recorded at

Answer 6

Cost price

Question 7

How to calculate cost price

Answer 7

Sp×100/100+profit %

Question 8

Calculate profit

Answer 8

Sp-cos
Or profit in amounts/cos x 100

Question 9

Calculate selling price

Answer 9

Cos+p

Question 10

Cash ships

Answer 10

Are for sales received

Question 11

Cash sales source document

Answer 11

Crt

Question 12

Invoice

Answer 12

Records goods sold on credit

Question 13

Accrued income, prepaid expense and consumables on hand

Answer 13

Current assets

Question 14

Accrued expense and prepaid income

Answer 14

Liability

Question 15

Capitalized interest

Answer 15

Amount added to the capital amount of a loan and bank

Question 16

Cash surplus/deficit

Answer 16

Difference between cash receipts and payments

Question 17

Difference between deductions and contributions

Answer 17

An employer deducts a portion of the employee’s salary for taxes benefits or insurance premium

Contributions are amount additional to gross salary or wages that are contributed by the employer

Question 18

Fixed deposit

Answer 18

Asset

Question 19

Uif

Answer 19

The Unemployment Insurance Fund (UIF) is a South African government-funded program that provides temporary financial support to workers who have lost their jobs, are on maternity leave, or are unable to work due to illness or adoption.

Question 20

Net salary /wage

Answer 20

Net amount of earnings paid to the employee after deductions

Question 21

Payed deduction

Answer 21

Ted deducted from the employee’s salary or wage and paid over to Sars

Question 22

Clock card system

Answer 22

A system that contains a fingerprint and face ID recognition for a worker that clocks in and out of work.

Question 23

Advantage of clock card system

Answer 23

Records the exact hours worked reducing errors/disputes
Prevents employees from falsifying hours worked.

Question 24

Disadvantages of clock card system

Answer 24

Not recognized for hours you worked for oif you forget to clock in or out

Loadshedding