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Questions and Answers
Which of the following is a topic covered in the Grade 10 Accounting Learner Booklet?
Which of the following is a topic covered in the Grade 10 Accounting Learner Booklet?
- Debtors and Creditors Reconciliation (correct)
- English Literature Analysis
- Chemical Reactions
- Physics Laws and Principles
What is the purpose of the Baseline Assessment in the Back on Track Programme?
What is the purpose of the Baseline Assessment in the Back on Track Programme?
- To analyze transactions
- To increase the owner's capital
- To reconcile debtors and creditors
- To assess the starting point of learners (correct)
Which account is debited when paying the businesses telephone account by EFT?
Which account is debited when paying the businesses telephone account by EFT?
- Bank (correct)
- Telephone
- Liabilities
- Owners' Equity
What is the accounting equation?
What is the accounting equation?
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What is the purpose of the General Ledger?
What is the purpose of the General Ledger?
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Study Notes
Accounting Concepts
- The purpose of the Baseline Assessment in the Back on Track Programme is to evaluate the current level of a student's knowledge and skills in accounting.
- When paying the business's telephone account by EFT, the account debited is the Telephone Expense account.
- The accounting equation is Assets = Liabilities + Equity, which represents the relationship between a company's assets, liabilities, and equity.
- The purpose of the General Ledger is to record, classify, and report all financial transactions of a business, providing a comprehensive view of the company's financial position.
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