GAAP Principles

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GAAP principles

GRADE 12 (Companies)

GRADE 11

GRADE 10

Definition and explanation of accounting concepts unique to companies:

  • companies - public and private
  • Companies Act
  • Registrar of Companies - Registration certificate
  • Memorandum of Incorporation
  • income tax/provisional income tax
  • dividends
  • shares
  • issue price
  • earnings
  • shareholders
  • directors
  • auditors
  • limited liability
  • separation of ownership from control
  • retained income
  • authorised share capital
  • issued share capital
  • Johannesburg Securities Exchange (JSE)

Definition and explanation of Generally Accepted Accounting Practice (GAAP) principles:

  • historical cost
  • prudence
    • materiality
    • business entity rule
    • going concern
    • matching

Apply to all the relevant topics and link to topic 1 and 2  














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