Accounting Grade 12 Test 1
Accounting Grade 12 Test 1
Accounting Grade 12 Test 1
1.1 GAAP
Choose the relevant GAAP principle from the list given below, to match the
applicable scenarios indicated in 1.1.1 ‒ 1.1.4:
1.2 AUDITING
REQUIRED
1.2.1 Explain the role of the independent auditor. Provide ONE point. (2)
1.2.2 Name TWO persons/parties other than the shareholders, who
would be interested in the audit report. Give a reason for each. (4)
1.2.3 Explain why it is important for an independent auditor to belong
to a professional body like SAICA. Provide ONE reason. (2)
1.3 INCOME STATEMENT AND NOTES
Corona Wholesalers Ltd is a general dealer. You are presented with their
records on 29 February 2020, the end of their financial year.
REQUIRED:
INFORMATION
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