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Identify and give examples of four types of fixed costs.
Accounting
Grade 12
Type: Study Card

Identify and give examples of four types of fixed costs.

imprest system
Accounting
Type: Glossary

system allowing for the amount of petty cash per month to be decided beforehand.

imputed expense
Accounting
Type: Glossary

an expense for the business that is a non-cash item that is calculated annually

In terms of auditors' reports, what is materiality?
Accounting
Grade 12
Type: Study Card

In terms of auditors' reports, what is materiality?

income
Accounting
Type: Glossary

(also called revenue) money that comes into the business.

Income Statement
Accounting
Type: Glossary

financial statement of sales, expenses and net profit over a fixed period of time.

income tax
Accounting
Type: Glossary

tax charged by the government on income earned

increment
Accounting
Type: Glossary

increase in salary

incremental budgeting
Accounting
Type: Glossary

budgeting using past results to prepare new budgets.

indigenous
Accounting
Type: Glossary

local, from the country in which it is found

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