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2.10 The first step in the accounting cycle is a transaction that takes place. (1)

EMS_GR8E_JUNE EXAM_2021_ANSWER SHEET.docx   UPLOAD YOUR ANSWER SHEET AS A PDF DOCUMENT AFTER YOU HAVE COMPLETED SECTION C. Name your document as follow: NAME AND SURNAME_EMS_JUNE EXAM 2021_SECTION C

4.2 Name the compensation for each factor of production. (4)      

3.4 Change in the “till” or cash register is called cash float / petty cash. (1)

3.1 The customer receives the original/duplicate cash register slip and the business keeps the other one. (1)

3.10 EFO = Electronic Fund Transfer / Electronic Financial Agreement. (1)

3.6 The amount paid to workers on a monthly basis is called salaries/wages. (1)

5.3 What is the market called where goods and services are traded? (1)      

3.5 A small box in which cash is kept to pay small expenses is called a cash float/petty cash. (1)

2.2 The current minister of finance is Pravin Gordan. (1)