QUESTION $1[20$ MARKS$]$

a$.$ Terms and Concepts

Explain the concepts of "business" and "business transactions" in the South

African context. Provide three examples of common business transactions

and their impact on accounting records.

b$.$ Types of Business Ownership and Transactions

i$)$ Define and compare the legal and operational implications of three

types of business ownership in South Africa: sole proprietorship,

partnership, and private limited company.

ii$)$ Explain the role of source documents in recording transactions.

Provide two examples of source documents commonly used in South

African businesses.

c$.$ Cash Transactions

Discuss the significance of filing in the context of cash tr$$nsactions for a

South African business. Provide two specific examples of how effective

filing contributes to financial record accuracy and compliance with South

African accounting regulations.