Exam (elaborations)
FAC1601-ASSESSMENT 1, SEMESTER 2, 2022
- Course
- Institution
- Book
FAC1601- Assignment 1 (2022), Questions and Answers 100% TRUSTED
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
FAC1601 Assignment 5 (ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED
-
FAC1602 Assignment 5 (ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED
-
FAC1602 Assignment 5 (COMPLETE ANSWERS) Semester 2 2024 - DUE 12 November 2024; 100% TRUSTED Complete, trusted solutions and explanations.
Seller
Follow
Studipath
Reviews received
Content preview
FAC1601FINANCIAL ACCOUNTING AND
REPORTING
ASSIGNMENT 1 – 2022
QUESTIONS AND ANSWERS
, 1. A credit balance on a ledger account indicates………
a. an asset or expense
b. a liability or income
c. a liability or an expense
d. an amount owing to the business
2. Which one of the following expenses should be included in cost of inventories sold
during the year?
a. Carriage on sales
b. Insurance on deliveries
c. Depreciation on delivery vehicle
d. Carriage on purchases
3. On 30 June 2022, Ndabeni Traders sold R5 100 worth of inventory on credit to
Ndlovu Supermarket, subject to a trade discount of 15%. A cash discount of 15% will
be given if the account is settled within 30 days. Which one of the following amounts
represents the correct amount received by Ndabezitha Wholesalers on 29 July 2022?
a. R3 684.75
b. R1 012.50
c. R4 335.00
d. R3 570.00
4. As of 1 January 2021, Kelly’s Clothing had a capital balance of R100 000. During the
year Kelly’s Clothing had revenues and expenses amounting to R80 000 and R45
000 respectively. On 31 December 2021, the owner conducted a stock take and
realised that an inventory valued at R5 000 was damaged. The salvage value of the
damaged inventory was estimated at R1 500. In addition, the owner (Kelly), withdrew
R20 100 for her personal use. Which one of the following alternatives represents the
correct capital balance in the statement of financial position of Kelly’s Clothing as at
31 December 2021?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Studipath. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.76. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52355 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now