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FAC1502 Assignment 2 semester 2 2022
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FAC1502 Assignment 2 SecondSemester 2022
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FAC1502
ASSIGNMENT 2
SOLUTIONS
PREPARED BY: MTHOMBENI
0767297208
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Please note that questions are not the same and if you come across a question that is not on
this memo, send me a WhatsApp message or call me
VERSION 1
1.The inexperienced accounting clerk wrongfully entered the manager's salary of R11 000 into the
insurance account. The correcting double-entry would be ...
Select one:
A.
dr salaries, R11 000 and cr bank, R11 000.
B.
dr salaries, R22 000 and cr insurance, R22 000.
C.
dr capital, R11 000 and cr salaries, R11 000.
D.
dr insurance, R11 000 and cr salaries R11 000.
E.
dr salaries, R11 000 and cr insurance, R11 000.
Clear my choice
Question 2
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Question text
The financial manager of Steven Traders hired an inexperienced bookkeeper, on 1 February 20.19,
who was immediately required to assist with the creation of an allowance for credit losses (current
financial year ends on 28 February 20.19). The auditors of Steven Traders raised an audit finding in
the previous financial period, stating that trade and other receivables were overstated since no
allowances for credit losses has been created although there was evidence that some of the
debtors did not pay their accounts in the previous financial periods. The financial manager wants
to avoid this audit finding in the current financial period.
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The financial manager requested the bookkeeper to write a memo and indicate which accounts
will be affected when the allowance for credit losses is created? The bookkeeper has written the
following statement down and requires you to confirm whether the statement is true or
false when the allowance for credit losses is created.
When the allowance for credit losses is created, you will debit the credit losses account and credit
the allowance for credit losses account.
Select one:
True
False
Question 3
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Indicate by choosing the correct option whether the following statement is true or false:
Trade discount is the discount offered to debtors to encourage quick settlement of their debts
within the stated credit term.
Select one:
True
False
Question 4
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Indicate by choosing the correct option whether the following statement is true or false:
It is acceptable accounting practice to write off credit losses as they occur against the allowance
for credit losses account if an allowance for credit losses exists.
Select one:
True
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