Exam (elaborations)
FAC1502 ASSIGNMENT 2 SEMESTER 2 2022 SOLUTIONS
- Course
- Institution
FAC1502 ASSIGNMENT 2 SEMESTER 2 2022 SOLUTIONS
[Show more]
Seller
Follow
patelsameer
Reviews received
Content preview
FAC1502 Assignment 2 SecondSemester 2022
written by
TheTeachingMachine
www.stuvia.com
Downloaded by: tphaswana338 | tphaswana338@gmail.com
Distribution of this document is illegal
, Stuvia.com - The study-notes marketplace
FAC1502
ASSIGNMENT 2
SOLUTIONS
PREPARED BY: MTHOMBENI
0767297208
Downloaded by: tphaswana338 | tphaswana338@gmail.com
Distribution of this document is illegal
, Stuvia.com - The study-notes marketplace
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
Answer saved
Marked out of 1.00
Flag question
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.
Downloaded by: tphaswana338 | tphaswana338@gmail.com
Distribution of this document is illegal
, Stuvia.com - The study-notes marketplace
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
Answer saved
Marked out of 1.00
Flag question
Question text
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
Answer saved
Marked out of 1.00
Flag question
Question text
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
Downloaded by: tphaswana338 | tphaswana338@gmail.com
Distribution of this document is illegal
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 patelsameer. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.85. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now