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FAC 1502 Assessment 5 2022_ Attempt review A4
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FAC 1502 Assessment 5 2022_ Attempt review A4
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11/14/22, 7:24 AM Assessment 5: Attempt reviewMENU
Dashboard / My courses / FAC1502-22-S2
Started on
/ WELCOME Sunday,FINANCIAL
TO FAC1502 13 November 2022, 9:30 PM
ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
State Finished
/ Assessment 5
Completed on Sunday, 13 November 2022, 11:15 PM
Time taken 1 hour 45 mins
Marks 49.04/65.00
Grade 75.45 out of 100.00
Feedback Congratulations you have passed the assessment with distinction.
Question 1
Correct
Mark 1.00 out of 1.00
Indicate whether the following statement, regarding cost of goods purchased, is true or false:
Cost of goods purchased includes transport costs.
Select one:
True
False
Correct answer
The correct answer is 'True'.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6491037&cmid=212035 1/22
,11/14/22, 7:24 AM Assessment 5: Attempt review
Question 2
Incorrect
Mark 0.00 out of 1.00
MENU
Revenue is earned from the entity’s daily operating activities. Which one of the following alternatives will be considered as revenue to the
Dashboard / My courses / FAC1502-22-S2
entity?
/ WELCOME TO FAC1502 FINANCIAL ACCOUNTING 1: FINANCIAL ACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
(a) Rental income
(b)/ Assessment 5
Depreciation
(c) Sales
(d) Interest earned on a favourable balance
(e) Credit losses
Select one:
A. (a), (b), (c) and (d)
B. (a), (c) and (d) Incorrect
answer
C. (c)
D. (c) and (d)
E. (a), (b), (c), (d) and (e)
Your answer is incorrect.
The correct answer is:
(c)
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6491037&cmid=212035 2/22
, 11/14/22, 7:24 AM Assessment 5: Attempt review
Question 3
Partially correct
Mark 1.13 out of 9.00
MENU
Waterhouse is a small township retail business that trades in soft drinks and has a 30 June 20.19 financial year-end. The business records the
Dashboard / My courses / FAC1502-22-S2
amount of inventory it purchases only on a cash basis. The owner, Daniel Makoe, has requested you to assist him in preparing the
/ WELCOME
accounting TO FAC1502
records FINANCIAL
on an accrual ACCOUNTING
basis. He has provided 1: you
FINANCIAL
with theACCOUNTING CONCEPTS, PRINCIPLES AND PROCEDURES
following information:
Purchases:
/ Assessment 5 Inventory
Date Amount
R
15 July 20.19 10 385
19 August 20.19 7 236
28 September 20.19 17 311
12 October 20.19 14 422
30 November 20.19 20 005
31 December 20.19 17 987
03 February 20.19 6 500
25 March 20.19 7 340
17 May 20.19 3 670
104 856
Based on your review of the business’s bank statement and a discussion with Daniel, you established the following:
1. On 30 June 20.19, only R2 540 worth of inventory was still on hand. There was no opening inventory and no inventory shortages.
2. The business sells products at a 20% mark up on cost.
3. The owner and his assistant earn a total monthly salary of R2 000 a month, their salaries was not paid on 30 June 20.19 due to a lack of
funds.
4. The rates and taxes account are in arrears. No payments have been made for an entire financial year due to a dispute with the
municipality. The amount owing is R4 550.
5. According to Daniel, the business uses a prepaid electricity meter. Prepaid electricity bought for the year amounted to R3 200 of which
R150 has not yet been used by year end.
6. The business rents a pool table from a gaming agent. The conditions for the rental of the pool table is that 50% of the takings are
business income and the balance goes to the agent as a commission. By 31 May 2019, R2 834 was deposited into the business’s account for
the businesses’ share. At year end, the pool table had R1 840 worth of R2 coins in its safe.
7. Daniel paid R870 for maintenance to the local handy man out of his own pocket and has not yet been refunded by the business.
8. A monthly rental of R500 is made to the garage owner of from where the business operates. June’s rent is still due.
9. The business has 10 fridges with a cost of R3 000 each. Daniel estimates that they have an estimated useful life of 8 years.
Use the information provided to prepare the distribution, administrative and other expenses section of the statement of profit or loss and
other comprehensive income of Waterhouse for the year ended 30 June 20.19.
Instructions:
Drag the correct answer into the correct space.
https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=6491037&cmid=212035 3/22
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