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FAC1503 Assignment 1 (QUIZ) Semester 1 2023
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FAC1503 Assignment 1 Semester % TRUSTED workings, explanations and solutions. 1 for assistance
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FAC1602 Assignment 5 (COMPLETE ANSWERS) Semester 2 2024 - DUE 12 November 2024; 100% TRUSTED Complete, trusted solutions and explanations.
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9/7/2021 myModules : FAC1503-21-S1-8E : Online AssessmentmyModules
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FAC1503-21-S1-8E / Online Assessment
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Online Assessment
4 Assignment 4
RETURN TO ASSESSMENT LIST
Part 1 of 10 - Part 5 6.0/ 9.0 Points
Question 1 of 28
According to the reducing balance method, depreciation is calculated on the cost of the asset 1.0/ 1.0 Points
using a pre-determined depreciation rate.
True
False
Answer Key: False
Feedback: Refer to learning unit 3.3.2
Question 2 of 28
The detailed accounting records kept by a law practitioner for every transaction is known as the 0.0/ 1.0 Points
accounting equation.
True
False
Answer Key: False
Feedback: Refer to learning unit 2.5
Question 3 of 28
A delivery note is a document issued by a seller to the buyer that indicates the quantities and 0.0/ 1.0 Points
costs of the products or services provider by the seller
True
False
Answer Key: False
Feedback: Refer to learning unit 2.5.3
Question 4 of 28
Persons who do not meet the R1 million registration threshold but comply with certain 1.0/ 1.0 Points
requirements relating to ownership, can register for turnover tax. The rate of turnover tax applies on a sliding
scale from 0% to 3% based on actual turnover (receipts).
True
False
https://mymodules.unisa.ac.za/portal/site/FAC1503-21-S1-8E/tool/0d65f92f-94b4-465b-9a89-e04b20fc1ed5/jsf/select/selectIndex 1/16
,9/7/2021 myModules : FAC1503-21-S1-8E : Online Assessment
Answer Key: True
Feedback: Refer to study unit 3.4.4
Question 5 of 28
Persons registering as vendors should not bear in mind the duties associated with being a vendor. 1.0/ 1.0 Points
SARS will automatically issue tax invoices within 21 days from the time the supply was made on behalf of any
registered VAT vendor.
True
False
Answer Key: False
Feedback: Refer to learning unit 3.4.8
Question 6 of 28
Relevance refers to the fact that the information and disclosure in the financial statements must be 0.0/ 1.0 Points
such that different knowledgeable and independent observers can reach consensus that it is a faithful
representation.
True
False
Answer Key: False
Feedback: Refer to section 1.5.4 of learning unit 1
Question 7 of 28
The Output VAT charged is collected from the recipient of such goods and services by the vendor 1.0/ 1.0 Points
and is only required to be paid over to SARS, after the customer has paid for the goods or services.
True
False
Answer Key: False
Feedback: Refer to learning unit 3.4.6
Question 8 of 28
Inventory can either be purchased for cash or on credit. 1.0/ 1.0 Points
True
False
Answer Key: True
Feedback: Refer to learning unit 3.2.1
Question 9 of 28
The bank statement is an internal source document. 1.0/ 1.0 Points
True
False
Answer Key: False
Feedback: Refer to learning unit 3.5.3
Part 2 of 10 - Part 3 4.0/ 4.0 Points
https://mymodules.unisa.ac.za/portal/site/FAC1503-21-S1-8E/tool/0d65f92f-94b4-465b-9a89-e04b20fc1ed5/jsf/select/selectIndex 2/16
, 9/7/2021 myModules : FAC1503-21-S1-8E : Online Assessment
Question 10 of 28
2.0/ 2.0 Points
The legal firm, SA Attorneys is registered as a VAT vendor. VAT is charged at 15%. On 26 March
2020, the owner, Adv South withdrew an amount of R3 450 for his own use. What will be the effect of the
transaction on the accounting equation?
A.
Assets Equity Liabilities
R R R
+ 450 - 3 000 + 3 000
B.
Assets Equity Liabilities
R R R
- 3 450 + 3 450
C.
Assets Equity Liabilities
R R R
- 3 450
- 3 000
+ 450
D.
Assets Equity Liabilities
R R R
- 3 450 - 3 450
Answer Key: D
Feedback: Refer to learning unit 2.4, examples 2.1 and 2.7 and learning unit 3.4.2
Question 11 of 28
2.0/ 2.0 Points
The legal firm, SA Attorneys is registered as a VAT vendor. VAT is charged at 15%. On 27 March
2020, the partners approved the sponsorship of the tuition fees of a newly registered legal student from a rural
area. An amount of R6 900 for the first semester tuition fees was paid to SA University via an EFT. What will be
the effect of the transaction on the accounting equation?
A.
Assets Equity Liabilities
R R R
- 6 900 - 6 900
B.
Assets Equity Liabilities
R R R
+ 900 - 6 000 + 6 900
C.
Assets Equity Liabilities
https://mymodules.unisa.ac.za/portal/site/FAC1503-21-S1-8E/tool/0d65f92f-94b4-465b-9a89-e04b20fc1ed5/jsf/select/selectIndex 3/16
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