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FAC1502 SEMESTER 1 ASSIGNMENT 1 (QUIZ)
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MENU Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1502-23-S1 / Welcome Message / Assessment 1
Question 1
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Victor Smith is the owner of Smith Electricians. On 28 February 20.2 you are given the following information for Smith Electricians.
R
Trade receivables 222 000
Equipment 350 000
Unfavourable bank balance 70 000
Trade payables 50 000
Vehicles 480 000
Loan 300 000
What is the net asset value (equity) of Smith Electricians on 28 February 20.2?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 632000.00
Question 2
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Please choose the correct option for the given scenario.
The going concern concept means that ... an entity will continue operating in the foreseeable future.
One of the elements that measures profitability in an entity is a /an
… expense.
Where would an entity disclose its accounting policy? Annual Financial Statements.
The difference between the value of assets owned by the entity and
the liabilities it has incurred is referred to as … equity.
,Question 3
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Please choose the correct option for the given scenario:
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1502-23-S1 / Welcome Message / Assessment 1
Examples of revenue that is income earned through an entity’s normal activities. Profit on sale of inventory.
Examples of expenses that are incurred in the normal course of an entity’s activities.
Credit losses and depreciation.
An example of a loss that decreases economic benefits but do not arise from the
Loss on sale of vehicles.
normal activities of an entity.
An example of a gain that increases economic benefits but do not arise from the
normal activities of an entity. Profit on sale of equipment.
Question 4
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Indicate whether the following statement is true or false:
An example of a tangible non-current asset is machinery.
Select one:
True
False
,Question 5
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The following information relates to Fruit and Veggie Spaza Shop, who is registered as a VAT vendor (The VAT rate applicable is 15%).
Dashboard
The periodic/ inventory
Courses system
/ UNISAand
/ control
2023 / accounts
Semesterare
1 / inFAC1502-23-S1
use: (The VAT /period
Welcome
of theMessage / ends
business Assessment 1 months.)
on equal
FRUIT AND VEGGIES SPAZA SHOP
EXTRACT OF BALANCES AS AT 31 AUGUST 20.20
R
VAT input 13 500
VAT output 67 500
Additional information that still needs to be taken into account:
On 24 August, a desk was purchased on credit from Cabbage Furniture, R139 380.
Which one of the following options represents the correct general journal entries for the desk purchased for Fruit and Veggies:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an option has been provided and it is not applicable to the specific question, please put N/A in the account column and a 0 in the amounts
column.
When recording the debit entries, you must start with the applicable income or expense or asset account, followed by the applicable vat
account.
Furniture 121 200
VAT input 18 180
Cabbage Furniture/Trade payables control 139 380
Desk Cabbage Furniture/Trade receivables control VAT input
Furniture Cabbage Furniture/Trade payables control N/A
VAT output Equipment
0 20 907 118 473 139 380 121 200 18 180
, Question 6
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Indicate whether the following statement is true or false:
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1502-23-S1 / Welcome Message / Assessment 1
Accounting is defined as the orderly and systematic identification and recording of the monetary values of financial transactions of an individual
or business entity.
Select one:
True
False
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