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FAC1503 ASSIGNMENT 2 SEMESTER 1 2024
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FAC1503 ASSIGNMENT 2 SEMESTER 1 2024
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3/26/24, 7:02 PM Assessment 2 (page 2 of 2)UNISA 2024 FAC1503-24-S1 Welcome Message Assessment 2
QUIZ
Time left 0:47:58
Question 2
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Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa Traders wants to sell a dining room table with a cost
price of R8 300. The mark-up percentage on cost is 25%.
What will be the selling price of this product?
Instructions for numeric response:
1. Please round your answer to the nearest rand (eg: 1000)
2. Only show the amount, do not show the "R" (eg: 1000)
Answer: 10375
Question 3
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On 23 January 2022, SA Dealers purchased goods to the value of R20 000 and paid with a business cheque. The entity makes use of the
periodic inventory system. What will the effect of this transaction on the accounting equation be?
Select one:
a. Account debited Account credited Assets Equity Liabilities
+ R20 000
Inventory Bank
- R20 000
b. Account debited Account credited Assets Equity Liabilities
Purchases Bank - R20 000 - R20 000
c. Account debited Account credited Assets Equity Liabilities
Bank Purchases - R20 000 - R20 000
d. Account debited Account credited Assets Equity Liabilities
+ R20 000
Bank Inventory
- R20 000
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16451929&cmid=844668&page=1 1/7
, 3/26/24, 7:02 PM Assessment 2 (page 2 of 2)
Question 4
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Which of the following statements is not correct regarding a set of financial statements compiled in terms of IFRS?
Select one:
a. Reflects the actual cash movements in and out of the entity.
b. Reflects all assets, liabilities and equity of an entity at a particular date
c. Reflects the financial performance of the entity, indicating a net profit or loss for a specific period
d. Reflects directorships and their respective salaries
Clear my choice
Question 5
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The legal firm, SA Attorneys is registered as a VAT vendor. VAT is charged at 15%. On 27 March 2022, 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. The account(s) debited and the account(s) credited in the general ledger will be:
Select one:
a.
Account(s) to be debited Account(s) to be credited
Donations Trust bank
b.
Account(s) to be debited Account(s) to be credited
Donations and VAT input Trust bank
c.
Account(s) to be debited Account(s) to be credited
Donations Business bank
d.
Account(s) to be debited Account(s) to be credited
Donations and VAT input Business bank
Clear my choice
Question 6
Not yet answered
Marked out of 1.00
While preparing the bank reconciliation statement one should compare the credit column of the bank statement with the cash receipts
journal in the accounting records of the business.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=16451929&cmid=844668&page=1 2/7
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