Exam (elaborations)
FAC1502 ASSESSMENT 2 SEM 1 2FAC1502 ASSESSMENT 2 SEM 1 2024 (MCQ ANSWERS)024
- Course
- Institution
FAC1502 ASSESSMENT 2 SEM 1 2024
[Show more]
Seller
Follow
tatendamuzavazi
Reviews received
Content preview
4/7/24, 3:34 PM Assessment 2UNISA 2024 FAC1502-24-S1 Welcome to FAC1502 Assessment 2
QUIZ
Time left 1:02:19
Question 1
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
The apportionment of the depreciation is credited in the asset contra account, namely accumulated depreciation.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17065874&cmid=842835 1/14
,4/7/24, 3:34 PM Assessment 2
Question 2
Not yet answered
Marked out of 1.00
Majozi, the owner of MAJOZI Traders keep incomplete records of the business transactions. The following information is available.
MAJOZI TRADERS
Balances as at 30 June 20.19 (extract):
20.18 20.19
R R
Vehicles at cost ……………………………………………… 28 800 28 800
Furniture and equipment at cost…………………………..... 26 500 26 500
Inventory……………………………………………................ 21 770 ?
Trade receivables control……..……………………………... 8 870 12 350
Bank (favourable)…………………………………………...... 25 000 20 000
Long-term borrowings……….……………………………...... 30 000 15 000
Trade payables control………..……………………………… 9 500 12 700
Accrued expenses……………………..…………………....... 3 400 2 300
Prepaid expenses……………………………………………… 360 365
Additional information:
A physical inventory count revealed that the following was on hand on 30 June 20.19:
Inventory R25 750
Stationery R825
Packing materials R250
The total amount of trading inventory for Majozi Traders as at 30 June 20.19 will be?
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
Answer: 25750
Question 3
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false regarding the periodic inventory system.
The return of inventory is recorded in the purchases returns account.
Select one:
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17065874&cmid=842835 2/14
,4/7/24, 3:34 PM Assessment 2
Question 4
Not yet answered
Marked out of 1.00
Indicate whether the following statement is true or false:
With the periodic inventory system an entity will not keep continuous track of inventory levels for the different inventory items it sells.
Select one:
True
False
Question 5
Not yet answered
Marked out of 1.00
On 1 September 20.18 Lloyd Traders received a prepayment for an amount of R82 550 from a client that is currently occupying part of
Lloyd’s office building under a lease agreement. The prepayment is the rent for 13 months. The prepayment transaction has not yet been
recorded in the accounting books of Lloyd Traders. The current financial period ends on 28 February 20.19.
The pre-adjustment trial balance for the year ended 28 February 20.19 reflected rental income to the amount of R25 400. No adjusting
journal entry has been processed in the accounting records of Lloyd Traders.
The rental income amount to be disclosed in the statement of profit or loss and other comprehensive income for the year ended
28 February 20.19 will be:
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 38100
Question 6
Not yet answered
Marked out of 4.00
Please choose the correct option for the given scenario.
The … trial balance is prepared prior to
adjustments being done. unadjusted (pre-adjustment)
The trading account is used to calculate the …
gross profit/gross loss
The … trial balance is prepared after closing
transfers are done. post-closing
The profit or loss account is used to calculate the
… total comprehensive income for the year/total comprehensive loss for the year
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17065874&cmid=842835 3/14
, 4/7/24, 3:34 PM Assessment 2
Question 7
Not yet answered
Marked out of 1.00
Indicate by choosing the correct option whether the following statement is true or false:
Settlement discount received will be closed off to the sales account at the end of a financial year.
Select one:
True
False
Question 8
Not yet answered
Marked out of 1.00
On 1 May 20.18 Venus Traders entered into a new two-year advertising agreement with Tino Advertising Agency. The advertising
agreement was effective with immediate effect and stipulated that Venus Traders would pay R2 750 per month to Tino Advertising
Agency for advertising services that would be provided by Tino Advertising Agency on a monthly basis. Tino Advertising Agency has
performed all the necessary advertising services that was required from them since the effective date of the advertising agreement for
the current financial period (the current financial period ends on 28 February 20.19).
The pre-adjustment trial balance for the year ended 28 February 20.19 reflected advertising expenses for an amount of R22 000 as well
as accrued advertising expenses of R4 500 on 1 March 20.18 (the beginning of the current financial period). On 20 April 20.18 Venus
Traders paid the advertising expenses that was outstanding from the previous financial period. The outstanding advertising expenses
for the current financial period must still be provided for.
The advertising expenses amount to be disclosed in the statement of financial position as at 28 February 20.19 will be:
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 5500
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17065874&cmid=842835 4/14
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 tatendamuzavazi. 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)
60281 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now