Financial Accounting Principles Concepts and Procedures (FAC1502)
Exam (elaborations)
FAC1502 ASSESSMENT 1 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS
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Course
Financial Accounting Principles Concepts and Procedures (FAC1502)
Institution
University Of South Africa (Unisa)
THIS DOCUMENT IS A COLLATION OF FAC1502 ASSESSMENT 1 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CORRECTLY AS A GUIDE AND FOR PRACTICE TO SCORE ABOVE 75%
Financial Accounting Principles Concepts and Procedures (FAC1502)
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for FAC MAC ECS DSC TA
QMI FIN INV BNU STA
Time limit: 1 hour 15 mins tutorials
Grading method: Highest grade
Grade to pass: 50.00 out of 100.00
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Submitted Friday, 16 August a distinction.
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,You are given the following information for Sibas Nail Bar: R
Equipment…………………………………………………………………........................................ 130 000
Manicure tables and chairs……………………………………………….............................. 4 000
Inventory………………………………………………………………….......................................... 10 000
Clients owing Sibas Nail Bar……………………………………………............................... 25 000
Sibas Nail Bar owes Salon Suppliers………………………………………....................... 75 000
Bank …………………………………………………………......................................................... 13 000
Short term loan…………………………………………………….............................................. 50 000
The total current liabilities of Sibas Nail Bar will be…
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: 125000.00
,Indicate whether the following statement is true or false:
Historical costs measures are entry values and provide monetary information about liabilities and assets
and related expenses and income using the information derived, at least in part, from the price of the
transaction or other event that gave rise to them.
Select one:
True
False
, Indicate whether the following statement is true or false regarding the procedures that must be followed at
the end of the month regarding to posting from the subsidiary journals?
Entries made in the general journal for creditors must be posted on a daily basis to the personal accounts of
the creditors.
Select one:
True
False
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