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FAC1503 ASSIGNMENT 5 FOR 2ND SEMESTER 2024
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FAC1503ASSIGNMENT 5 FOR 2ND SEMESTER 2024
FEND TUTORIALS
,Question 2
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In the financial statements, pre-paid expenses will be classified as ………?
Select one:
a.
non-current assets
b.
current assets
c.
non-current liabilities
d.
current liabilities
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Question 3
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Which one of the following options does not form part of the inventory cycle?
Select one:
a.
Purchases of inventory at cost price; inventory purchased for credit; sale of inventory at selling price,
inventory sold for credit; determine whether the business has made a profit on the transaction.
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,b.
Purchase of inventory at cost price; inventory purchased for cash; sale of inventory at selling price,
inventory sold on for cash; determine whether the business has made a profit on the transaction.
c.
Purchases of inventory at selling price; inventory purchased for cash; sale of inventory at
selling price, inventory sold on for cash; determine whether the business has made a profit on
the transaction.
d.
Purchases of inventory at cost price; inventory purchased for cash; sale of inventory at selling price,
inventory sold on credit; determine whether the business has made a profit on the transaction.
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Question 4
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The statement of financial position provides information about the financial structure of the entity
with emphasis on own and borrowed capital, which may also be used to predict future borrowing
needs.
Select one:
True
False
Question 5
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Whilst performing the bank reconciliation of the business bank account of SA Attorneys as at 31
January 2022 the bookkeeper noted the following: An electronic funds transfer for R430 for
government gazettes payable to Government Printers, a business creditor, appeared on the business
bank statement on 31 January 2022, but not in the relevant business cash journal for the month ended
31 January 2022. What will be the correct entry in the accounting records of SA Attorneys for 31
January 2022, to account for the electronic funds transfer (EFT)?
Select one:
a.
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, Record an entry in the business cash payments journal for R430.
b.
Debit the bank reconciliation statement with an outstanding electronic fund transfer of R430.
c.
Record an entry in the trust cash payments journal for R430.
d.
Record an entry in the business cash receipts journal for R430.
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Question 6
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Which one of the following statements in respect of collection commission is incorrect?
Select one:
a.
For collections of more than R15 000 per client, the attorney can only levy collection commission to
the amount of R1 000.
b.
If an attorney has to collect R30 000 and the collection is done in instalments of R10 000 each,
the attorney is entitled to 10% of each instalment, which means that the collection commission
will eventually amount to R3 000.
c.
In terms of the LPA, an attorney is entitled to 10% of all money collected by the attorney, with a
limit or R1 000 per collection.
d.
For collections of less than R10 000 per client, the attorney can levy collection commission to the
amount of R1 000.
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