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AIN2601-S2-2024-ASSESSMNET 3 ALL ANSWERS ARE COVERED 100% PASS A+
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AIN2601-S2-2024-ASSESSMNET 3 ALL ANSWERS ARE COVERED 100% PASS A+
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AIN2601-S2-24-ASSESSMENT-3Assessment 3
Open course index
Started on Friday, 4 October 2024, 10 PM
State Finished
Completed on Friday, 4 October 2024, 11 PM
Time taken 1 Hour
Grade 50.00 out of 50.00 (100%)
Question 1
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Question text
1) Financial information is critical and loss thereof can result in huge losses for
an organisation hence the importance of daily Answer to ensure that
complete recovery of financial information will be possible.
Feedback
The correct answer is: backups
Question 2
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Question text
If the organisation had already made a payment to the supplier before the items
were returned and a settlement discount was received on the payment. How would
you treat the settlement discount on return of the inventory items (ignore VAT):
a.
Dr Settlement discount received
Cr Trade payables
b.
Dr Trade payables
Cr Settlement discount received
, AIN2601-S2-24-ASSESSMENT-3
c.
Dr Bank
Cr Inventory
d.
Dr Settlement discount received
Cr Inventory
Feedback
Your answer is incorrect.
The correct answer is:
Dr Settlement discount received
Cr Trade payables
Question 3
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Question text
Which is NOT true about a credit limit check
a.
It is done to establish the client’s credit worthiness
b.
It is done to ensure the sale to the client will not result in the client exceeding his
or her credit limit
c.
It is a manual control built into the AIS.
, AIN2601-S2-24-ASSESSMENT-3
d.
The AIS will automatically warn if a customer is about to exceed his or her credit
limit
Feedback
Your answer is correct.
The correct answer is:
It is a manual control built into the AIS.
Question 4
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Question text
The “purchase variance” general ledger account should be accounted for in the
balance sheet under Inventories.
Select one:
True
False
Feedback
The correct answer is 'False'.
Question 5
Complete
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Question text
When inventory items are returned by a customer, which document is sent to the
customer?
a.
Customer goods returned note
b.
Credit note
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