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FAC1502 ASSESSMENT 4 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS CA$7.91   Add to cart
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FAC1502 ASSESSMENT 4 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS

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  • Course
  • Financial Accounting (FAC1502)
  • Institution
  • University Of South Africa (Unisa)

THIS DOCUMENT CONTAINS CAREFULLY WORKED OUT FAC1502 ASSESSMENT 4 SEM 1 OF 2024 EXPECTED QUESTIONS AND ANSWERS. YOUR QUESTIONS WILL LIKELY BE THE SAME OR SIMILAR. USING IT CORRECTLY AS A GUIDE WILL HELP YOU SCORE ABOVE 75%

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Document information

  • May 15, 2024
  • 668
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fac1502 assessment 4

Written for

  • University of South Africa (Unisa)
  • Financial Accounting (FAC1502)
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Opened: Tuesday, 14 May 2024, 8:00 AM
Closes: Tuesday, 21 May 2024, 11:00 PM
OSCAR THE TUTOR
Dear students, oscardiura@gmail.com
Please take note of the following important information regarding mandatory Assessment 4 for FAC1502: 0737560989
for FAC MAC ECS DSC TAX
Assessment 4: unique number: 218909
QMI FIN
The quiz will be available from Tuesday, 14 May 2024, 8:00 AM. INV BNU STA tutorials
This quiz will close on Tuesday, 21 May 2024, 11:00 PM.

PLEASE TAKE NOTE OF THE FOLLOWING IMPORTANT INFORMATION:

NB: Kindly note no extension or 2nd attempt will be granted for missing Assessment 4 for whatever reason (sick note, loadsheeding, network problems, etc.).

Please submit Elective Assessment 7 as a replacement for Assessment 4 you missed.

Please note the highest mark between Assessment 4 and Elective Assessment 7 will contribute towards your final mark.

1. You need to know the content of learning units 1 to 17 to be able to complete Assessment 4.

2. You will have one attempt to complete Assessment 4, and it will contribute 35% towards your final mark for FAC1502.

3. No radio buttons

Kindly note that if the radio buttons are not appearing next to the options of the questions, the problem is with the settings or the internet browser of the device (smartphone,
tablet, or computer) you are using to answer the questions. There is no problem with the setup of the quiz. Kindly request assistance from mymodule22@unisa.ac.za with
this technical issue.

Alternatively, if the radio button does not appear next to the option that you want to select, you can still click on the letter (a, b, c, or d) or the answer itself of the correct
option for the question.

4. How to use a smartphone

If you are using a smartphone to answer your assignments, you must hold your smartphone horizontally (---) when you choose the correct option for a MCQ.

We have noted that when the smartphone is held vertically (|), the options for the questions do not show the radio button next to the option.

When you use your smartphone to access myUnisa, you should make use of the Unisa myModules app and not via the internet browser of your smartphone.

5. Internet connectivity

Please ensure that you have stable internet connectivity whilst submitting your assessment, as well as take into account your load shedding/reduction schedule if applicable.

6. DO NOT open your assessment in multiple browser windows or tabs at the same time. If you do so, the system will automatically submit responses on your behalf without
your knowledge. Marks awarded for automatic submissions will be final marks. No additional opportunity for resubmissions will be given unless students utilise their second
Quiz assessment opportunity within the period that the assessment is open for submission.

7. DO NOT click your browser's back button while taking your assessment. Students are at risk of losing previous responses should they utilise browser navigation buttons.
Students are advised to always use Moodle navigation buttons to move to the next and previous (if allowed) question and to “Save” and "Submit.”.


8. Kindly note that you will be able to view your mark obtained for Assessment 4 and the overall feedback for Assessment 4 after you have submitted an attempt.

You will be able to view the questions you have received for the attempt, with the answers and feedback, after the due date of Assessment 4.

Kind regards

FAC1502 lecturers



Attempts allowed: 1

Time limit: 2 hours

Grade to pass: 50.00 out of 100.00


Summary of your previous attempts
State Grade / 100.00 Review Feedback

Finished 81.88 Congratulations, you pass the assessment with a distinction.
Submitted Tuesday, 14 May 2024, 9:53 AM



Your final grade for this quiz is 81.88/100.00.
Overall feedback
Congratulations, you pass the assessment with a distinction.

,Ms. T Tlale, a debtor of JJ Stores, owed R5 004 to JJ Stores, which has been overdue for the past 7 months. Interest at 15% per annum must be charged on
overdue accounts. The interest has not been recorded in the books of JJ Stores.


What will the correct ledger entries of JJ Stores be to record the interest on Ms T. Tlale's overdue account?


Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.




Ms. T Tlale/trade receivables control 437.85 Interest income 437.85




Interest expenses Ms. T Tlale/trade receivables control Interest income

417 750.60 62.55

,Naledi Traders purchased a new printer of R5 900 from SA Computers for cash. Naledi Traders maintained a positive bank balance.
Prepare the BAE incorporating the information form the above transaction in the table below by indicating the net effect (amount) and the account debited and credited:


Instructions for numeric responses:
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)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
6. If no amount should be recorded in any of the numeric spaces, please indicate it by filling in a zero ("0")



Assets = Equity + Liabilities

0 0 0


Computer equipment debit and Bank account credit Not applicable Not applicable

, You are given the following post adjustment trial balance for JJ Wholesalers:

JJ WHOLESALERS
POST-ADJUSTMENT TRIAL BALANCE AS AT 30 JUNE 20.2
Debit Credit
R R
Capital ………………………………………. 1 500
000
Drawings…………………………………….. 60 000
Land………………………………………….. 750 000
Buildings……………………………………... 250 000
Vehicles………………………………………. 350 000
Equipment……………………………………. 200 000
Accumulated depreciation: Vehicles……… 35 000
Accumulated depreciation: Equipment…… 20 000
Trade receivables control…………………. 280 000
Inventory…………………………………….. 300 000
Bank …………………………………………. 400 000
Trade payables control…………………….. 450 000
VAT control………………………………….. 24 000
Sales…………………………………………. 1 200
000
Cost of sales………………………………… 560 000
Wages and salaries………………………… 112 000
Credit losses………………………………… 3 000
Water and electricity……………………….. 12 000
Telephone expenses………………………. 15 000
Depreciation…………………………………. 55 000
Bank charges………………………………... 2 000
Rental income………………………………. 168 000
3 373 000 3 373
000


Additional information
a. Assuming that the total comprehensive loss for the year is R700 000
b. After the total comprehensive loss was calculated it has been determined that:


- the owner took inventory with a cost price of R2 500 for his own use. The bookkeeper only did the credit entry of the transaction but forgot to do the debit
entry of the transaction in the books of JJ Wholesalers.

- the owner made his new personal computer available to the business. The cost of the computer was R20 000. The bookkeeper only did the debit entry of
the transaction but forgot to do the credit entry of the transaction in the books of JJ Wholesalers. All entries regarding the depreciation were done correctly.



The correct statement of changes in equity for the year ended 30 June 20.2 will be:


Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.




Balance at 1 July 20.1 1 500 000


Total comprehensive income for the year 700 000


Additional capital contributions 20 000

(62 500)


Balance at 30 June 20.2 757 500




Balance at 30 June 20.2 Total comprehensive income for the year Balance at 1 July 20.1

Equipment Additional capital contributions Inventory

Total comprehensive loss for the year

(62 500) 1 500 000 (60 000) 2 118 000 (22 500) (82 500) (2 500) 702 500 (57 500) 57 500 2 500 1 502 500 700 000

37 500 60 000 17 500 20 000 722 500 757 500 (37 500) 697 500 1 517 500 740 000 82 500 (80 000) 717 500

22 500 1 522 500 (20 000) 80 000 1 477 500 62 500 (17 500) (700 000)

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