Exam (elaborations)

FAC1502 ASSESSMENT 3 SEMESTER 1 2024_SEARCHABLE Complete the trade receivables account in Fani's Trading's general ledger for the month ending 31 January 2024. To determine the closing inventory amount when an entity uses the periodic inventory sy

0 purchase

Course
Financial Accounting Principles, Concepts and Proc (FAC1502)

Institution
University Of South Africa (Unisa)

FAC1502 ASSESSMENT 3 SEMESTER 1 2024_SEARCHABLE Complete the trade receivables account in Fani's Trading's general ledger for the month ending 31 January 2024. To determine the closing inventory amount when an entity uses the periodic inventory system, a physical inventory count does not need...

[Show more]

Preview 4 out of 96 pages

View example

Uploaded on May 4, 2024
Number of pages 96
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

fac1502 assessment 3 semester 1 2024searchable

Institution
University of South Africa (Unisa)
Course
Financial Accounting Principles, Concepts and Proc (FAC1502)

BMZAcademy

Member since 2 year 1137 documents sold

$2.81

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

BMZ ACADEMY

BMZ Academy

CONTACT @ 061 262 1185/068 053 8213/0717513144

BMZ ACADEMY 0612621185/ 0717513144/ 068 053 8213

,5/4/24, 10:15 PM Assessment 3

FAC1502-24-S1  Welcome to FAC1502  Assessment 3

QUIZ

Time left 0:49:14

Question 1
Answer saved

Marked out of 1.00

State whether the following statement is true or false:

The cost of stationery used is included in the calculation of cost of sales.

Select one:
True

False

Question 2
Answer saved

Marked out of 1.00

State whether the following statement is true or false:

The classification inventory does not include consumable inventory which are consumed in the normal business activities.

Select one:
True

False

Question 3
Answer saved

Marked out of 2.00

On 1 July 20.1, Joe Traders bought machinery for R84 000 was given a 5% cash discount. BB Logistics delivered the machinery to Joe
Traders and charged R2 500. The machinery was installed for R4 500. Joe Traders uses the fixed instalment method and the machine will
be depreciated at 20% per annum. Joe Traders also purchased 1 000 boxes of A4 copier paper on 1 July 20.1 for R130 000. The financial
year-end of Joe Traders is 30 June.

What is total accumulated depreciation on 30 June 20.4?

NB: Instructions

1. Do not type the amount with any spaces as separators for thousands (eg: 12141)

2. Round off to the nearest Rand (eg: 50.56 is 51)

3. Only show the amount, do not show the R (eg: 12141)

Answer: 52080

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18776668&cmid=842836#question-18992685-12 1/12

,5/4/24, 10:15 PM Assessment 3

Question 4

Answer saved

Marked out of 2.00

The following balances appeared in the general ledger of Vice Traders on 30 June 20.2:

R
Inventory (1 July 20.1)……………………………………………… 60 000
Purchases…………………………………………………………… 80 000
Purchases returns………………………………………………….. 4 000
Settlement discount received……………………………………… 1 000
Sales…………………………………………………………………. 270 000
Customs duties……………………………………………………… 1 500
Carriage on purchases……………………………………………... 2 000
Carriage on sales…………………………………………………… 500
Settlement discount granted………………………………………. 3 000

Additional information:

Inventory on hand on 30 June 20.2 is R20 000.

The correct amount for the cost of purchases 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: 78500

Question 5

Answer saved

Marked out of 4.00

Please choose the correct option for the given scenario:

Consumable stores
on hand and prepaid
expenses will Current assets; statement of financial position.
disclosed as … in the
…

Commission income
and profit on sale of
a vehicle will be Other income; statement of profit or loss and other comprehensive income
disclosed as … in the
…

Cost of sales and
consumables will be
Distribution, administrative and other expenses; statement of profit or loss and other comprehensive income.
disclosed as … in the
….

Bank overdrafts and
accrued expenses
will be disclosed as Current liabilities; statement of financial position.
… in the …

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18776668&cmid=842836#question-18992685-12 2/12

, 5/4/24, 10:15 PM Assessment 3

Question 6

Answer saved

Marked out of 1.00

The inventory controller at WR Wholesalers incorrectly calculated the inventory count at the end of the financial year.

Indicate whether the following statement is true or false:
An incorrect inventory count will affect the calculation of sales.

Select one:
True

False

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=18776668&cmid=842836#question-18992685-12 3/12

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 BMZAcademy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.81. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67479 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling

Seller

Exam (elaborations) ·

Exam (elaborations)

FAC1502 ASSESSMENT 3 SEMESTER 1 2024_SEARCHABLE Complete the trade receivables account in Fani's Trading's general ledger for the month ending 31 January 2024. To determine the closing inventory amount when an entity uses the periodic inventory sy

Document information

Subjects

Written for