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  5. FAC1503 - Financial Accounting Principles For Law Practitioners (FAC1503)

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FAC1503 Assignment 02 Q & A
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This document contains the questions and answers about assignment 02 for financial Accounting for law practitioners, FAC1503. The document also includes feedback that refers you to where in the study guide the information is.

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  • October 17, 2022
  • 6
  • 2022/2023
  • Other
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FAC1503 ASS 02 QUESTIONS AND ANSWERS


Debit order payments that only appears on the bank statement must be entered in
the cash receipts journal.


• False
Refer to learning unit 3.5.1


Q2.
A disadvantage of applying the reducing balance method of depreciation is the fact
that it requires a high rate of depreciation other-wise it takes a long time to write
down to its residual value.


• True
Refer to learning unit 3.3.3




Q3.
In the financial statements, investments will be classified as ………?


• non-current assets
Refer to learning unit 2.3 and learning unit 1.6



Q4.
On 5 January 2022, SA Dealers paid the entity’s telephone account of R1 250 with
an electronic funds transfer. What will the effect of this transaction on the accounting
equation be?
Select one:


Account debited Account credited Assets Equity Liabilities

Telephone expense Bank - R1 250 - R1 250


Refer to learning unit 2.4, example 2.8

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