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FAC1503 Assignment 03 A Questions & Answers R75,00   Add to cart
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  3. University Of South Africa (Unisa)
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  5. FAC1503 - Financial Accounting Principles For Law Practitioners (FAC1503)

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FAC1503 Assignment 03 A Questions & Answers
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This document contains the questions and answers about assignment 03 A 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
  • 9
  • 2022/2023
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FAC1503 ASS03 Q AND A


The assets and liabilities are divided into two categories being non-current and current.

• True
Feedback
Refer to learning unit 5.12
The correct answer is 'True'.


Q2.
The fifth step in the accounting cycle refers to the recording of transactions into the
books of prime entry.

• False
Feedback
Refer learning unit 4.1
The correct answer is 'False'.

Q3.
The general ledger consists of all the accounts of the business in the form of a T–
account.

• True
Feedback
Refer to learning unit 5.5
The correct answer is 'True'.

Q4.
An amount of R370 appears on the business bank statement for interest received on the
favourable bank balance of SA Attorneys. In which book of original entry will it be
recorded?

• Business cash receipts journal
Feedback
Refer to learning unit 4.4 and learning unit 4.5
The correct answer is: Business cash receipts journal




Q5.
The business bank account statement must contain a reference to the fact that it is an
account opened and maintained in terms of section 86(2) of the LPA.

• False
Feedback
Refer learning unit 4.4
The correct answer is 'False'.

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