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Fac1503 Assignment 6 (Exam) semester % guaranteed
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- University Of South Africa (Unisa)
Fac1503 Assignment 6 (Exam) semester % guaranteed
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FAC 1503ASSIGNMENT 5 SEMESTER 2 2022
Use this document as a guide to learn, compare and reference
, Which of the following is not an example of a current asset?
Select one:
a. Trade debtors
b. Trade creditors
c. Trust debtors
d. Inventory Clear
my choice
Question 3
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A pro-forma invoice issued by an attorney is to….
Select one:
a. Give a client an estimate of the fees that will be rendered.
b. Transfer the funds from trust bank account to the business bank account.
c. Levy fees for the services rendered.
d. To enter into an agreement that fees will be paid.
Clear my choice
Question 4
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Which one of the following options is correct? The transfers of trust moneys from the trust bank account to the business bank account
must at least be done:
Select one:
a. on a daily basis
b. on a weekly basis
c. on a monthly basis
d. on a two-weekly basis
Clear my choice
,Question 5
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The following information relates to the attorney’s practice, SA Attorneys. The practice is registered as a VAT vendor. VAT at 15% is
included where applicable.
On 8 March 2022, a debit order for R989 in favour of SA Insurance (registered VAT vendor) in payment of vehicle insurance was
deducted from the business bank account. The entry on 8 March 2022 in the book of first entry will be:
Select one:
a. In the Bank column – R989, in the VAT output column – R129 and in the sundry accounts column – vehicles of R860.
b. In the Bank column – R989, in the VAT output column – R129 and in the sundry accounts column – insurance of R860.
c. In the Bank column – R989, in the VAT input column – R129 and in the sundry accounts column – insurance of R860.
d. In the Bank column – R989, in the VAT input column – R129 and in the sundry accounts column – vehicles of R860.
Clear my choice
Question 6
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An amount of R2 052 is VAT inclusive at 15%. What is the VAT portion from this amount?
Select one:
a. R287,28
b. R267,65 2052*15/115
c. R1 764,72
d. R307,80
e. R252,00
Clear my choice
, Question 7
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On 1 January 2022, A South opened a hardware store, SA Stores, which is registered as a VAT vendor (the applicable VAT rate is 15%).
The periodic inventory system and control accounts are in use. The transaction amounts are VAT inclusive, where applicable.
Duplicate receipt
No. 0001 Date: 1 January 2022
Received from: A South
Amount:
Rand: Hundred thousand rand only
Cent: None 100 000 00
For: Capital contribution by the owner (cheque)
Signature: S Africa SA Stores
What will be the effect of the transaction on the accounting equation?
Select one:
a. Assets Equity Liabilities
+ 100 000 + 100 000
b. Assets Equity Liabilities
+ 100 000 + 100 000
c. Assets Equity Liabilities
- 100 000 - 100 000
d. Assets Equity Liabilities
- 100 000 + 100 000
Clear my choice
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