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FAC1503 ASS 2 2023 DU TOIT R62,58   Add to cart
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Exam (elaborations)

FAC1503 ASS 2 2023 DU TOIT

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Question 1 of 35 1.0 Points The advocate’s journal is used to record those transactions that cannot be recorded in any of the other journals. True False Question 2 of 35 1.0 Points Trust money may include money paid in by a third party (the buyer) in respect of purchase transactions. True...

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  • March 12, 2023
  • 27
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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Part 1 of 5 -

Question 1 of 35
1.0 Points
The advocate’s journal is used to record those transactions that cannot be recorded in any of the
other journals.


True
False


Question 2 of 35
1.0 Points
Trust money may include money paid in by a third party (the buyer) in respect of purchase
transactions.


True
False

Question 3 of 35
1.0 Points
The individual amounts in the books of prime entry are posted to the personal accounts of the
clients and trust creditors in the subsidiary ledgers, and do not form part of the double entry
system.


True
False



Question 4 of 35
1.0 Points
An example of a normal business expense for a law practice is tracing fees cannot be allocated to
a client.


True
False


Question 5 of 35
1.0 Points
If the attorney’s practice chose to deal with trust bank charges through an arrangement where
these charges are credited to the business bank account, the attorney’s practice should request its
bank to certify the amount of bank charges in respect of the trust bank account that has been

,credited to its business bank statement at the end of each financial year.


True
False

, Question 5 of 35
1.0 Points
When the owner of a business makes a cash withdrawal from the business bank account for
personal use, the transaction will result in an increase (debit entry) in an equity account and an
increase (credit entry) in an asset account.


True
False



Question 7 of 35
1.0 Points
The cash journals are specialised journals used to record the receipt or payment of cash by a
business.


True
False


Question 8 of 35
1.0 Points
Prepaid expenses are shown as non-current assets in the financial statements.


True
False

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