Exam (elaborations)
FAC1503 Assignment 1 (QUIZ) Semester 1 2023
- Institution
- University Of South Africa
FAC1503 Assignment 1 Semester % TRUSTED workings, explanations and solutions. 1 for assistance
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Content preview
9/7/2021 myModules : FAC1503-21-S1-8E : Online AssessmentmyModules
myAdmin
FAC1503-21-S1-8E / Online Assessment
Online Assessment
Online Assessment
4 Assignment 4
RETURN TO ASSESSMENT LIST
Part 1 of 10 - Part 5 6.0/ 9.0 Points
Question 1 of 28
According to the reducing balance method, depreciation is calculated on the cost of the asset 1.0/ 1.0 Points
using a pre-determined depreciation rate.
True
False
Answer Key: False
Feedback: Refer to learning unit 3.3.2
Question 2 of 28
The detailed accounting records kept by a law practitioner for every transaction is known as the 0.0/ 1.0 Points
accounting equation.
True
False
Answer Key: False
Feedback: Refer to learning unit 2.5
Question 3 of 28
A delivery note is a document issued by a seller to the buyer that indicates the quantities and 0.0/ 1.0 Points
costs of the products or services provider by the seller
True
False
Answer Key: False
Feedback: Refer to learning unit 2.5.3
Question 4 of 28
Persons who do not meet the R1 million registration threshold but comply with certain 1.0/ 1.0 Points
requirements relating to ownership, can register for turnover tax. The rate of turnover tax applies on a sliding
scale from 0% to 3% based on actual turnover (receipts).
True
False
https://mymodules.unisa.ac.za/portal/site/FAC1503-21-S1-8E/tool/0d65f92f-94b4-465b-9a89-e04b20fc1ed5/jsf/select/selectIndex 1/16
,9/7/2021 myModules : FAC1503-21-S1-8E : Online Assessment
Answer Key: True
Feedback: Refer to study unit 3.4.4
Question 5 of 28
Persons registering as vendors should not bear in mind the duties associated with being a vendor. 1.0/ 1.0 Points
SARS will automatically issue tax invoices within 21 days from the time the supply was made on behalf of any
registered VAT vendor.
True
False
Answer Key: False
Feedback: Refer to learning unit 3.4.8
Question 6 of 28
Relevance refers to the fact that the information and disclosure in the financial statements must be 0.0/ 1.0 Points
such that different knowledgeable and independent observers can reach consensus that it is a faithful
representation.
True
False
Answer Key: False
Feedback: Refer to section 1.5.4 of learning unit 1
Question 7 of 28
The Output VAT charged is collected from the recipient of such goods and services by the vendor 1.0/ 1.0 Points
and is only required to be paid over to SARS, after the customer has paid for the goods or services.
True
False
Answer Key: False
Feedback: Refer to learning unit 3.4.6
Question 8 of 28
Inventory can either be purchased for cash or on credit. 1.0/ 1.0 Points
True
False
Answer Key: True
Feedback: Refer to learning unit 3.2.1
Question 9 of 28
The bank statement is an internal source document. 1.0/ 1.0 Points
True
False
Answer Key: False
Feedback: Refer to learning unit 3.5.3
Part 2 of 10 - Part 3 4.0/ 4.0 Points
https://mymodules.unisa.ac.za/portal/site/FAC1503-21-S1-8E/tool/0d65f92f-94b4-465b-9a89-e04b20fc1ed5/jsf/select/selectIndex 2/16
, 9/7/2021 myModules : FAC1503-21-S1-8E : Online Assessment
Question 10 of 28
2.0/ 2.0 Points
The legal firm, SA Attorneys is registered as a VAT vendor. VAT is charged at 15%. On 26 March
2020, the owner, Adv South withdrew an amount of R3 450 for his own use. What will be the effect of the
transaction on the accounting equation?
A.
Assets Equity Liabilities
R R R
+ 450 - 3 000 + 3 000
B.
Assets Equity Liabilities
R R R
- 3 450 + 3 450
C.
Assets Equity Liabilities
R R R
- 3 450
- 3 000
+ 450
D.
Assets Equity Liabilities
R R R
- 3 450 - 3 450
Answer Key: D
Feedback: Refer to learning unit 2.4, examples 2.1 and 2.7 and learning unit 3.4.2
Question 11 of 28
2.0/ 2.0 Points
The legal firm, SA Attorneys is registered as a VAT vendor. VAT is charged at 15%. On 27 March
2020, the partners approved the sponsorship of the tuition fees of a newly registered legal student from a rural
area. An amount of R6 900 for the first semester tuition fees was paid to SA University via an EFT. What will be
the effect of the transaction on the accounting equation?
A.
Assets Equity Liabilities
R R R
- 6 900 - 6 900
B.
Assets Equity Liabilities
R R R
+ 900 - 6 000 + 6 900
C.
Assets Equity Liabilities
https://mymodules.unisa.ac.za/portal/site/FAC1503-21-S1-8E/tool/0d65f92f-94b4-465b-9a89-e04b20fc1ed5/jsf/select/selectIndex 3/16
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 EFT, 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Michaellowen. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R46,75. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now