Exam (elaborations)
FAC 1502 ASSESSMENT 01 SEMESTER %
- Institution
- University Of South Africa (Unisa)
FAC 1502 ASSESSMENT 01 SEMESTER %
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07/04/2023, 17:33 Assessment 1MENU
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 1
Question 1
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Indicate whether the following statement is true or false:
The aim of accounting is to provide quantitative information which is primarily financial in nature.
Select one:
True
False
Question 2
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Indicate whether the following statement is true or false:
Accounting uses symbols and images to convey financial information to users.
Select one:
True
False
Time left 1:15:03
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php 1/13
, 07/04/2023, 17:33 Assessment 1
Question 3
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MENU
The owner of GS Electricians, Mr Gizmo Smith, deposited R10 000 on 1 March 20.1 as opening capital into the business bank account after obtaining
Dashboard / My courses / FAC1502-23-S1 / Welcome Message / Assessment 1
a personal loan from LG Bank.
The correct analysis of the effect of the given transaction on the general ledger and the accounting equation is ...
Instructions:
1. Drag the correct answer into the correct space (cell phone click on the answer and click on the place where you want to place the amount - also
keep your cell phone horizontal when doing the question).
2. An option can be used more than once.
3. If an options has been provided and it is not applicable to the specific questions please put a 0 in the applicable column.
Bank Capital 0 +10 000 +10 000
0 Capital Loan: LG Bank Bank
-10 000
Question 4
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Use the following information to calculate the missing figure by using the Basic Accounting Equation:
R
Bank (Favourable balance) 32 000
Income received in advance 3 600
Accrued income 4 800
Vehicles 40 000
Equipment ?
Capital 128 000
Trade receivables 14 000
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 40800.00
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